Hi Jon, I would love your thoughts on what you think the market will do come 2025 once the new mortgage rules start for FTHB. I'm wondering if the only 'bottom' we'll reach is now, and 2025 will heat up because government doesn't let housing cool off. However, I'm not sure how a FTHB population can carry the load of a depleted economy with high unemployment and recession indicators. Signed, confused FTHB
I can tell you as one of the other people in that FTHB group I'm holding off until they drop lower, which I fully believe they will continue to do so. Nobody I know is even remotely interested in taking the bait on these ridiculous 30 year amortization schemes, and like you said, even if they did I dont think the FTHB population is enough to carry the load.
Florida and Austin are dropping right now…. Significantly.. from what I’ve read last day or so. I don’t know where else they’re dropping or how accurate that intel is..
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800k to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
People often overlook the value of financial advisors until they experience the downside of emotional decision-making. I recall a few summers ago, after a difficult divorce, when I needed help reviving my struggling business. I did some research and found a licensed advisor who worked diligently to grow my reserves, even amid inflation. As a result, my reserves grew from $275k to around $750k.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Melissa Terri Swayne” is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Jon, the funniest thing I hear from Realtors is them confidently saying "first time home buyers are waiting for more cuts before they jump back on the market". As a first time home buyer, I have never been asked what is stopping me from getting in the market by these so called professionals. In my opinion interest rate of 2 or 4% does not affect my purchase as much as these crazy prices.
Realtors are some of the most copium people on the planet. When the market, is hot, its "buy now before prices run away from you!" When its cold, its "buy now as this lul wont last!" There is literally no scenario where a realtor will tell you that its not a good time to buy.
Right?! Every time I tell a realtor I’m not looking to buy right now, they reply with “well maybe if your parents can lend you 5% you could at least get into a pre-sale.” They don’t even consider there might be a reason for not buying other than not having a down payment ready.
@@lonsdalewellnessstudio9197 yup it's like this current contest I entered in delta. They are offering one person 10% of the cost of the home on a presale they are building...... So I get 75k for free.... But I still need to qualify for a 700k mortgage..... Like.... No one makes enough for that. So this isn't a contest for an individual. It's a contest for a couple earning 80-100k each...
The whole talk about "reverse" market crash (real estate and stock market) basically argues that we are nowhere near done with inflation and that we might actually experience "hyperinflation" in the near future combined with accelerating poverty levels across the nation or going thru a historical economic depression...those are the extreme conditions that have produced the reverse market crashes in most examples I've seen. I personally don't see anything that extreme coming, but who knows.
I recommend investing in shares to balance out your real estate assets. Even the toughest recessions can give wonderful purchasing opportunities if you are prudent. Furthermore, volatility can create wonderful short-term buy and sell opportunities. Although this is not financial advice, you should buy right now because money isn't king right now!
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Strategists have been aiding folks in recording gains over 250k just in a matter of months, so I think there are alot of wealth transfer in this downtime if you have someone who knows where to look like i do.
My CFA ’Marisa Michelle Litwinsky’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Here is a thing - who can wait more: people paying tens of thousands of interest per year or people on sidelines who make 3-5% on their savings while waiting for prices to become reasonable. Sellers had their five minutes, now they will need to let the greed go or get totally destroyed.
@@alexrubin5955 you're missing one big group here. The renters. As long as the rents are high, the prices of homes will also be high. They need to come down together, the greedy investors as many here call them, need to start feeling the pressure so that they will either dump for cheap or lower the rents... Everyone needs to learn from the crash of the early nineties.
@@alexrubin5955if you're paying $1,400 a month you're pretty much living in a basement depending where you are. Greater Toronto area that's all you going to get for 1400. A lot of people don't want to raise a family in a basement, or 1 bedroom apartment. I think there will be a market correction but not what most people are expecting. 200k from $ 1,200 is not much IMHO.
I agree. I mean, think about it. When the market was booming, everyone was saying it was unsustainable. Now that it’s cooling off, people act like it's the end. The market is just adjusting
higher interest rates do make it more expensive to borrow. But that doesn’t necessarily mean the market is about to collapse. In fact, it’s cooling off some of the crazy price increases we saw earlier, which could make homes more affordable in the long run
I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
“Jessica Lee Horst" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Julianne Iwersen Niemann is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
My CFA ’ Julianne Iwersen Niemann ’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Yes, we have been hearing that for 20 years now. Other's then some pocket change correction, nothing really happenend. It's all because of the unlimited amount of immigration- translate housing demand that the Liberals have created. As long as the Liberals are in power, nothing bad will have to the housing price.
The market clearing price was double what you sold for - how is this “artificial”? It may decline from that high but the price was what a buyer was willing to pay.
I am with Remax on Vancouver Island. Every agent I talk to is essentially saying the same thing..."It's my slowest year ever." Lots of data suggests the same.
Also on Island and happily watching sellers overpriced dropping, dropping, dropping. Bring it, when prices back to 2020 we will by again, until then we are renting for first time in 23 years.
People will not buy until the prices will drop to pre pandemic level. Cutting Interest rate will not make us buy because houses prices are way too high.
@@pd5482 lmaooo. People don’t give a shit about the price. It’s the monthly payment. Rates will reduce this. But long term prices will go up. That’s life. That’s real estate. Make more or shut up and move.
@@rosatipicksu sound like a douchebag realtor. the fact remains that the average young couple simply cannot afford home ownership. thats the majority.
This bubble has gone on so long… many people like me, early 40s…. I know of 6 couples who sold out long ago…. Have good rental setups… like me, rent controlled apartment in the gta, we are getting to old to lock into a new 25-30 year debt. We save 40 percent of our income, invest well and will retire very early. Prices should come down like John says to the median…. Which is 550 ish for average. Just don’t see it happen but that’s because this has taken so long. I recall the 2008 crash….. seeing so many similarities today. Interesting times ahead….. yes I see price reductions more and more…. Thing is…. It’s just not close enough for it to make sense and buy. 2025 and 2026 will be interesting years.
Right so, there is NO similarities to the 2008 crash. In 2008 the bottom fell out in US and in the Canada prices went down by like 100k. That's pocket change by today's standard. As long as immigration is live and well, house prices will always go up in Canada.
What's funny is that one the one hand, people are complaining about housing affordability, and on the other hand, people are afraid of a housing crash. No one points out the obvious fact that, in order for housing to become affordable again, it HAS TO crash. Actually, anyone wanting to buy a home should WELCOME a housing crash.
If there's a crash people won't have jobs to afford houses. It be a welfare state. Also people would be afraid to buy cause don't know where the bottom is.
@@samoday2992 Actually, there are 14 million housing units in Canada, of those owners maybe 11 or 12 million are Canadian citizens who have the right to vote. Take away the 2 or 3 million International students, TFW and people waiting for PR leaves 39 million voters versus a maximum of 12 million home owning voters
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
The data your voting in terms of list to sell ratio and listing days is completely underreported because in many cases realtors are listing then unlisting, lowering the the price, unlisting again, and relisting at lower prices again. The data only reflects the final listing and selling price…
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
@@marcelmed4574 In greater Ottawa area, some sellers reduce asking price until house becomes sold, some are waiting with the spring price or remove listing from market. I noticed that the prices of houses and townhouses went down. I see more and more listings for now comparing to summer. Perhaps some sellers hoped for better market after rate cuts...
