I woke up to the tragic drawbacks of our debt-based financial system during the last financial crash. Through discipline, determination and Abby Joseph Cohen my financial advisor, I was able to retire recently in my early '50s with a bit of land in the Williamson act on the California coast and an investment portfolio that can sustain my daily living. I try to spread the word and encourage many people I meet it is possible to achieve the goal of independence. Living below your means can be enormously rewarding! Practice humility and above all, Invest in the financial markets with expert guidance.
I know this lady you just mentioned. Abby Joseph Cohen Services is a portfolio manager and investment advisor. She gained recognition as a former employee at Goldman Sachs; a renowned investor she is. Abby Joseph Cohen has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
Well her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Been debt free for two years thanks to Abby Joseph Cohen Services. So sad to see my friends in their 40s with car loans, mortgages and credit card debt.
Govts, Banks, Lawyers, Money Launderers, Speculators, Builders, Developers, mortgage agents, Greedy Realtors, -there is a long list of people who were part of the food chain, with ordinary citizens at the bottom.
@jomo4435 when it comes to real estate the citizen boycott has limited strength. Need some place to live so not everyone has the choice to boycott. Corporations and investors just sell to each other to maintain the bubble if citizens stop buying. Citizen boycott does not change much in commercial real estate markets. Citizens are incentivised to participate in the bubble, personal wealth valued largely in their home, or in investment funds reliant on mortgage investment secured by the real estate bubble. This needs slower solutions like low income housing development and regulatory solutions, driven by representatives who actually care about citizen prosperity (if we can find any).
My Dad paid 10% of his income into the CPP program for 60 years and the government invested that money for those decades, making millions. They now give my Dad $1700 per month, which is not even enough for him to rent an apartment. When I read the title, I thought you would be talking about the CPP ponzi scheme.
@@JohnLee- Yes, I realize that now. I am saying your title made me think you were going to talk about the CPP Ponzi scheme, where the government steals workers monies for decades and then under pays them in retirement.
From CRA's website: "For 2024, the maximum monthly amount you could receive if you start your pension at age 65 is $1,364.60. The average monthly amount paid for a new retirement pension (at age 65) in April 2024 was $816.52."
the ticking time bomb in my humble opinion is municipal property taxes. As cities get squeezed and run deficits, property taxes will have to go up considerably. We've already witnessed what's eventually going to come from the likes of Toronto and the rate increases and subsequent public backlash to double digit increases. Of course the elected politicians will try and back pedal but property tax hikes have been suppressed for many years and that cork will eventually be popped. IMO
Exactly! Low sale and purchase volume in RE this year that in turn reduces the land transfer fee earned will likely be reflected in the budgets of municipalities and provinces the next couple of years. Be ready for higher property taxes.
When building a new 1200 sqaure foot house on half a lot goes for 600,000 in a small town like the one I live in house prices will not go that much under the price for new. Because people stopped building houses, the prices went up. Saw mills keep closing down so materials are going higher which increases the cost of living. Plus, no one is taught to go into trades to build houses. House prices will keep going up until they can be full automated with cheap materials like 3d printed houses.
@@James-tk9oy The builders are just lying and fleecing the gullible public. It costs about $250,000 to build the average 1,200 square foot home in small cities like London, Ontario. By income a new house in Canada should cost less than $400,000. Incomes in America are higher than incomes in Canada and the average new detached house in America is about $420,000 and on a much larger lot of land.
@@apprenticephil649 so you think the government will lower the price of land and give everyone a tax break?🤦♂️ Land is usually a lot lower than the house and I don't think land has ever gone down.
wow I think you uncovered the real reason why we aren't seeing home prices going down. Thank you for this amazing discovery. Because if the municipal, provincial, and federal governments wanted that, it could easily be done.
similarly as transfer tax, the property taxes are going up making home ownership more and more distant for many. Great video - thank you for presenting the data.
As an Ontarian it sucks here. Life is too expensive, people are miserable and its overpopulated. As someone who values peace and quiet its becoming rare to find here. I think its time to look for greener pastures.
Yah I'm in the Maritimes and people have been trickling down here and we've had 70% increase in housing cost since 2020. It's bad but I understand why they're coming here. Just sucks for the locals. 😢
As the election draws near, I’m considering how potential policy changes could influence market growth. Election outcomes often impact sector performance, create market instability, and call for adjustments to your investment strategy due to shifts in legislation
Correct. Unemployment might rise and the economy could get tougher, but there are still good investment opportunities right now. My 120k portfolio grew by 70% over the last four months by investing in volatile sectors
Big challenge in certain groups foreign or new Canadian ownership buying up large tracks of property along main lines across Canada ie GTA Yonge St north, but it’s a free market. The taxes are a killer, and a pure cash grab.
