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.
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.
@@maryHenokNft 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.
Much credit goes to *Camille Alicia Garcia* for her significant contributions. She maintains an online presence, making it easy to locate her. While other advisors might pose challenges to find, Julia has proven to be an excellent mentor throughout the year.
After conducting an online search of her name, her website quickly surfaced, piquing my curiosity. The initial impression is positive and I intend to arrange a call with her. I'll make sure to provide you with updates on how it goes. Thank you.
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 $800 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.
Personally, I can connect to that. When I began working with Margaret Johnson Arndt, a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
@@Whatisthisstupidfinghandle Are they really buying new cars with cash? They have to live somewhere after they sell. Unless they downgrade to something much cheaper or rent, that money is not freed up for much.
The majority of agents I encountered in my house search would only sell by generating a bidding war. They refused fair offers related to the asking price. I hold them largely accountable for their greed in forcing prices up. No sympathy for their plight.
You hold them accountable for acting in there clients best intrest and getting them the most amount of money possible? Let’s tell your boss your only going to half ass your job, let’s see how long you keep it. Stooge
Bidding wars are created by individual investors, and/or numbered company investors, being in the market. If governments had done their job and capital gains taxed short term house flippers out of the market, the number of potential buyers would have been reduced and there would have been less incentive to go for the presentation date sales method. Not the agents fault. Agents just react to the realities of the market. Listing agents do not represent the buyers, they act on the wishes of their clients.
@donm2067 No, owners, selling in a market inflated by the presence of individual and corporate investors, took what the market would give them. No remorse, just business. Agents are not the moral compass of property owners listing their homes, they just do what the property owners want them to do. I am buying a used Toyota SUV hybrid at a Toyota dealer tomorrow. Do I blame the sales person, getting commission, that the sales manager would not move on the price since there are no other used SUV hybrids on the lot? No. When demand outstrips supply, that is what happens. When investors are allowed into the real estate market, demand is larger than supply. Agents do not control supply or demand.
It was proven some years ago that if you go to sell your home yourself, Realtors will boycott your property and steer away their clients from your property. Not surprising people hate Realtors.
I was in the market to buy a home in 2018 and when I asked about some potential 'For Sale by Owner' listings, she was dismissive and said 'Oh no, those are very difficult to arrange a time to visit' or something like that
Yep ther was a Canadian news channel that did a undercover investigation on it I believe it was in Toronto as well. I forgot what the name of the show was but they always did undercover stings
Thanks for speaking honestly about the real estate situation. The industry has driven home prices too high for most families. The solution is for prices to align with family budgets, even if it means a market correction. The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on the govt.
It the stupidest argument, you equate two different things that arent equal. that's a logical fallacy. The developers fucked everyone but gouging prices and passing down the cost to the consumer. Now they are paying the price of destroying affordability by ONLY building LUXURY CONDOS. now we cant afford housing because they refuse to build more unless they can make a ton of money. fuck em.
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.
It was run by ‘’Mayra Femia Hetrick’’ , who i learned about and got in touch with thanks to a CNBC interview. Since then, it has served as the point of entry and departure for the games we have emphasized. A search on the internet can be done if tracking is necessary.
I just copied and pasted Maya’s whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.
Great video! ALL about that transparency. 👍When the going gets tough, the tough get going! Got to be able to roll with the punches of any market. Waking up unemployed is part of this Realtor game!
I've been watching the housing market closely, Prices have been skyrocketing for years. It's going to be tough for first-time buyers to enter the market." how can one diversify $280k reserve .
I agree, It's not just the prices, but also the increasing interest rates that are making it more difficult for people to afford homes. With a good FA you can make up your portfolio.
A lot of folks downplay the role of professionals until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for a licensed FA and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. 850k so far.
'Vivian Carol Gioia' 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 have a real estate license, but this is not my main source of income, far from it to be honest, and I totally agree with everything you said. This industry is screaming for disruption!
We had our home priced low to bring in bids and it worked but didn't get the highest offer due to no approved mortgage and wanting home inspection. Our home was 60 years old and new roof, havoc system. It did need some TLC like painting and the basement so we wanted to sell as we were downsizing. As it worked out we sold the home in one week in Aug. 2023. We managed to buy a older condo with 1100 sq. feet with no mortgage and our monthly expenses went from $3,000. to $800. a month. Which is good when going into retirement in our case. It is all how much you are willing to cut and how to survive the best you can. Also want to say a lot of realtors are still looking at sellers to bid high so they get the most return from it. I went through seven realtor interviews before we picked one.
I have family and friends who are actual professional realtors who’ve been in the business for years. And I have friends who got into it because they were told it was a great opportunity to get rich quick. Guess who’s still in the business and who are looking for another job. If anything feels too good to be true, it definitely is.
Had a couple unsatisfactory experiences with realtors in the past. But I think the world of my present realtor- so helpful with every aspect, with utmost integrity.
It's not just about being able to sell your place without an agent, it's about being able to buy one without an agent involved on either side. Of course you can sell without one. But if you're buying and all the sellers have agents, you're stuck dealing with them. :)
Another great video. The hate towards developers is entirely justified and super simple. It's because they are profiting directly from a crisis. And shelter is a basic need. Also, historically, they lobbied to remove public entities like the CMHC from the building. And now, in Ontario, one of the most bold-faced acts of corruption in the province's history is based around a government leveraging a crisis to help developers acquire previously reserved land. And ultimately, an exclusively private system will not solve the housing crisis because it's fundamentally against their interests. People know this and resent the developers. Imagine if water was controlled by a profit-driven entity and there was a drought. It's a logical extreme, but the same idea.
