Houses that would normally have 5 to 15 offers aren't getting any: John Pasalis

Рет қаралды 244,434

Күн бұрын

John Pasalis, president of Realosophy, joins BNN Bloomberg to discuss the April numbers from the Toronto Regional Real Estate Board. He says that there is less anxiety in the low-rise market, and buyers are starting to be more patient.
Subscribe to BNN Bloomberg to watch more videos: / bnnbloomberg
Connect with BNN Bloomberg:
For the latest news visit: www.bnnbloomberg.ca
For a full video offering visit BNN Bloomberg: www.bnnbloomberg.ca/video
BNN Bloomberg on Facebook: / bnnbloomberg
BNN Bloomberg on Twitter: / bnnbloomberg
BNN Bloomberg on Instagram: / bnnbloomberg
BNN Bloomberg on LinkedIn: / bnn-bloomberg
--
BNN Bloomberg is Canada’s only TV service devoted exclusively to business, finance and the markets.

Пікірлер: 623

@kk_giirl 3 жыл бұрын

Everything went up but my paycheck 😕

@oneofmany1087 3 жыл бұрын

we all need to go on strike.. It's our turn ..we need 2021 wage not 1980 wage

@rochester3 3 жыл бұрын

@@oneofmany1087 go start a business .

@disgraziato5473 3 жыл бұрын

LMAFO. Hyper inflation.

@OpiumBride 3 жыл бұрын

You need to get a better job and then your paycheck will go up

@jeremyreinhold3620 3 жыл бұрын

@@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.

@coryturner9140 3 жыл бұрын

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...

@wreckim 3 жыл бұрын

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.

@Anomalyy666 3 жыл бұрын

Will 3d houses ever come to the market?

@morgenhoop 3 жыл бұрын

I only recall 1 time (2008) when houses went down after a bubble. But usually they stay where they crest at.

@sizzlacalunji 3 жыл бұрын

@@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.

@r987p 3 жыл бұрын

@@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

@ozzydo2314 3 жыл бұрын

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.

@ashestates 3 жыл бұрын

if you have the right downpayment sure you can.

@allaboutroofing2 3 жыл бұрын

That doesn't make sense.

@funkybenzoyl1301 3 жыл бұрын

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.

@boratb258 3 жыл бұрын

You need about 200 thousand per year to own a house in Toronto.

@david_lawrence_h2703 3 жыл бұрын

Same boat here. In SF Bay Area, California, $160k makes you "poor" middle class.

@GMAG416 3 жыл бұрын

So people who actually have brain cells finally figured out a small bungalow isn't worth $5 million dollars.

@asadb1990 3 жыл бұрын

well unless wages start increasing rapidly, the housing market will cool off.

@donm2067 3 жыл бұрын

6 million

@stevennakhla7803 3 жыл бұрын

7 mil cash only offers pls

@GenXnation1 3 жыл бұрын

Damn that is good to hear

@larryc1964 3 жыл бұрын

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.

@Goodcatt 3 жыл бұрын

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

@dimoji4770 3 жыл бұрын

If the price of bottle of milk is 2x , why can't housing go 2x?

@danniemoore97 3 жыл бұрын

@@dimoji4770 how come silver is at 40%, autos at 0 and gas at 50% a decade ago?

@Alwaysbeclosing1774 3 жыл бұрын

@@dimoji4770 Housing has already gone 2X

@jeboteya5489 3 жыл бұрын

Dim Oji foreign buyers

@wernherwalverklappen7823 3 жыл бұрын

@@dimoji4770 because your salary is only increasing at 1.075X

@Scottieguru 3 жыл бұрын

It's all dependent on interest rates. Once interest rates go up, then housing prices will collapse.

@diadlo777 3 жыл бұрын

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.

@far574 3 жыл бұрын

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.

@morgenhoop 3 жыл бұрын

@@diadlo777 Who do they pay if the Dollar crashes?

@sblijheid 3 жыл бұрын

A lot of people bought cash. They sold in high cost of living areas and bought in low cost of living area.

@JohnFinnigan1 3 жыл бұрын

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.

@liveandlearn5320 3 жыл бұрын

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

@donnaocasio45 3 жыл бұрын

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 .

@Iselas181 3 жыл бұрын

Nice a chris Farley joke lol sadly true though.

@johnnym9909 3 жыл бұрын

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.

@morgenhoop 3 жыл бұрын

That's still a possibility. Be careful what you wish for.

@menguardingtheirownwallets6791 3 жыл бұрын

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.

