#RealEstate #Housing
There just aren’t enough homes to buy in and surrounding Toronto and Vancouver these days. When something does hit the market, as many as 50 buyers swoop in to compete for it which pushes prices through the roof. We’ve been getting monthly updates from the ground floor from Realosophy Realty’s John Pasalis and Oakwyn Realty’s Steve Saretsky, who help make sense of it all, with advice for anyone buying or selling a home. Also See: The latest real estate news for housing prices, mortgage rates, markets, luxury properties and more at Yahoo Finance Canada. They told us where they think Greater Toronto Area and Vancouver housing markets seem to be headed in the coming year. They also answered your questions about timing the market, interest rates, and government policies that could cool the market. If you have questions, email them to jessybains@yahoofinance.com and John or Steve will answer them on the next episode. Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.
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“You will own nothing and be happy…”
@Outerlife211 Yes their plan work so far unfortunately.
@J WEF Agenda is much more on the Socialism side and not much on the capitalism.
@All Guides how do figure? It’s a bunch of wealthy people buying up all resources that people need to survive and renting them back to them. That is the natural state of capitalism people with more wealth are able to enrich themselves further through owning assets and companies while working people own less over time and have less economic leverage. Just because this facilitated by government policy doesn’t make socialism, all this indicates is that governments are complicit in facilitating this. Capitalism has always been regulated by the state. I’m genuinely curious why people view this as socialism, it’s not as if the government is buying up all these houses to rent them at operating costs to the population.
My friend bought a house for 6,50,000 last year and sold it recently for 1.15. It was a townhouse. SMALL TOWNHOUSE. He made 350K in just one year. What the hell…
6,50,000 💀
Why there were not 200 people lines in open house when prices were much, much lower 2 years ago? This behavior does not make sense and seems like people think that because it went up it will still go up – sign of unsustainable bubble
Hopefully its a sign we are at peak fomo and maybe things will settle down but who knows, $2million houses will be standard in 5 years nation wide ugh
bains looks like a robot
Raising interest rates will make it harder for regular people to buy a home. Institutional investors already get better rates from the banks, and investors with 10-20 million on hand don’t really care. It will only accelerate investor purchases.
It will make harder for people to service their current mortgage on an already overpriced house. With higher interest rate people will start losing their houses to banks… more houses on the market will lower these absurd prices!
@Proper Name people get stress tested at 2% already so its not gonna happen how you think. Its not easy to get a mortgage like people think just because rates are low. This isnt America.
@Baustin V you are wrong sir
@Proper Name Government will not allow that to happen… BOC knows the only thing propping up Canadian economy is the housing bubble fuelled by Foreign money
It seems like people only have 2 options to protect the value of their money – real estate and investing in stocks. Am I missing something? I remember my parents used to be able to get a decent return on their savings. Why is it so low now?
inflation
you used to get 10% RETURN ON A SAVINGS ACCOUNT, BUT THAT WHEN INFLATION WAS OVER 10%, so you haven’t gained anything. SAVINGS ACCOUNTS AND gics where never good investments
You’ll never get the rates on your money via conventional savings accounts that our parents did (11-16%). Banks have become much more insidious and efficient at extracting money from people these days.
@Lionel Hutz insidious? When savings accounts paid 10-16% inflation was also that high. a savings account was never a good investment vehicle.
No one cares about Canada. Even if you keep calling it GTA
Gta means greater Toronto area
The government needs to stay out of all business… including the money business.
@Calvin yes, that’s the problem…
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How much are all these people making to be buying million dollar homes? I mean that’s like $6k – $8k monthly payment. The stress level, depression and divorce rate must be very high in Canada. That’s not a sustainable model.
Most people just bought early and made a lot of money from that house
@Clips m’ Ezzy why what’s wrong with renting out a basement you don’t have to interact with your tenants and they have their own separate entrance to the basement so how is it that bad?
@Michael c Are you a parent? If you not a parent, then come back later and answer your own question.
@Clips m’ Ezzy I see nothing wrong with that and clearly many people don’t either cause a lot of people rent out their basements
The average wage earner in Vancouver makes about $35,000 a year. Detached homes are about 3 to 5 million apiece.
A Solution: Leave Canada.
If you lack the trust in a nation you shouldn’t buy Real estate in that nation.
These prices are a reflection of: bottlenecks in chain supplies
strict labor shortage due to lazy natives and strict immigration policies
& low interest rates which only pours more gasoline onto the fire 🔥
You only lose when you sell at a loss in which case I’m happy that you lost because it only shows that you overextended yourself to begin with and don’t have the 🥚s nor the cash flow to hold.
This is why we need communism.
