@@oneofmany1087 Thats what happened in the weimar republic when the frence and belgiums tried to confiscate germanys industry. Everyone stopped working. Then the currency went.
When you make an offer 25k over asking and have 100k down and still can’t compete on a 1800 sq ft house at 400k it’s time to reevaluate what the hell you’re doing...when you make your offer and have to remove any contingencies regarding appraisals coming in low, you know it’s smarter to wait it out...
Yes. But you have to admit that when you're smack in the middle of the melee for a home, it's hard to see the difference between a bad situation and an opportunity to strike when the iron is hot. When Bitcoin was at $5K, I was pretty much certain--like 100%--that it was about to tank to less than $1k. We know what happened--now. In the middle of it, not so easy.
@@morgenhoop lol just cause there aren't ninja loans you think this is substanable? There has been many downturns and years of stagnation... I'm not on a huge crash train, but this is gonna end bad
My small brick bungalow isn’t worth $125,000 but I had to pay 219,000 in 2019. No choice. In fact , I bought privately cash and I now am constantly told I got a great deal. I still disagree. There’s no way (in reality) that this 40x130 lot (dirt) and this little bungalow is now worth renovated $400,000.(according to 2 realtors) Not to me, but I guess somebody will be glad to get it, I’m told.
The ones who could still buy at ridiculously high prices are done, and with the uncertainty with increasing debt and inflation, the keenness to buy an over-priced home is tapering off
Same for me and my fiancé. We make $160k combined but all the houses here are $750,000 and up if you want to avoid HOAs. And the prices outpace our saving for a downpayment.
Exactly and all the moron who bought 30% over asking price are still going to have to pay that extra 30% and the extra interest when they renew their mortgage. People are so retarded it's mind blowing.
Did interest rates go up? Also it would depend on the percentage it will go to. I would imagine people would hold on to their home because they have some good equity. Just because this is happening doesn't necessarily mean a crash. Your biggest indicator is the " affordability factor". You can look it up in your area and see what it is.
I sold my home last October bought a 5th wheel lived at the lake for three months , found this really cheap rent house and I’m waiting it out . Unfortunately my used r.v had issues that I was unaware of so hopefully I can get rid of it soon and recover that lose soon .
Sadly, because of inflation your money will be worth less. You have no choice but to park your money somewhere - whether in silver/gold - house - land whatever. If you hold on you're going to lose gradually.
He's absolutely right that tougher stress tests just make it harder on first-time homebuyers and that a better solution involves tougher restrictions on investors.
The truth is that not everyone has a high enough income to take out a mortgage on a 2-bedroom starter house that is currently selling for $10 Million dollars.
Our house market here in Toronto has been hot since 2014....and I CANT wait and hope it cools off. Cause all my years of saving for a down payment. I find myself chasing house prices. It sucks!!!!
Bought a townhouse in Brampton 5 years ago sold it for double what I paid this year. Bought a real house on a 1/4 lot outside the gta for the same price. Best decision I ever made for my family.
Higher interest rates also means that investors don't have to buy real estate to earn money on their cash -- he totally missed that factor. Higher interest rates are definitely needed.
Excellent point. Most people don’t understand that in order to make money with your money with the rates low, it has to be active. At one time, if someone had a million in the bank and no debt, they could easily live off the interest alone.
As someone who lived through the 2000's housing bubble turned crash and came out the other side, a few things I learned: 1. Mortgage rates higher than what the market will bear for rent indicates a speculative bubble 2. Your home equity line of credit becomes deposit-only the moment the bank thinks your house has dropped in value 3. The crash takes more than a year to bottom 4. Have cash and good credit ready when it comes time to pick up houses for 1/2 of what they were worth 2 years prior
Exactly. Went thru the 2008 crash, and we learned the hard way too. Been saving since 2018, will hopefully be selling our house before the market crashes, renting for 1 yr and then buying at the bottom. Credit is over 720 now, no debt besides the mortgage, living on 1 income temporarily but we always lived like we only made about 60% of our income. Husband grew up upper middle class, j grew up on the poverty line, so I've learned how to avoid messes and he's taught me how to make money work for you.
@@faywhite7886 inflation will cause bond yields to rise and interest rates shortly after we are going to have to go through hyperinflation in order to get no price correction with higher rates and at that point precious metals are a better investment during this period than real estate.
My father bought his house, and has been stating the house market with crash for the past ten years. He said son, get into the market i dont think it will ever crash in GTA or toronto. thankfully i was able to buy below the ontario average price of a house.
@@samanthatheegr8 I did buy a house this year. Even if market drops it will roar back up in no time. When everyone is waiting for the crash, usually means it won’t because you are just delaying the demand. This is not 2007 where anyone can get a loan. Mortgages are as healthy as it’s ever been.
Here in Ottawa houses are going for 100,000-200,000 over asking. My bf and I just offered 140,000 over the listing price on a house and still didn't get it... it's crazy ! 😭
Please do not buy now you will regret it this housing market is going to crash like last time i got a $650,000 house for $230,000 last housing crash in northern California condos were going for $40k and $50k $90k etc at auctions , forclosers and reo sells.The economy was emploded with this covid 19 people aren't paying there mirtgage and rent save your money.
they are doing the same thing in sticksville wherever where I live. homes worth 75k are going for 400k or more and they are going 100k over asking. I feel sorry for the people buying now. They might end up holding worthless crap and still have a mountain of debt they can't back.
In China, when someone dies the property they own goes back to the government, Canada is a dumping ground for Chinese millionaires, buying and selling condos like stocks, it's a safe place for them to store their money and our government let them in with open arms to blow up the market. Problem is now the market is flooded with foreign owned property's in Canada and because of it prices have gone behind what most locals can afford to live and work in the city. Their needs to be limits on how much residential property someone can own.
Rates go up....prices will reverse quickly...back in the nineties people were scared to buy because they were afraid prices would go even lower....market did nothing for 14 years
The rules of the game have changed. There was no QE or money printing in the old days and thus whenever the economy goes bad prices of assets including real estate go down as well. Now whenever the economy goes bad, central banks all start to print money to stimulate it and to avoid 1929 style recession. The side effect of this is that asset prices would rise too and the usual price adjustment of the past during bad times has been prevented by central banks. Today’s asset inflation is merely a reflection of money supply. If you measure real estate price in gold, it has not risen. It’s not asset that is worth more today, it’s the money that is worth less. Anyone who bet against central banks will end up missing the asset inflation train.
Its not going to collapse. millenials are reaching their prime and looking to settle down, thats at least 10 million people who are looking for their first homes, its gonna be a long wait before home prices crash
@@OpiumBride Exactly. People are so stupid. I remember them saying the housing crash would happen back in 2017. Typical doomsdayers predicting everything will end. Its pathetic.
@@MikeyPaper well the other side of the doomsday scenario is that prices will just continue to rise forever no? Eventually a single house will cost $10 million?