@jwychau 3 жыл бұрын

Where?...

@nutritioncoachjo 3 жыл бұрын

I sooooo hope this happens in the U.S. The insanity needs to stop!

@Alwaysbeclosing1774 3 жыл бұрын

Me too!!

@garcjr 3 жыл бұрын

Can't wait

@JohnSmith-qj7hd 3 жыл бұрын

You guys have a long way to catch up! Welcome to the crazy train

@mercurynfo 3 жыл бұрын

Stupid is as stupid does. -Gump

@fit4u679 3 жыл бұрын

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!!!!

@foxtrotbravo1744 3 жыл бұрын

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.

@lynnharrell9598 3 жыл бұрын

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.

@JR-of5hp 3 жыл бұрын

NO NO It’s different this time it’s going up forever 👍😂

@alexlee3906 3 жыл бұрын

It is not a smart move to buy a house now when everyone know price will drop a lot soon

@howo357 3 жыл бұрын

Which mean it’s not going to drop at all

@samanthatheegr8 3 жыл бұрын

@@howo357 Which means they will. I take it you're one who recently bought a house. 🤔

@7ra44 3 жыл бұрын

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.

@howo357 3 жыл бұрын

@@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.

@JaronLindow 3 жыл бұрын

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

@GenXnation1 3 жыл бұрын

I took Notes Thanks

@funsizedi88 3 жыл бұрын

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.

@rohanind3 3 жыл бұрын

Do u think rates will go up this year? Overinflated prices will stall the market?

@faywhite7886 3 жыл бұрын

Prices are not dropping. They will stall but not drop. Inflation is here.

@danniemoore97 3 жыл бұрын

@@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.

@kim.mulatu 3 жыл бұрын

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 ! 😭

@PolarisOneFilms 3 жыл бұрын

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.

@rubyoro0 3 жыл бұрын

@@PolarisOneFilms Are you tempted to sell?

@ADobbin1 3 жыл бұрын

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.

@samanthatheegr8 3 жыл бұрын

You dodged a bullet.

@grace4976 3 жыл бұрын

God is giving you a sign

@derekbalogh2063 3 жыл бұрын

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.

@kuruptflip21 3 жыл бұрын

I’m happy for you and your family

@kingofcomments4832 3 жыл бұрын

Insiders are saying it's about to collapse like never before.

@michaelhamilton-piercy6703 3 жыл бұрын

Canadian housing bubble will peak out at some point... it will burst

@Iliinois18 3 жыл бұрын

Maybe after 15+ years of saying this they could be right this time.

@OpiumBride 3 жыл бұрын

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

@MikeyPaper 3 жыл бұрын

@@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.

@michaelhamilton-piercy6703 3 жыл бұрын

@@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?

@nickyc1784 3 жыл бұрын

Yep, people are finally starting to wise up and realize burbs are not worth 2-300 sq ft

@javarod 3 жыл бұрын

@Cat Magic dollars per square foot

@jonovision1759 3 жыл бұрын

@Cat Magic The way they build suburbs today you only get enough yard for a BBQ and an air conditioner.

@SuperMassman 3 жыл бұрын

There comes a point the price doesn't make sense... Wages haven't gone up?,,,

@boratb258 3 жыл бұрын

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.

@donm2067 3 жыл бұрын

Better fvcking hope the real estate market doesn't sh/t the bed, because its the only thing Canada has.

@jomo4435 3 жыл бұрын

Suffer one way or the other....Suffer for change in the right direction....positive for the masses...

@biosphere7056 3 жыл бұрын

@@jomo4435 a real estate crash would be an absolute catastrophe for every one. no one will win

@swallowlsd 3 жыл бұрын

It would be funny

@kiddhitta 3 жыл бұрын

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.

@thepeoplesperson8853 3 жыл бұрын

@@swallowlsd sure would. Great time not have any equity. Good luck fuckers, there goes your life savings.

@ziskokid1 3 жыл бұрын

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

@beetleything1864 3 жыл бұрын

not until next year - need to stimulate the economy now.....

@globetrotter8556 3 жыл бұрын

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.

@westtoeastcoasterhomestead2057 3 жыл бұрын

The 90s didnt have 400 000 migrants a year either. Demand will always be there with these immigration rates

@ziskokid1 3 жыл бұрын

@@westtoeastcoasterhomestead2057 lots of migrants my friend don't know the exact number

@larryc1964 3 жыл бұрын

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.)

