Real Estate Inventory SKYROCKETS in June
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- Опубликовано: 1 июл 2024
- Early statistics shows a dramatic increase in the Month of Inventory/Supply for June. The number of homes for sale has skyrocketed from previous years and is the highest in a decade in many areas. I also share first hand knowledge or how many rental property owners are not maintaining their homes and becoming slumlords. #slumlord #realestatemarket #realestateinvesting #homesforsale #inventory #jonflynn #realtor
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It’s funny cuz actual “affordable” prices would be around 300-400k for the average family, we are no where close to that
Sadly, I don't even believe we will get there. After the recent inflation rally, the price of housing materials has increased mumtifold.
We need some huge innovation to reduce housing cost.
We never will be.
Yah it's fucking sad. I think, what's the ratio for this? Is it average income * 4?
Prices may dip a bit and go sideways for a few years. Nothing will drastically be reduced in price. JT said so lol
@@akt7029 ya stop printing money and turn off the floodgates of immigration. Really innovative huh
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The next 36 months will be brutal on prices, especially on condos.
A product no body want is guaranteed to fall off the cliff.
Appreciate all the work you do for these videos.
I appreciate that!
I found the same thing…. Last few weeks have been out looking at open houses…. Compared to the stupid pics online of digital staging …. Makes it look nice but go in person…. Units are empty now, all beat up. Can tell it was a tenant and the landlords do nothing but maybe change the floors to cheap option and put it up. Inventory is building. Hopefully it continues to go way up! Don’t ever see the average price ever being affordable again but can see at least another 100k reduction in average price over the next year or so. This has been going on forever but nice to finally see some people losing big.
I recall the markets in 1981 when interest was over 20%... yet we still managed to sell during that time when moving out of province, and buy when rates dropped to a "respectable" 12.5%. Now were all broke when its only 6%. Wages simply have not kept pace with cost of living, but back then the economy was more balanced with much higher industry, not just services and retail....this could all go very bad.
Canada's biggest industry is RE, Construction and Government Services. 😢
I was at a friend's house last night and they were expressing rage about their neighbors who just sold their house for 800 k. They are convinced that they are responsible for their house being worth less than 1 million😂. I did not say a word but I almost wanted to tell them to brace themselves for what's unfolding in the real estate market. We were having a great time so I thought I would not be the bearer of bad news
The fun is only beginning.
How much did your friends buy for? They might be the ones laughing if they bought 10 years ago.
@Observer168 my townhouse was 200k in 2008, my detached 2500 sq ft was 425k in 2014. That went to 1.2 million in 2022. That's great, but it's also terrifying. Nobody should be laughing at those gains. The losses will result in government bail outs. That is no laughing matter. I am trying not to be as stupid as my neighbors who think this trend will continue
@@chesspain6704sounds like you won the lottery dude. Congratulations! I wouldn’t worry too much.
Thank you for all the work you’ve done Jon, have helped me plan towards getting my first house by not buying with a FOMO mindset
Anyone who got 90% of their "rental" mortgaged is a slumlord...
These homes are overpriced 60% in value...
Would you even have a place to live if people didn't rent out their homes?
@@Observer168 ever heard of a hotel?
@@Observer168 it's not someone's home but they rent a place to stay...
@@Observer168 Yes, because more homes would be owner-occupied... not parasite middlemen landlords adding no value but bare basic maintenance (if at all).
I rented for 25 years. I must have had at least 10 landlords over that time. Only one was a d bag. I am thankful to the rest for taking the risk of buying and renting their properties to a stranger. You all sound like a bunch of entitled children.
People were trashing houses in the U.S. during the 2008 crash too.
The problem is the homeowners are delusional about their prices ,,, even empty houses still their owners won’t sell it with market prices,,, still the new listing come as 2021 prices.
"I deserve at least a million for the house I paid 300k for!"
Prices are still astronomically high !
We bought a townhouse recently, but the ones we viewed were 90% tenant occupied but tenants weren't leaving until ltb hearings. So they can't really sell yet but they are listed
That is why landlords have learned to never rent out to families. Always rent out each room out individually to students or working professionals that are always out working and almost never home.