Former Toronto realtor for 17years here. I literally live in a van down by the river now. Everyone who thinks real estate agents are rich is an idiot. There's 60,000 of them in Toronto and 90% of them earn below the poverty line.
@@y.cschmidlin8172 agreed. The fact that there's 60,000 of them in Toronto alone should be cause for concern. I did it full-time for 15 years and never made enough money to get ahead, only to get by. All while consistently being in the top 3 to 5% of condo salespeople in the city. I literally live in a dilapidated 40 year old camper van now and I've never been happier with my living situation. I will never go back to Toronto. I will never pay the prices they are asking for anything to put a roof over my head. Insanity.
Honestly I'm waiting to see these crazy prices here in NB that's are 300 to 400k overpriced plummet to their actual price I mean not sure how they justify the prices that arent balanced with wages but what do I know I'm a full time worker making 55k to 60k a year truthfully I came to terms that I'll never own a house at these prices hopefully it balances by the time my kids get older at this point that's the hope
First of the house should be listed at the expected price vs listing low. That way we don’t have issues with closed bidding. The FSBO or 1-2% listing agent you don’t avoid the buyer’s agent 2.5%. That portion is still a large amount
its not too horrible. For example my city in BC, entry level home about 600k. My home bought from 2018 I would not profit off it more than inflation. You are paying double what people paid a decade ago, but, in the long run if you work into a good career, thats only an extra couple years of working for a working couple to make that difference. Not fair maybe, but life never has been.
@@josieclarke460 sure. But why would I stay here when I can just move south of the border and make more money AND pay less for housing? It just doesn't make any sense.
@yathi Or wait to see if GESARA will still be implemented in which case all debts will be paid off, prices would be significantly lower, illegitimate income tax would be paid back to us and we would have natural law instead of the corrupt crown corporation.
I have been in this busines for 20 years and it is so REFRESHING (yeah CAPS), to speak the same language as opposed industry professionals from intitutional banking, REITs and other ponzi agendas. Good work mate!
5% is pretty high especially in the Toronto housing market. For a 1 million dollar house that's 50k, or 25k for each realtor. There is no way that the realtor does 25k worth of work to help buy or sell a house. I'm sorry that is overpaid. That being said, this is not a secret, and so the market became flooded with them, and now they actually have to work to get clients. They are more like sales people now, a bit annoying if you ask me.
If you want the realtor to match your interest in purchasing or selling a house, commission makes sense. However many realtors in Toronto are scamming as of late
Compaired to what? A goverment worker a teacher an office worker. How about an owner who bought a house for 200k znd is now selling for 2 million, what eork did they do use bank money. The government and banks have forced the prices of homes up using methods thst used to br illegal.
Thank you for the great info! I am glad I found your channel. It will help home buyers understand the real reasons for the shortage of homes/condos in GTA and the state of the market.
Those parasites are getting what is coming to them. In my opinion they are not even required in todays marketplace. They provide little value for the exorbitant cost for their services and the effort they put into selling your home. Most house hunting is done online, home owners are capable of showing their own property and contracts and be written by an attorney for a fraction of the cost of a realtor. The only areas where they might be required is selling commercial real estate and new developments/condos. The amount of realtors gets oversaturated in every market boom and in every down cycle the bottom 50% starve.
All good experiences with the realtors I've used to purchase and sell homes since 1985. First mortgage rate was around 14% from a private lender that was set up through my realtor office not my Bank. It was however 2% higher than the 5 yr fixed rate. But we were first time buyers with only a 10 percent down payment so we gladly paid the higher interest rate to get into our first home. Real estate commission has been 6% on both homes I have sold using realtors. Never knew about those lower realtor commission rates you mentioned. Need to keep that in mind for my final move in a few years from now when I downsize and retire up north at my cottage.
My daughter just bought a home and she was really struggling to make the down payment and at the closing she found out that her Realtor had added $1000 to the contracts omg when she saw that the realtor pretended she didn’t know how that happened eventually she had it removed because my daughter was not going to close with that additional thousand dollars on there. I told her to report her but she was so happy to get her house and get it closed. This was her first home that she just said maybe next time mom.❤
The Department of Business & Professional Regulation would like to be made aware of this situation -- make a copy of the agreement with the additional $1,000 on it and a copy of the corrected paperwork. Send it to the DBPR ethics department. IF by chance you still are hesitant, do not be concerned because the realtor will more than likely do it again. Someone else will report her.
I don't understand this. You stated that your daughter struggled to find the money for a down payment. Whatever her mortgage payment might be fixed or variable is not the costs she will have to worry about only. The cost of living will never come down and her property taxes could double as well as utilities in a short period of time.
I worked briefly for a flipper... I was making offers over the phone without seeing the property and closing with seller lawyer from my home office desk.... it was stupid simple and as an older man I was shocked I could make an offer with $1000 deposit on a $800,000 property and close a month later with 6 pieces of paper that took me 6 minutes to fill out...
Those condos in Pickering by City Centre are unusually inflated, lots of people I've talked to pulled out during the cool off phase, and even more will not be able to close, mostly pushed by realtor's collecting 4% fees on this project. Bad business.
What, I love realtors, Jordan, ye are the coolest and bad asses ever. Whenever I see a post or a TV show on realtors I'm on it like a car bonnet. I'm here for folks like you, bro. You guys kill it every time, and I could listen to you talk about your field all feckin' day and night, man. 💯👏
Like any profession, there are good and bad realtors. They are, however, grossly overpaid based on what they do and the education required to do the job. The commission structure needs to be completely revisited and reduced.
