It's sad how difficult things have become in the present generation. I was wondering how to utilize some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to use what's left to invest, but I don't really know which way to go.
It's a good idea to seek advice at the moment, unless you're an expert yourself. As someone who runs a service business and sells products on eBay, I can tell you that the economy is struggling and many people are struggling financially.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
As a Canadian, yeah, things are pretty grim here. Food's mad expensive. We have this weird culture of normalized corruption, like how all of our bread had it's prices artificially hiked for decades. So far a national grocer was fined 500mil, but that's a drop in the bucket compared to their profits. Everyone here has general apathy about the state of the country and the chips are down. Also, about housing, the video failed to mention that Canada has about a 60% owner/occupancy rate. Meaning 60% of people own their home. If we build up enough houses and solve our crisis, their speculative prices will drop. They don't want that. No leader wants to fully get rid of the housing crisis or reduce immigration. Even the conservatives, our "right" leaning party has no desire to change the immigration policy. So essentially, no elected official want to tank the value of 60% of the population's most valuable asset, and none want to reduce immigration because then our economy built on fairy-dust will be revealed for the walking corpse it is. We're essentially in a death-spiral and no elected leader wants to address any of the root causes because it'll hurt their re-election odds. Pour one out for the great white north.
In fairness to our leaders, there's a very good reason they don't want to fix the housing crisis: doing so would basically cause our economy to implode. The housing sector (construction, real estate, finance) is like 40% of GDP, and the government is another 40%. Whole economy revolves around investors trading empty condos between each other for ever-higher prices and the government skimming 50% off the top to finance its army of overpaid largely unnecessary bureaucrats.
The Quebecois party want to reduce immigration, I guess. Also if people actually occupy the home they own, having it depreciate might be a blessing in disguise for them as they don't have to pay as much interest (that's how it works where I live, I don't know about Canada sorry).
@@PhthaloJohnson the issue with that is that the Quebec party, is well, just for Quebec, their leader outright said their reason for existing is so that way Canada can't get a majority government and to get concessions for Quebec
I'm starting to suspect that this isn't just due to massive incompetence, and it is on purpose. Why? I don't know, but even stupid and incompetent people wouldn't be doing what Jagmeet, Freeland and Justin are.
@@philipschienbein6067Pierre won't fix anything, all of the reasons the Liberals want to depress wages and keep prices high are there for the Conservatives as well. Obviously Justin needs to go but if you think PP will turn things around I think you're maybe being naive. But, I guess he's worth a shot at this point
@@jshklt I don't think he's worth a shot... He's been elected for 20 years, already has a full government pension in his 30s... The dude isn't some free market master but a welfare queen. At the very least he'd support what he gets for all Canadians, right? Not a chance. Things can get much worse. We've seen it time and time again; bad economic crisis due to population boom, reactionary policies and austerity measures are put in place, the well connected benefit while the rest suffer so then what does the government do then? They tell you that you're just not deserving enough or you need to pull yourself up harder! Yet, tax dollars aren't going back into us, but rather the elites that keep knocking at Parliament, being showered in bailouts, subsidies and whatever kind of socialist paradise you can think of for business. That to me, is not government. That to me, is the successful hijacking of government. My advice? Vote not for the PPC, vote not for the Conservatives, vote not for the Liberals nor the NDP, but rather... Spoil your ballot. Draw something funny on it. Tell them you're not happy. It doesn't even need to count; it could very well just be free therapy... or whatever you imagine it to be. If there was one small, miniscule change that I'd want to see in Canada, it would be people voting *for* things; not against.
@jshklt Things are already too bad to be turned around... it could still happen, but it would take at least a decade of good policies. Stopping inmigration, building building, getting rid of the carbon tax and selling some of our resources are a good start.
You really thought that a country built by british, with most inhumane crimes committed against Indigenous people, would lead to prosperity forever? look at UK. Anything that goes through a bad path, only has bad future.
I am Canadian and that immigration number that you outlined only scratches the surface. We added roughly 500K immigrants last year but that does not include international students which account for even more. We are predicted to bring in 1.3M people this year. Our housing which was already struggling before this policy change is not completely messed up and our infrastructure including our healthcare is strained.
@@user-tp4jl4xt6w it’s both and then some, to be honest. We have immigrants, students, temporary foreign workers (TFWs), and refugees. The issue is, Canada does not do a very good job keeping track of people coming in or going out. In 2023, the government lost track of about 1M people. A lot of people stay past the expiry of their visas, and rather than deporting them, our government either doesn’t know, and can’t-or, they extend their visas or grant them PR anyway. For clarification: they surely ‘know’ when people’s visas expire, but as the video states, we aren’t a very productive country. The willingness for anyone to do anything about it isn’t very high.
but if you yourself is an immigrant, then complaining about immigration is so damn unethical. Don't you think so? While you should've returned to your homeland after making enough money and let other immigrants has the chance to to change their life. Ukraine is going through a crisis. Pretty your homeland is not in a crisis.
@@RipperTips reduce immigration would help but also don't allow foreign investment into our housing markets, don't allow short-term rentals like Air BnB, make it harder to own more than one home... take the "market" out of housing.
20yo Canadian here. Myself and my peers will consider ourselves lucky if we can ever afford to own a home that we didn't inherit. Myself and 5 other students split rent on an old unmaintained house in a "cheap" neighborhood and we can barely afford the rent.
Sounds like most 20 year olds across the world. What I don't understand is why people think this problem is unique only to the country they live in, and that their country's PM/President is directly responsible.
@@MerchantsOfMisery Not boomers when they were in their 20s. Plus, Canada is a developed country, so called first world. Such difficulties should not have existed. Stop being such a peasant
@@MerchantsOfMisery Okay now realize Canada has a population of ~40million and is 2nd largest nation by landmass. Those countries with rents/mortages comparable to us are often times barely bigger than our Atlantic provinces(our smallest provinces) and usually have population larger than our entire country. Can't really compare our problem to those of the UK, France or Germany when makeup of our nation is extremely different from them
As a Canadian its getting pretty bad. Rent, food, and other costs of living are getting quite literally unaffordable. Once I finish University I have no plans to stay in Canada
how are you getting out? I have US employers but I am a foreign contractor, nobody wants to pay to immigrate you to the US they'd rather you work remote.
If you're between ages 18 & 30 there are a variety of places you can go more easily of working holiday visas or if you're 18 - 35 it's relatively easy to get to the UK on a youth mobility visa
@@ideatorx a TN VISA is the easiest way to get a job in the US as a Canadian as it doesn't require employer sponsorship. The only thing is you need to work a profession from the accepted list.
@@geoff1025Canadian working in the us here. TN visa doesn’t require employer sponsorship? That’s not how it worked for me, not sure if things have changed. It’s not exactly easy to go to the US for work unless you’re in the right industry in the right time.
Productivity is low because all we do is invest in unproductive assets like existing homes. The real estate market is draining our ability to invest into business that generate wealth. The Canadian mentality is to recycle existing wealth rather than generate it. Both our culture and government are to blame. It's too hard to start a business here and Canadians are risk averse and would rather work a government job while saving to buy a home to rent out to students.
I have dual citizenship (USA/Canada) and live in Canada. I just returned from a visit to San Diego. It feels like there is more going on in terms of entrepreneurship just in San Diego than all of BC and Alberta combined. You can’t build an economy just on unionized government jobs and that is what Canada appears to be trying to do. It seems that no one in Canada wants to make money by creating innovative business, everyone just wants a cushy government job instead. The private sector has been decimated by the People’s Republic of Canada!