I've had my rentals for over 15 years and they are in better condition than the surrounding homeowners and I cashflow well, even with the higher rates. Can't stand slumlords.
It used to be Canada today.Canada is not the same anymore.Thank you john for all the information you give us
Is it me or is it a coincidence that when rate cute was in the horizon, inventory shoot to 5 yr highs. From 20% below average to now 20% above 10 yr average. It appears sellers was more excited about rate cuts than buyers. As sales continue to be on the lower end so demand is going down. Supply and Demand would indicate prices are in trouble. Also, I'm seeing this trend in the car market played out in same way but ahead of real estate.
Thank you Jon!
Wow! Nice and fresh look @jon
Thanks
Thank you Jon
HI Jon. I would be interested in your thoughts (and perhaps a video) on the neo-feudalistic system we are seeing being brought into place across the west. I would wager this housing crisis is being intentionally caused to hamper private home ownership.
Hello sir have you heard of the WEF Agenda
People are delusional if they think prices aren't going to drop. There will be tons of bag holders that will WISH someone will take their shitbox off their hands at a loss.
wanna BET?!??!
lol, yea. sure.
don't buy from them, wait till the bank seizes it and sells it off at auction to recoup their losses. if you are house hunting those bank auctions are the only places you should even bother looking at.
They may drop for a short time. But 100% guaranteed they will rise again. Those bright enough to spot the lows, willing to take the financial risk and to hold for at least 10 years will profit.
far to much at stake to "let" house values drop any REAL amount plus there is so much pent up demand with people stuck waiting plus immigration
I rent below market value and my properties always have high value for the money. My tenants typically live "higher on the hog" than I do.
hopefully the same way this insanity started in 2020 in GTA and slowly reached the East Coast, it will soon do the reverse. More inventory and hopefully a decline in price. Fingers crossed!
east coaster, the cuts to foreing students are going to make a huge difference, now if we could shutdown the TFW program entirely and force these companies to get competitive with wages again instead of just paying everyone minimum wage we might turn this shit around. this "labour shortage" is utter bullshit, its just employers refusing to pay their employees enough to survive and begging the government to let them exploit foreigners instead.
You destabilized the housing market by shaving your beard.
Rental rates are routinely higher than mortgage payments in AB.
Interesting, not in Ontario
@@jonflynn It's always been that way in Alberta since late 2008.
If you want to buy now, bid low. Bid very low. Drive prices down. Right now, the market really hasn't had a correction in that it hasn't dropped under its long term trendline. Not even close.
Exactly
100% the landlord don't give an eff about maintaining their rentals. As a renter, I've spent so much of my own money and time trying to fix and maintain things. I had to buy snow shovels (and use them), furnace filters, new toilet handle, plants and soil, electric lawnmower and cord among countless other things. And this house has three units/other renters. I didn't need to buy and do all that stuff, but i also don't want to live in a dump. I know Jon didn't ask, but my honest vote would be to bring the beard back
Hearing the same rumblings re: trashed properties in recent months especially, sure you can put up an ad for a new tenant and you'll get hundreds of inquiries, but 97% are from "that demographic". They'll pack themselves in like sardines even with one single name on the lease, smelly cooking and undisciplined small children tearing the place apart. They don't care about this country in the slightest, so why would they care about a temporary home. Good luck RE investors.
I would pick South Asians over white folks anyway of the week.
Atleast you will get paid versus the latter.
Never ever rent to families with children. You're better off to rent each room out individually to students or working professionals. Always pick tenants that are well educated and polite. Lucky you can pick 1 out of 100 applicants.
Thank you for releasing unbiased, informative videos, it's so hard to find trustworthy content online these days.
How many of these rental properties owners overseas out of country or out of province?
The house prices were severely over priced in 2019 and then the pandemic resulted in unprecedented stimulus. If you look at house prices and stimulus, you would have to be blind not to see that the stimulus went straight into the real estate market. That is bleeding out of the real estate market now and the next thing that will happen is the long delayed market correct that should have happened between 2019 and 2020. Most people are miles off on their estimates of price drops. The soft landing acolytes croud are clicking their heals together while they say... it won't be that bad. That denile will be thoroughly beaten out of then by early 2025 and at that point fear and panic will set in. At that point, it's impossible to predict how bad this will be. The only thing I am certain about is that it will be so much worse than people are prepared for. The last 3 boom a bust cycles did not build up this much. My God it will be so bad
We had a super good deal in a rent-controlled unit. We actually renovated and upgraded over the years. When we moved to another city after many years, the landlord viewed the place, didn't notice the changes (!), but said how happy she was that it had stayed in such good condition.
