Young Canadians leaving big cities for cheaper regions
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- Опубликовано: 29 сен 2024
- John Pasalis, president and broker at Realosophy Realty, joins BNN Bloomberg and talks about his take for the Canadian housing market.
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"Cheap regions" are still way more expensive than cheap regions in the us with a way lower median salary. You can't really escape it within the country.
exactly... no service and the price is MORE HIGH in small region
And there’s no real jobs or industry in the cheap regions.
Housing in Toronto is so expensive that John has cut back on hair cuts….
😂
😂😂
LOL the man always looks like he just rolled out of bed....with stories others have talked about months earlier
Let’s also talk about how regions outside of Toronto are now raising property taxes as this migration happened . All across Durham region house taxes are up 200-400$!
I currently live on a lot in a small dilapidated old place. It is a block away from a big lake in BC. Over three years the assessed value of the lot went from some $600k to $2.1mil. The lot is about 75 x 100. A 6 story brand new high rise is smack-dab beside it. So close, that the sidewalk to the back of the house got busted when they sunk the hole. Across the street is another big high rise being built. Seven days a week 12 hrs a day.
@@jamesbilodeau8188 that’s so sad I’m so sorry
Im learning spanish and leaving the country once i graduate university with my STEM degree. There is no incentive for me to stay in Canada
Good for young Canadians. Our federal and municipal governments have made life increasingly miserable with their twin policies of high mass immigration and high urban density policies. The "progressive" world is an increasingly miserable world.
Kalergi Plan.
It's globally intentional.
Conervatives would not change either policy fyi.
@@supermash1 Maybe, but at least they may offer hope until it is dashed. Our elites hate us.
@@joemccarthy7120 lmao "hope" for what? Pierre is a globalist elite bootlicker who openly supports mass immigration, demographic replacement, and "progressivism". the only party with a platform that pledges to work for the benefit of citizens is the PPC, which you won't vote for because "muh turdeau"
High urban density isnt the problem, it's the lack of infra investment that is. Higher density would actually help solve the housing crisis at least if done correctly.
Wish they would come to Saskatchewan. People complain there is nothing to do here, but that would change if more people moved here for our affordability.
careful what u wish for. Punjabi pajeet criminals are on their way.
I moved from ON to SK a year ago for that reason. I hate SK.....feels like a different country. I am going back in 3 years because I can't breach my contract. Otherwise, I would have left already and gone back to ON. I dream about the day I get to go back.
@@tanjamilakovic5262 Ya, it fucking sucks here pretty bad. We travel as much as we can to cope. Saskatchewan is the kind of place where you know the public bathrooms will be disgusting, and that people will open the door of their parked car and hit your car without even noticing. Our government is a joke, and the rural idiots that keep electing them are drunk on internet misinformation. I just wish we could get the population high enough to develop into something better.
Most wealth being concentrated in the hands of nonproductive people means inflation and increasing labour costs. That means higher interest rates and a reversal of the previous trend.
Pretty sure inflation is caused by increased printing of money, not by who holds it.
When my grandfather passed away I was very young . About 3 years old . My grandmother bought a house in Pickering in the early 1990s and this was where I grew up . She purchased a 3 bedroom semi for about 100k maybe more , it’s now worth almost 1.2million . Making it so there’s no way I could ever purchase that home to raise my family in
👏👏 this is good news. Canada is too centralized as it is. This led to power concentration in Ontario.
If the government is smart, then they will incentivize Work From Home for employers to help home prices and diversify our economies.
Edit: I am a Torontonian but even I see that Toronto holds too much political power at provincial and federal level. (Look at funding. Every time there is a problem, Toronto gets all the money) We NEED to build more big cities if we are to re balance power.
If I could find a similar job outside Toronto, I'd pack the fuck up and move immediately. Centralization sucks.
I was making $178k in Toronto. Living just above poverty line with wife at home taking care of the baby. Moved out of Canada last year.
Good for you. That income level is something to be proud of, its the top 30% of all income earners in Canada, double the medium household Canadian income of 75k.
Significant damage has been done to the country, what a mess....so sad.
Where did u go? US?
You have a SERIOUS spending problem if you cant survive on $178k a year. Toronton or not. Thats a SERIOUS problem.
@@MikeyPaper I'm responsible with my money. With $178k a year for a family of three you'll never be able to afford a place in the GTA.
where did you go ?
Everyone is leaving urban for rural, who didn’t see that happen…
Good.