Thanks for the analysis, I do find it very interesting. It would be much nicer though if there were horizontal guide lines on your charts so it's easier to line up locations to the data you show? Even better would be alternating highlighting colours for the rows.
it use to be 25.00. its just piece of paper. then the greedy governments saw how many transfers are done in a year, they went from 25.00 to a percentage, and of course a big percentage for a piece of paper.
@@gottasay1157 At least part of that money goes in infrastructure, help for those who need it rather than paying for luxury RE Agent vehicles and their multiple properties
Here in King County, Washington (Seattle), Real Estate Exise Tax on $800k home would be $13,340. For all properties, comercial and residential, sale amounts over $3 million are taxed at 3.5%. A downtown highrise that sellls is a huge tax haul for the government. It is absurd. I personally don't mind a very small percentage to keep sale prices disclosed and available for comps. But taxes are way to high right now.
The Chinese caused that when they went from putting all their money into Vancouver properties to all their money into Seattle properties. Remember the 20 new housing tax laws April 20th 2017 from Ford? That's why all the money shifted from Vancouver to Seattle and the Chinese drove up all the soft and hard costs there.
Thank you for the informative video. Why is Montreal/Quebec able to withstand the downward pressures better than Ontario? Is it mostly a result of the differences in supply?
I think it's misleading to compare cities on taxes only because the basket of services changes from one to another. Just if we compare Montreal vs Calgary. Calgary has lower property taxes than Montreal, however, in Calgary, you have to shovel your own sidewalk and you have to pay a company for water/sewer usage and garbage collection. In Montreal, all that is included in your property taxes. You also have to pay a franchise fee for electricity and natural gas in Calgary, not in Montreal. So yes Calgary has lower taxes, but almost everything is privatized and you have to pay bills to different providers, versus Montreal where many services are provided by the city through taxes.
I'd say the typical semi detached in Downtown Toronto costs 1.8 mil if not more. So think about it, the land transfer tax on 1.8 mil is 65k bucks and on a 2 mil dollar semi it's 73k. And if the agents take their 5% that's another 90k....that's a lot of money!!! Basically nobody can afford to move. So if somebody wants to sell they lose 145k-173k (if they are buying another home in the city) and that's not even factoring in legal costs and moving costs. To put things into even more perspective, semis cost 350-400k in 2003..... These transactional fees are a major contributor to inflation in the real estate industry. Add in huge development fees to this and Houston we've had a very BIG problem for decades.
People can always use a flat fee realtor and save tens of thousands of dollars. They only charge a few thousand to handle paperwork, showings would maybe cost a little extra.
@@RedFlamingoTV They could but everybody knows that all of the agents will black ball the listing. Quite frankly the city of Toronto is completely out of control. To build a single home the development fee is 145k minimum. And the condo development fees are stupid as well. 55-60k per unit? Add in GST. Endless legal fees because the local NIMBYS are all over the developers dragging the process for years. And with the condos nobody ever gets a chance to buy directly from the developer. The greedy agents get in there first and flip the units.
Land and home prices are set to drop MORE and FASTER than we even think. On Monday, the $1 trillion loss in the equity markets around the world is the best indicator that real estate in Canada is in trouble. Oil prices are set to rise and so the inflation if the geopolitical tensions rise in West Asia (Mideast). This could be just the start of a long and painful "Price Correction" (meltdown) in Canada.
How are they set to drop? We got record imagination. We got no one building houses. We got 70% inflation over 5 years $100 five years ago is worth $171 right now. The only thing that kept house prices down during this crazy inflation was the high rates.
Things are moving back up. It's cyclcle. August is almost always a bad month as well as September and markets start going again. Things will go to shit but not for a while longer.
I only had a very long list of needs when my children were small cause I felt that what we needed was to be close to family close to work close to food close to school and cheap and not gross and small
Great insight and content. Can you vary the spacing on some of your charts? it is rather hard to follow some of your data heavy charts, specifically the charts at 13:00, 16:00 and 17:30.
Notice how Jon responded to all the comments but yours..... The silence is deafening. Sales were up but Jon needs to ignore that because he keeps telling everyone the market is crashing soon.
Im ok with no reply because so many news outlets spew out lies, not to offend you but i also believe there will be alot more losses in house prices, turdeau and freeland are killing canada. The fraser institute came out with a paper showing the average canadian pay 43 percent of our income to tax on, income tax, sales tax, carbon tax etc. So when land transfer tax is that high and govt steals more from us you understand why turdeau and ford do not want to fix the problem. turdeau said it himself, the budget will balance itself, moron. But wait, was he a moron, his plan, spend spend spend and then take more taxes from us.
@@randysalerno6274 I think we found the butt hurt life long renter haha. My rental properties have excellent cash flow because of Jon's viewers always waiting for the crash
I am all for the removal of all land transfer taxes and property taxes. Move to community fees, if anything, for full-time, part-time, and vacationers, and they are not linked to the property. As long as you pay taxes on it, you never own it. Time for a change here on all of this?
As a Government bureaucrat I approve all these taxes. How else would I be able to "work" from home earning 6 figures watching reruns of friends all day??? WORK HARDER PEASANTS!!!!