@slikwikid931 3 жыл бұрын

My tool shed sold for 1.2 million! What a bargain!

@mariemills2402 3 жыл бұрын

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.😠

@cristinaxo 3 жыл бұрын

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.

@PolarisOneFilms 3 жыл бұрын

Why buy now the market is going to crash like it did last time be patient never buy in a over priced market.

@rich7447 3 жыл бұрын

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.

@jeeess9979 3 жыл бұрын

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!

@jeeess9979 3 жыл бұрын

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.

@RickSnowman 3 жыл бұрын

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

@Clubrat 3 жыл бұрын

Some people think this is a bad thing^^ Great news!

@larryc1964 3 жыл бұрын

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”

@BobSmith-iu3hx 3 жыл бұрын

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%.

@larryc1964 3 жыл бұрын

@@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.

@johnsnow34lll 3 жыл бұрын

@@BobSmith-iu3hx I think if rates hit 5% people will walk away

@BobSmith-iu3hx 3 жыл бұрын

@@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%.

@airborne_12v 3 жыл бұрын

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?!

@mattg8431 3 жыл бұрын

On my street in Mississauga 2 houses sold in less than 5 days , well over asking

@suzKawasaki 3 жыл бұрын

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.

@abhia145 3 жыл бұрын

We just bought a brand new 4bed/3bath house at Moncton, NB, for $325000. You cannot afford a decent sized house in GTA anymore.

@rasenshuriken6431 3 жыл бұрын

I've been thinking about the same.

@mollyhohenzollernstewart7444 3 жыл бұрын

Goodluck getting a decent job

@suzKawasaki 3 жыл бұрын

@@sojourneroftheland What is D.R.?

@woodbark1008 3 жыл бұрын

Thank god we've finally exhausted our supply of - "Idiots with Deep Pockets"

@julianpatterson3944 3 жыл бұрын

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.

@johnstancliff7328 3 жыл бұрын

WOW! first I've heard of this..... but, this is Canada.... here in the US, things are still strong...

@NoNo-ng9sl 3 жыл бұрын

I wouldn't call it strong. As much as insane.

@fit4u679 3 жыл бұрын

@@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.

@ADobbin1 3 жыл бұрын

we are now facing your 2007-2008 problem. we didn't have it when you did.

@Cryo837 3 жыл бұрын

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?

@samanthatheegr8 3 жыл бұрын

Things are tapering off in the US too.

@zalllon 3 жыл бұрын

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.

@MortgageBrokerLondonOntario 3 жыл бұрын

A lot of buyers no doubt pushed up their timelines as FOMO set in - it could very well be that they have all purchased.

@LukeOnTheMove 3 жыл бұрын

This is totally right. FOMO spread by news media organizations heavily endorsed by the real estate industry

@parabellum1002 3 жыл бұрын

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 :/

@Ryan-jx4vh 3 жыл бұрын

Ask yourself this... even if you get a great interest rate, but a super inflated house price is that a good deal??? 🤷🏼‍♂️

@kurtlaufer4694 3 жыл бұрын

Exactly!

@ashleyknowles6613 3 жыл бұрын

You on the right track with your question🤔🤔🤔

@MrDCrosswell 3 жыл бұрын

It looks like prices are going to be coming down, then, doesn't it? The party's over! Welcome to the hangover.

@MrDaymien1 3 жыл бұрын

Im sure the government will try some other props.

@alevan1 3 жыл бұрын

Good.....cause their prices are friggin ridiculous......

@rosemary4802 3 жыл бұрын

Agree

@GenXnation1 3 жыл бұрын

true fact

@GlorefyeXO 3 жыл бұрын

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

@bc5001 3 жыл бұрын

Home prices are NOT GOING DOWN. I do not know why they are lying but they are. FACT.

@samanthatheegr8 3 жыл бұрын

🤣🤣🤣

@juxhinmeminaj3446 3 жыл бұрын

yeah thats a big sign april - september is when markets are the hottest

@richardwiles4320 3 жыл бұрын

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,

@nickgreek6449 3 жыл бұрын

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..

@hongkaixu9160 3 жыл бұрын

Everything will cool off after the interest rises up eventually!

@vincesiciliano6363 3 жыл бұрын

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.

@blacklight3330 3 жыл бұрын

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.

@michaelhamilton-piercy6703 3 жыл бұрын

Wait a year or so if you can. That's what we are doing

@OpiumBride 3 жыл бұрын

Lucky for me i bought my dream home 30k under appraised value. owner was desperate to sell

@michaelhamilton-piercy6703 3 жыл бұрын

@@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...

