National Home Prices Down Over $200K, 25% Decline, 2023 Canadian Real Estate Market
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- Опубликовано: 2 окт 2024
- Don't get caught in the February House Buying Trap. CREA's national statistics show sales are at a 14 year low and inventory is increasing. London, Ontario Home buyer's Purchasing Nightmare and more!
Lot of guys video says prices surging up in Toronto area. Thats ridiculous i guess. You are great and truthful. Thanks
a few good weeks and everyone is out there blowing the horns saying the market is bouncing back. It will be short lived.
There have been bidding wars in Markham and Richmond Hill the past 2 or 3 weeks. You'll see when the February figures some out. Richmond Hill has only fallen about 6 percent from the February peak in 2022. New townhouses still cost around 2.5 million dollars.
Holy moly, from $2,800 up to $4,400 a month. They got the variable rate. Insane. I bought my condo in 2021 and got 1.79% and i knew the rates would go up, so i locked it for 5 years. Paying as much as i can extra to pay it off in 5 years. No way i am buying a house at the peak of the market with a variable rate.
$4,400 per month for what is likely a 25-year mortgage (or 300 payments). That’s $1,320,000 in payments?!
But their house has already lost $150,000.
Not to mention property taxes (which I realize we all pay in some form or another) that only go up.
Talk about a screw job!
@@jonathanandrew2909true, very bad situation
good decision locking it at that low rate. Just told someone else in the comments my mortgage/tax on my first house in 2005 was $707/month ($547 Mortgage, $180 prop tax) I can't imagine paying what people pay now.
@Jon Flynn Broker of Record, Flynn Real Estate Inc. wow, that's even hard to imagine, with the current overall inflation, rental market and just property prices overall. Inflation is a terrible thing.
people are already struggling to make mortgage payments with 2 households working, just wait a few years into the recession when one spouse hours gets cut, and mass layoff's.
i was one of the unfortunately ones that struggled to carry a mortgage through 08 recession. didn't end well for me but the worse part was the sleepless nights spent stressing about how i was going to make the next mortgage payments.
the stress destroyed a lot of relationships
12 months
good point and thanks for sharing, very true. We're still early stages.
"Through thick and thin..." Nope. Divorce lawyers are rubbing their hands waiting on the sidelines.
The actual recession hasn't even been called yet, that's a bad sign.
@@quixomega Amount bet per person at the racetracks around the world hasn't fallen. That indicator has always been 100 percent correct the last more than 100 years. No recession warning yet.
Grocery stores put up notices that they would not take toilet paper returns, when the toilet paper buying frenzy was over. This tells me that many people were trying to return toilet paper.
Housing market parallel taken further!
thanks for the info, that lawyer from oakville that bought 2 homes probably had a lot of TP
I'm a Realtor myself with Exp Realty. I agree that we are in for some tough times ahead but you keep hearing from other realtors how hot this market is getting 🤣. I got into this business to be as honest as I can with my clients NO BS💯
I play the long game and can't promote overpriced bubble prices to many buyers, if people are already in the market and need to upsize/downsize then that's fine but I always give clients my honest opinion and how I feel about the market. Many realtors truly believe that the market will always go up but don't spend anytime scrutinizing the facts and fundamentals to ensure its sound advice. It's a lot easier and profitable to remain ignorant to the truth.
Excellent video again Jon, we’re about to see second wave inflation driving double digit mortgage rates by third quarter. If the BOC doesn’t take this seriously we could have third wave inflation leading to early 80s style mortgage rates. Hang on folks, pay off as much debt as you can and save as much as you can. Things are going to continue to be rough!
I wouldn't doubt it, I would have to agree that it could happen because they didn't raise rates enough yet. They're trying to tippy toe through a landslide.
My "fear" is that if the housing prices go down too fast and there are a lot of foreclosures, the banks will then start bailing into our accounts to stay afloat. I plan to pay cash for a house, so guess where my money is? BTW, I'm still not seeing price drops where I am, in fact, I'm seeing lots and lots of million dollar houses that didn't exist a few years back (rare to see any houses over a million). Would like to see a ban on new immigration till the housing market is no longer overheated.
We are in this exact situation and worried about that as well. Hopefully we can buy a home this spring. It won't be at the bottom of the market but we are looking for a home to live in.