Many are sunk if rates rise more than is forecast on renewals. It happened early 80s and nobody saw it coming then either. My parents used to tell me “people are walking away from there house, leaving the keys at the door”
When I bought my house in 1991 here in Ottawa my mortgage interest rate was 11.5% ( no joking ). Imagine if these people paying $1,000,000.00 for a house all of a sudden had their mortgage interest rate reset to 11.5%.
@@BobSmith-iu3hx true Bob. I believe mine in 88 was over 10% too. Younger people have never seen this and they quickly dismiss it if you bring it up.... Did anyone ever expect Covid? ... I wouldn’t discount anything from happening these days.
I live in Abbotsford bc sold my home after olympics started saving for a house in the country and prices have been insane since like 2017 maybe time fir a correction much?!
Its like that all over now all the buyers got in at the start, now they dont want to pay high for trash, I was looking before the surge and prices skyrocketed, now alot of over priced trash is on the market
Housing trends in Canada has always been related to retirement, since older Canadians have their retirement pegged to their house , the federal government will ensure policies are in place. And there's no party / law maker who would change this.
@@NoNo-ng9sl I agree. The Toronto market has bene hot since 2014, if i recall and it hasn't gotten any better. I'm being driven out of the GTA because of prices. I thought I would have been upset but I'm not too mad. I'm tired of the GTA.
Here in the US the housing market is crazy. Houses are being sold within hours of listing and people are over offering so it makes people like me, a first time home buyer frustrated. I find something I like then 10 min after looking its sold. My co worker was told to be prepared to offer 5-10,000 over asking price. Thats insane.😠
Here in Toronto houses sell easily upwards 100,000 over asking. Just down my street they got 114,000 over asking. The Toronto market is in a bubble that will burst soon, however even when it burst houses will still be in great millions.
The insane part about the Canadian housing market is that the normal loan is only 5 years. You amortize over a much longer period, but you renew every 3 to 5 years. If interest rates go up or your home value falls you can be in a lot of trouble. You can get a longer loan in Canada, but the rates are very high. When you go with a 15 or 30 year fixed loan in the US you know what your payment will be for a long time.
T tagg I think its bc Californians saved all their rent $$$ during the eviction moratorium And said to hell with their landlords, took that year's worth of $5k a month rent which is $60k and used it to buy a home. Chances are past due rent from the pandemic will never be allowed on our credit anyway... although my rent has been paid every month during the pandemic.
There was a buying frenzy in Brampton but definitely things have cooled off. I've seen 3-4 houses in my neighbourhood sitting on the list for several weeks now.
I have been in this business for over 50 years, and during the 70's they brought in a spec tax and that stopped a similar surge, in the late 70's with inflation out of control we had high interest rates and the market dropped by a third, the 89 market was really out of control in condos single gamily and commercial, when the gov't finally did step in and raise rates and the banks also put on the brakes, we saw prices in residential fall by over a third, and commercial was selling for as low as 30 cents on the dollar, It took almost 12 years for it to revover,
bUT people say ''it can't happen again''...Prices will keep on going up and up..''You missed the boat''...''Interest rates will never go up'' ...I think we are in for a major , painfull crash..Home prices should be at 40-50% of what they are..
Who can afford an old small house in a city these days anyways right?! Doctors..? Chinese investors, rental owners ??? How crazy..... housing is like food. The worst are famillies with 3+ kids & this is what we give our people.. immigration yes can be good BUT ???? Lets not forget our Own people!? NO?
I've made several offers, for each offer ive waived the appraisal and inspection contigencies and bid 5% over list price and have been beaten each time. One offer that was accepted was 15% over list on an over 500k house. I'll wait and rent for now.
April numbers are done in 416, but not in 905. With lockdowns and work from home people don’t want to live downtown. Homes around us in Brampton are approaching $2M. I remember thinking last year, wouldn’t it be so great to get $1.4M. Wow.
Been looking for a home since new year and we are being patience in searching for a new home. Eventually all the hype buyer will get burned out or suck into higher price home. Then the market will turn around and we can get our deal.
@@OpiumBride that's fantastic... I'm looking for a fixer upper built after 1976... south shore Montreal... $275k to $325k... 2 years ago easy to find, now the same style is $375 to $450k... no thanks... cant afford that without being sucked dry with a mortgage... living paycheck to paycheck with no savings is not an option... so I'll have to wait a few years...
@@michaelhamilton-piercy6703 you do that. In a few years that price will drop by a lot just rent for now. That has always been the most lucrative decision.
Low borrowing rates, people who shouldn't be in the market are now in the market and people who now own homes won't be able to afford an interest hike which will happen. This is economic catastrophe 101. This is 2008 all over again.
My mother-in-law is Canadian by birth, married an American 45 years ago. They have two homes. They live in The Florida Keys October- May and in Niagara-on-the-lake ON, the others. She hasn’t been able to get into Canada since she left for FL in 2019. She misses it terribly, she’s fully vaccinated and has been since Feb 2021. She’s paying through the nose in property taxes and maintenance costs on a house she can’t get into. She’s very disappointed in her home countries handling of the pandemic. Recently she said she can go back but would have to jump through hoops to be approved then stay 3 days in a hotel and then quarantine for 2 weeks at home and at almost 80 she’s not sure she has it in her. She said the other day, I hope I get to see home again before it’s too late :/
maxed out is an understatement. I couldn't afford a house or frankly current rent rates for about 150 years and that's assuming prices don't go up anymore.
Our neighbors house was supposedly sold two weeks ago for $515k but the guy selling shows up daily cleaning up the house & yard... Nanaimo BC Canada....
Funnily enough, I've thought about doing a video on this to expose it. Manipulation of the MLS system by Realtors is rampant. They manipulate the data that the very statistics you see in the news are based upon. It's a corrupt industry with nobody enforcing any rule of order. The industry works of the premise of just misleading people.
We caught a realtor doing that here in Delaware, USA. Said the house was sold in Feb 2021 for $190k, then a month later it was listed as sold in March 2021 for $160k. I just don't see someone buying it and selling it in less than a month for $30k LESS. Then no one moved in until just this week.
@@funsizedi88 Just a joke that they get away with stuff like that. Real Estate is full of corruption with absolutely nobody policing it. Can we believe anything they say anymore?
Phoenix is the best housing market for the next 5 years with 500,000 jobs being created here in the next 5 years. Low property taxes in AZ (.7%) compared to TX (3%)
The prices are so bad I’ve been looking at houses in Australia because of how similar Canada and Australia are, literally the houses over there look identical to what we have but they’re way cheaper it’s crazy how similar they are
Real estate investors / speculators should be super taxed on the buy / sell prices of secondary or more homes they invest in and be taxed even more on income they get from their rental properties. Young Canadian families just can’t afford a home anymore. Better yet flood the market with new homes everywhere to drive the supply up. Maybe we need a govt sponsored make work housing program to get people working and off the charitable grants some are milking the system taking.
