In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.

Thank Trudeau and his polices and never ending taxes for all of this!!!

54million mortgages in Canada, and only about 38-39million population, makes one think no? Where is this housing shortage I keep hearing about, if there's more mortgages than all people including toddlers?

Anybody who buys a house at these prices needs their head examined , don't continue fuelling this insanity.

Speculators deserve forced sales! 💸💸💸👍👍👍

The whole thing needs to crash. It is simply ridiculous what the government allowed speculators to do with real estate. In Ontario we are more expensive than NY or LA , it is insane! If you calculate the cost of "owning" a house with taxes and utilities it is sky high. But the industry is still busy trying to convince people prices will only go up.

The Bank of Canada should be held accountable!

Normal price $400 000 NOT $1 000 000 .

This world is turning disgustingly greedy.shame on them. This world could and should be eden for all instead greed is killing the world.

the real problem is blind bidding you give more money for a house with out knowing how much the other persons bid thats the main problem. the real estae agents are to blame for this. sellers agents and buyers agents spend more time together so do u really think they have the buyers and sellers interest at heart NO.

Canada house market is horrible .they sell millions of dollars chicken cage made of wood...in italy you buy villas made of fantastic Marble for less with beautiful views of the mediterranean sea.

It’s a depressing time to be young people trying to get into the market without having to uproot your life and move away. Feels like it’ll never happen.

Let it happen. As he said, these were investors taking a second mortgage on their current home and putting themselves in the situation and driving up housing cost. Second home needs to be paid in cash or at least 75% of cost. Lenders need to limit to 25% of home value when it comes to a second home

Here in Windsor, house prices have doubled, due to new immigrants and demand. It also affects rent prices. There needs to be a correction here badly.

So let's see, we have a drastic housing shortage , force people out of their homes, the home is sold to.someone else placing the forced seller out of a home. Canada allowed over a million new people into Canada with not near enough housing some are in the street. Makes perdect sense doesn't it?

"market price", which is set by Realtors. These houses are worth half of the price, but it's a mafia approach of "fvck you, pay me".

Toronto house market must crash. In that way people can afford a house or appartament. The prices are insane. Houses muy be around 450 k not 1 million.

House prices need to come down.

In many cases the banks are extending the amortizations out to 60 to 70 years. The borrowers are not even paying all their interest owing let alone making any principle payments.

It needs to be let to crush “ rebalance” So it can get more affordable and not run the Canadians in mortgage for 35-45 years It’s insane

This has been going on ALOT in the province. The real estate system has put in a considerable amount of effort to try and make this data unavailable to the public (ie power of sale listings are not directly described as such all the time, instead they may have Terms like being sold "as is" or other things). Finding the data though takes quite abit of digging and I feel like maybe only half of the power of sale listings even have some info in their descriptions indicating their status. I think this is a precursor to the coming crisis for regular Canadians so far as the breaking point for insane disposable debt loads that the average person/ family carries. The next 12 months will be very interesting. There will be at least 1 more .25 rate hike (to keep our dollar up slightly). Next stop Armageddon? Lol

Interest rates must go up, to get rid of speculators. It must get worse before it gets better. Low interest rates only benefits speculators and investors. We need chase out speculators from real estate, leave it only for regular people to buy. People need to learn to save money before buying real estate. Its better have high interest rates and cheap real estate.

No way….the house prices can only go up. That’s what my agent told me.

Govt should put a stop to owning more than 1-2 house. Some people have 8-10 rental properties

Mortage Agent Hill : "This is a direct result of Interest rate increase" Seriously??? Guys like this take the Housing Market to the current disaster... Guys like this are worried on their income only... Why didn't he mention at all the HOUSING BUBBLE crisis that is the root of the problem here???? People cannot afford to pay their mortgage for 2 reasons the interest rate of course but mainly because hundreds of people bought their houses at bubble house price, a house of mainly wood and drywall cannot cost 1 Million dollars!!! and he still says the home prices should go up!!!! NO the bubble housing has to be corrected the prices should be real not inflated by speculation and GREED!!!!!

average homes in Ontario is about 865k, when it should be 300k(remember this includes small cities and towns), its 3 times overpriced because of the lack of supply of housing

Mortgages, especially fixed rate ones are not the biggest killers I don't believe. How about the HELCs (Home Equity Lines of Credit)..they are tied to prime rate and will be interesting to see its in-arrears / default numbers..those who can pack onto their primary mortgage have likely done so..

Where can we obtain some stats on this? As I heard that buyers are jumping into the market now

I'd call them irresponsible and greedy people, regardless either they are pops, mums or whomever they are.

I don’t know why peoples buying this overpriced million dollars small town house begin with?

Why houses in lower mainland BC doesn't seems to go down? The people there are so greedy

The anchor is misleading; if you are making your payments you don't go to power of sale which is the 'forced sale'. The broker corrects it by saying its the refinance denial from the A or B lender from the private which is making owners sell themselves. Forced by the market not the lender in those cases.

It's called greed for the individuals with an extra property 😢😂

Ontario is about 60 percent over priced.

Investors complaining when the ponzi scheme isnt working anymore.

Love how he starts with when we see anything go up by about 300% its a sign that something is broken... Just saying housing prices compared to 7 years ago are up 300%

Own nothing and be happy peasants

Debt junkies.