Immigration won't stop, because our "government" is working for globalists. Their goal is to completely destabilize the country.
seems like you're damned if you do and damned if you don't. Hard to predict but if you have cash and aren't going to be a debt slave could be worth buying. Just be prepared to watch value decline in the short to mid term
When I sold my townhouse in Surrey BC in Mar 2022, some told me I should buy right back in or risk the price increases leaving me behind. I chose not to buy and ignore my fearful peers. This was tough advice to ignore, but honestly I am happy I did.
Good for you! 🙂
now just make sure you buy back at the right time and don't get caught in a bull trap or dead cat bounce.
@@jonflynn I am heading to New Brunswick to buy a house. Just waiting for the right deal, right lot, right house, or the best all rounder. Either way BC is to risky and expensive for me.
You timed it perfectly 👌
Toilet paper is almost as important as bread and eggs . House hoarding is just evil.
yep
Things are boiling underneath. Internally banks have some meetings with staff about a foreseeable wave of default. Cheap money has been fuelling the crazy bidding war is gone. Market uptick now is a bull trap. Majority of expected home buyers are still priced out not by the speculators, but by the cost of servicing debt to income ratios is crazy high. Interest rate now was considered to normal back before 2008 when house price was much more reasonable.
Recent quantitative easing by the government, aka. counterfeiting, with cheap interest rate has set up a big trap so that all the saved money can get pouring into the housing market. What so-called new home owners have no choice but being enslaved for the next 25 years to churn those debt into real money, or else they lose everything.
Very well said
My grandmas house sold in November for $650,000 in Brantford ON. They did some reno's and flipped it. 2 months later it was for sale again and it sold for $855,000.
We all thought the house might sell for $400,000.
I bet she would be spinning in her ditch, when she found out what you did with all her funeral money.
@@MustyBastard
If it was mine I'd buy a house. Or 2 since I live in Alberta.
Damn, poor buyers
@@Headinavise Me too. Its the Ontary Alberty dream!! Make it huge in Ontario sell and buy your house in cash in Alberta. I have a guy on my block here in Edmonton that did exactly that.
@@jonflynn I knew a guy that has worked at safeway his entire life. Bought a house at 23 and has been mortgage free for years. His house will sell for 4 times what he paid.
Why did I go to school for 4 years ?
Excellent video! Keeps us grounded with the facts. Especially when we see Toronto realtors trying to push the FOMO again. Bidding wars, sold over asking etc etc.
Here in Vancouver, too. Realtors are running rampant with nonsense stats.
Oh, yeah. They wouldn't have it any other way.
Mortgage payments haven't gone down in 12 months, so they're delusional. Most just go with the flow, they see increased sales and offers and don't question it and pump it up for as long as they can. There's bad months in good markets and good months in bad markets.
@@jonflynn Any sales "bump" is due to price drops. And, price drops are what defines co
The bidding wars have been real in Markham and Richmond Hill. In Toronto about 55 percent have sold over ask the past 3 weeks.
I almost never leave any comments. I am originally from Ukraine. But I lived in the USA for a while. So I speak ok English. And real estate is my passion. And I just want to say- Jon, you literally ONLY ONE youtuber, who provides truthful information in the most professional way! No stupid clickbait faces, no dumb intros or any other nonsense. Bravo sir and continue doing what you do, the way you do! Rest real estate youtube bloggers learn from him! Wish you GOOD LUCK!
Mark Mitchell is also truthful.
Thanks for the encouragement. I have a few Ukranians that work with me. Thanks for the comment.
Yeah I watch him too, seems like a decent guy.
Market mania is another good one. Alot on macro news
110% agree
Despite the tripe from economists that inflation is going to be at 3% EOY, inflation printed at 5.9 in January and inflation is sticking around 5-6%. They are way off!!!
pretty sure we will see inflation spike back up at some point before they get it under control, just the beginning
Excellent summary. We ain't seen anything yet. Every day that the rates remain where they are, brings the cliff closer. At this point the boc doesn't need to raise the rates, it's enough to leave them at the current level.
I agree.