Historically, most starting out years ago did exactly that, bought outside the city,.commuted, carpooled, whatever it took until they built equity , then moved to a better location. Trying to buy into market you can't afford is like shopping for a Porsche on a Kia Rondo budget. The instant gratification of the younger generation 😩 . Start small and work your way up over TIME like those who were before you did for years.
Why did the Gov only help the rich keep their house in high price level, but stole the chance to purchase a house for regular families? Corruption! We work hard and paid income taxes on time but never reach to buy a house in Vancouver BC! Wt.....F!
Housing costs are going up in Alberta too.
If I could find a way to move to the states I would. Been saying that for a while now.
But then the Us healthcare system would eat up your entire life savings in one hospital visit.
@@mindlessdude2216 People like you are the reason why Trudeau won 3 elections. People who can find a job in the US are usually there on a TN visa and are more likely than not, working at a job where the employer is covering health insurance costs. What's your next excuse? You'll get killed in a random shooting in wacist America?
@@jennifermarlow.It's funny how people say ull be broke by us healthcare
@@Junghoon9039 Biggest number of US bankrupzies due to health care bills, about 30%
@@JohnAnderson-sq8lt 30 percent of what?
If people are moving why is it still pricey in GTA
Calgary is still somewhat affordable, but it’s getting hard man..
back in 2017 I was renting a 4 story house with a two car garage for $1600
Now I rent a 1 bedroom apartment for $1700 😂😂😂
east coast is the way
Mortgages should never have been 30 years. 15 years max, that would moderate prices
US is introducing 40yrs. Canada will follow it..
Actually I’m in investing and… Non of these kids are leaving or buying homes elsewhere k.. I will tell you who’s buying whole neighbourhoods though.. Yup, oh you know. Then you can rent off them, own nothing and be happy.
They may want to leave but there are no jobs in the booneys
This isn't your grandpa's Canada anymore...there are better countries to live to get your life off the ground (Europe, South America, etc.)
My grandpa was a racist…he would be really mad now.
Not Europe, over run with migrants!
@@ron.mexico.your grandpa was most likely correct in his opinions
How do you get out of this country? You need a job to go to then you have to make sure your passport is good and the country you go to will accept you forever. At this rate it would take the average person years to sell and get ready to leave forever. Most of us are not 20 with no house ties.
south america lmao. sure buddy.
I am moving to texas. Thanks Trudy
No your not
Nah bruh we are priced out of the country not province 😂😂😂
Move to a city with proper name …. Wth is Torronno 😂
They should force dark personalities to have last dips on any homes. Let's house good people first
It's obvious this was going to happen, they'll leave the country too.
I didn't think it would start to happen this quickly though...
I'll live in Canada if they pay me to do so.
100 million dollars, not a penny less.
No... Just joking.
I could never live with Canadians. Haven't met a nice one yet....Not even 1.
the taxes in canada are messed up. what is the point in paying so much taxes and our government keeps giving that money away to other countries. cant even take care of our hospitals but want to help outsiders
To pay the salaries of bureaucrats, administrators and other government workers.
Young Canadians can’t even afford it in the first place. Why move out of the city further away from work and amenities. Young Canadians would rather leave the country.
Walk around in canada you think you're in a third world country and it is a third world country and you look at all the new canadians coming in destroying canada government should be locked up
They can blame their parents who voted in this mess.
your right if i could afford it i probably would
@@josephsmith594the people growing up in those small towns can’t even afford to buy a house in thier own neighborhood… median incomes in every zone are different. The demographics of the cities and rural areas haven’t kept up with population growth
@@josephsmith594no healthcare and other facilities while the home prices are not that different from major cities in rural areas as well seems like madness
If I move to Michigan I will make 10$ per hour more and my rent will be 30% cheaper.
I doubt it
@@javiervega1065He is actually true, a friend of mine bought an estate sized 24 acres out of which 8 acres are usable for residential purposes , he paid $US600k for the whole thing in Michigan , instead of buying a shit townhouse home in Windsor for almost the same CAD$ value
I guess you haven't visited MI lately. The cost living is the same and in some cases worse when you compare it to median income.
Cannot say about MI but right now even the smallest town of CAL state is expensive than Canada , my friend lives in Union City and they pay more rent and insurance for cars than GTA
But youll pay 10x more for Health care
Young canadian here, my parents house went from about 300k in 08' to about 1m now. The increasing costs, taxes, immigration will keep prices high so many of us are going south. It's not even that worth it with what you get in toronto. Leaving at the end of summer!