@nissimlevy3762 3 жыл бұрын

@@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.

@marknieuwejaar1075 3 жыл бұрын

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....

@LukeOnTheMove 3 жыл бұрын

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.

@funsizedi88 3 жыл бұрын

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.

@kk_giirl 3 жыл бұрын

@@LukeOnTheMove you totally should

@LukeOnTheMove 3 жыл бұрын

@@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?

@bc5001 3 жыл бұрын

Lobbyists have very very deep pockets

@serenitynow9980 3 жыл бұрын

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.

@jomo4435 3 жыл бұрын

The real estate market needs a reset...

@GenXnation1 3 жыл бұрын

@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.

@ldz4630 3 жыл бұрын

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???!

@brianjohnmcdonald3565 3 жыл бұрын

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.

@nissimlevy3762 3 жыл бұрын

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.

@nissimlevy3762 3 жыл бұрын

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?

@amelimelo164 3 жыл бұрын

Still crazy in Ottawa and somewhat crazy in Montreal. People hedging against inflation.

@larryc1964 3 жыл бұрын

It’ll all likely taper off soon everywhere in Canada. The end of insanity

@xsweetl0ux 3 жыл бұрын

Definitely still crazy in Mtl

@dinupjose3932 3 жыл бұрын

I remember a friend who claimed that home prices will skyrocket for the next 20 years..

@johnjanuary9949 3 жыл бұрын

Your friend was so 😑 😑 wrong 😑

@saphire7693 3 жыл бұрын

Your friend is saying the truth.

@jeeess9979 3 жыл бұрын

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.

@ADobbin1 3 жыл бұрын

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.

@sky-eo8tz 3 жыл бұрын

Scary to see overpriced houses selling during a pandemic and for that we need to keep printing more money .

@msjay025 3 жыл бұрын

No we just need to go sit down and have several seats until things cool down. Let the dummies see their big mistakes.

@ar2636 3 жыл бұрын

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%)

@bobchristopher6928 3 жыл бұрын

Texas doesn’t have a state income tax.

@anchor1896 3 жыл бұрын

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.

@cninusa 3 жыл бұрын

If you keep on doing so, then you are one of them who help adding oil to the fire of this insane house market.

@TheKickmatcher 3 жыл бұрын

Come to Phoenix.great deals

@jomo4435 3 жыл бұрын

What goes up eventually must come down....

@beetleything1864 3 жыл бұрын

House values double every ten years - check it out - fact.

@beetleything1864 3 жыл бұрын

@ElectronicWasteland i dont think i know. Vancouver BC. Real estate stats prove it.

@beetleything1864 3 жыл бұрын

@ElectronicWasteland ah your talking about the middle ages 🤷‍♂️. After expo it was all different and its never stopped since

@Cryo837 3 жыл бұрын

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?

@GoblinStomp 3 жыл бұрын

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.

@tenniswilliam 3 жыл бұрын

East coast is quite affordable with high quality homes and much healthier lifestyle. The GTA is a madhouse.

@jaundice_japlin 3 жыл бұрын

The market in Halifax is on fire

@4everdc302 3 жыл бұрын

2% rise in mortgage interest rates? "Bedlam"quote from my bank manager.Look at what rates were in the 70s/80s.

@Robsav-yx6vi 3 жыл бұрын

Hope not . Even 2% increases would strain many .

@nissimlevy3762 3 жыл бұрын

Soon a house will drop its price so severely that it will be worth the same as in 1985

@bayarea2012 3 жыл бұрын

lol i dont think it will drop that much.

@chris123chris82 3 жыл бұрын

Not a chance lmao. Nothing is pointing to a huge fall in price. Hardly anything pointing to a small drop in price

@nissimlevy3762 3 жыл бұрын

@@chris123chris82 the NDP government will ensure that a Vancouver west side house will be affordable to the average middle class salary.

@kevinmcgraw6865 3 жыл бұрын

hope so

@nissimlevy3762 3 жыл бұрын

@@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.

@johnsnow34lll 3 жыл бұрын

Whats 3% on a 1.7million dollar home? Ouch

@dimoji4770 3 жыл бұрын

Banks tightened their lending. This is another problem.

@khanaviation7202 3 жыл бұрын

Good!!!!

@membear 3 жыл бұрын

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.

@diadlo777 3 жыл бұрын

''Cooling the market by blocking off first time buyers'' There is something so humanly wrong with that...