I’m 52 hoping to end the rat race by 60 with above $1M. I know money is a liability to be exchanged for assets with real value like real estate (properties for rent) stocks (dividends) bonds (interest) But, what is it with bitcoin? I hear a lot about it and I'd love to diversify my portfolio.
look at the charts, bitcoin has outperformed every stock and banking product ever developed even after multiple pullbacks over the last decade. not a financial advisor but I know what i'm saying
The key to financial stability is having the right investment suggestions for a diverse portfolio. Many investment failures and losses happen when you invest without proper guidance.
I went from no money to lnvest with to busting my A** off on Uber eats for four months to raise about $20k to start trading with Evelyn Infurna. I am at $128k right now and LOVING that you have to bring this up here
Evelyn Infurna Services has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
@@markz1013 yes and I’m asking what is going to prevent them from succeeding? We have tons of land and tons of oil which will prevent them from failing no matter how stupid they are. This bubble has decades left to grow. Believe me, I would much prefer lower home prices and lower taxes, but most likely were with higher home prices and higher taxes, and the government will buy off poor people with social benefits and the cycle will continue.
I've been seeing youtube filled with "it's going to crack" for more than a year but hasnt cracked open yet... and i dont think it will. if you see new comer groups in facebook, there are still posts everyday about new immigrants who say they are first time buyers and they have found the property he and/or the wife like and they have closed the sale purchase or that they are about to make an offer (and they know the prices). Some are so new to the market, they are still asking if it's safe to buy now and sell the place in 5 years with price appreciation. They don't even know that prices have been dropping since 2021.... I think "days on market" should no longer be the definition of buyers market, but drop in price should be. It doesnt matter if a house is on the market for 700 weeks and it sells just 10% below 2021 market price (same type, same hood, etc). buyer's market would be when a house would sell 50% below 2021 market price.
You mention month over month price decreases without any context to any kind of average. How does this month differ from the usual summer lul of the real estate market?
I've been looking at the houses in my area. I bought 3 years ago when rates were really low. A house equal to mine is $100,000 more expensive and that would be a 4.2% rate instead of the 1.9% rate I got.
Greedy municipalities are on notice for next year when Poilievre becomes PM and finally starts holding their feet to the fire. Reduce fees/taxes/wait times to incentivize more building, or lose your federal funding. Seems fair to me.
I'm pretty left wing.. so typically I'm okay with high taxes.. but where is our free university, medication coverage, good infrastructure and housing (socialist countries don't have homeless) etc? We are being taxed like It's socialism and treated like it's capitalism? Pick one. You can't have both. As much as I want the boomers to pay up the land transfer tax is morally wrong. It taps people in one place. They have more mobility in Cuba at this point (they can trade houses and move wherever they want)
Especially if you follow this guy who Says wait to buy a house they will go down. Everyone who owns a house just wishes they bought one 5 years sooner.
When discussing real estate, maintain a relaxed and well-informed demeanor. Almost all information you encounter serves the purpose of attracting you as a client. By critically analyzing and understanding this information, you can determine what is best for you. A recent trend in Canadian real estate advertising involves complaining about politics and general life issues. This strategy attracts discontented individuals who believe they are in good hands. Are these videos effective? Absolutely. However, it is crucial to discern the best path for yourself. In this industry, no one is universally the best. Success comes from trusting your Realtor. #RealEstate #Realtor #CristianEnache
Well, I picked the challenge to put my finances in order. Then I invested in cryptocurrency, stocks, through the assistance of my discretionary fund manager
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional.
Exhibit number 417 as to how little Jon actually knows about the his own market and others. Why are so many listings selling vacant? Well if Jon actually sold anything he would know. No one wants to buy a tenanted property in Toronto. The only way you are going to get your listing sold is if it is vacant. Your land transfer tax chart is full of errors. You are out to lunch on a few and even have a city that has zero land transfer tax yet you have it listed as thousands of dollars. Stick to complaining about how you can't sell a house on X Jon.
@@jonflynn all time lows...????? I get you have a very limited memory. 20 years lows maybe, but not all time. Sales went up and you conveniently ignored that because it doesn't fit your market is crashing narrative. I get your business is in the tank, so you need the views.
Sensationalist title where the premise is obviously to elicit a reaction against government taxes, and it's clearly working judging on most of the comments here. Be honest, what does a real estate agent expect in commission on an $800k home? 3%? So your average real estate agent is making as much as the city of Toronto on the sale of a house. Who else is benefiting from this 80-year-long housing economic policy making? Banks, developers, investors, pensions, insurance companies, home owners, real estate agents (i.e., you). Who doesn't benefit? The homeless and the renters. Really this is just about how much of the pie all these entities get except for the renters and homeless. Bring back the objectivity in your presentations as you so often purport to do, until them I'm unsubbing.