@@econhelp583 *It seems that no one in Canada wants to make money by creating innovative business, everyone just wants a cushy government job instead. The private sector has been decimated by the People’s Republic of Canada!* I think in some cases we need more government created jobs like for example a crown corporation who's main purpose is to build housing and major public projects rather than relying on private companies to do it for us when they so often charge so much money to do such poor jobs and yet we keep going back to them again and again. Also Canada needs to increase its manufacturing sector and stop relying on the world to build things for us. Take our own raw resources and create value added finished products in Canada rather than simply shipping those resources off to other countries for them to make finished products with it. It seems like our government has no problems with giving billions of dollars and other incentives to attract foreign companies to Canada, but they never want to create and support building Canadian owned businesses that can eventually compete on the world market.
@UzumakiNaruto_ government isn't the solution, it is the problem. Have you ever seen anything built by the government to be better/more efficient than the private sector? I would say the biggest hurdle in Canada is that its people are all effeminate and ignorant that get STILL turn to the government to fix their lives for them, even after government has spent years now making it worse.
@@user-iu1ru1qz7u *Have you ever seen anything built by the government to be better/more efficient than the private sector?* On many occasions yes. I don't know why you blindly believe that the private sector is always so good when in many cases they're worse for important sectors like major project construction, healthcare, transit etc. Just take a look at how painfully slow and poorly built many things are in Canada that come from the supposedly great private sector. There are tons of substandard condo towers standing in Toronto that won't stand the test of time because private companies just want to build them as fast as possible, sell them for as much as they can and then move on from that project to the next one. Heck just look at the most famous example in Toronto right now which is the Eglinton Crosstown LRT which began construction in 2011. Its a relatively straightforward 19km, 25 stop light rail project and yesterday the private companies involved announced that AFTER 13 YEARS OF CONSTRUCTIONS that they STILL can't announce a set opening date because they're still dealing with various problems. 13 YEARS for a short LRT line that's costing 10 BILLION and counting and they still can't say when they'll open it to the public. In that same timespan Shanghai has added several SUBWAY lines, while China in general has built a ton of highways and high speed rail in their country. Yeah private business isn't always that great especially when it comes to major construction projects.
@@djblackprincecdn Pretty crazy that Canadian conservatives lost the federal election to a braindead government 3 times in a row, right? What kind of weaklings can't beat a braindead opponent?
As a Canadian things are not going well. Small business are closing everyday, inflation is super high and only seems low because of oil price. All the growth is in the hands of big compagnies and rich people.
@@tugger they are a big part of the problem. But Trudeau is making all the worst choices possible. No wonder he dosent want elections, he'll get kicked out asap.
Canada has basically rejected the type of economy it is built on. We are a country built on primary industry (mining, lumber & agriculture) with a relatively small secondary/tertiary industry. While we have continued to introduce legislation that makes primary industries more expensive, there has been little or no effort to increase secondary and tertiary industries. That's why companies aren't moving to Canada and why wages haven't increased as these industries don't see the profits needed to keep up with the economy. This added with a lack of trust-busting which sees large companies create cartels over certain industries like groceries and telecommunications
The lack of trust-busting is what I find interesting about smaller countries because of the bind their economies are in. Something homegrown needs to be built up, lest they face massive wealth extraction hy foreign companies. However, it introduces the usual problems caused by monopolies. Slower progress, entrenched practices, corruption, and so on.
You do know that EVERY economy was built on primary industry before transitioning to a service-based economy, right? Are you seriously suggesting Canada go in the opposite than every other country in the past 100 years????? 1000 bucks this comment is from an Albertan lol.
Those industries are still massively profitable, the problem is that the wealth doesn't trickle down. What's changed is that many of these used to be crown corporations but they're privatized now.
@@001sander2 Most of those industries in Canada are not or barely profitable, running anything that is not one of the cartel business (groceries, telecom, banks) in Canada is a constant slog of breaking even for years in the hope that the American economy will spill over and improve equity values here. The cartels have insured through over regulation nothing new can come and disrupt the market and threaten their dominance. Unfortunately these protections hit every industry killing anything that is not government. Working in government is the only reliable way to ensure a comfortable standard of living here.
We used to have a healthy manufacturing industry. We intentionally and knowingly destroyed it when we signed Nafta. What's the matter you don't like the "service jobs" (burger-flipping) that they said would replace those jobs? I was promised you would love your service jobs...
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Investing in gold is a reliable choice, and I plan to keep buying more to make up for my losses. While silver is also a good investment, my collectibles are not as similar. It's important to have clear investment goals and educate yourself on the type of investment that interests you. I work with a financial consultant regulated by the SEC, and started small, but eventually accumulated over $800,000.
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I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
“Stacy Lynn Staples” is the licensed adviser I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for this. could easily spot her website just after inputting her full name on my browser. she replied my inquiry and we scheduled a consulting session sometime tomorrow.
Only reason why our total GDP growth figures look good is because we let in >1M immigrants into the country in 2023. Our GDP per capita is steadily declining and the result of this uncontrolled immigration is that our free healthcare is inaccessible (takes 30 months to see a specialist), our housing is out of reach for many young Canadians, wages haven't gone up due to increased competition, and crime is up 300%. 1 in 4 Canadians are living in poverty due to exorbitant taxes and life is only getting increasingly difficult.
@@the_ikiru It’s closer to 500,000 permanent residents per year. Then, there are 3 million of temporary residents, which are students, temporary foreign workers and asylum seekers.
@@liamthomas8029 Hey, you two: instead of just bandying figures around like they're The Truth - why don't you put links into proper studies eg government statistics (like the equivalent of the UK's ONS). People just saying stuff seemingly plucked out of the air is the bane of yt comments....
@@HeroesLabsArena Not great in Canada either. Rents and mortgages are up to the point where many people are working one job, and multiple side jobs just to survive and save money. Many of my friends have experienced burnout multiple times from having too much work and dealing with living costs. I think the changes will be easy to make to make, especially now that the issues are now being debated. I dont think any Canadians want us to become the next Japan.
Mass migration only serve billionaires. - Their properties values go up. - They can hire plenty of workers with lower wages. - Workers from poorly educated countries are not political and don't ask for better labour conditions. - People are turning on each others instead on them. The mass migration policies we saw in the West during the last 40 decades were driven by them. The result ? They are now way wealthier, while regular westerners have to cope with all the effects. Funny thing is that, in the end, the billionaires children will suffer too, as western countries become less and less functionning.
Ehh you still need migrants specifically in Europe, birthrates basically plummeted as Europe became more socially liberal, basically without immigrants there will be no one to fill the gaps and the economy will stop growing. This is especially important in nations like Germany that are all about industry.
@@WinterXR7 So what? Fewer people, cheaper houses, more space. Why do you need migration? Do you think migrants from Arab countries will want to sustain the pensions of Westerners when they become the majority
@@jasiek1122 Fewer people = less people working jobs I mean at the end of the day you need people to make sure all the infrastructure is working, also what’s the point of houses if there’s nobody to buy them? The housing market would crash and overtime parts of the cities will become abandoned and rotten similar to how some towns in Sicily rotted away over the decades as everyone just left. You should also expect young people to leave such nation as there is no more room for growth pensioners will have nobody paying taxes as they become the majority and they’ll either starve to death or return to work in a non existent economy. There is no country without a population. I mean if you hate migrants so much there’s always trying to make the population more Christian/Socially conservative so they’d be fine with having multiple kids but that’s too much to ask for nowadays.