Agreed, but there is too much debt out there (government debt, business debt and personal debt). New house buyers will need to pass the new stress test at about 5.25%... if mortgage rates ever get that high, then the whole economy will collapse because the vast majority of people will not be able to make their loan payments, My thought is that rates may go up 1/4 to 1/2 percent and that will be all. For rates to go higher then that we would need real incomes to grow as well and I don't see that happening any time soon.
God bless the idiot who over pay for a property, I will not be paying for a over price dump. Some of these properties don’t even have current updates. When that overpriced mortgage payment kick in, or when the greedy investor and cash buyer finally see they will get no where near what they paid for the property, they will surely be kicking themselves in their own azzes. For the rest just stay calm until things go back to normal because they will. Sell overpriced just to buy overpriced please make it make sense. Let the greedy investors get stuck with all these property, they are creating a big problem for themselves.
@ElectronicWasteland what you say makes sense from an altruistic pov. however the effect of existing in a world where home owners live a life of easy with yearly ski trips and sand trips to their get away cottages while their children go to better schools only because they where able to buy a condo in 2017 before the massive inflation in home values leading to a life of wealth will also inevitably lead to the correction so feared. it is a catch 22. A collapse will hurt some but will be better for all in the long run.
Here is what I would do: ban companies from purchasing residential properties, ban foreign investors completely, ban making houses into hotels (Air b and b).
Thank you for all the likes, agreeing with me that currently (as of May 2021) Vancouver real estate is experiencing a catastrophic price crash. When do you guys think the catastrophic real estate crash currently happening in Vancouver will be over?
Here is something else they did not mention. Canada mortgages are very different than American ones. In the USA you can get a 30 year fixed low rate. In Canada you get a 25 year term and you have to refinance every 5 years so if rates go up, well sucks to be you. If rates go down that's a benefit but I doubt that's happening now and in the USA if rates drop you have the advantage of refinancing when you can.
As long as banks continue to understand how to control supply, central banks keep using funny money, and the avg investor makes a few pennies, we will continue the trend.
Here in California it is still a very good investment for Cash buyers. An $800K home will get you $3k/month in rents. When the speculators and investors leave, then the market will be exposed. With taxes and insurance that home is NOW attached to a $4600+/month mortgage FHA, VA etc.. unless you have a huge DP. These folks are going to get nailed; just the upkeep on a property can make you crazy. Renters that make a decision to buy now will have a left freedom that they will miss once the costs begin to pile up unless we see another 10%--15% boost in prices by this time next year.
Unfortunately, we have painted ourselves into a corner with all of the "stimulus" where we have created currency out of thin air via the Fed just buying bonds. The Fed is trying to delay raising rates, because the cost to service our massive debt would be consumed just by interest alone. There will come a day of reckoning where we will have to raise rates to get inflation under control. This will tank the stock market and the housing market. The only thing keeping us afloat is the fact that the US dollar is the global reserve currency. Once that changes (and it may happen in our lifetimes) it is game over.
Depends on the city that youre in. Some cities losing a good amount of people so prices get lower because its less desirable and some cities are breaking records in prices.
@@kevinmcgraw6865 Yeah, just wait another year at the most and you would be able to buy a very nice west side house, like in the Oakridge mall area, in Vancouver for 200,000 max.
AWWW POOR POOR INVESTORS. Our families can't find affordable places to LIVE, wages remain stagnant, and Torontonians are struggling to live in the city they GREW UP IN, but please, PLEASE someone think about the investors.
I have a sore spot with investors too. They buy a place. Paint it. Replace the taps then resell at a much higher price. In some instances I seen the same pictures from the original sale. Absolutely disgusting.
I prefer to live in the country and don't mind having a small Ranch Home on 39 acre's With an insulated heated 3 car attached garage. My Horses like it too , they have a bigger house than I do .
This is an EPIC bubble...make no mistake about it. The ONLY reason housing prices have gone up while wages have remained stagnant is because interest rates have gone down. With Int rates at a cycle low housing prices can and will correct significantly. What your seeing is herd mentality....FOMO, whatever you want to call it. There will be alot of bag-holders in all asset classes. Don't forget what started this...a global increase (25%) in money supply last year.
Maybe the housing market will cool off in the United States this year except for Boise, Idaho; and Texas and South Carolina,North Carolina, and inside the beltway!
@Coolio not a shack you nimrod 3 bed 2 bath on 1 acre lot 15 min from airport best school district in the province do your own research prices are going up cause they can't keep up with supply we live in prime area that's why 3 years ago we paid 219k we had offer of 450k now that's crazy
@Coolio are you on crack? go on viewpoint and look for yourself demand if high here ppl from Ontario and Alberta are moving with deep pockets and they are out bidding way over asking
@In Your Empty Skull omg I'm not going to argue I know what I will get Also interest rates are locked by BoC for next 3 years to 1.5% so we have more buyers
@In Your Empty Skull that's why I moved to NS to pay so little but now things are taking off like Toronto in 2010 they approved 4000 new homes 2 years ago in my area they haven't started yet that's how slow it's here so hence price jump
Rents are falling in USA but home prices are going up. Its the same. My theory is that during the eviction moratorium, renters figured out they could take that $3000-10000 a month they were paying in rent.. save it the whole pandemic, end up with $50-100,000 saved and buy a house before past due rent ever hits their credit and if it ever does (which I doubt it will bc of the pandemic exvuse) it wont matter bc they will have already bought a home:-) This is what a smart person would do
@@jeeess9979 The house would become an asset they own. When the landlord successfully sues them in civil court for the rent owed after the moratorium, the house would be sold if they couldn't come up with the cash needed to pay the landlord the rent owed and the landlord's legal fees.
People aren't hopeful that the rising rates will bring prices down. They're worried that rising rates will make mortgages impossible to afford. The price of the house won't change but the buying power of the Canadian $ will so that $500k house where the payments are $1000ish a month will double as the rates hike higher and higher past the magic 2% mark the Central bank wants to hold.
@@GenXnation1 Mortgage rates don't change based on house prices or corrections; they are derived from the BOC for the floating rate and the bond market for the fixed rates. Also the house price is what buyers are willing to offer. For now, seems they are ready to take on more debt.
@@jet2099 Me? I wish you the best of luck. When around 80% of Canada's GDP runs on housing, I can't believe you still have the audacity to wait for a decrease of the average home value across Canada and buy a house "at half price"
@@asadullahusmani2437 40% of Canadas housing is student rentals depending on immigrant students that is switching to online learning right now waving that market goodbye for good.
Can't you just go up and boldly make an offer even if it is less than what it is listed as? If enough people did this, wouldn't it make a precedent or point that the property is miss-valued.