Most though don’t make nada, as mentioned in this vid under 20% actually make a living, so that’s what makes it so tough…. The big numbers only matter if you can get them!
Could you explain the right chart shown in the 9:25 mark? Also, in the chart on the left, what is the absolute cost of the government share of the value? Is this charged fixed to each unit, or dependent on unit size/cost/other factors?
Hi @precondo (Jordan) can you make a video about developers and builders profitability? We keep hearing how they are forced to slow/stop projects but are they really dying financially or are they just trying to maximize profits? It's hard to really understand why they are not building at a time of need like this and why licenses aren't tied to a minimum numbers of units built per year.. Especially considering the size of this industry, it's hard for us to believe that these guys are struggling. We just keep hearing stories about corrupt developers who bring nothing but leverage to the table. Can they be replaced by AI as well? lol. People are pissed and it looks like you're in a good position to educate and honestly debunk some of the miss conceptions about the industry. Thank you
As first time home buyer I cracked and bought over a 4K cash back offer from my agent to put towards closing costs…. I should have gone with my gut but the FOMO was real. I remember saying the amount was too much and wouldn’t have enough for closing cost as I would have to put more towards the downpayment. I bought a one bedroom for 660k in Mississauga 😒
The reason I detest realtors isn't that I resent paying high commissions, although that certainly doesnt help me. The main reason I hate realtors is that they mostly seem to be self serving self righteous liars and bullshitters with no integrity. I made an offer on a property a couple years ago that was not accepted by the seller, and the agent I was liaising with took it upon themself to call me to 'educate' me on how the real estate market works. This realtor told me that (1) I needed to pay whatever the seller asked, and (2) square footage which is one of the factors I used in arriving at my offer price was apparently not a consideration in the pricing of real estate. That was really so educational for me.
2:40 if someone tried to do my job after 2 months of studying and only did it part time, 1) they would get fired in less than 24 hours. 2)they would cost my company a huge loss. 3) imagine where your job could be replaced by a standard contract??? 4)1% is too high.
Come on, no one wins when they list their house on their own. The only people calling you will be other agents trying to list your home. Most FSBOs are sold lower than homes listed with a realtor, cause realtors try to steer their buyer clients away from FSBOs.
The hate may not be fee based but 1% of 150k is a lot less than 1% of 500k. Its evident that realtors are incentivized to increase the price of the home they are selling and encourage people to see the home they live in as an investment. A home that will do nothing but cost the buyer money. Combine that with a banking industry which ends up costing you 3 times the original mortgage price by the time you are done paying it off and its obvious there is something very very rotten in the real estate and mortgage industry.
I have a question about reconstruction condo sales. Do the developers first sell to agents ie the agent buys 50-100 units (so the developer can prove the building is sold), who in turn sell to the endusers?
Realtors have always been the common denominator in the cost of real-estate ! Their greed and corruption sparked this massive disaster ! There are very few respectful agents and I was always fortunate to find a good one but you definitely need to do ground work ! Having said that if the realtors are suffering ask the “ DEVIL for SYMPATHY “ ! Most of us won’t shed a “ 💧” !!
I don’t hate on “realtors’ as mentioned here this crappy inflated market only serves the big fish, top dogs, who get listings because there’s so few especially on “entry level” homes. Even during the pandemic I bet most realtors sold little because of low supply, but the big fish love this market, Someone I know put up a cardboard sign in the beaches in 2020 and sold their house in 3 hours iduring the pandemic, lol
Not realtors Steve Sartekzy & Amy Leone. They both are selling units like crazy on a consistent basis and own dozens of units each all rented. Steve is also building 24 rental units in Alberta. It depends who you ask.
I don’t know what everyone is talking about when it comes to real estate prices “crashing”. A one bedroom condo that is 750 square feet is still around $1,000,000 with an $800 / month condo fee and $600 / month in property taxes. The GTA is Bizzaro World when it comes to housing prices. People bitch that they can’t afford food, yet a condo development will start up and will sell every unit for over $1,000,000 each before they even break ground.
Realtors don't stop you from making a bad decision even though they are expected as so called professionals to give you the best advice.. but they only want the commissions. How many of them would have cautioned their clients on not buying right now due to future economic expectations... those ones are rare im sure
Saw this coming 18 months ago......I put my License in Escrow.....I have NO intention on paying FEES every month and NO $$$ coming in! When this even outs in about 2025-2026 I'll get my License out of Escrow. Or When I see the foreclosures coming in gangbusters I'll get back into my niche of "Short Sales". PLENTY of Investors waiting for the bottom to happen. I feel sorry for anyone who actually bought a home in the last 3 years or so as their OVERPRICED home wont be worth what they paid and they will be upside down at the closing table and need to bring cash to the closing. I told all my buyers NOT to buy ANYTHING the past 3 years, to keep renting/staying where they are and GET DEBT FREE AND SAVE! SOME LISTENED, SOME DIDN'T and went with other Agents.....Oh well!
Maybe this has been addressed elsewhere, but is there a way to purchase a home in Canada without going through a realtor? I won't be selling a house only buying one. Appreciate any suggested links or videos that look at this process and the challenges.
I was a realtor for many years. The only thing is most homes are being sold by realtors. What you can do is go directly to the listing agent to submit your offer. Have your pre-approval letter from lender to submit and be sure to list out your contingencies. Also, state you would like the buyers agent commission to be either escrowed till closing or taken off amount you are offering. Usually the list agent is charging 5% to seller and 2% of that is paid out to the buyers agent.