I'm so happy I made productive decisions about my finances that changed forever. I'm a single mother living in Vancouver Canada, bought my first house in October and hoping to retire soon if things keep going smoothly for me.
My experience of the last 10 years as a Canadian: 1.) Grow up in under-developed rural area with almost no services running my parents' subsistence farm while they go to work. Off and on school/versus self-taught homeschooling 2.) Go to university in the city on scholarships. 3.) Graduate, go do my Master's & PhD in Toronto. 4.) Get $120k job in finance right out of PhD in Toronto, try for a few years but still taking on debt to live in a 1 bedroom with my dog. 5.) Give up, go back to the Maritimes, get a $55k job outside my field, a crappy house with some land, and raise ducks - Have a better life now. 6.) I think this says a lot about Canada in the last 10 years. Its better for my quality of life to return to subsistence farming and throw away my years of education than it is to use all that human capital I have the potential for. What does it do for the future of an economy when its young professionals have no hope and just give up on the system? Many of my friends gave up on Canada as a whole and moved to places like Florida and Texas for the more affordable living and opportunities (absolutely astonishing sentence, that is). Yet we continue to just open the gates more and more for immigration, a primary cause of the cost of living crisis that is driving so many of us who live here out of the country. Its all good though I guess, our 1 bedroom apartments will get filled up by a group of 6 Indian guys willing to share inflatable mattresses in the living room....
Interesting perspective from the countryside. Is there any thing you could develop in your rural setting that could add value to whatever you are producing there? I'm not sure what but some product, food or consumer good, that you could develop and sell. One thing you have in your favor living in the countryside is a lower stress life. Am I at least right on that?
@@DoubleRBlaxican are you blaming landlord that he would rather rent one room apartment for more money to 6 indians than for less money to one canadian?
@@DoubleRBlaxican In part, yes. And its not to do about where immigrants come from, ethnic background, or any other racial discrimination. The relevant facts are that 1.) Indian immigrants and students to Canada make up more of the pie than all other source nations combined. 2.) Canada has a severe housing shortage of about 5.8 million homes just for its current population. 3.) It is a known issue in Canada that landlords use social media like Boj and WeChat to specifically target Indian immigrants to rent out overcrowded apartments after evicting people to make room. Its so established a practice we now have laws going through parliament specifically to make this act illegal. At the end of the day, this is pure market economics. Housing is in severe demand, adding more people to the mix makes it worse. There are other factors, but immigration remains the main one.
Speaking as a Canadian I, and everyone I know, is very pessimistic about the future. This video was very well done and I appreciate that TLDR made this because everyone thinks Canada is this perfect country when there are a ton of massive problems. A few notes that I'd like to include for those who don't live in Canada or just want to know more: -I'm in my mid 20s and even with a dual income apartments are hard to afford in the city in which I live and it's considered very cheap. You can't live by yourself without a very good job or a crazy cheap place. The average apartment is around $1,200-$1,400 a month not including utilities and a small bungalow is around $300,000-$450,000 -Crime is getting worse as more people become desperate and the homeless population as increased a lot -Food is crazy expensive and shopping at grocery stores with average prices will still be about $80-$100 per bag -Taxes are increasing every year and even though I've gotten incremental raises at work the last 5 years my net pay has stagnated or gone down -Canada pays some of the highest rates for cell service and internet in the world. I pay $65 a month for my cell and that's considered cheap -Most of Canada's major industries (cell/internet, banks, groceries, warehouse stores, etc.) are all operated by monopolies with between 3-5 companies having 70%-90% of the market share -Our healthcare system is terrible, full stop. The quality of care is good but if you're life isn't at risk you don't matter to hospital staff. For example, a family member experienced non life threatening heart problems which caused severe pain and discomfort. We were in the waiting room for nearly 9 hours before we even LEFT the waiting room and she was in a hospital bed for another 2 hours before the doctor even saw us. I took at same family member to a different hospital for extreme chest and stomach pain a few months later and when they figured out that she'd need non emergency surgery in to fix it they put her on a surgery standby list for 4 days. She ate nothing but a few ice chips and drank nothing but 1 small cup of water for 4 days -Our government has a corruption problem on every level and our PM has been CONVICED and charged with corruption AT LEAST 3 times and nothing happened. At many points it seems like our governments are actively working against its people. Canada is making new rules and regulations that make life harder everyday with the largest of which being Bill-C11/C18 which would see the Canadian internet and social media become highly regulated (see videos by JJ Mccullough for more information). Heck, social media companies can't even host news links anymore because the government taxes that now -Don't even get me started on our PM, easily the worst PM in Canada's history and has presided over one of the greatest drops in standard of living in Canadian history. Not only that but he has bankrupted our country and has spend the most money in the history of our nation in every meteoric when accounting for inflation In short, Canada is not a great place to live now and it's only going to get worse as the currency becomes worth less every year due to runaway spending that does more harm than good and all the issues outlined above get worse. The rising GDP numbers are a lie and do not tell the full story. If you plan to visit Canada go out west its amazing and the mountains are beautiful but if you plan on moving to Canada DON'T DO IT! I have nothing against immigrants, I'm just trying to save you A LOT of headache
I mean we litterally 8 years of leftist brainrot. There hasn't been a singular country that has had growth during socialist/leftist regimes. NONE. Even Sweden, was a complete shithole in the 70s until it opened up it markets and deregulated everything, and turned away from socialism. My dad rents out one of our houses. Half the people that show up are either crackheads with 12 children (that dont even remotely look like em) they adopt purely for the welfare, or indian stoodents. And I hate the fact were forced to rent, because the capital gains tax this braindead communist put in place, makes it impossible to invest in anything else. Better dead than red. Look at how much Argentinas growing despite all the misinformation your average braindead commie was yammering about. Look at how much Sweden and Ireland grew after trashing socialism and getting a bigger free market than America.
fellow Torontonian stopping by. Majority of this is true except for the cellphone plan. $65 is crazy, who are you with? I have two phones: one with Fido and one with Freedom mobile, and both of them I pay $29 each for around 30GB of data (I need freedom because U.S. roaming lol). Shop around right now, there are tons of options around you, unless you're located in remote Canada
Healthcare is due to provinces continuing austerity. Not defending Trudeau, but he is in no way the worst PM. I'd argue his father was a lot worse, because he quite literally bankrupted the country. Whoever is going to be PM in the future will have a much easier time managing the country's finances compared to 1989.
Canada really needs to sort out its issues. At least they are being debated now. I think we can get out of this slump without too much difficulty if we just accept that we need affordable housing and proper rest for our labor force as they seem to know in some European countries. Productivity is not hard to solve, we just need to be open-minded and listen to employees needs as well. Once employees feel respected by business, productivity should increase also benefiting business, and we should already be on the way to fixing our social and economic problems. Just my opinion.
American citizens, one of our favorite places to visit is Montreal and have visited the city over a half-dozen times in the last 25 years and always loved it. But on a visit to Montreal this summer, we were shocked at how shabby and derelict the city looked compared to the last time we were there (2018) - shuttered store fronts, abandoned, dilapidated buildings even in the chic areas. Very sad. As a Canadian friend of ours said, Canadians have to deal with West Virginia salaries but Los Angeles prices.
There's a lot of entertainment and 'fun' in bigger cities, especially Montreal. That temporarily relieves the stress, but eventually will be dilapidated too.