My experience in Arizona.. the ones that sold early did best.. the ones that held on lost it all...i shouod also add.. the market never really got better till the bankruptcies cleared. Around 15-16..they also bottomed around 75% below the top.. Canada is way worse then it was
@@dougiep2769 yup. But people in this era think it’s all unicorns and rainbows. They think the govt is competent and will look after them. Capitalism is about to take run off a cliff. You can thank greedy government & corporations for all of this.
I got out of the real estate investing market about a year ago. I think its time to get into the stock market for a while. whats the best strategy to invest around 200K in this current market
Agreed, I just use RUclips for research purposes, I run all my major investment through an investment adviser, the market is just too unstable to handle things on your own. I have consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains in close to a decade of having one
My CFA *Julianne Iwersen Niemann* a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for saving me hours of back and forth investigation into the markets... I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Back in 2007, during my time working in real estate, I witnessed people purchasing newly built homes from builders with the plan to sell them before the closing of escrow to another buyer for a profit. The crash hit hard and fast, and I vividly recall many of these units ending up foreclosed upon, with the builder's plastic still covering the carpets.
Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor?
Credits goes to "Aileen Gertrude Tippy’’ one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
prices are going to take off ….to where ? to infinity ? Either the prices have to come down by atleast 50% or the incomes need to go up and match. Right now nothing maths up. The party is over.
Greedy Real State agents with their 2-week waiting period and taking bids , to the greedy banks allowing it to happen without question why the asking price went up 200, -300 or more thousand. Giving the money over, never assuming the interest rates will climb and renovation flipping further driving the prices out of reach , Greedy!! And the financial institutions went with it knowing full well that this is affecting the entire marketplace of reality and along with it the building supply increases, but hey ,let's not talk about that eh... to many guilty people.
Exactly what I have been saying!! This guy John is telling us a condo in the ghetto of Barrie “looking at the lake” is worth $1.4 m!!’ You can’t dock your boat looking at the water!! They pull the prices out of their asses!! I cannot wait until they get rid of the buyers commission!! I would not pay an agent to sell my socks let alone my house!! Buyers bought 2-300k over because they were being lied to on the value!! Pre con prices on properties ready to close will loose their shirts and get sued for years from the builders!! One you tube agent told the truth today!!! Prices will sky rocket again!!
@@MentionBiscuitnobody is blaming the agents and banks sucking the buyers into sales then Reno’s!! They will never recoup from Covid buying!! Unless you have waterfront then your property better be the best of the best!! A shoebox condo will never sell, my niece has an older condo 1100 sq ft overlooking the Skydome,, corner unit, all windows floor to ceiling, rented to a Dr. from Mexico working at St. Mikes for $3,500. No storage no parking. Everything g be looked at was too small to have his mother visit and not be on top of him, a family of 4 could easily rent a condo like that!
"New Canadians", Real estate, The criminal act of Usury, Landlords and greedy sellers has all pushed up the prices... I don't see that things are going to get better as Canadians have to give up mass amounts of their finances to a corporation called the government through the theft called taxes which then is wasted or pocketed. I am sure the banks don't care even a bit, I am sure the next guy in government is just like the last guy. Canadians are littering the streets homeless, While those who are invading are being handed a free meal at their expense.
Still seeing people list their homes for $50k more than they bought them for a year ago. And they sell! I think at lower price points buyers don’t have as much power.
no they need to get back to precovid bs prices. houses went from low end 240 here to 600 k in about three years. must be nice all those people who bought all got to triple their money in 3 years. this is maintaining because tons of politicians have multiple properties rentals etc. they dont want to devalue their own greedy investments. this shit is disgusting tbh
@@Morph6666 I bought in 2006 for $370K.In 2017 they offered me 1.2 mil . Now 1.1mil. I make double what i was making in 2006 and still I wouldn't be able to buy this house today
@@nickgreek6449 yeah it’s sad really. Everyone is getting priced out of everywhere. Some guy was accusing me of being a peasant renter because I think housing shouldn’t cost millions. It’s a place to live not a retirement savings.
Prices actually have to drop by 2/3 for the average first time buyer to be able to afford a starter home. People think that can't happen, but it most certainly can and does. In Toronto prices fell by that much in midtown Toronto the early 90s.
Jon , I was in the grocery store yesterday , prices are UP again , the trick there playing on the public is to put two or three thing's on sale thing's most people don't need !
When the sellers know they cant get their price and they choose to put it out as a rental, they further cut their own throats. With rents going down already with the reduction in immigration, more rental supply will give potential buyers the time to outlast the sellers.
Yes, buyers are worried. What if interest rates go up again? The current prices were based on the previous belief that rates would stay low forever, but that sentiment has now been broken.
I think people are underestimating how badly the housing market is out of sync with the Canadian economy. Canada's GDP per-capita in NOMINAL terms has collapsed since a peak in 2022 all the way back to 2017 levels. Can we just take a moment and appreciate how objectively bad that is? Over the same period, from 2017 to 2024 inflation was ~24%. That means an average loss in real income of roughly 19% PER PERSON.
Inflation is a tax being brought forth by the same people who tax our paychecks before we ever get them, They are so many contributing factors causing this and it seems some of the big ones no one is willing to talk about due to censorship.
I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Can you provide instructions on how to contact your advisor? I'm experiencing erosion of my funds due to inflation and looking for a more profitable investment strategy to make better use of them.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about two years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
So - who wants to put up their hand and be the first one to sell their current house, condo, or vacant pre-serviced lot for 50% of what the market rate is today? No one. Sellers want high price. Buyers want low price. Realtors want highest possible commission on quick/easy sale with as few days on market as possible. Every economist and banker knows wiping out trillions in equity is infinitely worse than a few foreclosures and bankruptcies scattered across the country. Don't expect anything too dramatic folks.
Your thoughts on the Competition Bureau of Canada investigating the real estate industry for fraud, anti-competitive behaviour, and over-charging sellers and buyers by collusion? I was hoping for a Federal class action lawsuit that would actually punish greedy, corrupt agents, and clean out the swamp. I guess the Competition Bureau is better than nothing. You greatly benefit from unaffordable housing, at the expense of the rest of us.
just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.
Very true. Despite having no prior investing knowledge, I started investing before the pandemic and pulled in a profit of approximately $950k that same year. In reality, all I was doing was getting professional advice.
How can I participate in this? I sincerely aspire to establish a secure financial future and I am eager to participate. Who is the driving force behind your success?