Hi Jon, the below video is saying that the worst phase in the real estate might be over. ruclips.net/video/_plwO8CtwaY/видео.html, I am in a bind. I would like to wait another 3 months and buy in December,24 or Jan,25. By this time, interest rates would have come down further and hopefully prices would not have moved much. If you can advise?
Jon, taxes = services. If you don’t want to pay taxes become a billionaire and move to the USA. Also, stop hammering the government. We the people ARE the government. It belongs to us and is there to represent us. This isn’t Russia. Come on!
I just happen to have an Irish last name but both sides of my family date back to Canada in the 1850's. Northern Ireland has more world champions per capita than any other place on Earth in the civilized world. Me being of Irish decent and a former 6 time world pinball champion I fit that bill.
How many years are you gonna talk like this. It took 100 years for Rome to fall. So, we got lots of time. You’re wrong about the real estate. It won’t be affordable for the average worker without outside assistance anytime in the near future. Please stop!
Unrelated to real estate, but related to the fall Rome: things are happening MUCH quicker now. Partially owing this to technology. If you live in Toronto, can you observe a tangible difference in the last say 4-5 years only? Let alone in the last 10-15 years! It's almost a different civilization. And let aline in the last 20-30 years. Ohhhh, a different planet I'd say!
@jonflynn you are convincing people to sell their homes to protect their money. It is terrible advice. If anyone listens to you they will be put in the rent market that increases every year.
![FNAF vs TF2 - Episode 2 [SFM]](http://i.ytimg.com/vi/z5b3V2-VLb0/mqdefault.jpg)
I woke up to the tragic drawbacks of our debt-based financial system during the last financial crash. Through discipline, determination and Abby Joseph Cohen my financial advisor, I was able to retire recently in my early '50s with a bit of land in the Williamson act on the California coast and an investment portfolio that can sustain my daily living. I try to spread the word and encourage many people I meet it is possible to achieve the goal of independence. Living below your means can be enormously rewarding!
Practice humility and above all, Invest in the financial markets with expert guidance.
I know this lady you just mentioned. Abby Joseph Cohen Services is a portfolio manager and investment advisor. She gained recognition as a former employee at Goldman Sachs; a renowned investor she is. Abby Joseph Cohen has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
How can i reach her, if you don't mind me asking?
Well her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Been debt free for two years thanks to Abby Joseph Cohen Services. So sad to see my friends in their 40s with car loans, mortgages and credit card debt.
Thank you for putting this out looked--up ABBY JOSEPH COHEN SERVICES, her consuIting page came up at once, she seems highly grounded
The taxes in this country are just ridiculous; people will be leaving.
They are already leaving
@@leensteed7861 in large numbers too
Wrong: people ARE leaving
Yes who can afford Canada? The taxes are just growing liberals spend on stuff to get more votes, the country is broken.
And where are they going if that is not a secret?
Thanks for shining a light on the unacceptable level of taxation in this country. From Vancouver
No problem, thanks for the comment
Govts, Banks, Lawyers, Money Launderers, Speculators, Builders, Developers, mortgage agents, Greedy Realtors, -there is a long list of people who were part of the food chain, with ordinary citizens at the bottom.
@@faisal-ca Absolutely, but only taxes are at least partially going towards society needs, all other categories just bathe in luxury themselves
Very true
Well said .societies and their simple solutions... Loll ... Just blame the government
@@127gentrytry boycotting its society's power
@jomo4435 when it comes to real estate the citizen boycott has limited strength.
Need some place to live so not everyone has the choice to boycott.
Corporations and investors just sell to each other to maintain the bubble if citizens stop buying.
Citizen boycott does not change much in commercial real estate markets.
Citizens are incentivised to participate in the bubble, personal wealth valued largely in their home, or in investment funds reliant on mortgage investment secured by the real estate bubble.
This needs slower solutions like low income housing development and regulatory solutions, driven by representatives who actually care about citizen prosperity (if we can find any).
My Dad paid 10% of his income into the CPP program for 60 years and the government invested that money for those decades, making millions.
They now give my Dad $1700 per month, which is not even enough for him to rent an apartment.
When I read the title, I thought you would be talking about the CPP ponzi scheme.
I am no where near that ?
Me either. My husband gets less than 800. We have to depend on the oas and gist to help. Luckily no mortgage, but even in alberta costs are high.
@@JohnLee- Yes, I realize that now. I am saying your title made me think you were going to talk about the CPP Ponzi scheme, where the government steals workers monies for decades and then under pays them in retirement.
@@grandmaG67 I am around there also
From CRA's website: "For 2024, the maximum monthly amount you could receive if you start your pension at age 65 is $1,364.60. The average monthly amount paid for a new retirement pension (at age 65) in April 2024 was $816.52."