@2xtreme4u2bme lol can’t afford a home in canada. Rich people own everything. It’s time to get rid of them.
@2xtreme4u2bme not everybody who’s struggling is a government leech. This mentality that you just have to ‘pull yourself up by the bootstraps’ is so narrow minded. Capitalism is killing creativity everyday as well. It’s amazing you say the media is selling you a dream when that can literally apply to getting rich quick.
How incredibly depressing
Are we at a top yet? zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Everyone is a millionaire nowadays
The entire world has gone nuts! This is absurd
I’m glad the guest at 21:20 talk about how generational wealth gap occurred. My opinion is it is evil and robbery of their kids
All those equity refugees…back when equity meant liquid assets.
Canada loves other peoples money
Real estate is still local and is uneven in Canada. I could sell one property in ontario cottage country that has gone up 4x in last 5 years and buy 4 single family homes in Calgary right now at the benchmark price. GTA and GVA have inflated dramatically while other parts of country haven’t done much at all. You guys never talk about that.
You’re forgetting Ottawa, prices here are skyrocketing.
runaway wealth inequality. Powered by zero interest rates.
people be like: thE craSH is cOMiNg xDDDDDDDDDDD
Part of the problem with the price of homes, especially new homes is the amount of tax hidden in the price. From Fees and material cost. The price of 1/2″ plywood went from $13 -$90 plus here in Bc this past year (it has come down since) which the government was now profiting more based on the tax percentage. (12% in BC) They re the ones truely driving house prices up, especially mid range/townhomes as that is what most can afford. They need to cap taxes on the goods for lower income families if they really want them in a home. We already have over 2% LTT. so any home over $2M has and extra $41k + in tax here. The market here is so insane, houses that are not liveable (in suburbs) on 1/4-1/2 acre lots have increased from 1.4-2.2 M just this past year alone.
Lol no conflict of interest asking these people😂
Sharp guys 🔥
no the market is never ‘nut’ , the math is never ‘nut’. Nuts is to give 1% loans when the inflation is 4%, yes that is ‘nuts’
People are nut…….don’t listen to agents as the bottom line benefits go to are brokers, banks and governments.
Printing money for last 2 years. Wow I wonder why everyone wants to buy real-estate.
It will eventually calm down and lots of pain this time on speculators side.
Properties that we bought back in 2001 (townhouse) in BC bought at just $160,000.oo / $60,000.oo are now worth $698,000.oo and $388,000.oo insane! I guess the smart thing to do is sell one and buy much cheaper rental properties in Alberta and Montreal and just get multiple room hone rented at 6-800/mo per room
This is all being done on purpose by the government to generate tax funds. When you sell your house you pay $20,000 land transfer tax now thanks to higher prices, and another $4,000 or more in GST for real estate, lawyer fees. Higher prices jack up property taxes a lot.
We are the government and were here to help….ahhhhhh. It’s JustinFlation!
All government action seems geared towards making rich boomers richer. The young are being destroyed.
In Canada there just are not enough people under 45. All policy is geared towards old people who already own most of the assets.
It’s very frustrating that the government bends over backwards to appease older people and completely neglects the younger population. Then they wonder why young people don’t vote as much, when none of the parties represent our best interests we have no good options. The truth of the matter is that quality of life is declining for future generations in Canada and as long as older people get there pension and 2M home sale they don’t care.
These guys seem like genuine people for real estate agents, I have a lot of real estate agents in my social circle and very few think from their perspectives
how are young adults supposed to afford homes?
Young people will begin to leave Canada by the masses. Canada is toast.
You don’t unless you get big help from parents
@Michael c It makes me feel sad, those people born in 50-60’s, they worked hard for a whole life, raised their kids, should be able to enjoy their retirements , but now have to give their lifetime saving to their kids helping them buying houses, so sad.
@Bobobo HA! You feel bad for people in the 50-60s lmfao you should feel bad for millennials and gen z who are making 100-200k and still can’t afford homes and have no help from parents
@Michael c I am not saying millennials don’t deserve better, I’m 30 can’t afford a home, I know how hard life is. Just trying to say, the result of house price rising doesn’t just hurt us young people, it hurts 50-60s as well.
Heres the answer: Build more housing, the only solution
Homeless priced out of the market like a bunch of outcasts! The elites want enslaved tenants owning nothing and being happy about working for peanuts and not affording families! Tent cities everywhere! Cellphones and Internet useless in rural areas!
The only solution for this housing is interest rate to go up which will end the cheap money, because since 2008 it the interest rate was so low anyone can afford higher cost for the housing. Once bank of Canada starts to raise the rate, you will see people will be in tears.