1990 will remain the single biggest real estate crash but 2023 will be the 2nd because everyone forgot about what happened in 1990
We will see when it's over, thanks for the comment
Hi Jon- Interesting Video- The water fall backdrop makes me dizzy. Em I the only one.
nope, lol. Need to mix it up once in a while
Thank you for being one of the most real and helpful realtors around! The passion you have for helping average Canadian families find homes comes across in every video. The industry needs more good souls like yourself and I’m so grateful that RUclips brought you into our lives LOL. Thank you for your heart and for being with us on our journey! We hope to own in Niagara one day and you will be one of the first people we invite over for a BBQ to celebrate! This guy is the real deal, folks! And he is even more kind and humble in person! :)
Thanks for the kind words Brittany. It's families like yours that make me love my job.
Where are all these spring price declines you talked about in this video?
prices are down 2% in Ontario already in May (first week of data) compared to April. Spring is exactly half way over. Second half won't be so good by the looks of it.
@@jonflynn lol we have heard this story from you before. It didn't turn out well last time.
My whole family was pressuring me to jump in these last couple years. Ultimately I resisted and held the line.. just like the gene therapy shots. You can't just do something because everyone is doing it. No mercy.
Good for you 👍
Us too. For both of those things. We were terribly mocked and we were absolutely right about both things. Still renting but hopefully we can get a home this spring.
@Tara Lynn Hoffmann if you held this long I'm sure you'll be more than fine. Congrats 👏
Same. My philosophy is there will always be houses for sale in the future. And as a single guy, property tax alone is worth, like, 2-3 months of rent. Utilities 2-3 months rent (if your place is all included). And no maintenance fund, which may be good for another 2-3 months of rent. So, it’s only like I’m paying for 3-4 months of the year.
Nice, we've seen what happened to house prices which was inevitable and looks like those shots didn't work as advertised, seems like your intuition or critical thinking has served you well. We have seen how easily the majority of the population blindly follow the crowd. You could offer me a million bucks and I wouldn't take that crap.
yes, 25% decline from Feb. 2022 seems huge, but the increase about a year and half before and up to Feb. 2002 was most likely never seen before. I think we need at least another 25% decline to have our home prices in Canada be more realistic. If we didn't have this huge housing shortage in Canada I have no doubt prices would drop 50 to 65% compared to the February 2022 high.
i think 40% from peak for sure by the time this is done
@@jonflynn Probably more, a lot of young worker are not comtributing to the economy becuase they ve been left out of it. I think its just the start of the biggest crash of the modern history. Its an everything bubble, the ecological impact of the last fiew decade will be devastator for the whole world economy.
Supply & demand - not only this huge housing shortage but increase immigrants and refugees disregard the job market this is really bad , now average people who live in Canada not only can't afford to buy but also rent, this is going to create many problems in the foreseeable future.
@@jonflynn 40% from peak no way... market was steadily increasing every year. We will get down to where we would have been if we had increased at 15-20% a year. No reason to be at pre covid prices. That would mean prices actually went down due to inflation. In most areas in Canada we will never decrease in price due to supply issues. We can't build on most of our land. We will never have the supply to keep up. This isn't the USA
One of the few guys that makes sense !! And does not sound like realtor!!
Thanks
That's a fairly relevant background you have there, all things considered.
I wish I had the time to CGI some homes and homeowners going over.
25% price decline, yet avg prices are only down to 2021 level, how messed up is that. I wonder if it corrected back to 2019, would that have a meaningful effect to be somewhat affordable for people again or would it need to go down even further. Time will tell I guess, but gov is doing everything they can to keep them as high as possible. Without a substantial correction, the moment theres a sign of rates going down, speculators will be off to the races once again.
If/when we get to 2019 price levels it will be like dominos and everything will collapse.
Thanks for posting such an informative video. Can you do a video comparison of the real estate crash in the 80s.
It's hard to find data on it but I have compared in previous videos. Will keep in mind
Just wanted to say that i have reallly been appreciating your videos. My husband and i are first time homebuyers trying to get into the market this year. Im not confident its a great time to buy but with rents as high as they are, we feel it makes no sense to move to a new rental when prices are similar to paying a mortgage, and weve outgrown our current rental of 5 years, and need the space to start a family. Its really hard for us 32-39 year old females, as we are wanting to start families but dont have the space to do so.
It not a good situation right now. Buying will cost more than renting in most areas, so renting is still the best option for now. Things will change at some point.
Come to Alberta.
They weren’t forced.
nope they weren't
great blog Jon. I'm not buying the current hype of a strong spring market with rising prices.