Great analogies and luv the transparency. More R/E tools on the market then ever before and AI will certainly improve the buyer and sellers experience but I believe their will always be a need for realtors. Many people just don't have the knowledge, time, energy or experience to sell their home. I know many realtors that got out of the industry in the early 90's after the late 80's R/E crash and the creation of the Internet, well before your time I bet....lol. I'm sure many wished they stayed in the game given the 20+ years of growth and value appreciation after that.
The job of a realtor is to get the seller the highest price. Thats what you would want as a seller. And a buyers agent is to help them negotiate the sale price and look in the best interest of the buyer. Don't be a hater, if you dont want a realtors help then Sell It Yourself! As has always been the option.
The argument that blind bidding is bad because a bunch of bids will be near the asking price which isnt what the seller really wants is a STUPID argument. This situation would never happen if sellers and agents representing them just list the property for what they really want. Nobody goes into a store and sees a shirt with a price tag of $50, and is then told when they go to the cashier that the store really wants $80 for the shirt! So why the heck do realtors play this time wasting stupid game? If sellers and agents dont want people to offer a price they dont really want, then simply list the property for what you are expecting for it!!!!!
We have owned investment properties and found our realtors to more than earn their values. Also, we have found people who are looking to buy their dream home to be very annoying and have unrealistic expectations.
Great video.I appreciate this alot. The world is changing fast and going digital... There are so many ways you could actually leverage on this while making money using your digital device. I have an expert who's very accurate and always yield a great positive return in investment.
Investment generally is not as easy as it seems and that's why it's adviceable for one to invest with a good trader who gives guidance and also decides when it is favourable to invest
@@sebastiaanthijn7982 I completely agree with you considering the market sentiments and how complicating the market can be. An expert is highly needed for a lucrative investment in the market
@@ericbergman7546I've shuffled through a few experts in the past, but settled with Lucy Rose Carter. The strategy they use is recession-proof, more specifically profit-oriented, and most likely, you'd find her basic info on the net, she's a renowned advisor.
@@cherylhills3227I know this lady. Lucy is a genius in the market. I once watched her on BBC finance when she discussed her take on Real Estate Management and FX
I have turned over more than half mil working with Lucy on a wide array of options and finally sticking to a few that have been favorable in the past 2 years. I began working with her in October 22 after the Fed lended 300b usd for stimulus to stem crisis, I knew I needed help.
How are developers going bankrupt after this insane real estate bull run? How can they not finance their own builds? Did they not make any profit in the last 20 years of this bull run?
Great video. 99% of Agents are scum. And I am an agent. Won't work much anymore Toronto real estate is done especially the precon market. There will be 30-40% default rates starting in 2024. One word. Nobu
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.
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.
@@maryHenokNft 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.
Much credit goes to *Camille Alicia Garcia* for her significant contributions. She maintains an online presence, making it easy to locate her. While other advisors might pose challenges to find, Julia has proven to be an excellent mentor throughout the year.
After conducting an online search of her name, her website quickly surfaced, piquing my curiosity. The initial impression is positive and I intend to arrange a call with her. I'll make sure to provide you with updates on how it goes. Thank you.
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 $800 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.
Personally, I can connect to that. When I began working with Margaret Johnson Arndt, a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
I'd be glad to get the help of one, but just how can one spot a reputable one? How did you spot this Margaret ?
Margaret Johnson Arndt maintains an online presence that can be easily found through a simple search of her name on the internet.
A 350k profit is enough for a new car and some groceries
@@Whatisthisstupidfinghandle Are they really buying new cars with cash? They have to live somewhere after they sell. Unless they downgrade to something much cheaper or rent, that money is not freed up for much.
The majority of agents I encountered in my house search would only sell by generating a bidding war. They refused fair offers related to the asking price. I hold them largely accountable for their greed in forcing prices up. No sympathy for their plight.
You hold them accountable for acting in there clients best intrest and getting them the most amount of money possible?
Let’s tell your boss your only going to half ass your job, let’s see how long you keep it.
Stooge
@@Jp1904ltthese people never owned a property and just mad they can’t afford to get in.
Bidding wars are created by individual investors, and/or numbered company investors, being in the market. If governments had done their job and capital gains taxed short term house flippers out of the market, the number of potential buyers would have been reduced and there would have been less incentive to go for the presentation date sales method.
Not the agents fault. Agents just react to the realities of the market. Listing agents do not represent the buyers, they act on the wishes of their clients.
@@notanothershrubberysays the RE agent.
These agents preyed on families like Nile Crocs on some poor prong horn, no remorse just business.
@donm2067 No, owners, selling in a market inflated by the presence of individual and corporate investors, took what the market would give them. No remorse, just business. Agents are not the moral compass of property owners listing their homes, they just do what the property owners want them to do.
I am buying a used Toyota SUV hybrid at a Toyota dealer tomorrow. Do I blame the sales person, getting commission, that the sales manager would not move on the price since there are no other used SUV hybrids on the lot? No. When demand outstrips supply, that is what happens. When investors are allowed into the real estate market, demand is larger than supply.
Agents do not control supply or demand.
It was proven some years ago that if you go to sell your home yourself, Realtors will boycott your property and steer away their clients from your property. Not surprising people hate Realtors.
I was in the market to buy a home in 2018 and when I asked about some potential 'For Sale by Owner' listings, she was dismissive and said 'Oh no, those are very difficult to arrange a time to visit' or something like that
Yep ther was a Canadian news channel that did a undercover investigation on it I believe it was in Toronto as well. I forgot what the name of the show was but they always did undercover stings
Thanks for speaking honestly about the real estate situation. The industry has driven home prices too high for most families. The solution is for prices to align with family budgets, even if it means a market correction. The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on the govt.