Everyone is forgetting what the costs are for permits and taxes before a shovel hits the ground. The cost of materials, development and land. All these builders are just going to flee and not build anything when nobody's buying because it's unaffordable and too costly to even build. 😮
At 5% down on $500k … @ 4.5 fixed rate it’s still unaffordable!! The price has to go down or Canada will not be able to house immigrant and as your Buddy Luke said crime will climb like crazy … good times ahead
Yes hanging on teardown Peterborough Belleville build in 1960 , real little shade 800,square feet selling for 500,000,2018 same house maybe 185,,000 sorry market very strong, Toronto is very slow Eastern Ontario teardown special no garage below average eria selling like hoot cake 800,000 900,000 market is done anything below 600,000 very strong. Still. Overpriced by 50%that is what people are paying.
Where I live on the Bruce peninsula I've seen for sale signs popping up everywhere and I have finally seen two sold signs after several months of nothing other than new price signs going up so basically nothing is moving and because of the location I would say a lot of these places were bought a couple of years ago when everyone was going crazy with the bidding wars and now that reality has set in people are realizing that they screwed themselves by overpaying for their houses or cottages that they can't afford plus the work from home scam didn't help people make rational decisions
Bring Stephanie Janis Stiefel on the show. She changed my life Financially I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Stephanie Janis Stiefel, for her expertise and exposure to different areas of the market.
I know this lady you just mentioned. Stephanie Janis Stiefel is a portfolio manager and investment advisor. She gained recognition as an employee of neuberger berman; a renowned investor she is. Stephanie Janis Stiefel has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
I went from no money to Invest with to busting my A** off on Uber eats for four months to raise about $20k to start trading with Stephanie Janis Stiefel. I am at $128k right now and LOVING that you have to bring this up here
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Stephanie Janis Stiefel. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
The thing is people often doubt the prospects of financial advisors like Stephanie Janis Stiefel in business/markets today. Well it gives me more time to get ahead while they stew in their own pity and doubts as they childishly complain about those spreading the word
My area homes of the 1M plus are maybe down 15-20% from peak. Entry level townhomes are maybe down 10% from peak. Now they are just flat for most of 2024. Probably flat at least until spring of 2025 when more cuts settle in. Continued price drop of any significance is not warranted due to economics (supply and demand) and the govt showing their hand last week that they have no intention to lower prices. They will try and make it “easier” for first time buyers while at the same time keep prices/canadian assets propped up.
Do you think the maritimes will have a correction? It's been awful with our inflation and uber low salary. It is NOT slowing down in New Brunswick AT ALL.
People know interest rate will go down even more, so why would anyone buy now? People will start buying when they realize rate cut cycle is done - probably end of next year or so.
Just asked my landlord for a “recession reduction” on my month-to month 15x10 room with adjacent private 4pc. I just got a raise at work but I’m trying to not be housepoor when I do buy.
Home prices go down, banks don't like to renew a mortgage higher than FMV. Neither do they like foreclosures of default mortgages which is on the rise.
Congrats to the people who are financially literate. A house is a product just like anything else. This allowable debt is not sustainable lol no one is making that much
Build the things everyone wants so bad. 3 closed bedrooms on the same floor, a kitchen, a living room and a dining room. And a full bathroom with a separate shower and bathtub. IS THAT so difficult? Like stop with the open room 1 bed studio madness.
You knoq Jon..I would love to believe that prices are going to drop significantly everywhere but I just dont see it. Mortgage rates are coming down quickly..the government is making it easier for people to borrow money via new mortgage rules..and all those immigrants. Unfortunately at best we are flat to slightly down for a few more months then up we go again next year and beyond. The reality is the government wants real estate up for the votes and they will do what it takes to keep the markets propped up.
A lot of the immigrants that Canada is attracting have themselves taken loans to come to Canada. Ditto for international students. They can barely afford rents forget buying a house. There is a very small percentage of new PRs/citizens who can afford to buy in Vancouver or GTA.
Some cultures also live with multiple generations in one house. I had some friends who lived with aunt's/uncles. Pretty sure that also affects the supply we need.
Realtors ,banks , mortgage agents , CMHC , speculators , investors , land transfer fee guys ,home insurence guys , home inspection guys , builders ,black money guys ,politicians , These are all people have to run their cash flow. I dont see price gonna go down
Yep and with the aid of taxes(theft) and the mass invasion of new Canadians getting handed free meals on our bill I don't see things getting better, Usury/Interest is theft as well and was exposed long ago, many many times... Greed on every ones finger tips and yet no sense of what they are helping cause. I could fix it but no one would listen.
The 25% should be additional what the cost of living should be for them. For instance like a mortgage shouldn't be anything more than 30%. Play that number should be 30 + 25
This market is just stupid. I refinance in 2020 at 2.675%. House payment PITI was 1750.00. Taxes and insurance has ballooned to 2500.00 PITI month payment.
Thanks Jon. Great video. Hoping you could look into a report I recently saw, about rental housing demand softening in Kingston, ON. It was suggested this softening was due to reduced demand from international students. I wonder if this shift in demand is being seen across the country, and if it might lead to softening in rental prices. Which could, of course, help to soften house prices. The underlying question, for me, is whether a relatively small softening of demand might precipitate significant reductions in price. How much leverage is there?
I remember my father telling me to buy a home in 2021. I am 33. Couldn't afford a home then and still can't. But, I will not buy one, I will sit with my popcorn and watch boomers lose their wealth in real time. This is a amazing and I am having fun :) Cheers.
Well I actually got some real estate agents messaging me their clients giving up their deposits not small amounts hoping someone can take the assignments, why did these people want to give away the deposits? Because the market is picking up soon? Think people before you say he is lying.
What is the reasonable price for a typical house and 2 beds condo? It seems the house prices have a long way back its proper level for people to live with.
Jon, your opinion is different from that of most realtors, who believe rate cuts and 30-year amortization will improve demand, stabilizing the market around current price levels, with a worst-case scenario being a 5-10% correction. That too if a recession happens.
Most realtors want people to have confidence in the market so they can get higher commissions. 30 year amortization are not at all what this market needs. If the ass falls out of the markets, realtors are looking at lower commissions.
@@dabluntz19I would not sell my waterfront for more than 1%, or for $6,000. (New Era, complete price) I’m going to pay an agent to meet you at my house when I couid sell it with my eyes closed!! Jon also is promoting condos in Barrie for $1.4 m
Housing crisis triggers a market crash or a financial crisis, it could send shockwaves through the stock markets worldwide. I’m worried about my investment of over $600K stocks. Is this a time to consider diversifying my portfolios?
If the housing market takes a hit, it might lead to reduced consumer spending and overall economic instability. I advice you consult with a professional about your investment portfolio to enable you to take advantage of the downturns.
The housing market has always had its ups and downs, but it's true that this time feels different. Having a portfolio manager will save you a lot in the market. My coach has helped me expand my portfolio by 200% over the past few months.
There are many independent advisors to choose from. But I work with Carol Vivian Constable and we've been working together for almost four years and she's fantastic. You could check her if she meets your requirements. Just research the name. You’d find necessary details to work with
The interest rate cut will lead to more inflation as the dollar devalued globally. This will kill the economy and leads higher unemployment, further killing the economy. That means no $ for big mortgages or rents. Either the housing market crashes, or we face triple digit inflation. Canada is trading places with Argentina as the basket case of the Americas.