@aaz1992 3 жыл бұрын

Finally

@Blitznstitch2 3 жыл бұрын

That’s because hedge funds in Canada aren’t buying up inventory

@voxnihili7097 3 жыл бұрын

In New mexico houses are selling so fast. It is crazy.

@truckingwithtobee 3 жыл бұрын

That’s a pretty simple fix raise the interest rates! That seriously needs to be done here in United States

@KayFabe87 3 жыл бұрын

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.

@xtina818 3 жыл бұрын

And this is why I bought in Calgary. Where you get value for your money.

@davidderler5924 3 жыл бұрын

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 .

@_lslc 3 жыл бұрын

Typical at this time of the year....summertime...most people are getting into the vacation mode.

@reneecollins9681 3 жыл бұрын

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

@crisg.5766 3 жыл бұрын

Hmm maybe word got out of how shitty Canada has been treating its citizens?

@krazejeff 3 жыл бұрын

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

@cherylcampbell7495 3 жыл бұрын

Come to AZ. USA real estate is crazy.

@milrlite2482 3 жыл бұрын

Not sure I'm totally buying this, at least for a few more years yet.

@joshstanko2259 3 жыл бұрын

Everything went up and then CRASH!! WHO CAN AFFORD THE GRRED THE HOUSING MARKET IS IN, RENTING OR BUYING......

@jooky87 3 жыл бұрын

Talk about the money laundering!! It’s rampant! All this foreign money laundering!

@YoniNadi 3 жыл бұрын

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!

@SSsmith24 3 жыл бұрын

Not cooling off in California NO TIME SOON 🤯

@TheAnonymous916 3 жыл бұрын

Can we bring this slow down to CA? Especially in Northern CA, due to the bay area mass migration.

@Fuwa_san 3 жыл бұрын

Depend on the cities

@joedennehy386 3 жыл бұрын

In new New Zealand too

@ahistoryperson9983 3 жыл бұрын

Who would want to buy anything in CA with lockdowns for over a year.

@SSsmith24 3 жыл бұрын

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

@sebotuna6230 3 жыл бұрын

ppl are moving to NS in droves and it's raising our homes house for 240k just sold for 407k beside me insane

@sebotuna6230 3 жыл бұрын

@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

@sebotuna6230 3 жыл бұрын

@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

@sebotuna6230 3 жыл бұрын

@Coolio why do you keep saying shacks? do your own research wtf

@sebotuna6230 3 жыл бұрын

@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

@sebotuna6230 3 жыл бұрын

@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

@kevinlatulippe6944 3 жыл бұрын

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

@bunjier4041 3 жыл бұрын

Stop giving me hope, just stop

@wreckim 3 жыл бұрын

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.

@jakerjoker 3 жыл бұрын

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 3 жыл бұрын

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.

@charpentierdamien6601 3 жыл бұрын

@@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.

@costcoreviewguy5567 3 жыл бұрын

A 500k house, with $1000 payment? So the mtg amount is $100k

@heatherfeather9951 3 жыл бұрын

It's so overcast and depressing, who would want to live in Toronto let alone pay that much?

@robtheslob3940 3 жыл бұрын

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.

@rich7447 3 жыл бұрын

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?

@robtheslob3940 3 жыл бұрын

@@rich7447 Government bailout that we all have to fund

@myspinup8782 3 жыл бұрын

It is the opposite in Australia, houses are rising and apartments are falling !

@jeeess9979 3 жыл бұрын

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

@user72974 3 жыл бұрын

@@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.

@chodkowski01 3 жыл бұрын

Depends on where you live. To many foreign buyers looking to park money in the U.S.

@Nick-uk6lm 3 жыл бұрын

I’ll wait until it collapses and then go in and buy it at half price👌

@asadullahusmani2437 3 жыл бұрын

LOL

@jet2099 3 жыл бұрын

LOL pretty naive for multiple reasons but I honestly wish you luck

@asadullahusmani2437 3 жыл бұрын

@@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"

@jet2099 3 жыл бұрын

@@asadullahusmani2437 wasn't talking to you, bud

@danniemoore97 3 жыл бұрын

@@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.

@jandamman7748 3 жыл бұрын

You ain’t seen nothing yet ! Wait till next fall .

@FawziBreidi 3 жыл бұрын

in USA it is still crazy. 10+ offers on each house

@BottomBasher 3 жыл бұрын

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.

@ampoo86 3 жыл бұрын

10 days later the markets are flying again......

@msjay025 3 жыл бұрын

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.