Especially with the current economic crisis around the word. This is still a good time to invest in Gold, silver and digital currencies ETH, XRP..).
What if you don't know how to trade any of these?
“Kick your dog and then complain about the vet bill” lmao. Great analogy. 😂
It the stupidest argument, you equate two different things that arent equal. that's a logical fallacy. The developers fucked everyone but gouging prices and passing down the cost to the consumer. Now they are paying the price of destroying affordability by ONLY building LUXURY CONDOS. now we cant afford housing because they refuse to build more unless they can make a ton of money. fuck em.
Geezus - what a beautiful line! Gonna appropriate that one.
*realtors should not tell you if you should buy or not or give you financial advice, they should only do the transactions & paper work*
Yes. And negotiating.
@@chadpescod-realtor3308that would be,lets see if they will take less than they paid.
That's exactly what they do.
What about mortgage brokers?
they show you a home thats it... they arent bankers or a lawyer for the property transfer... why are they even touching money?
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.
It was run by ‘’Mayra Femia Hetrick’’ , who i learned about and got in touch with thanks to a CNBC interview. Since then, it has served as the point of entry and departure for the games we have emphasized. A search on the internet can be done if tracking is necessary.
I just copied and pasted Maya’s whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.
BROKE OVER ASKING. Those who used to put Sold over asking for each transaction created an overinflated market and now reap what they sow.
What about the “coming soon” BS? Like you were in a movie theatre or something.
Humm, Just wondering why they never post that if it is SOLD UNDER ASKING. Food for thought.
Exactly
Because the seller and buyer agent are colluding against the buyer.
Agents on both sides of the transaction benefit from 🔩🔩the buyer.
screw the shady realtors
Yep, you can sell your house yourself, it's not hard.
The hell with them
Great video! ALL about that transparency. 👍When the going gets tough, the tough get going! Got to be able to roll with the punches of any market. Waking up unemployed is part of this Realtor game!
I've been watching the housing market closely, Prices have been skyrocketing for years. It's going to be tough for first-time buyers to enter the market." how can one diversify $280k reserve .
I agree, It's not just the prices, but also the increasing interest rates that are making it more difficult for people to afford homes. With a good FA you can make up your portfolio.
A lot of folks downplay the role of professionals until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for a licensed FA and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. 850k so far.
I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is the professional that guides you?
'Vivian Carol Gioia' 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 just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
a real, honest and objective perspective, something that's sorely lacking these days. Subscribed!
I have a real estate license, but this is not my main source of income, far from it to be honest, and I totally agree with everything you said. This industry is screaming for disruption!
We had our home priced low to bring in bids and it worked but didn't get the highest offer due to no approved mortgage and wanting home inspection. Our home was 60 years old and new roof, havoc system. It did need some TLC like painting and the basement so we wanted to sell as we were downsizing. As it worked out we sold the home in one week in Aug. 2023. We managed to buy a older condo with 1100 sq. feet with no mortgage and our monthly expenses went from $3,000. to $800. a month. Which is good when going into retirement in our case. It is all how much you are willing to cut and how to survive the best you can. Also want to say a lot of realtors are still looking at sellers to bid high so they get the most return from it. I went through seven realtor interviews before we picked one.
I have family and friends who are actual professional realtors who’ve been in the business for years. And I have friends who got into it because they were told it was a great opportunity to get rich quick. Guess who’s still in the business and who are looking for another job. If anything feels too good to be true, it definitely is.
Had a couple unsatisfactory experiences with realtors in the past. But I think the world of my present realtor- so helpful with every aspect, with utmost integrity.
Realtors can enjoy a rewarding career in general labour.
Don't disparage general labourers'
Learn to weld
@@zoro1674 Or code
So many CLA 250 leases on lease busters. New Agents are leaving the business and nature is healing
amg upbadged and no KMs left
lol no Realtors don’t drive CLAs 😅 ya’ll are mean!!!
I don’t get it can you explain
It's not just about being able to sell your place without an agent, it's about being able to buy one without an agent involved on either side. Of course you can sell without one. But if you're buying and all the sellers have agents, you're stuck dealing with them. :)
Another great video. The hate towards developers is entirely justified and super simple. It's because they are profiting directly from a crisis. And shelter is a basic need. Also, historically, they lobbied to remove public entities like the CMHC from the building. And now, in Ontario, one of the most bold-faced acts of corruption in the province's history is based around a government leveraging a crisis to help developers acquire previously reserved land. And ultimately, an exclusively private system will not solve the housing crisis because it's fundamentally against their interests. People know this and resent the developers.
Imagine if water was controlled by a profit-driven entity and there was a drought. It's a logical extreme, but the same idea.
Just give me inner peace seeing so many realtors closing their shops!
Love your honesty and perspective! It's so refreshing.
Former Toronto realtor for 17years here. I literally live in a van down by the river now. Everyone who thinks real estate agents are rich is an idiot. There's 60,000 of them in Toronto and 90% of them earn below the poverty line.
Time for them to look for a real job. Realtor business will soon be instinct and something of the past
@@y.cschmidlin8172 agreed. The fact that there's 60,000 of them in Toronto alone should be cause for concern. I did it full-time for 15 years and never made enough money to get ahead, only to get by. All while consistently being in the top 3 to 5% of condo salespeople in the city.
I literally live in a dilapidated 40 year old camper van now and I've never been happier with my living situation. I will never go back to Toronto. I will never pay the prices they are asking for anything to put a roof over my head. Insanity.
My uncle was and still is a real estate agent in Van but does other work now but back in the 90s when he started he did really well
Who’s the idiot here? I’m not living in a van down by the river.