The worst part is that saying the house has "gone up" in value may actually not even be true. What you could buy in 2008 with 400k is about what you can buy now for a million which actually means that your money has just lost value. You get $1 million but that can barely even buy you what 400k could 20 years ago. It's sad really.
If you have an accredited degree, even post secondary diploma with some experience, get your TN visa and gtfo of canada. There is no cap on TN visas and the US has way more opportunity.
I did this in 2018 and havent looked back. I recently got my h1b after 6 years of TN. Only 1.5 years away from a green card!
Can you give me more advice on the TN Visa process and what you did to get out?
wtf, post secondary diploma w exp? Pretty sure TN is for university degrees only.
@@ericyuan9718 no, it's not
@@Jindsing Lemme guess, you're a software dev?
Spouse and dependents of TN cannot work in the US.
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I've always wanted to be involved for a long time but the volatility in the price has been very confusing to me. Although I have watched a lot of RUclips videos about it but I still find it hard to understand
I will leave her info below this comment ✨
My partner and I are saving up to leave Canada. It costs too much to do anything.
Same. Just leave tbh, it's totally not worth it living here. Better go to the USA
Partner?
Change the title to the real truth, “Young Canadians are leaving Canada.”
As a young Canadian myself, I’m seeking out other options and leaving. This is unsustainable here in every capacity
They aren't going anywhere
Already moved out of the suburbs and into rural Ontario. Will be moving further and further out when I have the opportunity as we are being over run by criminal urka durkas
Jesus… it has to crash and burn 🔥. No one is going to deflate their asset prices voluntarily.. greed doesn’t allow it.
Worse yet the Trudeau Liberal Federal government keeps trying to prevent it happening by putting in measures to bail it out. They can’t seem to fathom the way to affordable housing is to have the market go down. People have so much equity they can lose some for the betterment of the country.
Not gonna happen buddy 😑
@@MikeyPaper LOL. Hang on. Macro theory 101. When everyone is on one side of the bet, try to position to the other side for the best upside. Confident in the analysis I receive from my Macro team. A lot of fear out there right at the moment. Great time to position for advantage when the music stops.
It did last year according to RUclips.
@@geraldbrownequit yappin bro 😂
Young Canadians are paying the price for messy real estate in the country
What are they talking about. There is no work in the cheaper regions, and quality of life is poor - that’s why they are cheaper regions. Canada is in the pits. Problems are everywhere, and not just for young people. Inflation has crippled the Canadian consumer, young and old alike.
Where? I live in nowhere in ontario and the difference between toronto and here is very little.
Corruption in the government has brought in massive immigration destroyed canada
I live in Winnipeg and houses prices here aren’t bad, it’s just the job market.
The taxes, cost of living, and freezing temperatures relative to the income levels here make it very hard to justify living here. I think a lot of Gen Z and Millennials are starting to think this way.
4:49 i am not seeing decline in rents in gta 😮😮😮 i dont know where the expert is getting this from
This is what happens when you’re asleep at the wheel for decades without any oversight on who’s buying what without any oversight where the capital is coming from with investors now accounting for 1/5 of purchases and not to mention the state of short term rentals.
Simply not enough home build against # of immigrants came.
But even in the suburb small town the price are the same!!!!! Young people, we are doom!
No, try Mackenzie. Nice houses, beautiful land, $200k
Alberta is calling... For higher rent and house prices by encouraging others to come and bid up prices.... Careful what you advertise.
But check out Edmonton where they are allowing 4plexes and other higher density housing in older neighborhoods. Edmonton has a higher family wage than most of Canda but lower rents because of their relaxed zoning policies.
@@sammavitae114And Edmonton also has higher crime rates.
Don't make silly life decisions for a home. It's not with it
@@_Island_BoyBuying a house or a home should not be silly. It is one of the most important decisions of our lives. Otherwise, why should we work hard to make a living in the first place? People just need to make wise decisions on what house or home they buy.
@@danca5719 compared to where?
It would be justified as 60yr mortgage introduction which basically is, if your kids cannot pay for it, you will give up home at the timing of retirement keeping some cap gain.
Young Canadians are leaving Canada in droves
Where are they going?
data says otherwise
@@Sk3pT1kal82 USA mostly.
Because the corruption in the government bringing all their cousins in and destroying Canada.Government only watch criminals coming in.They don't want good canadians
@@Tomyum19 Out of the many people ive met, only 1 has been able to move to the U.S but thats because he has a dual citizenship. its very difficult to get a green card even for us Canadians.