Montreal got fucked by over-zealous covid policies. Our premiere cares only about people living in the countryside cause Montreal doesn't vote for him. During covid he announced that restaurants wouldn't be allowed to open something like 1 or 2 weeks before new years when they were already geared up for the holiday season. A death blow to many who had already invested for a very important period.
The infrastructure here is so bad. Went to the UK recently and my cousin’s internet was 300 megabits down and 50 upload he was only paying 30 pounds a month. Which approximately 60 cad. In Canada im getting 30 megabits down and 5 upload for the same price. The companies here are taking the piss rising prices for shit service
not wrong, as a highschooler here in vancouver, BC, ive talked to many of my peers about where they plan to live and none of them ive talked to plan to live here past post secondary, most wanting to live in a country outside of canada
@@itachi93674jesus Christ I don’t know in which province you live but I get the same speeds as your cousin for 65$ a month. Seems like it’s more of a provincial problem than a countrywide problem tho
I recently purchased a condo in Vancouver GTA - Burquitlam area. There are some constructions going on and a number of condos are being built yes. But those condos are sitting EMPTY, in my building only %40 of the units are sold, same for other condos as well. People simply can't afford the housing here, new supply is not lowering the prices either. People who want to rent can't find housing either since supply isn't growing for them either.
Yep developers spent a fortune building them to turn a profit and they can afford to let them sit than lower the price. Basically what the cartels would do.. Lots of empty houses and apartments all over Canada these days thousands of houses currently on sale Yet prices are NOT dropping!
I see houses in my city (Mississauga, south of Toronto) and all the houses are selling for 1.1-1.5 million, when they were 600-750 thousand 10-15 years ago. How am i supposed to afford that when i barley make above minimum wage ($17.50) and my company cuts my hours to the minimum (20, when i used to get 38, technically part time. They won't give full time anymore to anyone) At this rate, its better i wait for my parents or relatives to die and inherit there house then buy my own.
No one making (near) minimum wage should be able to afford a median house. The solution is to not make (near) minimum wage. You won't be successful expecting housing prices to drop because it either means massive building programs (which won't happen) or the invested value of people's homes has to drop. Increasing your skills, value, productivity, etc., allows you to offer more value to employers and thus command a higher wage. A company will gladly pay someone $50/hr if they add $150/hr to the bottom line.
Don't expect inheritance either. I have seen this in San Francisco, where people have been dealing with a housing crisis and high costs of living for much longer. Retirees on fixed pensions facing rising costs who are sitting on million dollar homes are pretty much forced to sell or borrow against them throughout their golden years and by the time they kick the bucket, there is nothing left to pass down.
Tell us more about how broke temporary foreign workers trying to pay the bills are the problem, while completely leaving out billionaires in Canada taking advantage of all working class folks. A tale as old as time itself-- when in doubt, blame the colored folks.
Mass immigration. We're consistently told we have a labour shortage when our unemployment rate is 6%, we're destroying prime farmland for suburban sprawl, housing is unaffordable for many, and entire towns and cities now resemble India.
You can have both at the same time. The thing is there's probably a mismatch in skills required and the populations' skills.The thing is immigration is a short term solution.
Bingo. Mass immigration to replace people that demand more money aka higher wages with people that are happy with lower wages. Plus, this will also drive the housing prices up. Which means more profit for those that are selling houses Therefore more profit for the already rich.
Entire towns and cities resermble India? What the heck are you ranting about? No offense to hard working people in India or to their homes but per capita income is far higher in every Canadian city than in India and houses in Canadian cities are not like houses in India and the roads here don't look like roads in India and the level of social supports here is much better in terms of universal public health care and paid maternity leave and other services. Again, what the heck are you ranting about?
As a Canadian a lot of this sits on Justin’s shoulders. He is famous for saying budgets balance themselves and a finance minister who said cancelling Disney plus would solve families financial problems. All while adding more taxes i.e. carbon tax and loosing money like the WE scandal. Happy to chat if you want more.
@@reshanazeez9320 where did I mention immigration or Indian people? I have two employees eho are immigrants who have been able to get landed status because I hired them. Before you yell racism look in the mirror and remove that chip from your shoulder.
he has been doing a lot of bad to are country and honestly, he will lose next year elections but I don’t think conservative party will help either to be honest
All this talk of how many great numbers and stats Canada was giving show how utterly worthless said numbers are at telling the real circumstances of the average Canadian. The same could be said for all countries. The GDP is rising they say as more and more of the population struggles...
The GDP rising was government spending/hiring because it counts as GDP. GDP per capita is actually dropping and capital investment from private sources is at the lowest in decades.
If it makes you feel better Simon Kuznets the person who invented GDP also thought it was a terrible. Especially for a measure of social welfare. They use it because it obfuscates and oversimplifies and I'm glad some know that.
This video is very inaccurate. We had 500k immigrants, but also 800k more of temporary foreign workers, international students and refugees, none of which count as immigrants. Our actual population growth was about 3% per year, MUCH worse than this video suggests.
Actually see if you can email this Channel, I know it's a month later, but you're right! Not hard to google but I can see it as something I wouldn't be aware of until I was made aware of it? Hard to explain but if you can somehow communicate this legitimately, or can be arsed too, all good lol, Id do it.
Generally speaking and as someone who works in the construction industry I can concur with this overview. Coupled with the fact that my family doesn't have a family doctor the future doesn't look all that rosy going forward in Canada.
Access to healthcare was already poor before the pandemic and has been worsening over time. However, I don’t think this issue is directly related to immigration, as most immigrants are young and healthy. The real challenges stem from an aging population and underinvestment in healthcare by both fed and provincial gouvernement
If I may ask... Are you able to like... build a home without a buyer and sell it yourself? What are some challenges keeping construction firms from profiting off of a need for houses and an influx of affordable immigrant labor? I'm not Canadian so excuse if it's something obvious to you and the question is weird
@fosyay1780 It can make sense to build your own home and many people have, including my family. For the past 15 years at least I have not been able to make those numbers work for building the same houses for sale to others. The myriad taxes and costs of placating idiotic bankers and building officials means that capital is always better invested in equities than property development. Frankly the conditions are so terrible I can’t make sense of why anyone is still building in Canada. Rumors in Vancouver suggest that none of the active projects are achieving sufficient returns except for those where corrupt government officials are involved. Whether or not those rumours are true, despite that I can and have built homes for sale in Canada, I want nothing to do with that today.
As a Canadian, I have a couple family members that work in our health sector. They all agree that there's a conspiracy to purposely collapse our health sector so it could become more like the US's privatized health sector. Our health sector under Trudeau, ie the past 7-8 years it has been slowly failing. Its now reaching a braking point. If anyone here remembers how great it and fast our health sector was it's now slow, outdated and under funded. Our health minister and other key lawmakers have been making bad decisions followed by bad decisions followed by terrible decisions
1) The US doesn't have a privatized health care sector - it is crony capitalism through and through. 2) Healthcare spending in Canada has grown over the time period you have characterized. 3) I'm sure your right that your decision makers have made bad decisions followed by bad decisions. But also, your health care consumers make bad decision after bad decision because you don't have a working price system. The effect is similar, but its stupid to attribute your problems to some sort of nefarious desire to emulate the USA. It is more logical to say that it is a logical outcome of decisions your own country made in creating your own system.