Thank you Mr. Flynn. Great information. God bless you.
the ticking time bomb in my humble opinion is municipal property taxes. As cities get squeezed and run deficits, property taxes will have to go up considerably. We've already witnessed what's eventually going to come from the likes of Toronto and the rate increases and subsequent public backlash to double digit increases. Of course the elected politicians will try and back pedal but property tax hikes have been suppressed for many years and that cork will eventually be popped. IMO
Exactly! Low sale and purchase volume in RE this year that in turn reduces the land transfer fee earned will likely be reflected in the budgets of municipalities and provinces the next couple of years.
Be ready for higher property taxes.
The price of these properties should drop more and more, the youngsters can't afford and leave the country, by that time, Canada will be doomed.
When building a new 1200 sqaure foot house on half a lot goes for 600,000 in a small town like the one I live in house prices will not go that much under the price for new.
Because people stopped building houses, the prices went up. Saw mills keep closing down so materials are going higher which increases the cost of living.
Plus, no one is taught to go into trades to build houses.
House prices will keep going up until they can be full automated with cheap materials like 3d printed houses.
@@James-tk9oy The builders are just lying and fleecing the gullible public. It costs about $250,000 to build the average 1,200 square foot home in small cities like London, Ontario. By income a new house in Canada should cost less than $400,000. Incomes in America are higher than incomes in Canada and the average new detached house in America is about $420,000 and on a much larger lot of land.
@@James-tk9oyor land will get cheaper and prices will go down
@@apprenticephil649 so you think the government will lower the price of land and give everyone a tax break?🤦♂️
Land is usually a lot lower than the house and I don't think land has ever gone down.
wow I think you uncovered the real reason why we aren't seeing home prices going down. Thank you for this amazing discovery. Because if the municipal, provincial, and federal governments wanted that, it could easily be done.
government literally means mind control or to control the mind, They are all tyrants following the masters.
Bubble is bubbling 🍿
It has not gone up as fast in the last 5 years compared to food, gas, utilities, and insurance.
The bubble deflated the last 5 years.
similarly as transfer tax, the property taxes are going up making home ownership more and more distant for many.
Great video - thank you for presenting the data.
Great point, thanks for the comment
As an Ontarian it sucks here. Life is too expensive, people are miserable and its overpopulated. As someone who values peace and quiet its becoming rare to find here. I think its time to look for greener pastures.
Yah I'm in the Maritimes and people have been trickling down here and we've had 70% increase in housing cost since 2020. It's bad but I understand why they're coming here. Just sucks for the locals. 😢
Ontario is not overpopulated, it has lots of empty land. Southern Ontario, specially the GTHA, is indeed overpopulated.
@@ericromagna870 Some of the population does not belong here... That population is growing.
As the election draws near, I’m considering how potential policy changes could influence market growth. Election outcomes often impact sector performance, create market instability, and call for adjustments to your investment strategy due to shifts in legislation
Correct. Unemployment might rise and the economy could get tougher, but there are still good investment opportunities right now. My 120k portfolio grew by 70% over the last four months by investing in volatile sectors
:0 How do you invest? I’m having trouble making a plan.
I use market research tools, follow financial news, and talk to my advisor regularly. She helps me stay on track.
How do you find an advisor?
There are many out there. Personally, I work with “Leah Foster Aldaman,”. She is well known
Big challenge in certain groups foreign or new Canadian ownership buying up large tracks of property along main lines across Canada ie GTA Yonge St north, but it’s a free market. The taxes are a killer, and a pure cash grab.
Wonderful report! Thank you
Glad you enjoyed it!
Thanks for the analysis, I do find it very interesting. It would be much nicer though if there were horizontal guide lines on your charts so it's easier to line up locations to the data you show? Even better would be alternating highlighting colours for the rows.
Good call!
Very insightful as always! Thanks Jon!
Great stuff, Jon. Many Thanks
My pleasure!
@@jonflynn Great content again Jon! We need more honest realtors like you! 👍🏽😃🥂
Great stats Jon like always, i love details
Appreciate it!
Land transfer tax should be a nominal flat fee.
it use to be 25.00. its just piece of paper. then the greedy governments saw how many transfers are done in a year, they went from 25.00 to a percentage, and of course a big percentage for a piece of paper.
So should realtor fees.
@mr2_mike
I was going to say that as well
@@mr2_mike And they are. Flat 5%! More than a year of mortgage interest, with no risk
@@gottasay1157 At least part of that money goes in infrastructure, help for those who need it rather than paying for luxury RE Agent vehicles and their multiple properties
Here in King County, Washington (Seattle), Real Estate Exise Tax on $800k home would be $13,340. For all properties, comercial and residential, sale amounts over $3 million are taxed at 3.5%. A downtown highrise that sellls is a huge tax haul for the government. It is absurd. I personally don't mind a very small percentage to keep sale prices disclosed and available for comps. But taxes are way to high right now.
The Chinese caused that when they went from putting all their money into Vancouver properties to all their money into Seattle properties. Remember the 20 new housing tax laws April 20th 2017 from Ford? That's why all the money shifted from Vancouver to Seattle and the Chinese drove up all the soft and hard costs there.