The same real estate agents used to tell house owners to raise the price of their rental properties... don't have children... let's stop human madness...

this is a result of criminal mortgage lenders...we are witnessing unprecedented greed and corruption

Do we have a price chart? Is the home price really dorpping or continue shoot to the moon?

Yet we will be protesting if anyone wants to build condos. 🙄

Thank your government for this!!!!

I hope this would cause the 2007 like financial crisis. This might be bad for the landlords with loads of mortgage, but it’s absolutely best news for people would like to afford a house and a house in GTA shouldn’t cost more than 500 k.

I thought that imminent domain was the only way to be forced to sell!!!

Don't worry, PM Blackface says the budget will balance itself.... Also if your having trouble with your bills all you need to do is cancel your Disney+ account. You may end up homeless, but he has nice hair.

Don’t buy nothing crash 💥 on the way heavy correction

This is what they are neglecting to tell you, They still are not telling you the truth If you purchased a home for $800000 Put down the minimum required /5%=$40000 leaves you with a $760000 dollar mortgage. Now if you bought at the height of the market eg: you purchased for $800000 and the now the market declined by 18% you house is now worth $656000 dollars. You now have lost $144000 dollars. You have become a risk to your bank. Now you owe the bank $104000 if you want to keep your house. 😮

So, if I understand, these are mostly speculators? And this is supposed to be a terrible thing?

35% drop is inevitable

What is a forced sale. Can Canadian banks call mortgage loans in for any reason? even if borrower is current?

Good!

Interest rate are not that high...home prices shoot up to the sky in the last few years..

You can thank the ON Provincial and ALL Municipalities that make it cost prohibitive for new builds and therefore creating a shortage of housing and then this mess of ridiculous prices.

Prices must fall a lot, otherwise, all the new generations are totally fked

Wrong way !! is this guy joking ! All is Ok Unless prices go up 300% ,let the speculators get out of the market !

Crazy Canada's population is only 40 million but competition and inflation if we're 400 million

I hate when the government says 300% and doesn't tell you the numbers that it was and then the number it went up to. Was it 10 that went up to 30, or 1000000 that went up to 3000000?

Live and create memories. Travel the world. Rent is better.

this is actually hilarious and has been so easy to predict

please make all the real state investors crash and lose. they can keep their primary residence. please please please

1 more hike, 1 more hike! 😏

That is why there are so many houses up for sale right now, the real estate agents know this & have been withholding information

This is the beginning of the end because money is no longer cheap to borrow. Early 80s interest rates were at credit card levels...

What about bankruptcies what is the true story in Canada

Up 300 % what are the actually numbers ? Sounds like there might be some good deals - demand is still exceeding supply in GTA - fight back - sounding like Anne Marie wants to hype and dramatize the situation

I learned about Garth Turner's blog and started to read it a long time ago around 2013 or something. I'm not in that situation described here today. Its probably just a coincidence.

Good job on building more homes 🏡

People bought few houses of Covid relief money of CRA as investors. There is no housing shortage. I know friends having ten condos.

The cracks are forming.

Just limit one residence per adult

Canada 🇨🇦 is a very small country, no enough lands to build real-estate 😢 😕 Smaller than Tokyo, unbelievable.

In Canadian History Canada 🇨🇦 will absolutely have more homes by the next decade Currently homes in Canada 🇨🇦 are also being built for the first time ever

Haven't seen this since 1989.

Mortgage on interest is root cause of all this

Maybe all that time young people were still living in their parents house they should have been saving money instead of blowing it and thinking the free ride would never end.

It's your government falt

👍

Liberal ridings?

Told u so Chrysta and PM

Banks don't want to be left holding the bag when this absurd real estate market crashes

Because easy money means when rates rise,,,,most people can not afford what they bought. Stupidity on the Bank of Canada part. Easy money always causes a crash. By the way,,,,your salary,,,,has the same buying power as 1935

Lord It’s a Miracle!

I like what I'm seeing in this comment section. One thing I know for sure is even if the price of houses fall to $400k from $1M, some of you still won't buy. You will still complain and say it should crash to $150k

stay away from real estate clowns and other vested interests

they all deserve it for letting the housing sham go where it went

This story sounds like a “story”. Fear mongering! Let me hear the person who had such experienced tell their whole story.

🤣🤣🤣👏👏👏

That's excellent news more inventory on the market ! Greedy canadians out ......

Latest trend in the real estate industry

All the people waiting for the housing crash so they can get in the market now can’t afford the mortgages required to do so and as I’ve been saying for over 5 years, no matter what happens, first time buyers will get screwed.

Trudeau's government has destroyed the Canadian dream and made as suffer the worst Canadian nightmare

High Real estate prices is a government policy. I think most people are still ok with the current price . They got re-elected just 2 years ago. Just millenials are suffering. Baby boomers a laughing out the doors

to fix the housing market in ontario the housing market need to crash .

Everyone wants to be like the Kardashians

Be pro activ 😂😂😂 Hahaha Mortgage idea is scum!

Finally. Let’s gooooo!

I don’t care what’s happening in Canada, I was able to buy 4 homes in GTA this year, so I’m not complaining.

Your scrued

300% 😂 if it goes from 1 house to 3 houses it's still considered 300$. Don't listen to this nonsense.