The U.S. has a mix of private and public systems. It's actually about 50/50 when factoring in public Medicaid, Medicare, the VA, CHIP, and Obamacare subsidies. It's confusing, but 99.9% of people that want affordable health insurance can get it. I much prefer being treated in the U.S. compared to when I lived in Canada, although Canada was much simpler in terms of being automatically enrolled.
Im from Toronto and the biggest issues here as I see it are: - unregulated oligopolies in major industries, including groceries - lack of regulations on housing investments, leading to cheaper condos and starter homes being completely inaccessible to those that actually need them, keeping young people out of the housing markets and stuck in rent poverty. We dont need more houses, since any new houses will only sell at the inflated market prices, we need existing housing to be accessible to people who actually need a place to live - subpar productivity investments and brain drain to the US, along with major wage stagnation
People have said Canada’s housing bubble would burst since 2008. We don’t build, so it can’t, especially when importing so much cheap labor who live 10 in a one bedroom.
We need to be careful in defining "bubbles" because different kinds have different outcomes. "Bubble" typically refers to investors overvaluing something, aka "speculative bubble". The U.S. housing bubble that burst in 2008 was based on too many people getting mortgage credit that shouldn't have, so market demand was artificially high for years, and then defaults were much higher than the investment risk had accounted for, which caused the "bubble" to burst. Canada's housing prices are not due to a speculative bubble, or a miscalculation of some component of supply and demand. They are generally a legitimate valuation based on the low supply and high demand given the number of people. It is a problem the relative rate of new people versus new housing production. There is not really any "market correction" to some miscalculation or erroneous speculation that can cause a burst here. The housing prices are legitimate market valuations for the most part. What is needed is stress relief; either reducing the demand (fewer people) or increasing supply (more houses). Mortgages are full recourse and valuations are valid, so there is no feedback loop where house prices will drop quickly and people can just walk away. The only thing that can really cause a burst here is if suddenly a large portion of the population goes bankrupt for some reason, such as jobs disappear and people can't pay for their mortgages en masse, and there's no reason to expect that unemployment will skyrocket. I expect the immigration rates and house production rates will be dealt with to shift toward flattening the house prices so they stop rising greater than wages and allow wages to catch up, over a decade or so.
@@nononono3421 The strain it put on our families will make it burst sooner than later, it can't go on like that eternally. 1/4 families can't pay their mortgages now. But I agree, a no immigration policy for the next five years and an intensive building program would be great.
Excellent coverage on this topic. I’m a fairly progressive minded person from the US and I’ve noticed many like-minded people romanticize Canada and its government without knowing a lot about what’s going on there.
I am a Canadian native, born 1991. I am working towards a Masters Degree and learning Japanese, once I complete my masters I am looking to leave Canada for Japan. Which says a lot, as Japan is having issues as well, but I can buy 3 homes (Akiya program) & renovate with the money I have now. That would be 1/4 of a home in Canada.
As a Canadian who moved to Tokyo last year, my quality of life went straight up by simply moving here. Much safer, living costs are affordable, and infrastructure is top notch. 日本語は英語の方から言うと大変ムズイと言われるといっても個人的に、ガチで果たせる挑戦だと思います。I have no Japanese roots but managed to learn Japanese from nothing, so if I can do it, you can too! 日本語勉強頑張ってね！
@@BlaisyUniverse Housing is 1/4 the cost, groceries are 1/2 the cost, and eating out is 1/3 the cost, compared to Canada. And this is in Tokyo. Moving here makes a lot of sense if you can get a remote job that pays a Canadian wage while living in Japan, because wages in Japan are also half so it makes little sense to work locally if you can avoid it. For the visa, if you have no family or wife here in Japan (like me), the Business Manager visa is the visa you’d get for that.
@@BlaisyUniverse And Japan is cheaper in many other ways too. For example, unlike Canada, dental is covered under government healthcare. In Japan, it was $15 to get my wisdom tooth removed. In Canada, I was quoted $218 after insurance at the cheapest clinic in town.
@@gyudondondon My rent in Tohoku right now in a government owned apartment is less than 100 CAD per month. I have 300mbps WiFi and access to the Shinkansen. I still will work remote jobs in Canada (discretely) but the Canadian economy is backup plan at best
@@MerchantsOfMisery to clarify, probably 80% of family/locally owned businesses have closed. About 40% of chains closed except grocery stores, gas & fast food. A large portion of business properties are for lease and haven't been used in a year or more. A HUGE number of charities have popped up to fill SOME of the vacancies. Some streets in my city now have more charities than actual businesses.
@@MightyKingYoung again, why not name specific cities? There's stats on this stuff and none of them match what you or the other guy is saying. Also, you and the other guy don't mention timelines at all. Something like 90% of small businesses fail within their first 5 years and that's not exclusive to Canada or the country's current PM.
as a canadian I can confirm things are dire. If you are in need of medical assistance outside of Alberta, BC, or much of NB, the odds are against you. Ive had a few unnecessary experiences from near death to inability to treat or transport to other hospital due to lack of staff in eastern Canada (QC, PEI, NS, NL barring NB which can actually be pretty good). Inflation from covid may have slowed, but wages are still pretty consistent pre-covid. Housing is nuts, and the housing that is built (at least around NS) seems pretty luxury oriented, no sign of dropping rates to come. Immigration has seriously diluted labour pool leading to stagnating wages and increased housing prices. While this may be a cause for joy for landlords, as well as the business and political class, this is not a cause of joy if you do not own a house or a business. Access to services is not scaling with increased demand. Every year is more difficult to navigate than the last, there is a strong feeling of decay as opposed to growth in many places. The scale of the tent cities that have popped up across the country in the last 5 years is insane and visible drug use is seriously up. Many are having a hard time right now.
I live on the south shore now, but where i grew up had a similair upset after the 2008 recession. Canada has been slowly letting our issues fester for a long time. Things are changing but i dont think we will stay apathetic too much longer. Im a millenial and i find there is less of an appetite to excuse our issues among the young.
BC Healthcare is also completely terrible. Kamloops was down to a single walk-in clinic when I moved a few years back, and good luck getting a family doctor.
It must be said that while the huge influx of immigrants is the main thing propping up Canada's economy, it's also the main thing supressing it. It supresses productivity, it delays or prevents household formation by Canadians, all manner of issues (all factors mentioned in the vid). If home prices crash, we're in trouble. If they don't crash, we're in trouble. And all the while, we're shovelling as much coal onto this dumpster fire as fast as it can be arranged.
Poland was basically not touched in 2008 by the crash because the way people spend money is very different. The UK runs on credit but in Poland people do everything they can to stay away from credit even when they shouldn't. The mentality is pretty stupid in some sense. Like buy a car most people will buy a used much older car for cash, and I mean literally taking out thousands of cash notes from the bank and taking it to the dealership. In the UK they dont even accept cash anymore at a dealership. Mostly people put 0 down and pay monthly, usually for something a lot newer. In the UK, people take out a mortgage and buy a ready house or fix up everything that needs it. In Poland people might still borrow money for such a big purchase but they will have a lot of money ready because they will buy land and build their own house. Often they will start living in it before it's fully complete. Say the upstairs still needs done, they will do that after saving the money up again instead of having a higher mortgage. Also your build house in Poland is peoples most popular investment vs in UK people will also invest in stock and share index funds or something else along those lines. Pretty much nobody will buy something like a sofa or holiday on credit in Poland vs in the UK such an option is very popular.
Poland has received, since 2008 enormous amount of EU aid money, like no other country in history. Poles do not even want to talk about it.... Will Poland pay back these moneys back?