If it bleeds it leads hey Jon?! My buyers and seller's have done well and will continue to do so. The market is made between two competent agents and reasonable sellers and buyers that make decisive action. It's always a unique market man!
Sustained affordability or temp drop then rise again? Most who want lower prices would prob not complain if it shot back up. Depends on perspective. Maybe goal should be lasting balanced markets.
Sales have picked up in Burlington over the past couple weeks and see places relisted at higher prices. My realtor friend says she is really busy, no offers under ask anymore and people buying without conditions. Seems like fomo is coming back here...I see lots of hopes the big crash will come but no one has any idea what the future holds and you have to consider a further correction may not happen.
@@kist8102 why would a long time friend of mine in the industry make stuff up? She has nothing to prove to me. I watch fairly closely and see lots of relists higher as the market is active. Buyers are coming back and it's going to drive people crazy...prices have been flat for three years and I would argue we have been in a recession for at least a couple years but the numbers have been glossed over with immigration. Rates will come down fast and that will kickstart the economy. I'm not sure we can use history as a guide as things are just weird...We have witnessed typical market psychology this year. Nobody wants to buy when there is fear but will come back when prices start to increase.
IT ALL COMES DOWN TO PEOPLE AND THEIR EMOTIONS. If they realize they will be paying of their house for the rest of their lives buying now then the market will drop if they listen to most of the realitors (and thankyou for honesty and reality) who yell buy now for the last 2 yrs since that's their commissions and source of cash flow. thing is an an investment housing if they tax it as a capital gain will lose the investors and they have truly driven the prices. I've been trying to buy a home for 2 yrs every time I find one at a fair price investor groups knocked it up 40 to 60 k in the last one it was a group of 10 people they wnt up 30k which is 3k each vs 30k for me. not a fair playing field to say the least.
So you expected the Housing to boom with 75 basis point cut when rates are still high and unemployment is high. It will take sometime to have any real impact. Housing will be stable after few months if economy improves but it will go down if economy goes down. Nobody can predict anything but one thing is for sure that rich will make more money in all of this.
Friend from North Bay, Ontario tells me that it is active up there as many are moving out of Toronto and buying for less there. Is this something your stats show as well?
Rate cuts didnt start that long ago. Market takes months to react to changes. I seriously doubt a market crash (that i been hearing about since 2010) is gonna happen now. It didnt crash when rates hit their peaks it merely froze. With a chronic shortage of houses in Canada guarantee prices will hold if not start going back up by next year
Hi Jon, I would love your thoughts on what you think the market will do come 2025 once the new mortgage rules start for FTHB. I'm wondering if the only 'bottom' we'll reach is now, and 2025 will heat up because government doesn't let housing cool off. However, I'm not sure how a FTHB population can carry the load of a depleted economy with high unemployment and recession indicators. Signed, confused FTHB
I can tell you as one of the other people in that FTHB group I'm holding off until they drop lower, which I fully believe they will continue to do so. Nobody I know is even remotely interested in taking the bait on these ridiculous 30 year amortization schemes, and like you said, even if they did I dont think the FTHB population is enough to carry the load.
@@alexray6084 yep, it's like they ran out of buyers (greater fools).
‘’ Julianne Iwersen Niemann” for about five years now, and her performance has been consistently impressive. She’s quite known in her field,
Florida and Austin are dropping right now…. Significantly.. from what I’ve read last day or so. I don’t know where else they’re dropping or how accurate that intel is..
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800k to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
People often overlook the value of financial advisors until they experience the downside of emotional decision-making. I recall a few summers ago, after a difficult divorce, when I needed help reviving my struggling business. I did some research and found a licensed advisor who worked diligently to grow my reserves, even amid inflation. As a result, my reserves grew from $275k to around $750k.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Melissa Terri Swayne” is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.
Jon, the funniest thing I hear from Realtors is them confidently saying "first time home buyers are waiting for more cuts before they jump back on the market". As a first time home buyer, I have never been asked what is stopping me from getting in the market by these so called professionals. In my opinion interest rate of 2 or 4% does not affect my purchase as much as these crazy prices.
Not to mention the cost of living in the country ... GROCERIES, GASOLINE, UTILITIES, TAXES, FEES, CLOTHING, ETC, ETC.
Realtors are some of the most copium people on the planet. When the market, is hot, its "buy now before prices run away from you!" When its cold, its "buy now as this lul wont last!" There is literally no scenario where a realtor will tell you that its not a good time to buy.
Right?! Every time I tell a realtor I’m not looking to buy right now, they reply with “well maybe if your parents can lend you 5% you could at least get into a pre-sale.”
They don’t even consider there might be a reason for not buying other than not having a down payment ready.
@@Heliosvectorjust like stock brokers…they are always telling you to buy crap (that they are in turn short-selling)
@@lonsdalewellnessstudio9197 yup it's like this current contest I entered in delta. They are offering one person 10% of the cost of the home on a presale they are building...... So I get 75k for free.... But I still need to qualify for a 700k mortgage..... Like.... No one makes enough for that. So this isn't a contest for an individual. It's a contest for a couple earning 80-100k each...
The whole talk about "reverse" market crash (real estate and stock market) basically argues that we are nowhere near done with inflation and that we might actually experience "hyperinflation" in the near future combined with accelerating poverty levels across the nation or going thru a historical economic depression...those are the extreme conditions that have produced the reverse market crashes in most examples I've seen. I personally don't see anything that extreme coming, but who knows.
I recommend investing in shares to balance out your real estate assets. Even the toughest recessions can give wonderful purchasing opportunities if you are prudent. Furthermore, volatility can create wonderful short-term buy and sell opportunities. Although this is not financial advice, you should buy right now because money isn't king right now!
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Strategists have been aiding folks in recording gains over 250k just in a matter of months, so I think there are alot of wealth transfer in this downtime if you have someone who knows where to look like i do.
Could you possibly recommend a CFA you've consulted with?
My CFA ’Marisa Michelle Litwinsky’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Here is a thing - who can wait more: people paying tens of thousands of interest per year or people on sidelines who make 3-5% on their savings while waiting for prices to become reasonable. Sellers had their five minutes, now they will need to let the greed go or get totally destroyed.
Right on. I am happy to wait on the sidelines, while paying a rent of $1400 per month, and investing the rest in the stock market/ETFs, gold, etc.
How do you say this when interest rates are coming down
@@alexrubin5955 you're missing one big group here. The renters. As long as the rents are high, the prices of homes will also be high. They need to come down together, the greedy investors as many here call them, need to start feeling the pressure so that they will either dump for cheap or lower the rents... Everyone needs to learn from the crash of the early nineties.