It's true that you don't get good tenants if the unit is in poor condition. We see many like this in our neighbourhood. Landlords are clearly waiting for that developer offer. Meanwhile, the properties are an eyesore.
No worries. The Defender of Nest Eggs will help keep home prices higher.
Nest Eggs that are hatching hopelessness for the young.
cant wait for you to cover the CREA stats for the whole country. I wan tot see the months of inventory for all of the regions (specifically vancouver island)
Only honest guy in the real estate business
Good data backed informative video.
Thanks for watching
Hi Jon,was down in Niagara Falls on the long weekend (Saturday night) to watch a concert .I stopped and saw your "big hole in the ground " on Stanly Ave. and the rest of the "Hotels for our new comers" , WTF has happen to the falls area! It was a dump compared to what i saw just 7yrs ago.You might want to get your mayor and other government folks in there and figure out what the hell are you going to do with all those folks just seating around collecting a government cheque.
Yes things have definitely changed
Happy Canada Day john
Can you do a detail dive into alberta or Calgary.
Late last year I rented a town house that wasn't even a year old and the place was completely trashed. I got the place for a deal but had to hire a professional cleaner who also steam clean the floors and dry wall and paint guy
Never ever rent to small families with children. It's more logical and more profitable to rent to individual students or workers.
Landlords don't want to fix anything. They hold you for ransom if youre paying below market value and then complain that their home is destroyed when you leave.
That's a big generalization. There are outliers with both landlords and renters. Most renters are good and most landlords genuinely try.
3rd World Canazuela
Jon , I have two houses that are empty , I will not rent them , these people that rent are getting away with not paying and you can't get them out , I will not rent these house's , they will stay empty , if I'm pressured to rent , I will have them torn down !
You should sell them
@JimRevell … You are not alone.
Why do you own 2 homes that are empty? What does it do for you?
You are the problem.
He inherited the property.
I watch your channel for the commentary, Jon 😊. Btw, is this a symbolic shave? A paradigm shift, perhaps? We'll be watching you're every move, hehe
I think you mean bad tenants destroying the property and leaving the property in bad state for the landlords.
It goes both ways, when I was renting a property I owned out I was pretty careful when screening them. I also fixed items that broke as soon as I could, did regular maintenance checks, furnace, water heater etc, you get a sense of how they are taking care of the place. If the landlord doesn’t care, or show up to fix anything, the tenants will destroy the place through neglect.
Never ever rent to small families with children. Rent out each room individually to students is always the best.
@4:55 Welcome to the future. Let’s check back in 5 and 10 yrs.
I maintain my property (which is a rental and I get the backyard) better than the landlord/owner of the home upstairs, who maintains his front yard. I don't understand why people want to look trashy and look like they live in a dump.
Adjusting home price with inflation, we see home price are collapsing at slow motion, the path of less resistance for the government will be to devalue further the fiat currency.
Why would they maintain, every year rents go up. Looks the tide is coming out though.
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I find of lot of poorly run rentals have "property management" in place but these firms have very lazy employees "dogf******s". They claim to do quarterly inspections yet miss glaring deficiencies and don't tell the owner. Their contractors, especially landscapers, do a terrible job. Some of the owners themselves have bought into this idea that rentals are "passive" income which when done properly they are not. These landlords will find out the hard way when the rent stops comming in or a basement floods because simple maintenance wasn't done and now they have thousands of dollars in damage. Not mention the average tenant seems to want to live in ther own filth and is also unbelievably lazy. Speaking from experience.
knew a client at the workshop I work at that went to one of those invest in realestate and went all in
they create a company and that company buys the cheap homes and puts tenants in them while slow walking development permission and by the time the tenants have destroyed the place sell as development plan ready to a flipper developer
OR they raise the capital to do the development them selves and then sell the 4 plex to fund buying MORE homes
What is a landlord to do when a tenant fills the place with garbage and does not clean up after their pets? The tenant is protected by Landlord and Tenant laws so the landlord really can not do much until the tenant moves out.