A big fan of deleveraging. The popularization of allowing people to borrow money for anything allow certain costs, such as college fees to skyrocket. The reduction of excess loans stabilizes the economy.
@@XY-uc1tw They paid back and even more considering their annual fee to the EU and the amount of money EU businesses take out of Poland and export it out. Not to mention the millions of Poles working in other EU states, mostly Western Europe. If you sum up these things and compare with the EU money it got, Poland might fall short.
@@XY-uc1tw Enormous - yes. Still not substantial enough to be responsible for Poland growth alone. Much of it was also spent on infrastructure to help connect Poland to rest of Europe (mostly Germany). As far back as in 2021-2022 Poland was still not able to fully utilize funds it was getting granted and thus some money was returning to EU (I know this from professional Eu Project Managers who live on such funds and basically there is 0 competition for those money - you just need to fulfill the requirements). Does Poland has to give money back outside of joining group of countries that will pay more than receive back in relative soon future? On what basis? Also you do realise that those money also helped Net payers? At the beggining of 2023 one of German newspapers calculated that for every euro spent by germany on EU, it's economy received 3 euros back. The weirdest thing is that you lashed out against comment that wasn't even that friendly towards Poland. Both Poland and Canada have around 40 milion people so there is some similarity (they also are next to some major economies - USA/Germany).
@@XY-uc1tw what a stupid comment. those money were small % of polish GDP and are not even that high when looked at it per capita. and its not like western nations are not benefitting massively from free access to polish market.
In Canada if you want to bust your butt working many jobs to pay off a house, you can't, the tax on the extra work will eat up your additional income, so instead they need to bring in mass immigration to do those jobs instead. So yes, many are struggling when basics are double or more the cost and they can't work more and full time jobs are actually starting to decline. Canadians are angry because the government punishes people who want to work hard and make a better life while giving the taxes they paid to people who don't want to work or just arrived, sometimes illegally. This is socialism gone awry and being taken advantage of. The anger also comes from the fact that the working class party the NDP keeping the government in power even though the PM likes to lavishly jet set around and can spend $8000+ on a hotel for a single night! That is not the humble Canadian way and past PMs have respected that culture. Canadians can't get this guy out and they have tried, even though he populates the Wiki list of political scandals like no other PM thanks mainly to the NDP he just clings to his power. Go look if you don't believe me. It is shocking and people are waking up to the reality and the anger is only growing.
We are taking in 1.4 million unskilled immigrants per year.... when we only had 36 million TOTAL .... we have successfully destroyed ourselves.... Like said many times here Canadians are just feeling defeated now
I'll answer. Canada's economy is suffering because of: unsustainably high immigration, too much bureaucracy decreasing supply of housing and increasing the cost (townhomes anywhere near Toronto are $1-2 million dollars), poor natural resource development, high taxes, and even higher government spending. You can have a household income of $200,000/yr and be middle class at best
Yes, in that selling assets instead of creating things people need, want or like is very Canadian. If you’re talking about selling the oil under Alberta, there’s nothing more Canadian than thinking that’s a genius way of getting rich.
@@uday5412 Well, not selling it doesn't seem like a good way to get rich, either. So, you can either make money doing what you can, or you can not make money doing what you can't. For some time now, it seems Canada is more interested in the latter strategy.
Our biggest trading partner is the worlds largest economy and closest geographical neighbour with whom we have a free trade agreement. Theres only so much coincidence you can belive here.
A key variable missing in this video is what's happening provincially, for example, at Ontario colleges. For background, Provinces in Canada have a huge amount of autonomy (there isn't even free trade between all the provinces). So while it's easier for international audiences to understand Canada through its federal government, in order to truly understand the issues, it's crucial to factor in provincial governments. Think of Canada as several smaller countries duct taped together! Now in Ontario, the province cut funding to higher education while also taking the cap off international student limits. This lead to a massive influx of international students as colleges needed to stay in the black, and international students pay higher tuitions. At the time, colleges were also not held responsible for the construction of new homes for their students. So, surprise, surprise, schools started taking in huge amounts of students. In 2022, Fanshawe College in London, Ontario (population: 515,000) took in over 11,000 international students. That same year, Conestoga college in Kitchener (population: 579,000) took in over 20,000 international students. Meanwhile, very few new rentals were being built in both cities (Keep in mind though, these are just two cities, and this was happening across the province). And thus, there became a massive rental crisis and surge in homelessness. Worse still, we started to see formerly reputable colleges become glorified diploma mills throughout this period. In my opinion, one of the big problems in Canada right now is multiple levels of government thinking too Neo-liberally-they put the cart before the horse with their policies, thinking that the free market will just solve any issues that come up. However, little attention is given to the systemic issues that actually prevent that from happening. And so, we only start to try and solve problems after it's already a crisis... 🙄
Yeah, this was already becoming an issue pre-Covid, and now it's shot up to insane levels. The feds have actually said they're going to cap the amount of students, but that won't take effect until September, and it'll still be years before the overall number of international students goes back to normal.
Job growth in the government sector is larger than job growth in the private sector. The problem with this is that the government is funded by taxation, which means that the supposed growth in jobs is actually just a wealth transfer, since these government jobs tend to be unproductive. As more people get state jobs, the people without those jobs hurt more and more.
And yet the minute, say, a provincial premier wants to do something that will reduce the govt revenue it's treated like an awful thing, where will we get money for schools and OHIP!
I'm a Canadian, and I make about $100,000 a year and I can barely afford to support my family, we have absolutely no hope of ever buying a house unless it's in the middle of nowhere way up North or just an empty piece of land and building something.
It should be pointed out that stagnant wages aren't unique to Canada. In the United States real wage levels of American workers have barely changed since the 1970s. And in the world as a whole from 2019 to 2023 63% of the increase in wealth in the world went to the top 1% while only 37% percent went to the other 99% of humanity.
in general we love muticulturalism but we have way too many people showing up the last 10 years... we ve got folks showing up bunking 5-10 to a room living like shit, and getting conned working at a fucking pizza pizza and studying degrees that aint worth shit so their parents can buy overpriced suburban duplexes.
@@a.qais6697 big corporations get kickbacks on immigrant labour, since both of our parties are seemingly controlled by big corporations there’s no real end in sight of the immigration policy. It keeps wages suppressed. We have ads in almost every city of Indians looking for more Indians to rent out half of their bedroom to. Like 6+ people living in 4 bedroom homes, cause the wage they earn isn’t enough for a dignified western lifestyle. Meanwhile Canadians who used to rely on those jobs are being told get fucked.
@@a.qais6697Canadian businesses created hundreds of thousands of fake job postings to make it appear as if we had a massive labour shortage and managed to convince the government to significantly reduce the barriers to entry for low skilled labourers.
@@a.qais6697to help large corporations find affordable workforce. Why pay a Canadian $35/h + benefits when you can hire 3 expendable immigrants, pay them minimum wage and no benefits. Service will be awful and turnover high, but profits are real.
Growing up I've always wanted to live in North America especially in Canada but i did some research and found its much easier and stable to live in the US than in Canada
The video failed to mention that Canadians are the most indebted households in the world. Canada is a debt fueled economy. People comes to Canada, gets jobs and take a mortgage. When the borrowing interest rates are low, everything is hunky-dory. When the rates are high, the economy comes to a halt. Without the population growth - mostly due to high immigration levels - Canada's economy would be in recession. But with the population growth, things look a bit better than they are, we just have inflation and low wages.