Thanks for the info
Cities are corporations, and as such, they are more than happy to increase their profits.
Very true
London Free press made a article about housing market down million dollar homes 1.8 to 1.3-1.4. medium from 761,000 to 674,000
Thank you for the informative video. Why is Montreal/Quebec able to withstand the downward pressures better than Ontario? Is it mostly a result of the differences in supply?
Good question, I think they’re just lagging behind Ontario
I think it's misleading to compare cities on taxes only because the basket of services changes from one to another. Just if we compare Montreal vs Calgary. Calgary has lower property taxes than Montreal, however, in Calgary, you have to shovel your own sidewalk and you have to pay a company for water/sewer usage and garbage collection. In Montreal, all that is included in your property taxes. You also have to pay a franchise fee for electricity and natural gas in Calgary, not in Montreal. So yes Calgary has lower taxes, but almost everything is privatized and you have to pay bills to different providers, versus Montreal where many services are provided by the city through taxes.
Great points.
"Imagine that honey, the property appraisers and assesors told us our house is now worth $1M. We're millionaires now". Meanwhile taxman is giddy!
Renaming Dundas Street and Dundas Square isn't cheap (Toronto) Something a conservative mayor wouldn't do.
Have you seen how the provincial government wastes money and opportunity?
"You hustle, you deal, you steal from us all"
Money Talks , AC/DC
Tax creep is one of the most nefarious symptoms of inflation.
Good point
Jon, Many thanks for your informative, honest reporting. Angela C., Vancouver, B.C,
I'd say the typical semi detached in Downtown Toronto costs 1.8 mil if not more. So think about it, the land transfer tax on 1.8 mil is 65k bucks and on a 2 mil dollar semi it's 73k. And if the agents take their 5% that's another 90k....that's a lot of money!!! Basically nobody can afford to move.
So if somebody wants to sell they lose 145k-173k (if they are buying another home in the city) and that's not even factoring in legal costs and moving costs. To put things into even more perspective, semis cost 350-400k in 2003.....
These transactional fees are a major contributor to inflation in the real estate industry. Add in huge development fees to this and Houston we've had a very BIG problem for decades.
People can always use a flat fee realtor and save tens of thousands of dollars. They only charge a few thousand to handle paperwork, showings would maybe cost a little extra.
@@RedFlamingoTV They could but everybody knows that all of the agents will black ball the listing.
Quite frankly the city of Toronto is completely out of control. To build a single home the development fee is 145k minimum. And the condo development fees are stupid as well. 55-60k per unit? Add in GST. Endless legal fees because the local NIMBYS are all over the developers dragging the process for years. And with the condos nobody ever gets a chance to buy directly from the developer. The greedy agents get in there first and flip the units.
Thank you
You're welcome
Land and home prices are set to drop MORE and FASTER than we even think.
On Monday, the $1 trillion loss in the equity markets around the world is the best indicator that real estate in Canada is in trouble.
Oil prices are set to rise and so the inflation if the geopolitical tensions rise in West Asia (Mideast).
This could be just the start of a long and painful "Price Correction" (meltdown) in Canada.
Probably is.
How are they set to drop? We got record imagination. We got no one building houses. We got 70% inflation over 5 years $100 five years ago is worth $171 right now.
The only thing that kept house prices down during this crazy inflation was the high rates.
@@James-tk9oy People are broke. That should do it.
@lawrencehalpin6611 some people have been and always will be broke.
@@James-tk9oy True. Poles say half can't afford a $200 expense. Seems high to me.
Things are moving back up. It's cyclcle. August is almost always a bad month as well as September and markets start going again. Things will go to shit but not for a while longer.
3-5 years IMHO..got more time
@HANZELVANDERLAAY my time line is shorter, I'm thinking 2026.things will start heading back down for a prolonged deep recession.
I only had a very long list of needs when my children were small cause I felt that what we needed was to be close to family close to work close to food close to school and cheap and not gross and small
Great insight and content. Can you vary the spacing on some of your charts? it is rather hard to follow some of your data heavy charts, specifically the charts at 13:00, 16:00 and 17:30.
News is saying sales are up in july
Notice how Jon responded to all the comments but yours..... The silence is deafening. Sales were up but Jon needs to ignore that because he keeps telling everyone the market is crashing soon.
Im ok with no reply because so many news outlets spew out lies, not to offend you but i also believe there will be alot more losses in house prices, turdeau and freeland are killing canada.
The fraser institute came out with a paper showing the average canadian pay 43 percent of our income to tax on, income tax, sales tax, carbon tax etc.
So when land transfer tax is that high and govt steals more from us you understand why turdeau and ford do not want to fix the problem.
turdeau said it himself, the budget will balance itself, moron.
But wait, was he a moron, his plan, spend spend spend and then take more taxes from us.