House prices are f.. king crazy here. I believe it has lost touch with reality. I'm leaning more towards not buying real estate in Canada.
I'm 54 and none of my buddies ever cared to buy, I don't know what the obsesssion is today. Oh wait..high rents, sorry.
@@stoneneils housing has become a get rich quick scheme for some.
fomo abounds
Problem is hard to find place to rent as well, immigration has messed that up. The only release valve seems to be a crash.
Same here
Why buy its cheaper in tampa Florida. 🤔 come down and chill and have a good life
200k young canadians left to usa in 2023 its little too late. They wont be back
Realize this. The same thing is happening around the world. Young people leaving all major cities around the world. China, Germany, London, most cities in China, this should collapse the markets in central cities
nah. There is unlimited train of African and Indians who will work for half price of the American/japanese/korean/chinese counrterpart. China is already moving production to Africa
Africa will Chinas new plantation
And India/Pakistan/Africa will be America and Canadas and Europes slave labor force
You are easily replaceable and nobody is going to stop them from doing it
Hardly at the rate happening here in Canada. Don't excuse the issue at hand
Why does there need to be a down payment??? We should be able to apply with the bank for the full mortgage with pay stubs and employment history , family income , expenses etc… and get a 20-30 year mortgage paying the full amount . 90% of renters pay more than what that mortgage would cost them monthly. This should be a referendum in the next federal election. Thoughts?
Canada is becoming new India. Drug addicts and car thieves roam free. Taxes. Inflation. Crumbling health care.
It's depressing. Leaving is the last beacon of hope.
india has more advanced hospitals than you guys have in canada. look at india’s healthcare they don’t wait for hours. most of engineers and doctors living in US are from india. indians are making canada’s economy rich too. just for diploma where you guys pay just 3k dollars , indian students pay approximately 20k dollars in colleges. stop being jealous.
This is creating a problem few realize but many are adversely affected by; geographical privilege!
Taxation is destroying any hope for a decent future practically everyone.
Moncton here we come!!!
I moved to Moncton four years ago, when the average detached house was about 150000. It’s exploded since then, to about 300,000.
Man, that coalition government.... turning me into my father.
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i’m on a construction project for apartments in woodstock. units will be renting for practically the same price as toronto.
Save your money and get out. So many countries out there one can live for so much cheaper and better quality of life
Canada is broken no matter liberal bluffing how good it is or they are doing. Hope their young supporter wake up. Sadly, this kind of news barely see in main stream media in Canada.
That's because the provincial governments have more power over housing and... they're mostly conservative. Ontario, Quebec, Nova Scotia, all the places they mention have *conservative* governments. The feds can just spend money, they can't change zoning rules. Conservatives are also not wrong, it's just their base is homeowners, not young or new Canadians, so the policies are set to maintain an effective ban on new housing and try to pack downtowns with condo towers rather than let leave it to owners to let neighbourhoods adapt.
@@neilirvine7129 Quebec???
As a single 43yr old woman, with no children, non smoker / non drinker and a modest lifestyle. I can barely afford to hang onto my small hobby farm in BC. Every day I hope and pray to meet a reasonable man who would be happy with a peaceful, rural life
People have been fleeing cities since covid. Everyone seen how much easier life was in the small towns and communities. But them city foke brought thier money driving up cost.
Just ask Halifax.
, rapid population growth, driven in part by high immigration levels.
More immigrants than new homes, ofc prices increases.
Cheaper region? Nothing is cheap
In Canada. House is cheaper , will be more expensive in utilities, foods and no jobs . There is nothing perfect
Canadians cant afford to get into the market. No worries. Lots of people from other countries can.
Go rural. Yes, it’s a “boring” life to some, but you can raise a family off one income, if you go far enough out.
Jobs?
@@Junghoon9039 If there are no jobs, why are people moving there or to the Maritimes?
@@JohnAnderson-sq8lt because the Canadian drama fools these innocent people into an immigration trap
Want to escape being chained to a huge mortgage for 30 years, Jesus most can’t even get approved at all. He seems out of touch.
Real estate has become way too much of a pyramid scheme driven by greed and unconsciousness.