Productivity is lower because of endless idiotic restrictive policies that interfere with getting any basic work done. For example, approximately one in six shipments I order from the USA I just never receive because one way or another the vendors, couriers, and brokers can’t satisfy whatever the day’s byzantine rules Canada’s border is applying. There are few tasks that can be completed efficiently without at least some components coming from the USA. Those same parts sail through the border from China, but they take longer to get. There are countless other examples that together mean no Canadian value add business can ever compete on the world market. The productivity problem is a Canadian own goal.
the immigrants in usa are good, the creme de croup. atleast the top 10%, thats not canada. if a indian decides to immigrate, to new world, he has 2 option, A, if he is actually talented, usa, B, if he is shit, canada. thats why many asian immigrants built trillions of dollars worth of gdp for usa while doing shit for canada. it is infeiror version of usa
I am a Canadian and a business coach to owners of small businesses. I read recently that 40 per cent of our workforce works for a government or government agency. I suggest this has an impact on efficiency numbers. Small businesses have essentially stopped asking our oligopoly of big banks for loans, why risk lending to a small manufacturer when the government is borrowing billions? If you want to build a small factory or winery be prepared to spend a million or two on studies, permits and other fees. It will take us years to recover from this inept Liberal government.
If a smart engineer from Asia emmigrates to Canada they will be able to find a job at a restaurant. Nurses from Asia can also find good jobs at a restraunt.
Don’t just blame Trudeau. I lived in Canada for all my life and in the last 20 years Canada we have been going downhill, but it only got worse after Covid so the conservative party does have some blame here as well and next year most likely the conservative will win but they probably won’t do anything to help our economy to be honest I just think Trudeau been in power for two lawn so we are just getting tired of him why everybody supported him in 2015 2019 2021 do you see what I mean? I hope that made sense.
Lived here since 2004, the place is absolutely toast. Economically and socially. The average person is getting poorer, and there's no identity anymore. There's no melting pot, contributing to Canadian identity anymore, it's a big shit show of competing tribes. No cohesiveness, we're done here.
It's worth noting that part of the reason the housing market is so bad is because unlike the US we never had a correction in 2008 so housing prices have just been continuing to outpace what people can afford for at least 16 years and we likely have a catastrophic housing bubble. Politicans keeps saying they want to add more housing without deflating the market but it's very clearly unrealistic.
@Bishounen But like is Australia also going through the same kind of crisis as Canada? I'm confused as to why he said "laughs in Australian". Does Australia have it worse?
As an American, things aren’t looking great either. I’m told our economy has been stronger than the rest of the west BUT to get a better picture of how living conditions actually are, homelessness rose 12% from 2022-2023. Rent in my rural area used to be $600 for 1 bedroom just 10 years ago when I was in school. Now you’re lucky to find a studio for $1300. One bedroom $1750. This is NOT LA. It’s a freaking farm town. How are people supposed to get started out in life with these conditions? Don’t get me started on home prices. Asking mansion prices for 5 decade old starter homes. Shits not right.
A big part of that is inflation. Fiat currency is just not what it used to be. For suburban and urban areas, another big part is that home construction is artificially supply limited. But rent in a truly rural area should be staying roughly the same, after factoring in inflation. How far is your location from suburbs? My mother grew up in Milaca, Minnesota, and we used to take trips out into the country to visit my grandparents. Now, that is basically long distance commuter range for folks working in the northern suburbs of the Twin Cities.
I paid $280 per month in Chico California for a room......... but the houses there were big and spacious.... so in reality we had entire basement and 3 rooms That was 2011-2015 ............ Everything was cheap including gas--- 2.50 per gallon Life was GOOD...... then Leftism appeared.
lol so basically what the Australian Govts have done, the race for GDP by importing 3rd world imigrants, record 750K net, so 1.1mil immigrants in one year. This is how AU dodged the 2008 recession, more immigrants. This has caused skyrocketing house prices and rents, not enough houses. and thus CPI rose quick, and our RBA screwed us again, interest rates didnt go high enough (4.35% high) so now we have a CPI of 4, so double that for real inflation. everything over the past 3 years has gone up about 24%. house prices in regional have more than doubled. The Gold coast prices have doubled. no-one can now afford a house and they think they can keep this going.. its insane.
Food is crazy expensive. Its nearing $100 for three litres of olive oil. Meanwhile in Alberta: 80 cents per GJ of retail natural gas. Flared off 754 million cubic meters for zero useful energy.
@@SmilingBakedBaguette Walmart Canada does have "Great Value" for $14 per litre - but thats about as low as it gets. I'm not exactly sure why its 10x more expensive than gasoline.
I lived in Salford. UK is fine. Google "East Hastings street". Also a woman was lit on fire in a metro station in Toronto. London and Brum are rough but the rest of UK is meh for the most part
I am from Canada, and while your report is mostly accurate, it's important to note that the housing crisis persisted even during the pandemic when the borders were closed. Cities are slow to issue construction permits (averaging almost three years in Montreal), which contributes to the shortage of affordable housing. Additionally, comparing Europe to Canada is not entirely fair, as we have ongoing debates about the high level of immigration, though these discussions are conducted calmly and respectfully.
"These discussions are conducted calmly and respectfully." Lmao. No, the populace is ignored, and the non-integrated people keep coming. Why do you think Canada has signage in Packi languages now?
None of the 3 main parties are seriously considering a significant reduction in short term immigration to allow the housing crisis to at least plateau. That is absolutely insane, it is simple supply and demand. All we would need to do is go to 1990s levels, and the primary reason such an idea is taboo is because the average NDP/LPC voter thinks its racist.
What? How is this surprising? Canada's been projected to be the worst performing developed nation throughout the 2020's per the Organisation for Economic Co-operation and Development. And the 2010's were the worst decade of development for Canada since the 1930's per the C.D. Howe Institute Business Cycle Council.
Can we please acknowledge that productivity has dropped because employers are replacing full time jobs with part time ones so they don't have to pay benefits or give vacation time?
Places with part-time employment can have high productivity (compare the US to Canada, it's right there); the issue is lack of investment in those companies.
As a Canadian my advice to an immigrant is to look anywhere but canada. If you come here you’ll work yourself to the ground just to have nothing to show for. No house, no family time, no vacation. The glory days of canada are long gone unfortunately.
As a canadian, almost everyone i know is living from pay check to pay check with very little savings due to terrible living cost. Most young people are moving back with their parents due to sky high renting and it is increasingly harder to find jobs in just about any sector. Ask any canadian and they will tell you the country's future is mad bleak judging by the economy alone. Not to mention how it is increasingly more and more unsafe with teh amount of cars being stolen and how everyone just seems a lot less nice than even 5 years ago.
Dont care. Trudeau knows whats best. Import 9999 quadrillion more immigrants and tax capital gains and income by 90% Also redistribute all the tax dollars to welfare leeches and climate change initiatives in the Philippines. Also if anybody cries about housing making like 99% of our GDP thanks to our ridiculous tax system, just call them a Nazi.
The continuously changing economic conditions in our society have made it necessary for people to find additional sources of income, thus I am looking at the stock market to fuel my retirement goal of $3m, my only concern is the recent market crash.
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass wealth amid economy crisis, and even pull it off easily in favorable conditions. That should be the least of your concern. Also explore the option of working with a CFA to reduce greatly your chances of loss.