Some people will settle into their new rural reality then the people that did the rural jump will realize that they miss their friends and family and will migrate back to their 'old' normal. Regardless, there is no need for all of us to be squeezed into a small space in one of a few cities. Hate to sound like grandpa but 6% mortgage rate was 'awesome' as few as 20 years ago and a 'starter' home nowadays would require a full nation of millionaires. A strange crossroads in history for sure.
Rates are really low and people are buying what they think they can afford now. Unfortunately the 30 year fixed rate mortgage that is pretty normal in the US are not really a thing in Canada. I know that I will be paying 3 1/8% or less until my mortgage is paid. What does someone who has a 5 year loan do when interest rates suddenly jump?
Once stay at home order is done people are going to put on market all over the place... I see it everywhere.. Market going to explode with inventory can see it now
Just sold my house in the Northeast USA, (site unseen, with no inspection) for 10% above my list price. I guess the Toronto real estate market went bust.
I’m in Central Ca,,, houses here are selling for 100k + cash over the Appraisal and within hours on the MLS.... realtor told me everyone leaving the Bay Area n so Ca n paying cash for property here as most work at home now
Not to mention, 40 BILLION per year in criminal and foreign money laundering going into Canada's housing market. Canada is the world leader in money laundering through housing.
The public have to fight back and refuse to pay the high prices.The house.prices are not compatible with wages and I feel the sooner interest rates start going up the better .
Everything went up but my paycheck 😕
we all need to go on strike.. It's our turn ..we need 2021 wage not 1980 wage
@@oneofmany1087 go start a business .
LMAFO. Hyper inflation.
You need to get a better job and then your paycheck will go up
@@oneofmany1087 Thats what happened in the weimar republic when the frence and belgiums tried to confiscate germanys industry.
Everyone stopped working. Then the currency went.
When you make an offer 25k over asking and have 100k down and still can’t compete on a 1800 sq ft house at 400k it’s time to reevaluate what the hell you’re doing...when you make your offer and have to remove any contingencies regarding appraisals coming in low, you know it’s smarter to wait it out...
Yes. But you have to admit that when you're smack in the middle of the melee for a home, it's hard to see the difference between a bad situation and an opportunity to strike when the iron is hot. When Bitcoin was at $5K, I was pretty much certain--like 100%--that it was about to tank to less than $1k. We know what happened--now. In the middle of it, not so easy.
Will 3d houses ever come to the market?
I only recall 1 time (2008) when houses went down after a bubble. But usually they stay where they crest at.
@@morgenhoop based on my research it didn’t really go down but flatlined. I saw the index declined post 2016, the central bank reduce interest rates.
@@morgenhoop lol just cause there aren't ninja loans you think this is substanable? There has been many downturns and years of stagnation... I'm not on a huge crash train, but this is gonna end bad
So people who actually have brain cells finally figured out a small bungalow isn't worth $5 million dollars.
well unless wages start increasing rapidly, the housing market will cool off.
6 million
7 mil cash only offers pls
Damn that is good to hear
My small brick bungalow isn’t worth $125,000 but I had to pay 219,000 in 2019. No choice. In fact , I bought privately cash and I now am constantly told I got a great deal. I still disagree. There’s no way (in reality) that this 40x130 lot (dirt) and this little bungalow is now worth renovated $400,000.(according to 2 realtors) Not to me, but I guess somebody will be glad to get it, I’m told.
The ones who could still buy at ridiculously high prices are done, and with the uncertainty with increasing debt and inflation, the keenness to buy an over-priced home is tapering off
If the price of bottle of milk is 2x , why can't housing go 2x?
@@dimoji4770 how come silver is at 40%, autos at 0 and gas at 50% a decade ago?
@@dimoji4770 Housing has already gone 2X
Dim Oji foreign buyers
@@dimoji4770 because your salary is only increasing at 1.075X
My wife and I combined make nearly 160 grand a year yet can't buy a home as first time home buyers unless it's absolite junk. Its ridulous.
if you have the right downpayment sure you can.
That doesn't make sense.
Same for me and my fiancé. We make $160k combined but all the houses here are $750,000 and up if you want to avoid HOAs. And the prices outpace our saving for a downpayment.
You need about 200 thousand per year to own a house in Toronto.
Same boat here. In SF Bay Area, California, $160k makes you "poor" middle class.
It's all dependent on interest rates. Once interest rates go up, then housing prices will collapse.
Exactly and all the moron who bought 30% over asking price are still going to have to pay that extra 30% and the extra interest when they renew their mortgage.
People are so retarded it's mind blowing.
Did interest rates go up? Also it would depend on the percentage it will go to. I would imagine people would hold on to their home because they have some good equity. Just because this is happening doesn't necessarily mean a crash. Your biggest indicator is the " affordability factor". You can look it up in your area and see what it is.
@@diadlo777 Who do they pay if the Dollar crashes?
A lot of people bought cash. They sold in high cost of living areas and bought in low cost of living area.
I would rather live in a van down by the river and keep my money for myself then to work hard and piss it away
I sold my home last October bought a 5th wheel lived at the lake for three months , found this really cheap rent house and I’m waiting it out . Unfortunately my used r.v had issues that I was unaware of so hopefully I can get rid of it soon and recover that lose soon .
Nice a chris Farley joke lol sadly true though.
Sadly, because of inflation your money will be worth less. You have no choice but to park your money somewhere - whether in silver/gold - house - land whatever. If you hold on you're going to lose gradually.
That's still a possibility. Be careful what you wish for.
He's absolutely right that tougher stress tests just make it harder on first-time homebuyers and that a better solution involves tougher restrictions on investors.
The truth is that not everyone has a high enough income to take out a mortgage on a 2-bedroom starter house that is currently selling for $10 Million dollars.
Where?...
I sooooo hope this happens in the U.S. The insanity needs to stop!
Me too!!
Can't wait
You guys have a long way to catch up! Welcome to the crazy train
Stupid is as stupid does. -Gump
Our house market here in Toronto has been hot since 2014....and I CANT wait and hope it cools off. Cause all my years of saving for a down payment. I find myself chasing house prices. It sucks!!!!
Bought a townhouse in Brampton 5 years ago sold it for double what I paid this year. Bought a real house on a 1/4 lot outside the gta for the same price. Best decision I ever made for my family.
I’m happy for you and your family
Higher interest rates also means that investors don't have to buy real estate to earn money on their cash -- he totally missed that factor. Higher interest rates are definitely needed.
Excellent point. Most people don’t understand that in order to make money with your money with the rates low, it has to be active. At one time, if someone had a million in the bank and no debt, they could easily live off the interest alone.