@@alexrubin5955if you're paying $1,400 a month you're pretty much living in a basement depending where you are. Greater Toronto area that's all you going to get for 1400. A lot of people don't want to raise a family in a basement, or 1 bedroom apartment. I think there will be a market correction but not what most people are expecting. 200k from $ 1,200 is not much IMHO.
Why did prices skyrocket during Covid with low interest??? Agents were lying and pulling prices out of their asses!!
But to be honest, it feels like people are exaggerating. Every time the market slows down, there’s this panic. It’s a cycle
Real estate has its ups and downs, just like any market. It’s natural after such a huge boom during the last few years. Prices were skyrocketing
A slowdown doesn’t always mean a crash is coming
I agree. I mean, think about it. When the market was booming, everyone was saying it was unsustainable. Now that it’s cooling off, people act like it's the end. The market is just adjusting
But don’t you think it’s risky right now? I mean, with interest rates going up, isn’t that putting a lot of pressure on buyers and sellers?
higher interest rates do make it more expensive to borrow. But that doesn’t necessarily mean the market is about to collapse. In fact, it’s cooling off some of the crazy price increases we saw earlier, which could make homes more affordable in the long run
I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
How do I reach out to one? my assets have been struggling since 2022 and I’ve been holding on by the skin of my teeth.
“Jessica Lee Horst" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Mind if I ask you to recommend this particular coach you using their service?
Julianne Iwersen Niemann is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
My CFA ’ Julianne Iwersen Niemann ’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
I sold my house in 2019 and by 2021 the price had doubled. There is no question that the doubling was artificial. The correct will be acute and severe
Yes, we have been hearing that for 20 years now. Other's then some pocket change correction, nothing really happenend. It's all because of the unlimited amount of immigration- translate housing demand that the Liberals have created. As long as the Liberals are in power, nothing bad will have to the housing price.
Debasing of the dollar. More printed = less value each dollar = more needed to buy a home. How is that gonna reverse?
@@JohnJohnCrusherwhen the demand dries up because the money isn’t there, you’ll be forced to lower your price if you want to sell.
The market clearing price was double what you sold for - how is this “artificial”? It may decline from that high but the price was what a buyer was willing to pay.
I am with Remax on Vancouver Island. Every agent I talk to is essentially saying the same thing..."It's my slowest year ever." Lots of data suggests the same.
@@IslandStyle123 that’s good prices will come down
Where on the island are you?
Also on Island and happily watching sellers overpriced dropping, dropping, dropping. Bring it, when prices back to 2020 we will by again, until then we are renting for first time in 23 years.
They are desperate for sure. V.I. is way, way, way overpriced. Hell all of BC is.
@karenessential - I think it goes lower than that but yeah you got the right idea
People will not buy until the prices will drop to pre pandemic level. Cutting Interest rate will not make us buy because houses prices are way too high.
Not even pre pandemic levels. more like pre justin trudeau level.
lol. People are still buying. No one waiting for 300k starter homes. Don’t exist.
You clearly don’t understand what rates are and therefore have never purchased a property before, so you’re not even a qualified buyer lmao
@@pd5482 lmaooo. People don’t give a shit about the price. It’s the monthly payment. Rates will reduce this. But long term prices will go up. That’s life. That’s real estate. Make more or shut up and move.
@@rosatipicksu sound like a douchebag realtor. the fact remains that the average young couple simply cannot afford home ownership. thats the majority.
No matter what the government does to keep housing prices high, the market will decide!
This bubble has gone on so long… many people like me, early 40s…. I know of 6 couples who sold out long ago…. Have good rental setups… like me, rent controlled apartment in the gta, we are getting to old to lock into a new 25-30 year debt. We save 40 percent of our income, invest well and will retire very early. Prices should come down like John says to the median…. Which is 550 ish for average. Just don’t see it happen but that’s because this has taken so long. I recall the 2008 crash….. seeing so many similarities today. Interesting times ahead….. yes I see price reductions more and more…. Thing is…. It’s just not close enough for it to make sense and buy. 2025 and 2026 will be interesting years.
Right so, there is NO similarities to the 2008 crash. In 2008 the bottom fell out in US and in the Canada prices went down by like 100k. That's pocket change by today's standard. As long as immigration is live and well, house prices will always go up in Canada.
@@mhow7024 We will see. Canada is not immune from reality.
What's funny is that one the one hand, people are complaining about housing affordability, and on the other hand, people are afraid of a housing crash. No one points out the obvious fact that, in order for housing to become affordable again, it HAS TO crash. Actually, anyone wanting to buy a home should WELCOME a housing crash.
Anyone that owns a home does not want it . Majority of people own a home by the way.
@@samoday2992 If you live in it, no problem. The property tax will be cheaper.
If there's a crash people won't have jobs to afford houses. It be a welfare state. Also people would be afraid to buy cause don't know where the bottom is.
@@samoday2992
Actually, there are 14 million housing units in Canada, of those owners maybe 11 or 12 million are Canadian citizens who have the right to vote. Take away the 2 or 3 million International students, TFW and people waiting for PR leaves 39 million voters versus a maximum of 12 million home owning voters
@@Stormshfter so who do you think owns the properties that renters live in ?
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
It still absolutely baffles my mind that a tiny wartime storey and a half house goes for 400 plus depending on the area.
$1.3M on my street!
Well over a million in Vancouver
I’d pay $400 in my market
@@davidhughes6048 sad. I paid 126k in 2010 in ontario
The data your voting in terms of list to sell ratio and listing days is completely underreported because in many cases realtors are listing then unlisting, lowering the the price, unlisting again, and relisting at lower prices again. The data only reflects the final listing and selling price…
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
Things are definitely slower in my area south of Ottawa. For Sale signs go up and stay up for quite awhile.
So what happens to the homes? No good reason to sell now unless you are forced to sell.
@@marcelmed4574 In greater Ottawa area, some sellers reduce asking price until house becomes sold, some are waiting with the spring price or remove listing from market. I noticed that the prices of houses and townhouses went down. I see more and more listings for now comparing to summer. Perhaps some sellers hoped for better market after rate cuts...
My experience in Arizona.. the ones that sold early did best.. the ones that held on lost it all...i shouod also add.. the market never really got better till the bankruptcies cleared. Around 15-16..they also bottomed around 75% below the top.. Canada is way worse then it was
Canadians have higher equity in their homes and personal guarantees. That is why the correction is not as radical.
Just wait.
Canadians are in debt up to their eye balls.
It’s gonna be a bumpy ride.
Buckle up
@@Lally-l2n gonna be worse then that.. it's gonna be probably a new revalued dollar to gold and back on a gold standard..
@@dougiep2769 yup. But people in this era think it’s all unicorns and rainbows. They think the govt is competent and will look after them. Capitalism is about to take run off a cliff. You can thank greedy government & corporations for all of this.
Lots of places for sale around me in Ottawa. What i notice is that some are still priced too high.
@cryptoholica72 well, the starter homes seem more reasonable. It's just the mid ones I think are too pricey.
I’m in Ottawa too. Prices haven’t really dropped in the last year. I don’t get it. Sellers must be selling, prices are still high.
