Canada's HARSH Real Estate Roulette | WOOP #3 (Daniel Foch)
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- เผยแพร่เมื่อ 24 มี.ค. 2024
- Today we're joined by Daniel Foch taking all things Canadian Real Estate. From significant price fluctuations in Canada to government policies and interventions, particularly regarding immigration and housing regulations, as factors influencing housing supply and demand.
Tune in, share your thoughts, and don't forget to hit that subscribe button to stay updated with the latest episodes!
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I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes...
@@madidi_26 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well..
@@Mathilda-Adele My advisor is Victoria Carmen Santaella;
You can look her up online
Nah I Can't say I can relate, Victoria Carmen Santaella charge is one-off and pretty reasonable when compared to what I benefit in returns.
2020 - We're all going to die. Here's free money, @1%, go buy a house.
2024 - It's your fault you bought a house. Pay up @6%
All by design.
Bingo! Suckers listened to the devil 😈
Yup. Those who kept saying "yolo" forgot that while you are still alive, you actually have to *pay* your expenses. Just because you only live once it doesn't mean everything is free until you die.
Oh look, one of the humans is awake .. !! Good luck waking up everyone else
Once unemployment really ticks up, look out.
The interest rates were safe and effective
I understand Daniel's perspective on density, but consider this: the entire United Kingdom, with its 67 million people, can fit inside Alberta province 2.5 times!. Canada doesn't require cramming everyone into 600 sqft spaces to function effectively. Responsible immigration policies are key, and let's face it, affordability is impacted by immigration and speculation. Implementing a moratorium on immigration could bring about swift changes, akin to the idea that when a bathtub overflows, you turn off the water before grabbing a towel.
Our story is different, first time homeowner here. We had great credit, great jobs, great downpayment. We purchased pre construction before covid hit.
Our income was reduced that year by 15000, we were having a hard time securing mortgage apparently for this reason, we believe different. Cibc approved us, when we realized it was variable we asked question, they insisted this was the best. Not knowing much about variable I started watching TH-cam and that’s where I got my education! It’s been a rough road. I sent cibc a complaint letter, I thought what they did was dishonest. But I blame us for not having the knowledge.
Your bank is suppose to disclose everything that you sign up for
Good show Vince but your friend said at the end that he doesn’t think that Home prices should drop because it’s 10 times the average salary for a house well that’s because he’s probably an investor or a guy that flips the houses so of course he wants to keep the prices high once again I say if you wanna invest try the stock market you should not be able to use residential housing as a commodity and that’s what people are doing and that’s why our country is so screwed up right now in the housing market .My option .
Cheers. There's a widely held formula that house prices should be 3 to 3.5 times the annual income. Here in NZ and in neighbouring Australia the numbers run somewhere around 8 times to 12 times. Making our homes some of the most expensive in the world. So "to be fair" (to anyone NOT already owning a home) house prices would need to drop to one third to one half what they are now, with incomes remaining similar.
Approx 5 minutes into the video and one guy talking says first home buyers now are demanding much better houses. That is not always the case. Since leaving Australia I've been trying to buy any liveable legal structure within the whole South Island. I'll try to link to a video of a well derelict house I looked at, but was far too expensive for me to be able to afford to buy, even as is..
th-cam.com/video/7dXU5GUrpyI/w-d-xo.html
People who say real estate only goes up, didn't live through the 80s and 90s.
An $800k condo has every possibility of being a $750k condo in 15 years.
It could even be a 400K condo in 5 years! Canada is in shambles in every conceivable way! It is the WORST performing G7 country!
April or May 27, 1989. Real Estate Collapse. My neighbor sold their house three days before the crash. They thought they never would get $20,000.00 more than their asking price. Imagine that Twenty thousand was a big deal back then ????
Yeah but your srarter home now is 0 bedroom 6 -7 hundred k condo that has 1 room for sleeping and eating. If you want to entertain you have to move out to the hallway.
Well when Canadians first came to this country they built a 1 room cabin and pooped outside. History repeats itself. My parents lived in a garage with blankets hanging from the ceiling to divide up the space into rooms. Washed there, Landry by hand in a tub.
1955- 1965 before they bought there first home in 1965 with 50 acres for 25000.00
When we needed homes we built mass trailer courts in the 1970's. They are great first properties with some space and some yard. We are ripping them down instead of expanding. The cost and time of the current building makes unaffordable homes. Ranchers are quick builds compared to multi resident homes. We aren't releasing land. 41% owned by the feds. 48% owned by provinces. 11% owned by private holders. We have no land to build on.
Why live on an 20 foot lot, when Canada is the 2nd largest land mass in the world?
get ready for the "Great Canadian Real Estate Train Wreck" coming to a neighborhood near you.
Been in the making 10 years ago
In don't know what province that has not raised Residential taxes, bc jacked mine up almost 200 percent in 3 years
A lot of housing purchasers over the last few years have been relatively new immigrants. Because of that, many didn’t know about the history of housing prices in Canada, let alone about interest rates and other financial matters.
These topics need to be taught in high school. Not once was I taught about mortgages, inflation, deflation, or money management. More everyday/life economics needs to be a standard in the public education system.