It's not sustainable and if it gets too crazy then inflation comes roaring back and interest rates go even higher.
20% of canadians just ran out of money, the market wont go up. If its does were heading toward a huge social instability, dont think this is what the gouvernemnt want.
Wow I subscribed immediately to your channel when I saw you replied to EVERY comment below! Great content. I was about to buy a home in Toronto....but going to wait til 2024-26 now, thanks.
Great timeline. My next video goes into more depth about the current timeline and where I think we are. Thanks for subscribing.
We dont know what to do anymore buy dont buy. This has to be the most un-enjoyable experience ever.
And all I'm told is how much fun house hunting and buying is
Buying used to be more fun, you would get a realtor to show you homes in your price range and area, view them until you found a good fit, then negotiate a price and buy it. This is how it's supposed to work, not scrambling for left over scraps.
@@jonflynn that's how it feels. You nailed it. W
Carbon tax will add to already increasing inflationary pressure, we're going to to see people Crack with combination of energy, food, and interest rate inflation.
add in some big property tax increases, condo fee increases, and pretty much anything else
Are these numbers so high because of the massive declines in markets like ON and BC? I live in AB and would love to see a 20% decline.
yes, BC and ON are going though massive declines. Looks like AB will only be marginal compared to these places.
Never live beyond your means. I bought something small and cute instead of maxing out what the banks wanted to loan me.
smart, I find too many max out their approval. Thanks for the comment
Thank you! U the man dam WOW ❤ Yes Kudos to how you expressed your opinion! I think that was really good. I do agree with your opinion. But I’m leaving this comment because of the articulate way you said it. Yeah man rock on
much appreciated.
I feel bad for these folks too. They got bad advice from someone and being new to the country, probably assumed this was normal. I have heard news reports that some immigrants are leaving and I don’t blame them. Canada is not the land of opportunity that it once was and ridiculously expensive. Surprise interest rates hikes, carbon taxes, the cost of living and dismal political leadership is making Canada much less desirable.
very true, Carbon tax will be increasing again in April. London , where these people live just approved a 3.9% property tax increase for 2023, and are bragging that it's below the inflation rate. Theres another $125/year more out of their pockets or a full day doing uber eats.
Agreed.
This is a no-brainer, it’s been overpriced for several years and it’s basically getting to where it needs to be. Seriously what are people thinking? Did they honestly think these incredibly low interest rates were gonna be around forever.
I agree.
Bang on example with the toilet paper. The scarcity effect seems to really trigger something in our lizard brains.
yep, thanks for the feedback
The people who got caught and will get caught in this crash are victims of flawed thinking. Just didn't bother to go through all the what ifs. If they did they didn't take them seriously.
good point
Up date for Vancouver July.
Sellers market up 10% this year.
They almost hit their all-time high in May but then dropped 3.1% in June
I’m watching this shit show and eating popcorn 😂 can’t wait to shop for reasonably priced houses soon.
yep
From 1981 to 1984 residential real estate price decline was approx. 40% on Vancouver Island. Mortgage rates were above 18%.
Thanks for the info, I know specific locations had 40-50% declines. I would love to know what the national average price was like during those times.
I bought 14 million dollars worth of 50 year strip bonds in 1981 and 1982. People back them weren't supposed to be in debt.
Yeah housing prices down from 1.4 m to 1.2 m 200k down what a crash.
that was just the beginning, the main event has still yet to happen when recession comes and unemployment rises.
Fear, greed, speculation, and "follow the herd"
yep
please do a deep dive on the GVA in BC. ive been shallowly monitoring this market and im not seeing this +15% drop that CREA mentions, maybe 5% at most.
Thanks for the info, will see what I can find out.
Realistic expectation. Speaking of greed, that’s also what drives people in the industry to downplay this situation. We all wish it was different but it doesn’t help anyone to be in denial. In 2008 we didn’t have soaring food prices, rates doubling year over year and supply chain issues. It’s not comparable. There’s an account in the states iAllegedly who’s talking about the US economy and he’s floating the D word. I don’t believe a single stat coming out of this government about how rosy everything is. Talk to people, everyone is feeling it.
Very true, thanks for sharing
I guess toilet paper is considered a necessity but owning a home is not? Well there's always coffee filters!
wash cloth
Nothing changes for people who are waiting to buy a house. Even if home prices fall, interest rates will rise.
correct, until the central bank achieves its goal and causes a recession.
