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I hope Urmi recovers from her severe case of TDS. She should watch Steve's podcast with Sam Cooper and maybe she'll recover and see logic.

"The market is overheated, meaning there is more money chasing fewer assets. This imbalance must eventually correct itself-it's only a matter of time."

How he became a billionaire? wtf…. Any idiot that inherits $400m should be able to double their money. Yet, that buffoon claimed bankruptcy 6 times, scammed cancer patients, contractors and everyone associated with. And he was never a billionaire at that time… it’s just some facade he wanted to market to the world. And you three really dont have a clue about the states or what Trump is planning. Just talk about Canada and stop trying to spread your wings

Wow you guys should let the host talk more, I learned a lot from her today. The other two just always yap about the same old talking points with their usual emotional bias. She actually taught us a few things

Urmi Desai hit the nail on the head talking about “security” BS. The fentanyl problem is primarily in China but they get 10% tariff vs 25% for Canada?!

Why is Trump acting like this? Is he manufacturing a crisis he can "solve", or creating a distraction? Well the United States must begin it's manufacturing reshoring pronto because it's in real trouble in regards to trade deficits with China. Imposing tariffs would make sense. They will force industries around the world to move to the US. The US demand for raw materials will increase however China has already grabbed most of the world supply of rare earths for example. But hey, Canada's resource rich. However he can't risk China gaining access to the US market through Canada. What's the only answer if this was a problem he was trying to solve? Annexing Canada. This is how he avoids tariffs, gains access to our resources AND prevents BYD from setting up shop here and sneaking their cars into the US market all at once. Maybe Trudeau's right about Trump wanting to take over Canada and we should take it more seriously. None of you guys even went there.

Houses still priced to high

A lot of losers in these comments.

We were all warned about Trump but the Canadian flag dummies including Douggie convinced themselves that the know-nothing 'elites' had their heads up so far up Trudeau's butt their opinions were worthless. Who's crying now? All of us. BTW Trump had absolutely nothing to do with writing The Art of the Deal. Instead watch the movie The Apprentice or read a biography about Mussolini and you'll have a better understanding of who Trump is.

None of this should be a surprise to anyone. Step outside and u see the state of this economy EVERYWJERE…and $2500-3000 avg rent and homes avg $1.2m?? Time for the bubble to pop. China money is dried up. All the was fake from bad Lib NDP policies. Time to face the music.

In negotiation, there is a concept of 'anchoring' where you present an extreme first offer (25% tarriffs), so that what you really want seems reasonable. It's negotiation 101.

Urmi is on fire !!!! Great insights about NAFTA and it’s challenges.

At what point do builders start saying to city and provincial government that if you want to build affordable housing you need to reduce land fees and all the other bs fee that these people are collecting.

Wow, Urmi you should really speak up more often. That was incredibly interesting, and you're a very engaging speaker. Great episode as always.

I watch almost all of your videos. This was again a great discussion. Loved the "opening can of worms"part. On a funny note - I think Urmi mentioned 9/11 way too many times. It'd be very funny to watch if we cut those scenes and combine all together. Like Sundar Pichchai mentioning "generative AI, generative AI, generative AI...." In one of the Google events. :) //Sorry Urmi. Can't help but notice for a regular viewer.// :)

I dont know where you see the rents going down rents are still high. And immagration will not be going down do not beleive it. They know we ned it and it will just be lower. Unless you want to lie in saskatoon in canada your rent will be high.

Thanks Urmi! Valuable information from a different perspective.

Thank you, another great episode

The government and bank policies create and destroys. In the GTA, the 20% down payment hasn’t worked for years even before COVID - especially in the downtown core. You want to take a chance on appreciation, that’s the risk for any investment. For investors, each will have their own red line . Let’s hope that groups like Keyspire disappear because I’ve personally seen people forced into private mortgages to buy shitty houses outside the city being told it’s a great move. I hate to say this but, if you want to become a landlord or investor, you need to have a stress test that matches your down payment with market rent, a vacancy rate, and a higher interest rate. Because like other larger buildings, you don’t get receive funding unless the math works - for building and borrower. John, when you’re not playing the commie, I think you’re brilliant. And with Urmi and Steve (who I follow all the time along with you), you guys do a fantastic job! Keep it up!

"The real estate industry is very optimistic" is a nice way to say "Realtors love to induce FOMO, make you buy overpriced and move on."

28:00 Pasalis brings up another great point. "free market advocates in Canada benefit from interventionism" I see this over and over again while people deride the free market in Canada !!

good time for folks with US dollars to invest in Canadian real estate !

Thank you Urmi!

Tariffs and immigration implosion are due to shatter real estate valuations, and potential buyers know it.

Just sold all my houses. Renting for 1750/m. Chilling. In profit.

Urmi, why would Trump manufacture problems to solve... He is already elected and won the vote, and on his second term. There are enough problems to deal with already. I agree with the other person in the comments, very bad, non objective take that shows quite a lot of bias.