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Yes but do you know I have been paid out today
Should be 20% down required over $100k, 40% over $500k, 50% over $1 million. Unless you can predict the jobs and the exact money you can make for the next 30 years, including all the recessions and depressions. Nobody can do that, downpayment are there to reduce risk nobody should be taking.
rich asian like chinese is buying up your places
Justin Trudeau went to Klaus Shwaabs’ Young Leaders of Tomorrow. So the young Canadians can own nothing and be happy. Not too mention, artificially low interest rates and “snow washing” and foreign money, legal and illegal flowing into real estate
We need open stats on who’s buying and how they pay for it.
Black Rock Corporation mostly…. they own most large banks and use our own deposited money to buy massive amounts of real estate (since there is no way to earn a positive return on any other investments) they become landlords and take away our chances of homeownership.
Hear! Hear!
The worst argument for supporting current housing prices: My kids need a good inheritance.
waiting for the bubble to pop be like 😐
Maybe slow down the immigration?
The problem is the Chinese all the immigrants Canada takes in are penniless.
If anyone would have listened to these two doom cucks and not owned real estate the past two years, they would have lot out on a lot of profits. I don’t know why these guys have a platform, there’s so many better people in the industry
It was a bubble in 2005 when I first started looking, and the bubble was suppose to pop and never did.
Price memory and low rates made this real. Even if rates go up will have small 10% affect, at most.
My condo that is finishing this year is selling parking spots for $150k preconstruction.. and said that they are gonna raise the price soon. SMH A preconstruction down the street is selling parking spots for $250k!!!
No one wanted to buy in 2017 and 2018. Buyers wanted a “deal” in an already cooled off market. They didn’t take action. Now they want government to help because they are getting fomo. On boxing day, people line up in the cold to save $20. But somehow they cannot buy a house at a $300k discount.
A real estate agent I know owns 10+ properties. What is nuts? You tell me!
and they tell us there’s a shortage…
Trust me…all one needs to do is looking at the Australian market to feel better about their own.
We’re paying 1mil for houses 50km from Sydney Central… and it gets significantly worse every kilometre you get closer
Your comparison sounds JUST like Canada my man.
I just got back from Dominican Republic vacation and spoke to all sort of nationals over beer. Germans, Americans etc…
They all told the same story us Canadians are experiencing. This is a global housing crisis. Canadians might think it’s unique but its not. Everyone feels it.
Black Rock Corporation mostly buying out our inventory… they own most large banks and use our own deposited money to buy massive amounts of real estate (since there is no way to earn a positive return on any other investments) they become landlords and take away our chances of homeownership.
I’ve said it before and will say it again, normalize interest rates and prices will correct themselves. Government interference with the free markets is the reason we are at this state
Honestly at some point our housing market is going to finish cannibalizing the rest of our economy and collapse in on itself. Our immigration system is in shambles because we don’t have the infrastructure or the man power to bring in 400k people a year, the government was basically handing out PR’s to anyone on a visa already residing in the country last year. Our banks and pension funds are SCRAMBLING to diversify outside of Canada and Canadian assets, and Poloz retiring last year was simply due to him not wanting to be labeled as the one responsible for this mess when it goes belly up. Prices were actually quite affordable up until 2015 before the liberals came in. And if you bought anytime before 2007 you were getting a steal, the bubble has only really been prevalent since 2015. My parents bought a 3800 sqft detached home in Vaughan in 2003 for 425k which now has a value of 2.4m.
A lot people are buying second home because financing is cheaper…….this is how Sub Prime Crash happened in 08
Most people buying “subprime” loans had terrible credit. Banks are a lot stricter with lending standards this time around.
Get in the market, it only goes up from here. Supply < Demand.
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How does increasing interest rates make buying a house more affordable? New buyers can’t afford big mortgage payments and Regular people will lose their houses to the bank with those high payments and the investors, devs jump in and grab those houses. Steve is talking out of his ass.
Polaritons could do the right thing but it would hurt themselves, much better to hurt others.
Canadian real estate market is not free market. New house builds limited by quotes, those quotes spreading between “connected” builders. Result is obvious
When will this end? Us young people trying to be first time home owners are getting fried by this bs
canada is toast.
it won’t end. Metro Vancouver will never crash to pre 2005 levels, or even pre 2016 levels
9:00 more demand and more price growth, but more buying power for first time home buyers trying to get in the market and build equity.
the people with to much money and high cash borrowers were the ones who created this housing bubble! greed ruined it all!
This is the only time I have ever heard an agent say maybe wait it out
Anyone have any videos about what all levels of government could do to combat this crazy market? Small town? Provincial? Federal? I believe it will take many changes at all levels,
The excuse for high housing prices from realtors is they are not making anymore land, yet mist of the Canada is open land
Canada is mostly empty, why don’t they build more housing?,
Canada sucks because it freezes over for a good part of the year
The trick is just don’t buy a house or have kids and then at least you can get a cool car
Interest rates 📌
How can people afford the property taxes on these?