@@jonflynn True
Biggest crash? Are you referring to simply the total price points or affordability which involves other factors. I think its the former but not the latter
price drops
Missed the huge price increases over the last decade, now our farms over a million. Pretty wild stuff!! Anyways I'll be looking to add rental properties once the market tanks and the recession hits (inversion is always a precursor to recessions). Any idea when the market bottom will take place?
2024-2026 I'm guessing
We are far away from a crash we need to go down another 70 percent houses in Toronto are still a million dollars for a tear down
Yep
People are already getting back into bidding wars in Toronto. Insane.
People or "investors" who honestly I no longer consider human
yep, I've been hearing, but only because realtors are under pricing homes to get them sold. I guarantee they won't be setting any neighbourhood price records.
The other realtor youtubers are excitedly talking about the data from the first 2 weeks of February as though we are returning to a bull market lol.
yep, like I said watch out it will be short lived.
The Chinese leverage everything to the hilt so when 5 year mortgage rates fell prices naturally rose in Markham and Richmond Hill. Recessions don't or will never affect these two cities.
What is a bull trap?
When prices start going back up and consumers/investors think we're returning to a bull market (increasing prices) so a bunch of people jump in but it soon continues to decline. Sometimes called a dead cat bounce.
Well am not impressed with these year over year numbers. Do a year over 2019. What happened in 2021 and 2022 was crazy. I won't be happy until prices go down to a maximum of 10% over 2019. In fact, even lower because interest rates were lower then. Add 10% to 2019 price for inflation and regular housing capital gains, then deduct the difference due to higher rates- or said differently. mortgage payments should be no more than 10-15% higher than in 2019- even then buyer is operating at a loss because salaries have not increased that much.
Also I wish you would also use "median" home prices for comparison. Entry condo prices in Vancouver keep increasing. These big declines are at the high end? Again, it's the least wealthy who suffer the most. I would like comparisons to 2019 separated into entry level condos, entry level detached and luxury whatever. That would give a better picture, I think. Still, thank you very much for your videos, I really appreciate it.
Thanks for the comment. I was thinking about showing both Median and Average but most boards only use Average and HPI except Quebec. I usually try to use the biggest data set possible so average price isn't skewed too much by higher and lower priced homes.
Well done! You present the info very well.
Thank you kindly!
Housing market going down the falls, it will take the weeds growing on the lawn and the worms below! Mr squirrel and mr chipmunk will also need a new agent.
haha, most likely
In the really long term, since we have recorded housing prices, housing kept pace with inflation. We’ve been in a bubble since the 80s, 90s or 2000s depending where you live. Whether that is permanent remains to be seen, but personally, I think house prices will eventually drop down to the long term trend it’s meant to have. A house that was $250K in 2000 should be $411K now, not $800K. I don’t think we’ll see that much of a drop but, a lower, long term trend will be reestablished.
Great point and very true
In a bubble since mid 2016 but the Chinese locals will prevent home prices from falling They can bar the foreigners but they can't do anything about the locals.
I don’t feel sorry for them .. they bought a house they couldn’t afford..
yep
We here about market crash for years why is this year different? Give me something to bite my teeth into 😴
The data shows it's actually crashing, the rest of the years were just temporary slowdowns. Look at the price chart and interest rates. Party is over.
What about the toxic cloud from Ohio that floated to Ontario, that might turn off some potential buyers.
I live in Ontario. Don't beleive everything you read
Wouldn't want to be a seller in Ohio right now.
From 2020 june to jan 2022 prices jumped by 40 to 50 or more percent, so that means there is alot more room to fall to come back to pre pandemic levels
Nationally we're at Jan/Feb 2021 prices right now, still lots to go.
Nice video Jon. Very appropriate backdrop of the waterfall crashing in the background as global stock and real estate markets are going to experience massive waterfall declines over the next couple of years...
Looks like the stock market is losing faith in the central bank pivoting sooner than later.
It's no mystery the U.S. stock market is the most overvalued in all of history. The Fed put and Bernanke's backstopping of any losses since 2012 lead to this gross overvaluation.
