Budgets, Money, Interest Rates - Who Will Pay? Who Will Win? Who Will Lose in Canadian Real Estate?
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- Опубликовано: 7 сен 2024
- Yes... we need housing programs to solve Canadian 'real estate problems.' But at what cost? How much more will these programs burden the deficit? Will they be effective if (not when) they unfold? And who will pay for it?
On this episode of Real Estate Chat, logical number cruncher Robert Ede (www.unclebobexp...) and perpetual over-thinker Johnder Perez (www.johnder.com) bite a few more pieces of the recent budget. Looking at a report by RBC, we try to figure out how Canada can possibly afford to implement these real estate programs and who's going to be paying the bill.
The government is introducing an increase to capital gains, increasing the amount taxed from capital gains over $250k from 50% to 67%... but doesn't that stifle the incentive to invest in real estate to begin with?
$4 billion (with a B) will be spent over five years to increase housing supply -- with $1.5 billion of that earmarked for a new Housing Infrastructure Fund and $1 billion to expedite the construction of new purpose-built apartments. Supply issues anyone?
And, of course, what we already talked about -- increasing amortizations to 30 years (goodbye affordability... and hello higher prices and more competition for homes) and raising the amount of money you can pull from your safe retirement so you can spec... I mean... invest in real estate (to the tune of $60k versus $35k... but good luck saving that with inflation and all).
Robert defines what virtue spending is as we tackle the bigger issues -- not about the specifics of this budget, but the political climate around it, and how it will impact your real estate decisions.
And what episode of Real Estate Chat is complete without yet another discussion about where interest rates are going (or not going)?
Watch this episode and let us know what you think.
Read:
Federal Budget 2024: Lack of spending restraint offset by revenue surprise and tax hikes
thoughtleaders...
David Rosenberg: Time for Macklem to turn before it's too late -
financialpost....
Robert speaks the truth!!!! Boom!
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Looks like interest rates ain’t coming down anytime soon
😮😅😬 well that whole discussion changed really quickly from a few episodes ago.
👍
The property gains tax changes is kicking in June 2024.
Good houses will sell and bad ones won’t, just like it should be.
That’s the truth. Flip side to that is the volume of sales happening.
I love it. Rosenberg has been ignored for literally ages. He gets no respect.
Hallelujah when Rosenberg cries rate cuts every realtors ear spikes to the sky and the cheers for Rosenberg begin. Man oh man.
😂😂😂
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The "pooh hitting the propeller" the minute all the baby boomers get to cash out and retire....how convenient. 🤫🤔