Have to look at why actual cost to build is 1/2 in major US citys

Trudo completely messed up housing, energy, trade & immigration in this country..Carney more of the same

Problem for many rents are all still too high

Loved Danielle Smith on the Loonie Hour. She told the truth...horror show with drugs . Open foreigner buyers again and Yanks will buy housing up...with the USD so strong 💪 and a pathetic CND .

Sam Cooper could tell you why Trump is targeting Canada for Fentanyl.

the trump tactic is for forcing their allies into submission

How much Canadian real estate do you think this would add to our inventory now that our government is forced to look into the fentanyl, china/triad money laundering machine. (Through Canadian real estate)

Sounds like Urmi should have watched the latest episode of the loonie hour before commenting on the fentanyl crisis ...

how could we have overbuilt if most of the units are occupied

I wonder what happened to all the housing specialists that were saying we have a supplier issue!! that's why prices went up LOL😂😂

It is crucial to acknowledge that economists have been negligent in considering the money laundering aspect of demand, focusing solely on rates.

Great episode funny joke about caution tape over the bourbon😂Alot of uncertainty, within the certainty of what goes up must come down. Will be interesting to see how the market unfolds. There has already been a ton of job loss in both the US and Canada already. The economy could be further hit and it seems they may jus blame this all on the tariffs (why not?). What does Trump want? He wants to seal the deal on the North American Union...and absorb Canada. Economic Union incoming

Another nothing year. Just for different reasons this time.

It is always a matter of supply and demand. As multiple factors affect the supply like price of materials and wages, the same way price of money aka. interest rates and wages affect the demand side.

It ain't "Trump volatility".... it's attempting to reopen the low-rate fueled Real Estate "Casino" that was a decade + Canadian Housing fundamental = FAIL ! Ain't happen'in fella's.... NOT when GTA median income servicing potential ie: Condo's is suggestive of a $400-$600 sq/ft valuation currently asking $900 sq/ft on $1400-$1500 sq/ft Debt instrument obligations collateralized/attached over into the SFD market.... again, FAIL incoming !

One big thing that isn't brought up in regards to "markets where more housing is being built have higher price increases..." is the fact they havd much higher population growth. Some of the population growth is from immigration but much migration to Alberta and Texas is from more expensive provinces and states. The average want-to-be-homeowner has it easier in AB than BC but Albertans, particularly in Calgary, are having a harder time competing with investors and some cash-rich former Vamcouverites and Torontonians. Very good podcast but I am a little disappointed that you didn't mention that fairly obvious reason for faster price appreciation. Personally I would support: - non-profit developments, including government support to keep up building if/when prices fall - higher property taxes on non-purpose-built rentals, certainly when more than 3 or 4 single family homes are owned by an individual, couple, or company. - particularly in low property tax rate provinces like BC: higher property taxes and reduced sales or income taxes.

No actually houses are under priced right now. They should be atleast 1.5 times of current levels. UNBELIEVABLE if anyone is still thinking that there isn't very high chances of price corrections to lower levels.

No one on their right mind will buy a house in this environment!

Not sure what the president's goal is, he has to use fentanyl to declare an emergency and circumvent the trade agreement. He is succeeding in creating uncertainty which may cause US companies to prefer local suppliers. If that causes hardship to the Canadian economy then he can extract concessions during the next trade negotiations

I don’t know much about the Texas RE market; but, other things equal, prices would almost certainly be significantly higher if they built significantly less there. What happened with demand during this period of rapidly increasing supply? Was there big population growth/household formation? Did interest rates decline? Did incomes increase? Housing markets do not defy economic principles/laws. Like Irmi suggests, supply and demand is just relatively complex when it comes to housing. And the reason why John doesn’t think supply and/or demand fully explain what’s happening is because he doesn’t seem to understand (or maybe he’s willfully ignorant of) this complexity I means think of all these supply/demand variables: pop growth, effective purchasing power, irrational exuberance/speculation/FOMO, inelasticity of supply (exacerbated by NIMBY policy), home prices, rents, govt fees/taxes, constructions costs/inflation/currency debasement, supply of labour, etc. You can’t just look at changes at one or two variables (while ignoring all the others) and conclude that supply and demand don’t matter because the outcome isn’t what you expected based on changes to the 1-2 variables you chose to pay attention to

35:40 can you explain? Is this suggesting that Canadian interest rates will push up?

Supply of housing is inelastic in the short run but it not inelastic in the long run. This is a fundamental cause of real estate cycles (b/c supply is perpetually overshooting or undershooting demand) and is totally consistent with conventional economic theory and empirical observation. Of course in cities like Toronto and Vancouver this natural short run inelasticity is exacerbated by policy. So it’s a factor.

take off the hat

I reached $90k today. I began this journey in November 2024. Financial education is essential for over 70% of the population, as only a few are truly literate in this area. Thanks to Katherine Miller for helping me achieve this.