Prices certainly aren't down much on PEI where I live :(
They're lagging the rest of the country, I can't remember how big the gains were there. Thanks for the comment
@@jonflynn I don't have concrete numbers or anything, but houses that would've been like $300k 5 years ago are now going for like $450k-$490k. I am starting to see some ads for price drops, but even with a 50k price drop they're still like $100k more than they're worth!
A weekly bucket of cold water from Jon. Well done and thank you
And yes, agents out there are trying to do a pump again on selling. I feel bad for those falling into the trap. Some houses I was watching sold within 3-5 days at high prices when it wouldve been lower last November
Looks like we're in for a reckoning. Listings are picking up and some are listed 100+ days now. Ouch.
Thanks for the comment, it's going to be a bumpy ride.
This is just the appetiser the main course is due shortly buckle up 🙏
nice comment, might use this line in the future, will give you credit if I do.
you are full of it buddy, house prices will never come down, we are taking another 500 thousand people this year and next, they all need a place to live, it created demand
The same couple has been on every real estate Canadian RUclips I’ve seen lately, with the exposure on this one transaction , gosh I hope they’ve been given enough money to help them out with the difference.
You don't need to tell us you are honest. Facts back you up.
Thanks
Thanks Jon.
You are correct and ethical to help people understand the seriousness of this crash of all things. Actual numbers matter not the massaged numbers CREA. For folks wanting to buy please wait. Put your cash into a GIC and wait. I will not touch real estate again until 2025-2026. That's how long it takes. In 2007 the US market cracked and the crisis didn't happen to Lehman until late 2008. It takes a long time for debt to be recognized. In a few months inventory will explode, this will cause severe drops. Just be patient. If you are renting you are making money by not buying.
Bonds busting upwards
Stock Markets are crashing
Junk bond market is now in crisis.
Biden wants a war
China will invade Taiwan.
The macro picture is terrible.
All great points, thanks for the comment and keeping things in check.
I share your vids , with my friends
Thanks
Man I must be looking at the wrong areas cause York region is definitely not going through a housing crash or any decline :/
not in february and march
@@jonflynn maybe in April then :D???
Saw you on a video. Good to see another freedom fighter.
Yep, will never stop fighting for freedom, thanks for the comment and for fighting.
Hey Jon, I believe I just noticed that you might have had BOT spam comments? About 27 replies and most were promoting some Jeff investor guy? I now see that those comments are gone.... just curious about it is all. Glad you deleted them. Keep up the good work. 👍
Thanks, every week they do it, some pretend to be me and give WhatsApp phone numbers to call
Prices will continue to fall til it makes sense for 100k a year combined household income to afford a 3 bedroom house again. Sooo..... Buckle up buckeroos. With rates going to continue on the upward trend. Your "equity" is a 3 dollar bill.
Good point
Ontario will have the worst crash in North America
Way too overvalued here
yep, already has the biggest drops
$500-$550 NARP by month by Dec of this year. That's pre covid and more realistic but it is likely to go lower.
good prediction, very realistic.
A brilliant choice of background for this video!
Thanks
Background? No I think Jon’s an avid traveller & every week he’s shooting from a different location 😉
Was thinking of purchasing a house in London for daughters remaining 3 years of Western university, cash purchase with 2 roommates paying rent. This is not a get rich scheme and if I just broke even after the 3 years that would be fine. Good or bad idea? Timing bad so should wait till late as possible in the summer? Markets too precarious right now so should I just abandon the whole idea all together and rent instead? I totally get no one has a crystal ball but any thoughts would be very much appreciated.
I would say bad timing, you'd be buying into a declining market and would be lucky to break even. I think you'd most likely take a loss when the time comes, the current trend supports this too.
People that are greedy dont realise that they cause themself so much harm. How do you think the economie will grow if young cant participate in the economy because they cant find a home?
good point
We are a family of 5 in Ottawa and are being no-fault evicted July 31st. We are in shock and weren’t necessarily ready to buy, but we are considering it now for stability for the kids.
It doesn’t look like this is the best time to buy (yet), but we don’t want to move into another rental just to buy a year or two later
I would wait as long as possible to make a decision. Things change quickly these days
20% drop in ontario YoY? We've got another 30% or so to go, if not more considering corrections never just correct to the mean, they usually over-correct.
yep, good point
This is just the begining of the crash. As interest rates will keep hiking house price will sink more and more.
They don't have to hike, just keep them as is.
yep, either way the tough times haven't even started yet.