@@johnnylongstocking I think we found the butt hurt speculator and/or house sales man
@@randysalerno6274 I think we found the butt hurt life long renter haha. My rental properties have excellent cash flow because of Jon's viewers always waiting for the crash
lol... I own outright, no mortgage, no debts. good luck out there.
Is Lakelands change due to the effects of capital gains increase in any way?
Good point, could be
awesome info, thanks jon
Any time!
How much more taxes can the three levels of government take from working people across Canada ?
How much more useless crap bought on personal credit can people take....we are seeing the end finally
Until its total communism
I am all for the removal of all land transfer taxes and property taxes. Move to community fees, if anything, for full-time, part-time, and vacationers, and they are not linked to the property. As long as you pay taxes on it, you never own it.
Time for a change here on all of this?
As a Government bureaucrat I approve all these taxes. How else would I be able to "work" from home earning 6 figures watching reruns of friends all day??? WORK HARDER PEASANTS!!!!
Transfer tax another scam time to put these people in jail
Yep
Does anyone know why are prices going up in Windsor it's has highest unemployment in Ontario ?
Speculators thinking some battery plant in the middle of nowhere will change everything
The last of the last of the retirees. People have become lazier and its easier for then to retire in Windsor instead of Kingston. Pure laziness.
I’m 52 hoping to end the rat race by 60 with above $1M. I know money is a liability to be exchanged for assets with real value like real estate (properties for rent) stocks (dividends) bonds (interest) But, what is it with bitcoin? I hear a lot about it and I'd love to diversify my portfolio.
bitcoin does not pay any yield but will reward you with growth that you can't find in any other asset class
look at the charts, bitcoin has outperformed every stock and banking product ever developed even after multiple pullbacks over the last decade. not a financial advisor but I know what i'm saying
The key to financial stability is having the right investment suggestions for a diverse portfolio. Many investment failures and losses happen when you invest without proper guidance.
I went from no money to lnvest with to busting my A** off on Uber eats for four months to raise about $20k to start trading with Evelyn Infurna. I am at $128k right now and LOVING that you have to bring this up here
Evelyn Infurna Services has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
The writing was painted on the wall 2004 - 2008 financal crash
Very true
The question is what makes you think they can’t keep the scheme going?
That's precisely what they are trying to achieve.
@@markz1013 yes and I’m asking what is going to prevent them from succeeding? We have tons of land and tons of oil which will prevent them from failing no matter how stupid they are. This bubble has decades left to grow. Believe me, I would much prefer lower home prices and lower taxes, but most likely were with higher home prices and higher taxes, and the government will buy off poor people with social benefits and the cycle will continue.
The strain on society will be too much and civil unrest will erupt
I've been seeing youtube filled with "it's going to crack" for more than a year but hasnt cracked open yet... and i dont think it will. if you see new comer groups in facebook, there are still posts everyday about new immigrants who say they are first time buyers and they have found the property he and/or the wife like and they have closed the sale purchase or that they are about to make an offer (and they know the prices). Some are so new to the market, they are still asking if it's safe to buy now and sell the place in 5 years with price appreciation. They don't even know that prices have been dropping since 2021.... I think "days on market" should no longer be the definition of buyers market, but drop in price should be. It doesnt matter if a house is on the market for 700 weeks and it sells just 10% below 2021 market price (same type, same hood, etc). buyer's market would be when a house would sell 50% below 2021 market price.
We are hearing this from long .. I hope market will crash by at least 30-50% ?
Long over do recorrection....and wealth redistribution
Nothing but dreamers I'll tall you when the Chinese come back in force force as buyers we'll see home prices rise 30 to 50 percent in a single year.
Me too
You mention month over month price decreases without any context to any kind of average. How does this month differ from the usual summer lul of the real estate market?
I've been looking at the houses in my area. I bought 3 years ago when rates were really low. A house equal to mine is $100,000 more expensive and that would be a 4.2% rate instead of the 1.9% rate I got.
When you have nothing, criticize the government.
Capitalism 101.
The 2nd leg down! This RE shit show is imploding at last.
Irish flag hell yeah!
So home prices doubled and inflation over 5 years is 70%.
Bravo 👍
Greedy municipalities are on notice for next year when Poilievre becomes PM and finally starts holding their feet to the fire. Reduce fees/taxes/wait times to incentivize more building, or lose your federal funding. Seems fair to me.
Hopefully it works because these days it’s a free for all
I'm pretty left wing.. so typically I'm okay with high taxes.. but where is our free university, medication coverage, good infrastructure and housing (socialist countries don't have homeless) etc? We are being taxed like It's socialism and treated like it's capitalism? Pick one. You can't have both. As much as I want the boomers to pay up the land transfer tax is morally wrong. It taps people in one place. They have more mobility in Cuba at this point (they can trade houses and move wherever they want)
Good point
2030….you’ll own nothing and be happy
Especially if you follow this guy who Says wait to buy a house they will go down.
Everyone who owns a house just wishes they bought one 5 years sooner.