NO NO It’s different this time it’s going up forever 👍😂
As someone who lived through the 2000's housing bubble turned crash and came out the other side, a few things I learned:
1. Mortgage rates higher than what the market will bear for rent indicates a speculative bubble
2. Your home equity line of credit becomes deposit-only the moment the bank thinks your house has dropped in value
3. The crash takes more than a year to bottom
4. Have cash and good credit ready when it comes time to pick up houses for 1/2 of what they were worth 2 years prior
I took Notes
Thanks
Exactly. Went thru the 2008 crash, and we learned the hard way too. Been saving since 2018, will hopefully be selling our house before the market crashes, renting for 1 yr and then buying at the bottom. Credit is over 720 now, no debt besides the mortgage, living on 1 income temporarily but we always lived like we only made about 60% of our income. Husband grew up upper middle class, j grew up on the poverty line, so I've learned how to avoid messes and he's taught me how to make money work for you.
Do u think rates will go up this year? Overinflated prices will stall the market?
Prices are not dropping. They will stall but not drop. Inflation is here.
@@faywhite7886 inflation will cause bond yields to rise and interest rates shortly after we are going to have to go through hyperinflation in order to get no price correction with higher rates and at that point precious metals are a better investment during this period than real estate.
It is not a smart move to buy a house now when everyone know price will drop a lot soon
Which mean it’s not going to drop at all
@@howo357 Which means they will. I take it you're one who recently bought a house. 🤔
My father bought his house, and has been stating the house market with crash for the past ten years. He said son, get into the market i dont think it will ever crash in GTA or toronto. thankfully i was able to buy below the ontario average price of a house.
@@samanthatheegr8 I did buy a house this year. Even if market drops it will roar back up in no time. When everyone is waiting for the crash, usually means it won’t because you are just delaying the demand. This is not 2007 where anyone can get a loan. Mortgages are as healthy as it’s ever been.
Here in Ottawa houses are going for 100,000-200,000 over asking. My bf and I just offered 140,000 over the listing price on a house and still didn't get it... it's crazy ! 😭
Please do not buy now you will regret it this housing market is going to crash like last time i got a $650,000 house for $230,000 last housing crash in northern California condos were going for $40k and $50k $90k etc at auctions , forclosers and reo sells.The economy was emploded with this covid 19 people aren't paying there mirtgage and rent save your money.
@@PolarisOneFilms Are you tempted to sell?
they are doing the same thing in sticksville wherever where I live. homes worth 75k are going for 400k or more and they are going 100k over asking. I feel sorry for the people buying now. They might end up holding worthless crap and still have a mountain of debt they can't back.
You dodged a bullet.
God is giving you a sign
There comes a point the price doesn't make sense... Wages haven't gone up?,,,
In China, when someone dies the property they own goes back to the government, Canada is a dumping ground for Chinese millionaires, buying and selling condos like stocks, it's a safe place for them to store their money and our government let them in with open arms to blow up the market. Problem is now the market is flooded with foreign owned property's in Canada and because of it prices have gone behind what most locals can afford to live and work in the city.
Their needs to be limits on how much residential property someone can own.
Rates go up....prices will reverse quickly...back in the nineties people were scared to buy because they were afraid prices would go even lower....market did nothing for 14 years
not until next year - need to stimulate the economy now.....
The rules of the game have changed. There was no QE or money printing in the old days and thus whenever the economy goes bad prices of assets including real estate go down as well. Now whenever the economy goes bad, central banks all start to print money to stimulate it and to avoid 1929 style recession. The side effect of this is that asset prices would rise too and the usual price adjustment of the past during bad times has been prevented by central banks. Today’s asset inflation is merely a reflection of money supply. If you measure real estate price in gold, it has not risen. It’s not asset that is worth more today, it’s the money that is worth less. Anyone who bet against central banks will end up missing the asset inflation train.
The 90s didnt have 400 000 migrants a year either. Demand will always be there with these immigration rates
@@westtoeastcoasterhomestead2057 lots of migrants my friend don't know the exact number
I remember! I bought a bungalow in St Catharines in 88 and sold in 98 at a $6000 loss(renovations and realtor commission lost $ too.)
Insiders are saying it's about to collapse like never before.
Canadian housing bubble will peak out at some point... it will burst
Maybe after 15+ years of saying this they could be right this time.
Its not going to collapse. millenials are reaching their prime and looking to settle down, thats at least 10 million people who are looking for their first homes, its gonna be a long wait before home prices crash
@@OpiumBride Exactly. People are so stupid. I remember them saying the housing crash would happen back in 2017. Typical doomsdayers predicting everything will end. Its pathetic.
@@MikeyPaper well the other side of the doomsday scenario is that prices will just continue to rise forever no? Eventually a single house will cost $10 million?
Yep, people are finally starting to wise up and realize burbs are not worth 2-300 sq ft
@Cat Magic dollars per square foot
@Cat Magic The way they build suburbs today you only get enough yard for a BBQ and an air conditioner.
Many are sunk if rates rise more than is forecast on renewals. It happened early 80s and nobody saw it coming then either. My parents used to tell me “people are walking away from there house, leaving the keys at the door”
When I bought my house in 1991 here in Ottawa my mortgage interest rate was 11.5% ( no joking ). Imagine if these people paying $1,000,000.00 for a house all of a sudden had their mortgage interest rate reset to 11.5%.
@@BobSmith-iu3hx true Bob. I believe mine in 88 was over 10% too. Younger people have never seen this and they quickly dismiss it if you bring it up.... Did anyone ever expect Covid? ... I wouldn’t discount anything from happening these days.
@@BobSmith-iu3hx I think if rates hit 5% people will walk away
@@johnsnow34lll I am fairly sure there would be a lot of people putting the keys in the mail box and walking away at 4% or even 3%.
I live in Abbotsford bc sold my home after olympics started saving for a house in the country and prices have been insane since like 2017 maybe time fir a correction much?!
Its like that all over now all the buyers got in at the start, now they dont want to pay high for trash, I was looking before the surge and prices skyrocketed, now alot of over priced trash is on the market
Housing trends in Canada has always been related to retirement, since older Canadians have their retirement pegged to their house , the federal government will ensure policies are in place. And there's no party / law maker who would change this.
WOW! first I've heard of this..... but, this is Canada.... here in the US, things are still strong...
I wouldn't call it strong. As much as insane.
@@NoNo-ng9sl I agree. The Toronto market has bene hot since 2014, if i recall and it hasn't gotten any better. I'm being driven out of the GTA because of prices. I thought I would have been upset but I'm not too mad. I'm tired of the GTA.
we are now facing your 2007-2008 problem. we didn't have it when you did.
Uh oh!!!
Even here in WA state more days on Zillow and even price reductions.
Was my RE agent in the Mercedes and floppy hat...wrong?
Things are tapering off in the US too.
Some people think this is a bad thing^^ Great news!
Home prices are NOT GOING DOWN. I do not know why they are lying but they are. FACT.