Maybe clean the place after the tenant moves out? I mean theyre supposed to be "providing a service" right? Not just being parasites who live off of others backs right?
@@milhouse8166 Right, but the smell still lingers.
@@barry1fitzgerald ok how about charge a little less for rent, and maybe a single family could afford to live there instead of an entire family tree?
@@milhouse8166 I rented out a 4 bedroom house for $600 a month 8 years ago. When I finally got rid of the tenant that thought drugs take priority over rent, I sold the place after cleaning it up and restoring it to almost pre rental condition. I got what I paid for it and never recovered any of the $3000 rent owing.
i know there are good landlords out there that get screwed, but my first question is why do your tenants hate you enough to do that? maybe because your charging them 3x what its worth?
there are just as many bad landlords as there are tenants, and if you've got bad tenants its just as likely you are a shitty landlord.
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I knew as soon as you mentioned the rents you are not in TO or Ottawa.
The muppet boiler room flipping market is dead 😂
GoC will keep the party going as long as they can to sustain the fat bloated public sector.
@@zaidtoma3811agreed. It might not have a pulse, but it’s not dead. Too much capital still floating around.
Yea it’s down righty now. But the data shows people have the money. So it will go back up eventually. Not now not next year but maybe in 2 years 5 years? The money is there
Great information and Thank you for the great content. Look like 3rd world standard housing....LOL
Thanks for watching!
Fresh shave and a haircut.
My rentals are nicer than my house 😂
Bro bring the beard back
Any questions? ✋️ 🤚 🙋♀️ 💁♀️ 🖐 ✋️ 🤚 🙋♀️. That does not have to do with me shaving off my facial hair..."oh right mumble....mumble"
haha, thanks for noticing
That’s the only question I had.
you look like your 25 without the beard
😆😂🤣 Cat Piss 🐈 meow
@@user-cg8yw1uc3v never ever rent out to people with pets or children. Rent out each room individually for $1000
Demand is also skyrocketing, the numbers just don’t add up atm. We know the government will eventually force wages up and then slowly the unaffordable prices will be the new norm. Anyone who can can hang on a couple more years will be in great shape when the wealth gap further widens, which is the goal. The fewer wealthy people there are the easier is for the communists to alienate them and use the poor to gain power.
I agree that the path to affordability could be via wage increases but by what mechanism could the government force them up?
@@Broprotato unions. With every strike the wages creep higher, and then the other unions use that as leverage and it’s a never-ending cycle. It’s not so bad when’s it’s a private union which is paying its own way, but then you’ve got the public unions who are gouging the taxpayers.
@@Broprotato the simple answer the public is catching on to is ending the TFW programs, and banning foreign students from working. those two things would put a ton of pressure on employers to actually raise their wages and have to compete for good employees.
far too many businesses are abusing the program posting dog shit jobs with minimum wage and no guarnteed hours, when no one bothers applying they run to the TFW program complaining there is no one to work their min wage split shifts at their tim hortons so they need to hire some one from overseas....
@@Brian-dg3gh the only thing more corrupt than the government are the unions, former CUPE member for 10 years. i will never ever work for a union again after that shit show.
@@NogrimStoneson That makes senses, as a unionized worker I can stand by that. I would bet that more and more workers will be looking for unionizing to push a return of the pendulum.
Yes I am lol
Buy when you can afford. If you’re planning on staying in your home for 5-7 years, you have nothing to worry about. Over that time your home will be just fine. Time in the market is undefeated to timing the market. Don’t waste your time waiting for a market to crash. It’s not going to happen in Canada. Don’t bet on something that’s never happened. Bet on what’s been true time and time again. I’ll take any bet that homes will be more expensive in a few year than they are today and no crash will happen.
Edmonton condos fell 50 percent from 2007 to 2022
No they didn’t.
www.gofundme.com/f/help-a-new-real-estate-broker-get-out-of-homelessness