They can’t.
Major fraud approval morgages lol ask pp from Brampton
What sickens me is how easy the problem is to solve: More taxes for people who own 3 or more properties, more taxes for foreign buyers, and higher interest rates. The problem would solve itself overnight. Unfortunately Canadian Politicians will never take these actions because declining prices looks bad. First time home buyers keep getting screwed.
Yep you should have said Brantford houses are selling for 500K over asking even if you want to sell where are you going to buy it’s nuts
Simple supply and demand economics at play
Yay mass immigration
When real estate agents are saying interest rates need to go up to too cool the market – you know it’s a bubble.
It might hurt, but it could save you hundreds of thousands by waiting 6 months.
It won’t buy now as the price is going to keep rising
NO nothing else will work
What’s the point? Canada can just freeze your bank and take your house because they don’t like the colour of your pants
While money is cheap and Banks continue to lend then it’ll just keep growing 📈⬆️ sounds like ‘06-‘08 and remember what happened 📉⬇️ 😱 😱😱
I hope it goes through a major crash
Stupid. Raising interest rates might push down housing prices, but the COST to the buyer will still be the same. This idea is similar to adding taxes, to push prices lower. Both ideas only damage the entry level buyers.
Ask the car salesman what a fair price on the car is….
Same thing in calgary
Likely we are nearing the end of the speculative blowoff phase. Liquidity is trending towards collapse elsewhere in global equity, real estate, bond markets. Buyer beware! A return to trend would be a 70% drop.
I have a friend who was a millionaire on paper in the 2005-2006 U.S. housing market who bought a house, levered up and bought a rental on top of that, in 2004.
Today, 2022, they are still paying off the debts from their massive losses.
In booms, most of the money is made first by the public, on paper…
…and it stays on paper.
-Jesse Livermore
One more thing – Canada might be entering hyperinflation. In that case, food, energy, and money that has not been inflated will return more than real estate. In real terms, real estate will still enter a bear market.
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A trailer park home in NB went from 50 thousand to 130 thousand in 2 years..Blackrock?
There are mafias in the country buying tons of houses and condo throughout the province especially in Hamilton and Burlington
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It’s getting much worse and coupled with the inflation, everything is not twice as hard. Worse is, there’s pretty much no hope in sight? Personally, I’ve been hit very hard and now more interested in a solution. What is the way forward for the less fortunate ones like me? How do we survive this phase? I am slowly losing my mind.
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So house prices now double every year, but wages stay the same? How can a person afford a $2 Million dollar first house if they only earn $50,000 per year?
It be nice if rent for apartments would go down ppl are trying to make you pay 1600 for a shitty place thats falling apart others are nice but danm
Palm trees in Vancouver? Like what is this sorcery?
i moved away from canada to the usa last year and im 25 and im not looking back
Move to America; homes are going for 200k-300k in decent places. Canada is a false dream for young families and immigrants coming here. The government and Bank of Canada are in cahoots with each other to make more money off the overpriced homes, higher inflation raises…and even the eventual double bubble collapse that’s coming too! Foreign investors and domestic investors flipping the homes over and over and also owning multiple empty properties shooting up DEMAND/SUPPLY even more; making the very properties themselves worth more too,…until it collapses, to normalcy. Trust me, move to America, it’s what I’m doing. Let Canada screw itself, let the led on immigrants come here, and young families and citizens stay who think it’ll get better…it WONT. Things always get worse before they get better….Make your money where there is more stable markets, and let Canada’s collapse guys; then come back and buy it all for dirt cheap when it does. ((neat fact: Canada has over 1.2 million empty homes sitting for ‘investment gains’ from heightening Demand/Supply further)) So imagine: a country over just over 20 million has over 1 million empty homes. Canada has basically become a haven for criminal investment, all into the housing market. Robbing the regular citizens blind, to make the rich unbelievable richer. Sadly, those same parents will pass on the cycle of money to their kids (likely the 2nd, 3rd child now in this vicious capitalistic cycle), pushing the investment/buying market more into the hands of purely investors. We’re talking about people who make money off homes now – who’ve likely never really even lived in the society EVER of the housing markets they mainly effect.
You cannot have 400,000 new immigrants enter the country every year and flood the economy with billions in printed money and not expect a housing crisis. This dire situation falls squarely on the shoulders of the Trudeau government.
This is so depressing, ill never be able to afford a home or a family or a decent life
Xx. X
Ttt
The dream I was sold to as a kid is never going to be a reality.