🤣🤣🤣
Here in the US the housing market is crazy. Houses are being sold within hours of listing and people are over offering so it makes people like me, a first time home buyer frustrated. I find something I like then 10 min after looking its sold. My co worker was told to be prepared to offer 5-10,000 over asking price. Thats insane.😠
Here in Toronto houses sell easily upwards 100,000 over asking. Just down my street they got 114,000 over asking.
The Toronto market is in a bubble that will burst soon, however even when it burst houses will still be in great millions.
Why buy now the market is going to crash like it did last time be patient never buy in a over priced market.
The insane part about the Canadian housing market is that the normal loan is only 5 years. You amortize over a much longer period, but you renew every 3 to 5 years. If interest rates go up or your home value falls you can be in a lot of trouble.
You can get a longer loan in Canada, but the rates are very high. When you go with a 15 or 30 year fixed loan in the US you know what your payment will be for a long time.
Girl you cant even use the word 'an' when needed or correctly. We cannot take financial advice from someone who doesn't know their grammar LMAO!
T tagg I think its bc Californians saved all their rent $$$ during the eviction moratorium
And said to hell with their landlords, took that year's worth of $5k a month rent which is $60k and used it to buy a home.
Chances are past due rent from the pandemic will never be allowed on our credit anyway... although my rent has been paid every month during the pandemic.
On my street in Mississauga 2 houses sold in less than 5 days , well over asking
There was a buying frenzy in Brampton but definitely things have cooled off. I've seen 3-4 houses in my neighbourhood sitting on the list for several weeks now.
I have been in this business for over 50 years, and during the 70's they brought in a spec tax and that stopped a similar surge, in the late 70's with inflation out of control we had high interest rates and the market dropped by a third, the 89 market was really out of control in condos single gamily and commercial, when the gov't finally did step in and raise rates and the banks also put on the brakes, we saw prices in residential fall by over a third, and commercial was selling for as low as 30 cents on the dollar, It took almost 12 years for it to revover,
bUT people say ''it can't happen again''...Prices will keep on going up and up..''You missed the boat''...''Interest rates will never go up'' ...I think we are in for a major , painfull crash..Home prices should be at 40-50% of what they are..
Who can afford an old small house in a city these days anyways right?! Doctors..? Chinese investors, rental owners
??? How crazy..... housing is like food. The worst are famillies with 3+ kids & this is what we give our people.. immigration yes can be good BUT ???? Lets not forget our Own people!? NO?
I've made several offers, for each offer ive waived the appraisal and inspection contigencies and bid 5% over list price and have been beaten each time. One offer that was accepted was 15% over list on an over 500k house. I'll wait and rent for now.
If you keep on doing so, then you are one of them who help adding oil to the fire of this insane house market.
We just bought a brand new 4bed/3bath house at Moncton, NB, for $325000. You cannot afford a decent sized house in GTA anymore.
I've been thinking about the same.
Goodluck getting a decent job
@@sojourneroftheland What is D.R.?
My tool shed sold for 1.2 million! What a bargain!
April numbers are done in 416, but not in 905. With lockdowns and work from home people don’t want to live downtown. Homes around us in Brampton are approaching $2M. I remember thinking last year, wouldn’t it be so great to get $1.4M. Wow.
Been looking for a home since new year and we are being patience in searching for a new home. Eventually all the hype buyer will get burned out or suck into higher price home. Then the market will turn around and we can get our deal.
Wait a year or so if you can.
That's what we are doing
Lucky for me i bought my dream home 30k under appraised value. owner was desperate to sell
@@OpiumBride that's fantastic... I'm looking for a fixer upper built after 1976... south shore Montreal... $275k to $325k... 2 years ago easy to find, now the same style is $375 to $450k... no thanks... cant afford that without being sucked dry with a mortgage... living paycheck to paycheck with no savings is not an option... so I'll have to wait a few years...
@@michaelhamilton-piercy6703 you do that. In a few years that price will drop by a lot just rent for now. That has always been the most lucrative decision.
Better fvcking hope the real estate market doesn't sh/t the bed, because its the only thing Canada has.
Suffer one way or the other....Suffer for change in the right direction....positive for the masses...
@@jomo4435 a real estate crash would be an absolute catastrophe for every one. no one will win
It would be funny
Low borrowing rates, people who shouldn't be in the market are now in the market and people who now own homes won't be able to afford an interest hike which will happen. This is economic catastrophe 101. This is 2008 all over again.
@@swallowlsd sure would. Great time not have any equity. Good luck fuckers, there goes your life savings.
My mother-in-law is Canadian by birth, married an American 45 years ago. They have two homes. They live in The Florida Keys October- May and in Niagara-on-the-lake ON, the others. She hasn’t been able to get into Canada since she left for FL in 2019. She misses it terribly, she’s fully vaccinated and has been since Feb 2021. She’s paying through the nose in property taxes and maintenance costs on a house she can’t get into. She’s very disappointed in her home countries handling of the pandemic. Recently she said she can go back but would have to jump through hoops to be approved then stay 3 days in a hotel and then quarantine for 2 weeks at home and at almost 80 she’s not sure she has it in her. She said the other day, I hope I get to see home again before it’s too late :/
maxed out is an understatement. I couldn't afford a house or frankly current rent rates for about 150 years and that's assuming prices don't go up anymore.
Our neighbors house was supposedly sold two weeks ago for $515k but the guy selling shows up daily cleaning up the house & yard... Nanaimo BC Canada....
Funnily enough, I've thought about doing a video on this to expose it. Manipulation of the MLS system by Realtors is rampant. They manipulate the data that the very statistics you see in the news are based upon. It's a corrupt industry with nobody enforcing any rule of order. The industry works of the premise of just misleading people.
We caught a realtor doing that here in Delaware, USA. Said the house was sold in Feb 2021 for $190k, then a month later it was listed as sold in March 2021 for $160k. I just don't see someone buying it and selling it in less than a month for $30k LESS. Then no one moved in until just this week.
@@LukeOnTheMove you totally should
@@funsizedi88 Just a joke that they get away with stuff like that. Real Estate is full of corruption with absolutely nobody policing it. Can we believe anything they say anymore?
Lobbyists have very very deep pockets
A lot of buyers no doubt pushed up their timelines as FOMO set in - it could very well be that they have all purchased.
This is totally right. FOMO spread by news media organizations heavily endorsed by the real estate industry
Phoenix is the best housing market for the next 5 years with 500,000 jobs being created here in the next 5 years.
Low property taxes in AZ (.7%) compared to TX (3%)
Texas doesn’t have a state income tax.
It’s basically due to remote work why would you work for in Toronto if you could do it on few acres and 6 room house in the country side???!
Ask yourself this... even if you get a great interest rate, but a super inflated house price is that a good deal??? 🤷🏼♂️
Exactly!
You on the right track with your question🤔🤔🤔
True and Untrue. Houses that have larger properties and you're not living on top of your neighbors kinda thing are still selling fast. Anywhere.
''Cooling the market by blocking off first time buyers''
There is something so humanly wrong with that...