Wow I was thinking of taking the course at Humber College to get into the industry
A great realtor who has integrity and morals will help you avoid losing money.
exactly.
Only if it means they make more than an honest days wage
Honestly I'm waiting to see these crazy prices here in NB that's are 300 to 400k overpriced plummet to their actual price I mean not sure how they justify the prices that arent balanced with wages but what do I know I'm a full time worker making 55k to 60k a year truthfully I came to terms that I'll never own a house at these prices hopefully it balances by the time my kids get older at this point that's the hope
i bought my place 33 years ago for 4500 bucks 1.5 acres on a river in the mountains
What’s going to happen with all these condo projects that have started? Will construction stop? Will condos just sit?
Great net content. Lots of wake up call scenarios. Appreciate all the work you do for these videos.
First of the house should be listed at the expected price vs listing low. That way we don’t have issues with closed bidding. The FSBO or 1-2% listing agent you don’t avoid the buyer’s agent 2.5%. That portion is still a large amount
There is basically only one good solution for non home owners. Sadly, that is leaving Canada.
its not too horrible. For example my city in BC, entry level home about 600k. My home bought from 2018 I would not profit off it more than inflation. You are paying double what people paid a decade ago, but, in the long run if you work into a good career, thats only an extra couple years of working for a working couple to make that difference. Not fair maybe, but life never has been.
@@josieclarke460 sure. But why would I stay here when I can just move south of the border and make more money AND pay less for housing? It just doesn't make any sense.
@yathi
Or wait to see if GESARA will still be implemented in which case all debts will be paid off, prices would be significantly lower, illegitimate income tax would be paid back to us and we would have natural law instead of the corrupt crown corporation.
Tax paid back 😂😂😅😅 very funny joke good one sir.
they don't just let anyone emigrate@@yathi
I have been in this busines for 20 years and it is so REFRESHING (yeah CAPS), to speak the same language as opposed industry professionals from intitutional banking, REITs and other ponzi agendas. Good work mate!
Realtors and MANY other jobs will be lost to AI in the very near future.
Technical manual labor will be the last to go
Purple Bricks
Thank you...❤... Your honesty and explainations, say you have a moral compass. Truth is a double edged sword, and realtors don't like it!!!
5% is pretty high especially in the Toronto housing market. For a 1 million dollar house that's 50k, or 25k for each realtor. There is no way that the realtor does 25k worth of work to help buy or sell a house. I'm sorry that is overpaid. That being said, this is not a secret, and so the market became flooded with them, and now they actually have to work to get clients. They are more like sales people now, a bit annoying if you ask me.
If you want the realtor to match your interest in purchasing or selling a house, commission makes sense. However many realtors in Toronto are scamming as of late
Compaired to what? A goverment worker a teacher an office worker. How about an owner who bought a house for 200k znd is now selling for 2 million, what eork did they do use bank money. The government and banks have forced the prices of homes up using methods thst used to br illegal.
There are lots of great realtors out there. It helps to know how to interview them and not get railroaded.
That is niave.....most are duplisius..with THEIR best interest at ❤
Up until 6 months ago, a monkey could have sold a house in GTA
How about this one " I have a buyer for your home" lol "If we dont sell it for a price we both agree on Ill buy it" FO and ES
Thank you for the great info! I am glad I found your channel. It will help home buyers understand the real reasons for the shortage of homes/condos in GTA and the state of the market.
You are extremely well spoken. Impressive
Those parasites are getting what is coming to them. In my opinion they are not even required in todays marketplace. They provide little value for the exorbitant cost for their services and the effort they put into selling your home. Most house hunting is done online, home owners are capable of showing their own property and contracts and be written by an attorney for a fraction of the cost of a realtor. The only areas where they might be required is selling commercial real estate and new developments/condos. The amount of realtors gets oversaturated in every market boom and in every down cycle the bottom 50% starve.
Exactly, the internet makes them worthless
All good experiences with the realtors I've used to purchase and sell homes since 1985. First mortgage rate was around 14% from a private lender that was set up through my realtor office not my Bank. It was however 2% higher than the 5 yr fixed rate. But we were first time buyers with only a 10 percent down payment so we gladly paid the higher interest rate to get into our first home.
Real estate commission has been 6% on both homes I have sold using realtors. Never knew about those lower realtor commission rates you mentioned. Need to keep that in mind for my final move in a few years from now when I downsize and retire up north at my cottage.
My daughter just bought a home and she was really struggling to make the down payment and at the closing she found out that her Realtor had added $1000 to the contracts omg when she saw that the realtor pretended she didn’t know how that happened eventually she had it removed because my daughter was not going to close with that additional thousand dollars on there. I told her to report her but she was so happy to get her house and get it closed. This was her first home that she just said maybe next time mom.❤
The Department of Business & Professional Regulation would like to be made aware of this situation -- make a copy of the agreement with the additional $1,000 on it and a copy of the corrected paperwork. Send it to the DBPR ethics department. IF by chance you still are hesitant, do not be concerned because the realtor will more than likely do it again. Someone else will report her.
I don't understand this. You stated that your daughter struggled to find the money for a down payment. Whatever her mortgage payment might be fixed or variable is not the costs she will have to worry about only. The cost of living will never come down and her property taxes could double as well as utilities in a short period of time.
We dont need realtors just get a lawyer to draw up a contract for $1500 bucks
Would love to see the adverts bragging about "bought below asking"
I worked briefly for a flipper... I was making offers over the phone without seeing the property and closing with seller lawyer from my home office desk.... it was stupid simple and as an older man I was shocked I could make an offer with $1000 deposit on a $800,000 property and close a month later with 6 pieces of paper that took me 6 minutes to fill out...