You won’t be happy
Interior BC real estate association taking its sweet time to release July numbers😂
One would wonder y
When discussing real estate, maintain a relaxed and well-informed demeanor. Almost all information you encounter serves the purpose of attracting you as a client. By critically analyzing and understanding this information, you can determine what is best for you. A recent trend in Canadian real estate advertising involves complaining about politics and general life issues. This strategy attracts discontented individuals who believe they are in good hands. Are these videos effective? Absolutely. However, it is crucial to discern the best path for yourself. In this industry, no one is universally the best. Success comes from trusting your Realtor.
#RealEstate #Realtor #CristianEnache
How do most of you guys still make profit, even with the downturn of the economy and ever increasing life standards
Well, I picked the challenge to put my finances in order. Then I invested in cryptocurrency, stocks, through the assistance of my discretionary fund manager
Stephanie Aaron Trentham.
This is correct, Stephanie strategy has normalized winning trades for me also and it's a huge milestone for me looking back to how it all started.
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional.
Yes, I agree with you. Her platform is wonderful and her strategies are exceptional.
Exacty who is they?
They them
Oops I think you meant that’s an Indian flag John 😅
Thanks for all your research 😃
Haha
Was this imported?
Exhibit number 417 as to how little Jon actually knows about the his own market and others. Why are so many listings selling vacant? Well if Jon actually sold anything he would know. No one wants to buy a tenanted property in Toronto. The only way you are going to get your listing sold is if it is vacant. Your land transfer tax chart is full of errors. You are out to lunch on a few and even have a city that has zero land transfer tax yet you have it listed as thousands of dollars. Stick to complaining about how you can't sell a house on X Jon.
Haven’t sold a house in years.
@@jonflynn it shows.
Oh yeah it's definitely toppling. I think our investment is fine. It's all precious metals. Those speculations will take a hit I'm sure.
Think these taxes may be another reason affecting Boomers selling/downsizing? Just thinking maybe?
Jon if the market is going to crash soon why are sales up? Seems you ignored that in this video and ignored another viewer that pointed that out.
Sales are at or near all time lows
@@jonflynn all time lows...????? I get you have a very limited memory. 20 years lows maybe, but not all time. Sales went up and you conveniently ignored that because it doesn't fit your market is crashing narrative. I get your business is in the tank, so you need the views.
Easily forgetting the corrupt capitalists....thank jack welsh ....profits and shareholder returns first haha
Ye
Sensationalist title where the premise is obviously to elicit a reaction against government taxes, and it's clearly working judging on most of the comments here. Be honest, what does a real estate agent expect in commission on an $800k home? 3%? So your average real estate agent is making as much as the city of Toronto on the sale of a house. Who else is benefiting from this 80-year-long housing economic policy making? Banks, developers, investors, pensions, insurance companies, home owners, real estate agents (i.e., you). Who doesn't benefit? The homeless and the renters. Really this is just about how much of the pie all these entities get except for the renters and homeless. Bring back the objectivity in your presentations as you so often purport to do, until them I'm unsubbing.
Thanks for the comment, sorry you feel that way.
No international student can afford a condo in the GTA.
Exactly
The have no money leftover because they plowed all of it into those 5+ million dollar Vancouver bargain homes.
Hi Jon, the below video is saying that the worst phase in the real estate might be over. ruclips.net/video/_plwO8CtwaY/видео.html, I am in a bind. I would like to wait another 3 months and buy in December,24 or Jan,25. By this time, interest rates would have come down further and hopefully prices would not have moved much. If you can advise?
Jon, taxes = services. If you don’t want to pay taxes become a billionaire and move to the USA. Also, stop hammering the government. We the people ARE the government. It belongs to us and is there to represent us. This isn’t Russia. Come on!
Well said.... Boycotting is the power of society
Can’t wait to vote in a new government
i wanna see that irish flag turn into a saudi arabian flag
I just happen to have an Irish last name but both sides of my family date back to Canada in the 1850's. Northern Ireland has more world champions per capita than any other place on Earth in the civilized world. Me being of Irish decent and a former 6 time world pinball champion I fit that bill.
How many years are you gonna talk like this. It took 100 years for Rome to fall. So, we got lots of time. You’re wrong about the real estate. It won’t be affordable for the average worker without outside assistance anytime in the near future. Please stop!
Unrelated to real estate, but related to the fall Rome: things are happening MUCH quicker now. Partially owing this to technology. If you live in Toronto, can you observe a tangible difference in the last say 4-5 years only? Let alone in the last 10-15 years! It's almost a different civilization. And let aline in the last 20-30 years. Ohhhh, a different planet I'd say!
Ok, will cancel my channel in the morning. Thanks for the guidance
@@jonflynnwell you’d be a better man for it, instead of spreading this garbage.
@jonflynn you are convincing people to sell their homes to protect their money. It is terrible advice. If anyone listens to you they will be put in the rent market that increases every year.
@@James-tk9oythese guys are scum bags