🇨🇦 The Canadian Housing Market Is Broken

Рет қаралды 10,107

7 ай бұрын

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The opinions expressed herein are solely that of Tom Storey, not Royal LePage or the TRREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement. This is not financial advice.

Пікірлер: 32

@SteveKarrasch 7 ай бұрын

My fish just died Tom. Not funny.

@DummMoney-rr1fi 7 ай бұрын

Flushed

@K81Patel 7 ай бұрын

@SteveKarrasch - Doesn't help that you cruelly killed it you psycho...

@peterb7585 7 ай бұрын

Mmm lets see i got 100k for a down-payment im 40 years old steady job 20 years credit 823. And i wasnt approved..... well i was but for 497 sqrft bachelor unit.......... all the realtors said i have to bump up my income from 78k to 200k. Only cost me 5k ............. the questions is should i buy now or wait for thw 20-30% dip lol.............

@Thaliva123 7 ай бұрын

I don’t believe the housing price will go up anytime soon. It may go up slightly because of emotional buyers but the housing price will crash.. people are living off of debt. Most home owners are in debt and they will be forced to sell the houses. Plus, everything went up and people income is not enough to pay for monthly expenses. Lots of people are waiting to sell because they can’t manage to pay. Even if the interest rate drops, it’s not going down to 1%. The market was at peak when the mortgage rates were 1%. Hosing crash will only start impacting end of 2024 or maybe 2025. Yes, we are short in hosing but people can’t afford it. Thanks to our PM.

@trevoroertel1306 7 ай бұрын

100%, the vast majority of everyday Canadians (which is the bulk of home ownership) are so far swimming in debt that they can’t afford a minor car repair cost without skipping meals. Interest rates aren’t going down for years or possibly even decades. As the layoffs mount with the recession deepening the forced sales will pile up and prices will plummet. It doesn’t matter how much people think houses will appreciate or how emotionally triggered they are, the affordability just isn’t there.

@vert911 7 ай бұрын

Toms fish is named Soft Landing

@DummMoney-rr1fi 7 ай бұрын

If it's a hot fish, I prefer Caileigh

@menguardingtheirownwallets6791 7 ай бұрын

Everyone keeps talking about a housing crash in Canada but the only thing I see is a 'sales crash', I don't see a 'price crash', not now, not ever. Canada would have to enter a major economic depression similar to that of the 1930s for prices to fall 50% and I sometimes doubt even that would make Canadian home prices dip all that much.

@Lifeisapartydresslikeit 7 ай бұрын

I noticed the same thing Tom, a few houses in Durham region and Peel and Halton just sold super quickly! I am not sure why. Not only did they sell fast but they sold for unexpected prices (higher than normal). 🤷🏾‍♀️

@vert911 7 ай бұрын

Demand for attractive product will come back before the rest

@baseline6786 7 ай бұрын

One in vaughan worth 7m sold as fast as it hit the market. Less than a day

@k_DAN 7 ай бұрын

If you want a sure sign of how bad things are to come, just take a drive up to cottage country and see all the for sale signs on top of for sale signs on every corner.

@DummMoney-rr1fi 7 ай бұрын

Just so they don't have to pay vacancy tax!

@vert911 7 ай бұрын

Its happened to cottage country before without impacting areas that are predominately primary residences. Cottages are low hanging fruit come expense cutting.

@Jo-mf2vu 7 ай бұрын

@@DummMoney-rr1fiIn Ontario only Toronto has a vacancy tax. No vacancy tax in cottage country.

@Jo-mf2vu 7 ай бұрын

@@vert911A lot of pandemic cottage buyers took money out of their homes through helocs to fund their purchases. If they don't get enough from the liquidation of their cottages they may need to sell their primary. Everything is connected.

@SzymonStas 7 ай бұрын

The owner of the Airbnb I stayed at in November owns 27 of them. Unless he finds some creative way to claim that 27 properties are all his primary residence, he will have to sell. Looking at the MLS for downtown Vancouver, there are 3 times as many Airbnb listings as MLS listings. I am predicting downward pressure on prices in the downtown, a region that’s suffered from an exodus after the pandemic and years of sideways prices.

@DummMoney-rr1fi 7 ай бұрын

Buy buy buy. Rents are going higher

@vert911 7 ай бұрын

Dishonest people will find a way. Feeling like most people are dishonest.

@Jo-mf2vu 7 ай бұрын

The feds are throwing 50 million into helping cities police Airbnbs. Personally I think many operators will just sell, too much stacked against them.

@Jo-mf2vu 7 ай бұрын

@@DummMoney-rr1fi Apparently rents have come down 3.5 % m/m in Vancouver. You would think with no one able to buy and being forced into rentals that rents would still be increasing. Something doesn't add up.

@rickshaw9942 7 ай бұрын

Need more supply that's affordable, bring back MURBS to the rental market together with fixing the Landlord and tennants act ,that is fair to the Landlord. Condos have provided expensive supply to the rental market

@w.s.2102 7 ай бұрын

That's a great analogy 🐟 😂

@LivinginCloverdale 7 ай бұрын

Staches supporting Staches 🤜🤛

@TGIM 7 ай бұрын

Lower interest rates are not the solution. It'll just make the bubble bigger. I know you're bias as an agent but we need higher for longer. The reset in 2008 worked for the US. We need a crash.

@baseline6786 7 ай бұрын

Why sell now. Next yr Fall market could be 100k higher value. As that will be the start of the start to the slow but long bull run..

@Jo-mf2vu 7 ай бұрын

Or... The bear market continues and it's another 200k down by next fall.. Job losses and BOC rate still above 4%

@ArcticCoder 7 ай бұрын

The whole market was about cheap money. Remove cheap money and we will find out. The market that people have known over 20 years is gone. Largest policy mistake in 100 years. Housing covid is coming.