@@marcelmed4574 Ottawa is a different animal. So many people are employed by the federal government and have great salaries.
@@YoBoyMarcus maybe but not 800-900k house great salaries...
Yes, and I suspect that the significant, upcoming cuts to public servants will have a notable effect on Ottawa's real estate market.
I got out of the real estate investing market about a year ago. I think its time to get into the stock market for a while. whats the best strategy to invest around 200K in this current market
I got into stocks few years ago and my candid advice for a newbie like you is to seek help from market experts rather than RUclipsrs.
Agreed, I just use RUclips for research purposes, I run all my major investment through an investment adviser, the market is just too unstable to handle things on your own. I have consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains in close to a decade of having one
I've been getting suggestions to use a market expert too, but where and how to find one has been challenging, Can i reach out to the one you use?
My CFA *Julianne Iwersen Niemann* a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for saving me hours of back and forth investigation into the markets... I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Back in 2007, during my time working in real estate, I witnessed people purchasing newly built homes from builders with the plan to sell them before the closing of escrow to another buyer for a profit. The crash hit hard and fast, and I vividly recall many of these units ending up foreclosed upon, with the builder's plastic still covering the carpets.
Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor?
Credits goes to "Aileen Gertrude Tippy’’ one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
we could see a 50% crash and the homes still remain on the market unsold.
If they drop 50% , I ll buy a couple more :))
@@nickgreek6449 You are part of the problem.
prices are going to take off ….to where ? to infinity ? Either the prices have to come down by atleast 50% or the incomes need to go up and match. Right now nothing maths up. The party is over.
Greedy Real State agents with their 2-week waiting period and taking bids , to the greedy banks allowing it to happen without question why the asking price went up 200, -300 or more thousand. Giving the money over, never assuming the interest rates will climb and renovation flipping further driving the prices out of reach , Greedy!! And the financial institutions went with it knowing full well that this is affecting the entire marketplace of reality and along with it the building supply increases, but hey ,let's not talk about that eh... to many guilty people.
💯
Exactly what I have been saying!! This guy John is telling us a condo in the ghetto of Barrie “looking at the lake” is worth $1.4 m!!’ You can’t dock your boat looking at the water!! They pull the prices out of their asses!! I cannot wait until they get rid of the buyers commission!! I would not pay an agent to sell my socks let alone my house!! Buyers bought 2-300k over because they were being lied to on the value!! Pre con prices on properties ready to close will loose their shirts and get sued for years from the builders!! One you tube agent told the truth today!!! Prices will sky rocket again!!
@@MentionBiscuitnobody is blaming the agents and banks sucking the buyers into sales then Reno’s!! They will never recoup from Covid buying!! Unless you have waterfront then your property better be the best of the best!! A shoebox condo will never sell, my niece has an older condo 1100 sq ft overlooking the Skydome,, corner unit, all windows floor to ceiling, rented to a Dr. from Mexico working at St. Mikes for $3,500. No storage no parking. Everything g be looked at was too small to have his mother visit and not be on top of him, a family of 4 could easily rent a condo like that!
"New Canadians", Real estate, The criminal act of Usury, Landlords and greedy sellers has all pushed up the prices... I don't see that things are going to get better as Canadians have to give up mass amounts of their finances to a corporation called the government through the theft called taxes which then is wasted or pocketed. I am sure the banks don't care even a bit, I am sure the next guy in government is just like the last guy.
Canadians are littering the streets homeless, While those who are invading are being handed a free meal at their expense.
Still seeing people list their homes for $50k more than they bought them for a year ago. And they sell! I think at lower price points buyers don’t have as much power.
Rate cuts are not going to make want to buy a place. PRICES need to be corrected back to 2021 levels before the spike.
Home prices must go 50% down at least
no they need to get back to precovid bs prices. houses went from low end 240 here to 600 k in about three years. must be nice all those people who bought all got to triple their money in 3 years. this is maintaining because tons of politicians have multiple properties rentals etc. they dont want to devalue their own greedy investments.
this shit is disgusting tbh
@@Morph6666 I bought in 2006 for $370K.In 2017 they offered me 1.2 mil . Now 1.1mil. I make double what i was making in 2006 and still I wouldn't be able to buy this house today
@@nickgreek6449 yeah it’s sad really. Everyone is getting priced out of everywhere. Some guy was accusing me of being a peasant renter because I think housing shouldn’t cost millions. It’s a place to live not a retirement savings.
Prices actually have to drop by 2/3 for the average first time buyer to be able to afford a starter home. People think that can't happen, but it most certainly can and does. In Toronto prices fell by that much in midtown Toronto the early 90s.
Another 30-40 % price reduction from here is inevitable.
You are beyond delusional
No maybe another 5-10 at the most
😂 maybe the shithole condos but nothing else . Land is too scarce .
@@samoday2992 ya condos are a different story
Not realistic, considering the government intervention. Voters won't be happy if their property loses 30-40% of its value.
Jon , I was in the grocery store yesterday , prices are UP again , the trick there playing on the public is to put two or three thing's on sale thing's most people don't need !
A mobile home is pushing 400K in the Montreal suburbs. Not sustainable.
When the sellers know they cant get their price and they choose to put it out as a rental, they further cut their own throats.
With rents going down already with the reduction in immigration, more rental supply will give potential buyers the time to outlast the sellers.
Rent is still 3k for a town
Yes, buyers are worried. What if interest rates go up again? The current prices were based on the previous belief that rates would stay low forever, but that sentiment has now been broken.
I think people are underestimating how badly the housing market is out of sync with the Canadian economy. Canada's GDP per-capita in NOMINAL terms has collapsed since a peak in 2022 all the way back to 2017 levels. Can we just take a moment and appreciate how objectively bad that is? Over the same period, from 2017 to 2024 inflation was ~24%. That means an average loss in real income of roughly 19% PER PERSON.
Inflation is a tax being brought forth by the same people who tax our paychecks before we ever get them, They are so many contributing factors causing this and it seems some of the big ones no one is willing to talk about due to censorship.
I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Can you provide instructions on how to contact your advisor? I'm experiencing erosion of my funds due to inflation and looking for a more profitable investment strategy to make better use of them.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about two years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
So - who wants to put up their hand and be the first one to sell their current house, condo, or vacant pre-serviced lot for 50% of what the market rate is today? No one. Sellers want high price. Buyers want low price. Realtors want highest possible commission on quick/easy sale with as few days on market as possible. Every economist and banker knows wiping out trillions in equity is infinitely worse than a few foreclosures and bankruptcies scattered across the country. Don't expect anything too dramatic folks.
Your thoughts on the Competition Bureau of Canada investigating the real estate industry for fraud, anti-competitive behaviour, and over-charging sellers and buyers by collusion? I was hoping for a Federal class action lawsuit that would actually punish greedy, corrupt agents, and clean out the swamp. I guess the Competition Bureau is better than nothing. You greatly benefit from unaffordable housing, at the expense of the rest of us.