Papa Jerome and Macklem will get more harsh now with the spoiled spenders because inflation is hiding in the shadows and it will be back 🤣🤣
stock markets are already reacting.
Nice concise info. Subscribed.
Thanks
Expensive lesson! Pain.
yep
Wow, a realtor being honest? RE industry needs more Jon Flynns.
Thanks
Hamilton mountain home owner are or maybe still in denial, or just know that the housing market is, and won't cool or crash here, there are some homes that are over price, but those homes are not what most home buyer are looking for, as for Hamilton mountain and Caledonia housing market, it won't see a housing crash or see as you predicted 2014 home prices, as for other parts of Hamilton, downtown core may see a housing crash, as that arear is less desirable, as for west end same as mountain as well east end and Stoney Creek, I'm still waiting for 2014 prices, however there are home being listed in the million and over price, as your chart showed any homes over 900,000 has very small pool of buyer in that price range, if spring housing market start to heat up, won't these people be caught in the crash and maybe recession, and also be hit with interest rate hike,
good points, anyone that wants to or needs to sell should price it right and get it sold or they will get caught.
Fed w/all CBs rolling off bal sheet/s to help make switch to new global monetary banking system. IMF admitted. Video clip on Crypto teacher. Agree with others hold tight. By many sources for last few yrs way larger then just housing. ✌️
Bretton Woods 2.0.
Thanks for sharing
Thank you for your honest insight as always. My wife and I also felt pressured to buy on PEI in the spring/summer of 2022 when we were shopping to renew a mortgage on our condo. I've been wanting to sell our 2 bedroom condo for the past 2 years as we're now looking at growing our family. I'll never forget sitting in a mortgage brokers office in July of 2022 and being told that "if we don't make a move now then it'll be too late". He said the shortage of homes in Canada would make it so the market would never crash.
Wow what a tactic, if this was really the case I wouldn't even want to be in this business. I know PEI has faired well compared to the rest of the country but it's a lagging province and interest rates will take hold there this year. Sit tight and watch what happens, actually it's already happening and far from over.
i Just watched a video by Owen Bigland called "buyers are back". He is based out of Vancouver and makes his money selling Real Estate. I'm not surprised.
I wonder how long they will be back and how bad they will regret their purchase in 6-12 months
Bull trap?
the toilet paper analogy is the best I've heard yet, kind of funny yet so true, great video!
Thanks for watching
Superb Jon, thank you! Could you revisit your 4 criteria from last year, re mkt bottom- rate drop, unemployment, delinquency & prices pls?
yes, have been meaning to do it.
In the early1980’s people were selling condos for $1 in Edmonton. You had to assume the high interest mortgage. I know two people who did this.
mortgage assumption was a big thing back then. Some even had assumption without approval from what I've heard.
Can’t feel sorry for human nature called greed. Thanks for being one of most honest realtor there is maybe the only one.
Thanks for watching
Thank you for your videos as usual amazing insights. however, Calgary seems to be operating on its own terms. it has not been affected and everyone here seems to be bullish. i would be shocked if you know any realtor or broker in calgary that is not bullish. homes are still selling high. i saw a house listed for 640k, within a week they sold it for 710k and the house is an absolute gut
yeah, they're definitely in their own world. When ON and BC had 20-30% YoY gains Calgary had flat or minimal gains. Slow and steady, but still expensive IMO
Well it always comes down to issue you can be (greedy) buy a house, pay your own mortgage or you can be (compassionate and caring) by renting and help landlord payoff his mortgage
haha, funny
Luv the background! 25% decline from peak is allot however values are still up roughly 20-30% from pre-pandemic levels. We may see the seasonal volume/value blip in the next month or two but with elevated interest rates expected to remain I don't think investors will be rushing back into the market, so we may see value declines again later in 2023.
Spot on, thanks for commenting
Of course they are up 20-30% from pre pandemic levels. Pandemic was 3 years ago, real estate always goes up 10-20% per year. If increases don't match inflation the houses got cheaper. That isn't happening in Canada with our supply issue. I don't know why people expect the housing market to decrease in value in Canada?
Hey Jon! Do you think the price will drop more by the end of this year? Or maybe next year?
I am talking for the Ontario region
From previous research I predict prices continuing to fall this year and well into 2024.
Great February comparison.
Thanks
Good TP analogy
Thanks