Good.....cause their prices are friggin ridiculous......
Agree
true fact
The prices are so bad I’ve been looking at houses in Australia because of how similar Canada and Australia are, literally the houses over there look identical to what we have but they’re way cheaper it’s crazy how similar they are
Still crazy in Ottawa and somewhat crazy in Montreal. People hedging against inflation.
It’ll all likely taper off soon everywhere in Canada. The end of insanity
Definitely still crazy in Mtl
Real estate investors / speculators should be super taxed on the buy / sell prices of secondary or more homes they invest in and be taxed even more on income they get from their rental properties. Young Canadian families just can’t afford a home anymore. Better yet flood the market with new homes everywhere to drive the supply up. Maybe we need a govt sponsored make work housing program to get people working and off the charitable grants some are milking the system taking.
Everything will cool off after the interest rises up eventually!
Agreed, but there is too much debt out there (government debt, business debt and personal debt). New house buyers will need to pass the new stress test at about 5.25%... if mortgage rates ever get that high, then the whole economy will collapse because the vast majority of people will not be able to make their loan payments, My thought is that rates may go up 1/4 to 1/2 percent and that will be all. For rates to go higher then that we would need real incomes to grow as well and I don't see that happening any time soon.
Thank god we've finally exhausted our supply of - "Idiots with Deep Pockets"
yeah thats a big sign april - september is when markets are the hottest
God bless the idiot who over pay for a property, I will not be paying for a over price dump. Some of these properties don’t even have current updates. When that overpriced mortgage payment kick in, or when the greedy investor and cash buyer finally see they will get no where near what they paid for the property, they will surely be kicking themselves in their own azzes. For the rest just stay calm until things go back to normal because they will. Sell overpriced just to buy overpriced please make it make sense. Let the greedy investors get stuck with all these property, they are creating a big problem for themselves.
The real estate market needs a reset...
@ElectronicWasteland what you say makes sense from an altruistic pov.
however the effect of existing in a world where home owners live a life of easy with yearly ski trips and sand trips to their get away cottages while their children go to better schools only because they where able to buy a condo in 2017 before the massive inflation in home values leading to a life of wealth will also inevitably lead to the correction so feared. it is a catch 22. A collapse will hurt some but will be better for all in the long run.
Here is what I would do: ban companies from purchasing residential properties, ban foreign investors completely, ban making houses into hotels (Air b and b).
This means that vancouver real estate is undergoing a crash so severe it can only be described as a face melting crash of biblical proportions.
Thank you for all the likes, agreeing with me that currently (as of May 2021) Vancouver real estate is experiencing a catastrophic price crash. When do you guys think the catastrophic real estate crash currently happening in Vancouver will be over?
Here is something else they did not mention. Canada mortgages are very different than American ones. In the USA you can get a 30 year fixed low rate. In Canada you get a 25 year term and you have to refinance every 5 years so if rates go up, well sucks to be you. If rates go down that's a benefit but I doubt that's happening now and in the USA if rates drop you have the advantage of refinancing when you can.
Scary to see overpriced houses selling during a pandemic and for that we need to keep printing more money .
No we just need to go sit down and have several seats until things cool down. Let the dummies see their big mistakes.
It looks like prices are going to be coming down, then, doesn't it?
The party's over!
Welcome to the hangover.
Im sure the government will try some other props.
I remember a friend who claimed that home prices will skyrocket for the next 20 years..
Your friend was so 😑 😑 wrong 😑
Your friend is saying the truth.
As long as banks continue to understand how to control supply, central banks keep using funny money, and the avg investor makes a few pennies, we will continue the trend.
Here in California it is still a very good investment for Cash buyers. An $800K home will get you $3k/month in rents. When the speculators and investors leave, then the market will be exposed. With taxes and insurance that home is NOW attached to a $4600+/month mortgage FHA, VA etc.. unless you have a huge DP. These folks are going to get nailed; just the upkeep on a property can make you crazy. Renters that make a decision to buy now will have a left freedom that they will miss once the costs begin to pile up unless we see another 10%--15% boost in prices by this time next year.
Stop giving me hope, just stop
Who else is here just bc they really love real estate?😊
East coast is quite affordable with high quality homes and much healthier lifestyle. The GTA is a madhouse.
The market in Halifax is on fire
That’s a pretty simple fix raise the interest rates! That seriously needs to be done here in United States
Unfortunately, we have painted ourselves into a corner with all of the "stimulus" where we have created currency out of thin air via the Fed just buying bonds. The Fed is trying to delay raising rates, because the cost to service our massive debt would be consumed just by interest alone. There will come a day of reckoning where we will have to raise rates to get inflation under control. This will tank the stock market and the housing market. The only thing keeping us afloat is the fact that the US dollar is the global reserve currency. Once that changes (and it may happen in our lifetimes) it is game over.
Everything went up and then CRASH!! WHO CAN AFFORD THE GRRED THE HOUSING MARKET IS IN, RENTING OR BUYING......
And this is why I bought in Calgary. Where you get value for your money.
Uh oh!!!
Even here in WA state more days on Zillow and even price reductions.
Was my RE agent in the Mercedes and floppy hat...wrong?
Depends on the city that youre in. Some cities losing a good amount of people so prices get lower because its less desirable and some cities are breaking records in prices.
That’s because hedge funds in Canada aren’t buying up inventory
Soon a house will drop its price so severely that it will be worth the same as in 1985
lol i dont think it will drop that much.
Not a chance lmao. Nothing is pointing to a huge fall in price. Hardly anything pointing to a small drop in price
@@chris123chris82 the NDP government will ensure that a Vancouver west side house will be affordable to the average middle class salary.
hope so
@@kevinmcgraw6865 Yeah, just wait another year at the most and you would be able to buy a very nice west side house, like in the Oakridge mall area, in Vancouver for 200,000 max.
In New mexico houses are selling so fast. It is crazy.
AWWW POOR POOR INVESTORS. Our families can't find affordable places to LIVE, wages remain stagnant, and Torontonians are struggling to live in the city they GREW UP IN, but please, PLEASE someone think about the investors.
I have a sore spot with investors too. They buy a place. Paint it. Replace the taps then resell at a much higher price. In some instances I seen the same pictures from the original sale. Absolutely disgusting.
I prefer to live in the country and don't mind having a small Ranch Home on 39 acre's With an insulated heated 3 car attached garage. My Horses like it too , they have a bigger house than I do .
This is an EPIC bubble...make no mistake about it.
The ONLY reason housing prices have gone up while wages have remained stagnant is because interest rates have gone down. With Int rates at a cycle low housing prices can and will correct significantly. What your seeing is herd mentality....FOMO, whatever you want to call it. There will be alot of bag-holders in all asset classes. Don't forget what started this...a global increase (25%) in money supply last year.