25% SNLR in September? No wonder the feds brought these 30 year mortgages. This winter will be a bloodbath in Ontario real estate.
Can't wait
just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.
While the market is promising, expert guidance is essential for effective portfolio management.
Very true. Despite having no prior investing knowledge, I started investing before the pandemic and pulled in a profit of approximately $950k that same year. In reality, all I was doing was getting professional advice.
How can I participate in this? I sincerely aspire to establish a secure financial future and I am eager to participate. Who is the driving force behind your success?
Her name is "Abigail Ann Ryan" just research the name and you'd find necessary details to work with a correspondence to set up an appointment.
She appear to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Everyone is forgetting what the costs are for permits and taxes before a shovel hits the ground. The cost of materials, development and land. All these builders are just going to flee and not build anything when nobody's buying because it's unaffordable and too costly to even build. 😮
At 5% down on $500k … @ 4.5 fixed rate it’s still unaffordable!! The price has to go down or Canada will not be able to house immigrant and as your Buddy Luke said crime will climb like crazy … good times ahead
Yes hanging on teardown Peterborough Belleville build in 1960 , real little shade 800,square feet selling for 500,000,2018 same house maybe 185,,000 sorry market very strong, Toronto is very slow Eastern Ontario teardown special no garage below average eria selling like hoot cake 800,000 900,000 market is done anything below 600,000 very strong. Still. Overpriced by 50%that is what people are paying.
Interest rates are important, but supply of houses is important as well!
Plenty of houses, Plenty being built, But also being handed to non-Canadians.
Where I live on the Bruce peninsula I've seen for sale signs popping up everywhere and I have finally seen two sold signs after several months of nothing other than new price signs going up so basically nothing is moving and because of the location I would say a lot of these places were bought a couple of years ago when everyone was going crazy with the bidding wars and now that reality has set in people are realizing that they screwed themselves by overpaying for their houses or cottages that they can't afford plus the work from home scam didn't help people make rational decisions
Bring Stephanie Janis Stiefel on the show. She changed my life Financially I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Stephanie Janis Stiefel, for her expertise and exposure to different areas of the market.
I know this lady you just mentioned. Stephanie Janis Stiefel is a portfolio manager and investment advisor. She gained recognition as an employee of neuberger berman; a renowned investor she is. Stephanie Janis Stiefel has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
I went from no money to Invest with to busting my A** off on Uber eats for four months to raise about $20k to start trading with Stephanie Janis Stiefel. I am at $128k right now and LOVING that you have to bring this up here
I’ve heard of her
How can i reach her, if you don't mind me asking?
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Stephanie Janis Stiefel. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
The thing is people often doubt the prospects of financial advisors like Stephanie Janis Stiefel in business/markets today.
Well it gives me more time to get ahead while they stew in their own pity and doubts as they childishly complain about those spreading the word
My area homes of the 1M plus are maybe down 15-20% from peak. Entry level townhomes are maybe down 10% from peak. Now they are just flat for most of 2024. Probably flat at least until spring of 2025 when more cuts settle in. Continued price drop of any significance is not warranted due to economics (supply and demand) and the govt showing their hand last week that they have no intention to lower prices. They will try and make it “easier” for first time buyers while at the same time keep prices/canadian assets propped up.
Lots of listings in Durham Region at 2021 prices!😂😂😂
where
Oshawa prices have dropped 100-200k depends on the area I guess
In Brandon mb and rural area prices have not dropped. Been following prices for a long time
did anything sell for those prices?
@@fofal very few, many listings were on for a very long time. The few that sold don't know what they sold for. Asking prices are still insane.
I tried buying a house in Moncton New Brunswick and someone offered 150% of the value. This month . Not a buyer market here
Do you think the maritimes will have a correction? It's been awful with our inflation and uber low salary. It is NOT slowing down in New Brunswick AT ALL.
People know interest rate will go down even more, so why would anyone buy now? People will start buying when they realize rate cut cycle is done - probably end of next year or so.
Just asked my landlord for a “recession reduction” on my month-to month 15x10 room with adjacent private 4pc. I just got a raise at work but I’m trying to not be housepoor when I do buy.
Did your landlord agree to a reduction?
@@DJRS2178 apologies - the comment entirely for comedic effect only.
My agent friend in the Outaouais just took three weeks off to go to France. Right there it shows you how slow things are in that area.
Looking from mortgage perspective, appraisal on same houses had dropped by 4% in 2 months... soft very soft
Home prices go down, banks don't like to renew a mortgage higher than FMV. Neither do they like foreclosures of default mortgages which is on the rise.
I always wait for Tuesday only for your Videos, Thanks Jon ❤❤❤
Wow, thank you!
Congrats to the people who are financially literate. A house is a product just like anything else. This allowable debt is not sustainable lol no one is making that much
Canada is in for dire times. Looks good on us. We deserve what's coming.
Solide video. Great facts, Thanks.
thank you
Thanks - very ON based - thought the coverage and insights are G-8!
Build the things everyone wants so bad. 3 closed bedrooms on the same floor, a kitchen, a living room and a dining room. And a full bathroom with a separate shower and bathtub. IS THAT so difficult? Like stop with the open room 1 bed studio madness.
Exactly
You knoq Jon..I would love to believe that prices are going to drop significantly everywhere but I just dont see it. Mortgage rates are coming down quickly..the government is making it easier for people to borrow money via new mortgage rules..and all those immigrants. Unfortunately at best we are flat to slightly down for a few more months then up we go again next year and beyond. The reality is the government wants real estate up for the votes and they will do what it takes to keep the markets propped up.
A lot of the immigrants that Canada is attracting have themselves taken loans to come to Canada. Ditto for international students. They can barely afford rents forget buying a house. There is a very small percentage of new PRs/citizens who can afford to buy in Vancouver or GTA.
Some cultures also live with multiple generations in one house. I had some friends who lived with aunt's/uncles. Pretty sure that also affects the supply we need.
Realtors ,banks , mortgage agents , CMHC , speculators , investors , land transfer fee guys ,home insurence guys , home inspection guys , builders ,black money guys ,politicians ,
These are all people have to run their cash flow.
I dont see price gonna go down
Yep and with the aid of taxes(theft) and the mass invasion of new Canadians getting handed free meals on our bill I don't see things getting better, Usury/Interest is theft as well and was exposed long ago, many many times... Greed on every ones finger tips and yet no sense of what they are helping cause.
I could fix it but no one would listen.
The 25% should be additional what the cost of living should be for them. For instance like a mortgage shouldn't be anything more than 30%. Play that number should be 30 + 25
Calgary prices are dropping, rents falling. Car dealerships over crowded with unsold inventory, unemployment more like 11%
This market is just stupid. I refinance in 2020 at 2.675%. House payment PITI was 1750.00. Taxes and insurance has ballooned to 2500.00 PITI month payment.