Those condos in Pickering by City Centre are unusually inflated, lots of people I've talked to pulled out during the cool off phase, and even more will not be able to close, mostly pushed by realtor's collecting 4% fees on this project. Bad business.
Transparency has been here for some time. Dec 1st, let’s open up the information.
Subscribed. Third honest realtor after John Flynn and another random dude i saw the other day.
What, I love realtors, Jordan, ye are the coolest and bad asses ever. Whenever I see a post or a TV show on realtors I'm on it like a car bonnet. I'm here for folks like you, bro. You guys kill it every time, and I could listen to you talk about your field all feckin' day and night, man. 💯👏
Like any profession, there are good and bad realtors. They are, however, grossly overpaid based on what they do and the education required to do the job. The commission structure needs to be completely revisited and reduced.
Most though don’t make nada, as mentioned in this vid under 20% actually make a living, so that’s what makes it so tough…. The big numbers only matter if you can get them!
On average, a realtor makes $30k/year. Is that grossly overpaid?
Poor guys my heart is bleeding for these money hungry sharks -
Could you explain the right chart shown in the 9:25 mark? Also, in the chart on the left, what is the absolute cost of the government share of the value? Is this charged fixed to each unit, or dependent on unit size/cost/other factors?
Hi @precondo (Jordan) can you make a video about developers and builders profitability? We keep hearing how they are forced to slow/stop projects but are they really dying financially or are they just trying to maximize profits? It's hard to really understand why they are not building at a time of need like this and why licenses aren't tied to a minimum numbers of units built per year.. Especially considering the size of this industry, it's hard for us to believe that these guys are struggling. We just keep hearing stories about corrupt developers who bring nothing but leverage to the table. Can they be replaced by AI as well? lol. People are pissed and it looks like you're in a good position to educate and honestly debunk some of the miss conceptions about the industry. Thank you
Thank you. I really appreciate these insightful and articulate explanations.
As first time home buyer I cracked and bought over a 4K cash back offer from my agent to put towards closing costs…. I should have gone with my gut but the FOMO was real. I remember saying the amount was too much and wouldn’t have enough for closing cost as I would have to put more towards the downpayment. I bought a one bedroom for 660k in Mississauga 😒
Well that does kinda suck , but as long as you can hold 5-10 years you'll be alright 👍
Wait…I cannot get over the slide that says government makes 31% of the profit from new developments? Did I hear that correctly?
The reason I detest realtors isn't that I resent paying high commissions, although that certainly doesnt help me. The main reason I hate realtors is that they mostly seem to be self serving self righteous liars and bullshitters with no integrity. I made an offer on a property a couple years ago that was not accepted by the seller, and the agent I was liaising with took it upon themself to call me to 'educate' me on how the real estate market works. This realtor told me that (1) I needed to pay whatever the seller asked, and (2) square footage which is one of the factors I used in arriving at my offer price was apparently not a consideration in the pricing of real estate. That was really so educational for me.
You continue to do an amazing job since I’ve followed you in 2019. Keep up the good honest work !
thanks for watching for that long! my videos back then were rough
Your video content is the most informative yet funny on youtube
2:40 if someone tried to do my job after 2 months of studying and only did it part time, 1) they would get fired in less than 24 hours. 2)they would cost my company a huge loss. 3) imagine where your job could be replaced by a standard contract??? 4)1% is too high.
Come on, no one wins when they list their house on their own. The only people calling you will be other agents trying to list your home. Most FSBOs are sold lower than homes listed with a realtor, cause realtors try to steer their buyer clients away from FSBOs.
Exactly. People don't look at the big picture. They'll forego 10% to save 5%.
👏👏👏👏 they take to much to begin with!
The hate may not be fee based but 1% of 150k is a lot less than 1% of 500k. Its evident that realtors are incentivized to increase the price of the home they are selling and encourage people to see the home they live in as an investment. A home that will do nothing but cost the buyer money. Combine that with a banking industry which ends up costing you 3 times the original mortgage price by the time you are done paying it off and its obvious there is something very very rotten in the real estate and mortgage industry.
Couldn't happen to a better "profession"
What is affordable housing and how do we get more of it?
I have a question about reconstruction condo sales. Do the developers first sell to agents ie the agent buys 50-100 units (so the developer can prove the building is sold), who in turn sell to the endusers?
Realtors have always been the common denominator in the cost of real-estate ! Their greed and corruption sparked this massive disaster ! There are very few respectful agents and I was always fortunate to find a good one but you definitely need to do ground work ! Having said that if the realtors are suffering ask the “ DEVIL for SYMPATHY “ ! Most of us won’t shed a “ 💧” !!
Hoping for market crash is like hoping for a flood to water your garden. Be carful what you wish for
Doesn't surprise me this is happening. Prices got out of control.
I don’t hate on “realtors’ as mentioned here this crappy inflated market only serves the big fish, top dogs, who get listings because there’s so few especially on “entry level” homes. Even during the pandemic I bet most realtors sold little because of low supply, but the big fish love this market, Someone I know put up a cardboard sign in the beaches in 2020 and sold their house in 3 hours iduring the pandemic, lol
Not realtors Steve Sartekzy & Amy Leone. They both are selling units like crazy on a consistent basis and own dozens of units each all rented. Steve is also building 24 rental units in Alberta. It depends who you ask.
I have never met a realtor that I liked
What can we do to speed up the purge?
How is the province of Alberta able to produce much cheaper housing, like condos in the 200k range?