Returning to some normalcy?????? lol lol lol..... it has to go down 50% at least to talk about normality. There is nothing normal about prices in GTA.
Whats 3% on a 1.7million dollar home? Ouch
Maybe the housing market will cool off in the United States this year except for Boise, Idaho; and Texas and South Carolina,North Carolina, and inside the beltway!
Not cooling off in California NO TIME SOON 🤯
ppl are moving to NS in droves and it's raising our homes
house for 240k just sold for 407k beside me
insane
@Coolio not a shack you nimrod
3 bed 2 bath on 1 acre lot 15 min from airport best school district in the province
do your own research
prices are going up cause they can't keep up with supply
we live in prime area that's why
3 years ago we paid 219k
we had offer of 450k now
that's crazy
@Coolio are you on crack?
go on viewpoint and look for yourself
demand if high here
ppl from Ontario and Alberta are moving with deep pockets
and they are out bidding way over asking
@Coolio why do you keep saying shacks?
do your own research wtf
@In Your Empty Skull omg I'm not going to argue
I know what I will get
Also interest rates are locked by BoC for next 3 years to 1.5% so we have more buyers
@In Your Empty Skull that's why I moved to NS to pay so little
but now things are taking off like Toronto in 2010
they approved 4000 new homes 2 years ago in my area
they haven't started yet
that's how slow it's here so hence price jump
It is the opposite in Australia, houses are rising and apartments are falling !
Rents are falling in USA but home prices are going up. Its the same.
My theory is that during the eviction moratorium, renters figured out they could take that $3000-10000 a month they were paying in rent.. save it the whole pandemic, end up with $50-100,000 saved and buy a house before past due rent ever hits their credit and if it ever does (which I doubt it will bc of the pandemic exvuse) it wont matter bc they will have already bought a home:-)
This is what a smart person would do
@@jeeess9979 The house would become an asset they own. When the landlord successfully sues them in civil court for the rent owed after the moratorium, the house would be sold if they couldn't come up with the cash needed to pay the landlord the rent owed and the landlord's legal fees.
What goes up eventually must come down....
House values double every ten years - check it out - fact.
@ElectronicWasteland i dont think i know. Vancouver BC. Real estate stats prove it.
@ElectronicWasteland ah your talking about the middle ages 🤷♂️. After expo it was all different and its never stopped since
Banks tightened their lending. This is another problem.
Hmm maybe word got out of how shitty Canada has been treating its citizens?
People aren't hopeful that the rising rates will bring prices down. They're worried that rising rates will make mortgages impossible to afford.
The price of the house won't change but the buying power of the Canadian $ will so that $500k house where the payments are $1000ish a month will double
as the rates hike higher and higher past the magic 2% mark the Central bank wants to hold.
Rates will only go up if there is a correction.
Not the other way around.
lenders will price point the monthly payment based on cost and interest.
@@GenXnation1 Mortgage rates don't change based on house prices or corrections; they are derived from the BOC for the floating rate and the bond market for the fixed rates. Also the house price is what buyers are willing to offer. For now, seems they are ready to take on more debt.
A 500k house, with $1000 payment? So the mtg amount is $100k
I’ll wait until it collapses and then go in and buy it at half price👌
LOL
LOL pretty naive for multiple reasons but I honestly wish you luck
@@jet2099 Me? I wish you the best of luck. When around 80% of Canada's GDP runs on housing, I can't believe you still have the audacity to wait for a decrease of the average home value across Canada and buy a house "at half price"
@@asadullahusmani2437 wasn't talking to you, bud
@@asadullahusmani2437 40% of Canadas housing is student rentals depending on immigrant students that is switching to online learning right now waving that market goodbye for good.
Not sure I'm totally buying this, at least for a few more years yet.
Can't you just go up and boldly make an offer even if it is less than what it is listed as?
If enough people did this, wouldn't it make a precedent or point that the property is miss-valued.
When there are 30 people offering on every home like there are in my market, nobody would give you the time of day with an offer like that
@@SteveBoyer10 if hundreds more people did? Probably in vain, but still says something about the value property is being assessed at.
Come to Phoenix.great deals
Some people will settle into their new rural reality then the people that did the rural jump will realize that they miss their friends and family and will migrate back to their 'old' normal. Regardless, there is no need for all of us to be squeezed into a small space in one of a few cities. Hate to sound like grandpa but 6% mortgage rate was 'awesome' as few as 20 years ago and a 'starter' home nowadays would require a full nation of millionaires. A strange crossroads in history for sure.
Rates are really low and people are buying what they think they can afford now. Unfortunately the 30 year fixed rate mortgage that is pretty normal in the US are not really a thing in Canada. I know that I will be paying 3 1/8% or less until my mortgage is paid. What does someone who has a 5 year loan do when interest rates suddenly jump?
@@rich7447 Government bailout that we all have to fund
Typical at this time of the year....summertime...most people are getting into the vacation mode.
And Florida a person bought a home for 450,000 20000 over the asking price now they can't get 375 for the same house
Once stay at home order is done people are going to put on market all over the place... I see it everywhere.. Market going to explode with inventory can see it now
Its the toilet paper problem all over again! Quick buy a house because because everyone else is buying one?!? Lol
Just sold my house in the Northeast USA, (site unseen, with no inspection) for 10% above my list price. I guess the Toronto real estate market went bust.
Yea, idk which state you are in, but our state doesn't allow no inspection, at least the state inspection has to be done.
I’m in Texas and same here... waiving appraisal AND no inspection
Buddy those are rookie numbers, Toronto expects you to bid over by a minimum of 35%
@@donm2067 yea, your Toronto numbers are closer to Cali/NY numbers but still higher I think.
@@funsizedi88 Toronto is more expensive then NYC and LA.
2% rise in mortgage interest rates? "Bedlam"quote from my bank manager.Look at what rates were in the 70s/80s.
Hope not . Even 2% increases would strain many .
Who would want to buy anything in CA with lockdowns for over a year.
I’m in Central Ca,,, houses here are selling for 100k + cash over the Appraisal and within hours on the MLS.... realtor told me everyone leaving the Bay Area n so Ca n paying cash for property here as most work at home now
Not to mention, 40 BILLION per year in criminal and foreign money laundering going into Canada's housing market. Canada is the world leader in money laundering through housing.
There is no other option than to increase supply of housing period. We need housing for working class Canadians. Why is it so tough to understand?!
in USA it is still crazy. 10+ offers on each house
Slowing down in my area. Midwest. A friend who is an agent said all her clients are now sellers no more buyers. Cracks are forming here.
Get out of the city it is worth the drive, or find a lesser paying job near to home and save on city parking fuel and your sanity
Talk about the money laundering!! It’s rampant! All this foreign money laundering!
The public have to fight back and refuse to pay the high prices.The house.prices are not compatible with wages and I feel the sooner interest rates start going up the better .
Depends on where you live. To many foreign buyers looking to park money in the U.S.