Thanks for the comment
Vince, I like the set up. Nice work. Lastly, DF is a great guest with a lot of insight. Bravo!
Much appreciated!
Big Short Canada, let's gooooo
Once unemployment really ticks up - look out.
@@jasperalberts7647 that situation brought to you by inflated housing and what it brought with it..
Please give the full picture. I switched from fix to variable in few months and I paid 25k penalty. We don't have these penalties in US! Who approved these penalties for switching the mortgages?!
If you still didn't realize this, the banks own the gubmint in this country.
When you guys were on the "starter home" topic you mentioned that people want everything now and are after homes that should be out of their reach.
Many young people including myself looked for reasonably priced starter homes. There are virtually no starter homes in this country. There are Canadians taking on too much debt banks are also giving out too much debt.
This explains why there's 24 bedrooms and 5 bathrooms in some houses for sale last few days
Nice to see Mr.Gacy giving back to society after taking so , so much.
Tents are selling out jump in quickly before you miss the train
I strongly disagree that we are NOT going towards multigenerational living. True Canadians do not want that.
We might be forced into that if we continue to let immigration soar and do not control cheap labor in the country and landlords to run the place.
What is multigenerational living mean?
Thanks for having me Vince! Great chat
The pleasure was all mine. Let's do it again next quarter! Cheers!
DF and Jonny Flynn on the short list of based realtors
people come to canada to escape generational living. i had neighbours move here from the uk searching for affordability and space. moving towards generational living is not a step forward.
Great podcast. I have also thought the same thing Daniel said about the boomers leaving many properties for the next generation. I think this whole tension about the housing crisis, unemployment and standard of living will be solved by 2030 or so because a huge cohort called the baby boomers will leave a hell of a lot of real estate and jobs to fill when they retire. No other generation was or will be as nearly big as them. There will actually be oversupply in housing when the older boomers start departing.
You can lock rate later.., but not at preferential -0.5, or -0.75. By the time you realize that you better lock.., train already left the station.
Great episode, enjoying these long talk interviews
Thanks for the support.
Thanks Vince! Love the show
Glad you enjoyed it!
If you're serious about building though the home make the windows smaller to meet code. Better yet, how about designing the buildings right from the start to meet the code of the jurisdiction they'll be built?
You are responsible for your own actions and for doing research and educating yourself. Buyer Beware. Zero Interest Rates or close to it for 15 years are to blame for all of this with a lack of due dilligence and controls on the lenders part as it relates to risk assements, income verification and detecting fraud. Ultimately the greed of the banks , realtors and speculators has also made a huge contribution to this issue as well. People should look in the mirror and point the finger at themselves if they are over leveraged and binged on cheap debt. Where i come from any personal debt at all is a dirty word although i do realize its necessary for most to have mortgage debt for a personal residence at some point in their life but the goal should be to pay it off as fast as possible Money is not free and it has been for the last 15 years and as we all know nothing is free in life so now we will all pay for it for the next 15 years .
Mortgage burning parties was a thing at one point before ZIRP....
@@wiseoldowlshowArchie Bunker style
THOSE WERE THE DAYS !!!
great guest. thanks
Glad you enjoyed it
Everyone is so stressed with housing in Canada.
There’s no reason.
How is that possible if diversity is our strength and Climate Change is the bigger concern for the government. - carbon Tax Will Fix It
Meanwhile The housings same as the budget will balance itself, or at least is what Trudeau said.
What a great video on the current state of housing. fantastic information. Clever title. Thank you!
Glad you liked it!
Great episode, some legit content here!
Glad you enjoy it!
There are 2 million excess people in this country and supply can meet demand … until that changes … prices will continue to move up… it’s sad you can’t get educated economists on your show … thats only one of the issues
At the current rate we may crack 42 million people in Canada this year. I could swear we were in the mid 30's not that long ago
@@TheNewSchoolGameryeah it was 2015.
We were already circling the drain prior, but now it's just insane.
Great guest Vince
Show me a property in Toronto which is cash flow positive. Everybody is looking for equity some day.
pretty sure if you buy a gold coin that is negative cashflow.........or a bitcoin, or put your money into an rrsp.... all negative cashflow.
@@GreenBeanGreenBean...yes gold and bitcoin are speculative. RRSPs likely have equities with dividends and contain businesses that cash flow.
@@GreenBeanGreenBean So you don't understand the concept of investment and speculation then!
Correct. People are hoping for that future equity in the meantime paying decades of taxes, repairs and maintenance.
@@mahanrazagh oh I understand it far far more than you, not even close
It would be nice not to stare right at the guys moose knuckle the entire interview! lol what an angle 📐
Is there any logic to Real Estate prices vs affordability? how about the basic common sense that in longer run when the demand supply balances itself? Will it never matchs? Why not?
Lol millennials don't want 1600 sqft ... that's all they can afford
oh you a smart ass
man I honestly don't give a shit about having a place go up in value, I just don't want to keep paying hundreds of thousands of dollars in rent every decade
Move to Alberta then. Past 2008 house prices have been stagnant.
Everyone i know who is long in Alberta Real estate like over 10-15 years has lost money. Lost money in the sense that their property is worth the same or less.