Thanks Jon. Great video. Hoping you could look into a report I recently saw, about rental housing demand softening in Kingston, ON. It was suggested this softening was due to reduced demand from international students. I wonder if this shift in demand is being seen across the country, and if it might lead to softening in rental prices. Which could, of course, help to soften house prices. The underlying question, for me, is whether a relatively small softening of demand might precipitate significant reductions in price. How much leverage is there?
The students were the last straw in the price justification for speculators/investors. Many will lose now that that population is drying up.
ty for ur hard work !
Stack and invest on the sideline. Let it crumble.
Interesting take!
Prices are down 20 % from 2022 already, so you think the price from 2022 will be 40% or 50% down ?
I remember my father telling me to buy a home in 2021. I am 33. Couldn't afford a home then and still can't. But, I will not buy one, I will sit with my popcorn and watch boomers lose their wealth in real time. This is a amazing and I am having fun :) Cheers.
Well I actually got some real estate agents messaging me their clients giving up their deposits not small amounts hoping someone can take the assignments, why did these people want to give away the deposits? Because the market is picking up soon? Think people before you say he is lying.
Thanks for the info
So prices will not come down; is this what I am to understand? only interest rates? No help.
What is the reasonable price for a typical house and 2 beds condo? It seems the house prices have a long way back its proper level for people to live with.
I doubt it. 38%+/- of homes in gta have a clear title.
There have been talks of corrections since 2009.
Good luck. No more price correction in the near future. Try buying a detached home in the GTA.
please use median prices not averages- as the latter is statistically irrelevant😊
The national stats don’t have median. You should contact CREA and request
@@jonflynn Well there is a reason….and since you are making a buck or two commenting on it- you should be asking the questions of your data suplier
Are banks stocks exected to go down if the markets corrects? Thanks
American real-estate is way overvalued! They are not worth the effort or the taxes you would have to pay!
Jon, your opinion is different from that of most realtors, who believe rate cuts and 30-year amortization will improve demand, stabilizing the market around current price levels, with a worst-case scenario being a 5-10% correction. That too if a recession happens.
Most realtors want people to have confidence in the market so they can get higher commissions. 30 year amortization are not at all what this market needs. If the ass falls out of the markets, realtors are looking at lower commissions.
@@dabluntz19I would not sell my waterfront for more than 1%, or for $6,000. (New Era, complete price) I’m going to pay an agent to meet you at my house when I couid sell it with my eyes closed!! Jon also is promoting condos in Barrie for $1.4 m
How do you feel the new FTHB and new builds mortgage rules will effect the housing crash?
Housing crisis triggers a market crash or a financial crisis, it could send shockwaves through the stock markets worldwide. I’m worried about my investment of over $600K stocks. Is this a time to consider diversifying my portfolios?
If the housing market takes a hit, it might lead to reduced consumer spending and overall economic instability. I advice you consult with a professional about your investment portfolio to enable you to take advantage of the downturns.
The housing market has always had its ups and downs, but it's true that this time feels different. Having a portfolio manager will save you a lot in the market. My coach has helped me expand my portfolio by 200% over the past few months.
this is all new to me, where do I find a fiduciary, can you recommend any?
There are many independent advisors to choose from. But I work with Carol Vivian Constable and we've been working together for almost four years and she's fantastic. You could check her if she meets your requirements. Just research the name. You’d find necessary details to work with
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
Many GTA houses can't sell at 2021 price levels. I think the prices are down to 2020 levels.
This month, the buyers are waiting for the rate cut, that might be the cause for them to hold on their offers.
The interest rate cut will lead to more inflation as the dollar devalued globally. This will kill the economy and leads higher unemployment, further killing the economy. That means no $ for big mortgages or rents. Either the housing market crashes, or we face triple digit inflation. Canada is trading places with Argentina as the basket case of the Americas.
Deflation indeed, people don’t have money to spend, demand falls price falls, look at the history from the past
If it bleeds it leads hey Jon?! My buyers and seller's have done well and will continue to do so. The market is made between two competent agents and reasonable sellers and buyers that make decisive action. It's always a unique market man!
Thanks for the comment
@@jonflynn Great content!
Sustained affordability or temp drop then rise again? Most who want lower prices would prob not complain if it shot back up. Depends on perspective. Maybe goal should be lasting balanced markets.
These housing bubbles exploded from Toronto and Vancouver. The will implode back in now.
No correction is coming. I m hearing this from last 12 years 😢
Then you should go buy right now. Don't wait!
I guess we will see.
Jon will still be saying the market is going to crash when prices start increasing next year.
Sales have picked up in Burlington over the past couple weeks and see places relisted at higher prices. My realtor friend says she is really busy, no offers under ask anymore and people buying without conditions. Seems like fomo is coming back here...I see lots of hopes the big crash will come but no one has any idea what the future holds and you have to consider a further correction may not happen.
I would verify this.
this is very nice story.
Is this Canada you are referring to? Something doesn't add up. I would double check on that info you are referring to.
@@kist8102 why would a long time friend of mine in the industry make stuff up? She has nothing to prove to me. I watch fairly closely and see lots of relists higher as the market is active. Buyers are coming back and it's going to drive people crazy...prices have been flat for three years and I would argue we have been in a recession for at least a couple years but the numbers have been glossed over with immigration. Rates will come down fast and that will kickstart the economy. I'm not sure we can use history as a guide as things are just weird...We have witnessed typical market psychology this year. Nobody wants to buy when there is fear but will come back when prices start to increase.
LoL. In my area I see nothing of that😊 and I'm not that far away
IT ALL COMES DOWN TO PEOPLE AND THEIR EMOTIONS. If they realize they will be paying of their house for the rest of their lives buying now then the market will drop if they listen to most of the realitors (and thankyou for honesty and reality) who yell buy now for the last 2 yrs since that's their commissions and source of cash flow. thing is an an investment housing if they tax it as a capital gain will lose the investors and they have truly driven the prices. I've been trying to buy a home for 2 yrs every time I find one at a fair price investor groups knocked it up 40 to 60 k in the last one it was a group of 10 people they wnt up 30k which is 3k each vs 30k for me. not a fair playing field to say the least.
So you expected the Housing to boom with 75 basis point cut when rates are still high and unemployment is high. It will take sometime to have any real impact. Housing will be stable after few months if economy improves but it will go down if economy goes down. Nobody can predict anything but one thing is for sure that rich will make more money in all of this.
Recession ?
Try Depression for many !
I think you're right
Friend from North Bay, Ontario tells me that it is active up there as many are moving out of Toronto and buying for less there. Is this something your stats show as well?
Lots of movement in North Bay and Sudbury… Astonishing how many new listings on MLS each day - and it’s autumn!
What do the people do in north bay? Companies start asking people to come back to work in person at least 3 days a week
@@aiqueenla2786 north bay is a quaint, mid-sized northern Ontario town. I can’t imagine anyone working from home there anymore..
Rate cuts didnt start that long ago. Market takes months to react to changes. I seriously doubt a market crash (that i been hearing about since 2010) is gonna happen now. It didnt crash when rates hit their peaks it merely froze. With a chronic shortage of houses in Canada guarantee prices will hold if not start going back up by next year