I don’t know what everyone is talking about when it comes to real estate prices “crashing”. A one bedroom condo that is 750 square feet is still around $1,000,000 with an $800 / month condo fee and $600 / month in property taxes. The GTA is Bizzaro World when it comes to housing prices. People bitch that they can’t afford food, yet a condo development will start up and will sell every unit for over $1,000,000 each before they even break ground.
Did you watch the video? That is the way is used to be, but not in the current economic climate
@@robbyd3892 oh, it’s still like that.
lot of talk about housing shortage but none about all the investors that will capitulate at the bottom of the market.
Thank you for touching on this topic! Very factual
Bro ur an honest dude
What about all the pre construction units sold previously? That is future money locked in.
Realtors don't stop you from making a bad decision even though they are expected as so called professionals to give you the best advice.. but they only want the commissions. How many of them would have cautioned their clients on not buying right now due to future economic expectations... those ones are rare im sure
Saw this coming 18 months ago......I put my License in Escrow.....I have NO intention on paying FEES every month and NO $$$ coming in! When this even outs in about 2025-2026 I'll get my License out of Escrow. Or When I see the foreclosures coming in gangbusters I'll get back into my niche of "Short Sales". PLENTY of Investors waiting for the bottom to happen. I feel sorry for anyone who actually bought a home in the last 3 years or so as their OVERPRICED home wont be worth what they paid and they will be upside down at the closing table and need to bring cash to the closing. I told all my buyers NOT to buy ANYTHING the past 3 years, to keep renting/staying where they are and GET DEBT FREE AND SAVE! SOME LISTENED, SOME DIDN'T and went with other Agents.....Oh well!
Maybe this has been addressed elsewhere, but is there a way to purchase a home in Canada without going through a realtor? I won't be selling a house only buying one. Appreciate any suggested links or videos that look at this process and the challenges.
I was a realtor for many years. The only thing is most homes are being sold by realtors. What you can do is go directly to the listing agent to submit your offer. Have your pre-approval letter from lender to submit and be sure to list out your contingencies. Also, state you would like the buyers agent commission to be either escrowed till closing or taken off amount you are offering. Usually the list agent is charging 5% to seller and 2% of that is paid out to the buyers agent.
Can I ask, where did you get your hat?
Great analogies and luv the transparency. More R/E tools on the market then ever before and AI will certainly improve the buyer and sellers experience but I believe their will always be a need for realtors. Many people just don't have the knowledge, time, energy or experience to sell their home. I know many realtors that got out of the industry in the early 90's after the late 80's R/E crash and the creation of the Internet, well before your time I bet....lol. I'm sure many wished they stayed in the game given the 20+ years of growth and value appreciation after that.
Most realtors are scam artists don’t trust what they say check it out do not blindly trust 👌🏽
The job of a realtor is to get the seller the highest price. Thats what you would want as a seller. And a buyers agent is to help them negotiate the sale price and look in the best interest of the buyer. Don't be a hater, if you dont want a realtors help then Sell It Yourself! As has always been the option.
Commissions should not be paid at all on the most expensive things possible.
The argument that blind bidding is bad because a bunch of bids will be near the asking price which isnt what the seller really wants is a STUPID argument. This situation would never happen if sellers and agents representing them just list the property for what they really want. Nobody goes into a store and sees a shirt with a price tag of $50, and is then told when they go to the cashier that the store really wants $80 for the shirt! So why the heck do realtors play this time wasting stupid game? If sellers and agents dont want people to offer a price they dont really want, then simply list the property for what you are expecting for it!!!!!
😮Best is to build into the sky free foot print and provide ss appliances to the termite mound inhabitants
House of cards market. Rates went up to a modest 6% and all hell broke loose. Disgusting.
We have owned investment properties and found our realtors to more than earn their values. Also, we have found people who are looking to buy their dream home to be very annoying and have unrealistic expectations.
Realtors are screwed , 7% rates is not good on an expensive house
Lol "Mercedes CLA in pearl white" 😂
Very informative thanks for sharing!
Cheers 🇨🇦
Appreciate the candidness :)
Nature is healing.
Great video.I appreciate this alot. The world is changing fast and going digital... There are so many ways you could actually leverage on this while making money using your digital device. I have an expert who's very accurate and always yield a great positive return in investment.
Investment generally is not as easy as it seems and that's why it's adviceable for one to invest with a good trader who gives guidance and also decides when it is favourable to invest
@@sebastiaanthijn7982 I completely agree with you considering the market sentiments and how complicating the market can be. An expert is highly needed for a lucrative investment in the market
@@ericbergman7546I've shuffled through a few experts in the past, but settled with Lucy Rose Carter. The strategy they use is recession-proof, more specifically profit-oriented, and most likely, you'd find her basic info on the net, she's a renowned advisor.
@@cherylhills3227I know this lady. Lucy is a genius in the market. I once watched her on BBC finance when she discussed her take on Real Estate Management and FX
I have turned over more than half mil working with Lucy on a wide array of options and finally sticking to a few that have been favorable in the past 2 years. I began working with her in October 22 after the Fed lended 300b usd for stimulus to stem crisis, I knew I needed help.
How are developers going bankrupt after this insane real estate bull run? How can they not finance their own builds? Did they not make any profit in the last 20 years of this bull run?
Exactly!!!
Don’t feel sorry many of realtors scammed many buyers
Great video. 99% of Agents are scum. And I am an agent. Won't work much anymore Toronto real estate is done especially the precon market. There will be 30-40% default rates starting in 2024. One word. Nobu
Shame Justin T
He is sending billion to foreign aid but homeless is increasing in Canada 🇨🇦
He need to resign along with Mr Jagmeet Singh
Reply
Some really good points in this video