The plan was always to out tax out cost local b.c. families so well pensioned over payed politicians and the like can take advantage of the market
Hes spot on with actual FAMILY homes... all these new builds of 2-3 bedroom townhouses and the micro houses with 3 bedrooms... what about 4 bedroom homes? why are we not building these for those that have more than 1 child?? we'll continue to rely on immigration if we dont let our own citizens afford to grow family beyond 1 child in an affordable way.
binge building spree! if we can allow a million or so people in, we should be building to house that many + we also need to address the backlog.
when the economy slows down, government can incentivize builders to keep on trucking, so that boom, bust, or steady - we get the housing we need regardless of market condition.
then we need to make sure there's enough and growing infrastructure, 2.5% pop growth means possibly everything in Canada has to grow by 2.5% at least to not be in shortfall.
Those with houses and housing may be against this though, as it likely worsens their networth (house value drops), and may incur a heavier tax burden to support builders in any market.
I would be okay with government supports for construction of new/more housing AND reduction of demand by lowering immigration. Home prices ought to come down. Canada has spent way too much time encouraging them to be high, let’s do some encourage to see more affordability.
I purchased a home last autumn and I am aware prices may correct and even crash.
I’m not in a crazy overpriced city either.
Pro tip 95% of Canada is unaffordable.
I've been looking for this mythical "affordable" region, where do you have to move to? Meadow Lake Saskatchewan
He needs a brush and a coffee. Dude, you're on TV
It's probably better for them to leave Canada tbh. I visit there and the urban landscape seems like failed states
1/4 million people left canada last year.. law enforcement might wanna start leaning on crown attorneys. They will b we without pay checks or pensions very soon like wvery other provincial municiple or fed employee . People dont pay tax for zero justice or representation.. toronto controls ontario elections and is going bankrupt at a rapid pace now
First of all, the Canadian government must levy a moving tax to capitalize on it.
Secondly, all small towns and regions must hike permit fees and development fees straight away to reap profit.
When young Canadians all leave the country, it will be too late
Inflating the regions we grew up in so that daddy’s rich daughter can buy up my neighborhood making it unattainable to purchase myself my family’s home in the town I grew up in 😢
"cheap regions" aren't even cheap either these days lol Canada is expensive no matter where you go
that ''move smartly'' dude should move smartly to a BARBER You mean to tell me this is the best you can do? interviewing the same guy over and over again...
We’re building multi family homes still. But theyre mansion properties for one rich guy and his kids kids kids who don’t have to work ever
i see people commenting about indians in comment section. india has more advanced hospitals than you guys have in canada. look at india’s healthcare they don’t wait for hours. most of engineers and doctors living in US are from india. indians are making canada’s economy rich too. just for diploma where you guys pay just 3k dollars , indian students pay approximately 20k dollars in colleges. students used to choose canada because canada had a image of welcoming country where there was least racism. everyone has right to go and explore places. canadians too want to go to US then why can’t international students come here? They almost spend 50 to 60k dollars in one year for just diploma. They aren’t here for free. they also contribute into canadian economy.
Canadians don't want Canada to become India, simple
You can buy a 90s crackhouse in Hamilton for about 650k pretty good deal
So the city allowed building but not the right kinds lol great scam 😂
It's true, in the just released Statscan data it show Halifax is getting younger which hasn't happened in a very long time
We dont need any more "international students".
Good. Now don't replace them with new immigrants.
that is BULLSHIT!!! the price is also high in small region...
More like leaving the country
Is everyone ignoring that Toronto and GTA smells like toilet waste. Eau du Canindia
'young people' like to FANTASIZE about moving abroad, and even for the ones that do manage to move realize their uncontrolled spending habits are too high to survive anywhere.
Blaming Covid instead of government officials is comical.
Dont worrybim sure the investors and corporations will fillin for the working class
Because the Boomer generation needs Younger generations to take out extremely risky loans to fund their retirement. We are saying no thanks.
Forget Alberta. It's a lot more affordable in the US.
I don't know if I would trust a real estate broker who looks like he just got out of bed and has cartoon eyebrows.
This is what's supposed to happen? If the price in a given city is too much, people move. Never been easier in the wake of WFH.
But not everyone has the privilege to WFH.
Substantial reason behind it is, all developing counties are catching up so quickly. Their purchase power went up. not just a job but also any natural resources, labors are underr competition which is driving prices so high for everything. 1990-2005 type of golden era never come back for developed countries.
Not true at all. We just did not invest in keeping housing stock affordable. They manage to keep rent affordable in singapore and many parts of europe.
@@abcdedfg8340 I do not think so unless gov funding support is there. As the value of currency goes down against resources, how can Singapore or some European countries purchase materials/labor cheaper than any other nationals?