You're right, I and a few Neighbors in Bel Air Area work with an Investment Adviser who prefers we DCA across other prospective sectors instead of a lump sum purchase. As a result, my portfolio has recorded significant improvement even during the most unfavorable market season.
I'm intrigued by this. I've searched for investment advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation??
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
Thank you for sharing, I must say Melissa appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call.
As a Canadian, I will go against the grain of most comments here. Things are pretty good, most people around me are doing good, everyone has a job. Like, Canada is a big country, so I can't talk for everyone, but hey, here things are fine. I don't have pink glasses either, some are struggling, but it's not all dark either.
Australia is in an nearly identical situation. Housing crisis, cost of living crisis, gdp growth in the last 2 years largely due to record immigration, lower gdp per capita, social cohesion issues just raised the terrorism threat level.
Canada should mass build social housing. More population isn't necessarily a bad thing for the country, as long as the infrastructure is there. Also I suspect if Canada cut migration it wouldn't make that Big a difference. Generally it's land and asset hoarding that tends to cause high House prices.
@@Minimmalmythicist I think it’s possible their immigration rate supersedes the ability to make adequate social housing to keep up. The Canadian gment has pretty much always provided subsidies for this and it’s continuously not enough.
@@Minimmalmythicist not enough money to buy land. they cant even afford health care, you think they have money to spend on land? they always mismanage everything. insanity
@@mrwhirly0358 The Chretien Liberals cut massive amounts from the budget for social housing and no government since has really done anything about that. They artificially created a deficit of social housing.
sucks so much here, we expect to live like californians but our gov rejects any structural understanding of our economic reality. I work for the federal gov so one of the most stable possible proffessions here, and im taking my savings and moving to europe in september.
Canada is weathering things better than the rest of the world, and I'm not taking it for granted. Having said that, living standards are getting rough. I'm making the most money I've ever made, but I've never been so broke. Groceries being up triple is rough. And I live in a cheap province.
@@BenjaminJams new Brunswick has the 2nd cheapest housing price average in Canada, I believe being beat out recently by Saskatchewan. I say cheap relatively - no province is affordable. Yeah new Brunswick costs less, but we have the lowest salaries in Canada. Everyone is broke.
It’s those taxes here and there in Canada. Unfortunately in the U.S. we have the same thing going on, taxes keep getting expensive, you can barely live in California or New York, US$100k is not enough in those two states due to taxes
It has escalated in the past few years but to hear that Canada only recently is not productive, people are lying to themselves. It has been bad for 20 years ….
*If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation*
Interesting, This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro Investor?
I feel Investors should exercise caution with their exposure and.exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or a licensed expert in order to navigate this recession and achieve potential high yields
Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.
Brian Humphery Services was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Brian.
![ARGENTINA vs. PERÚ [1-0] | RESUMEN | ELIMINATORIAS SUDAMERICANAS | FECHA 12](http://i.ytimg.com/vi/xtI25ENDDSY/mqdefault.jpg)
It's sad how difficult things have become in the present generation. I was wondering how to utilize some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to use what's left to invest, but I don't really know which way to go.
It's a good idea to seek advice at the moment, unless you're an expert yourself. As someone who runs a service business and sells products on eBay, I can tell you that the economy is struggling and many people are struggling financially.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
How can I reach this advisers of yours? because I'm seeking for a more effective investment approach on my savings?
Sophia Maurine Lanting can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
It's not surprising to anyone in Canada trust me.
Agreed
Or abywhere in the first world. We're all on that same path due to poor economics of the generations past.
Liberal politics = Despair and poverty
As a Canadian, yeah, things are pretty grim here. Food's mad expensive. We have this weird culture of normalized corruption, like how all of our bread had it's prices artificially hiked for decades. So far a national grocer was fined 500mil, but that's a drop in the bucket compared to their profits. Everyone here has general apathy about the state of the country and the chips are down. Also, about housing, the video failed to mention that Canada has about a 60% owner/occupancy rate. Meaning 60% of people own their home. If we build up enough houses and solve our crisis, their speculative prices will drop. They don't want that. No leader wants to fully get rid of the housing crisis or reduce immigration. Even the conservatives, our "right" leaning party has no desire to change the immigration policy. So essentially, no elected official want to tank the value of 60% of the population's most valuable asset, and none want to reduce immigration because then our economy built on fairy-dust will be revealed for the walking corpse it is. We're essentially in a death-spiral and no elected leader wants to address any of the root causes because it'll hurt their re-election odds.
Pour one out for the great white north.
In fairness to our leaders, there's a very good reason they don't want to fix the housing crisis: doing so would basically cause our economy to implode. The housing sector (construction, real estate, finance) is like 40% of GDP, and the government is another 40%. Whole economy revolves around investors trading empty condos between each other for ever-higher prices and the government skimming 50% off the top to finance its army of overpaid largely unnecessary bureaucrats.
The Quebecois party want to reduce immigration, I guess. Also if people actually occupy the home they own, having it depreciate might be a blessing in disguise for them as they don't have to pay as much interest (that's how it works where I live, I don't know about Canada sorry).
Poilievre recently started talking about cutting immigration.
@@PhthaloJohnson the issue with that is that the Quebec party, is well, just for Quebec, their leader outright said their reason for existing is so that way Canada can't get a majority government and to get concessions for Quebec
@@liamthomas8029 Politicians will talk about anything that will get them votes. Don't believe Poilievre any more than Trudeau.
Canada's standard of living on track for worst decline in 40 years
I'm starting to suspect that this isn't just due to massive incompetence, and it is on purpose. Why? I don't know, but even stupid and incompetent people wouldn't be doing what Jagmeet, Freeland and Justin are.
@@philipschienbein6067Pierre won't fix anything, all of the reasons the Liberals want to depress wages and keep prices high are there for the Conservatives as well. Obviously Justin needs to go but if you think PP will turn things around I think you're maybe being naive. But, I guess he's worth a shot at this point
@@jshklt I don't think he's worth a shot... He's been elected for 20 years, already has a full government pension in his 30s... The dude isn't some free market master but a welfare queen. At the very least he'd support what he gets for all Canadians, right? Not a chance.
Things can get much worse. We've seen it time and time again; bad economic crisis due to population boom, reactionary policies and austerity measures are put in place, the well connected benefit while the rest suffer so then what does the government do then? They tell you that you're just not deserving enough or you need to pull yourself up harder! Yet, tax dollars aren't going back into us, but rather the elites that keep knocking at Parliament, being showered in bailouts, subsidies and whatever kind of socialist paradise you can think of for business.
That to me, is not government. That to me, is the successful hijacking of government. My advice? Vote not for the PPC, vote not for the Conservatives, vote not for the Liberals nor the NDP, but rather... Spoil your ballot. Draw something funny on it. Tell them you're not happy. It doesn't even need to count; it could very well just be free therapy... or whatever you imagine it to be.
If there was one small, miniscule change that I'd want to see in Canada, it would be people voting *for* things; not against.
@jshklt Things are already too bad to be turned around... it could still happen, but it would take at least a decade of good policies. Stopping inmigration, building building, getting rid of the carbon tax and selling some of our resources are a good start.
You really thought that a country built by british, with most inhumane crimes committed against Indigenous people, would lead to prosperity forever? look at UK. Anything that goes through a bad path, only has bad future.
I am Canadian and that immigration number that you outlined only scratches the surface. We added roughly 500K immigrants last year but that does not include international students which account for even more. We are predicted to bring in 1.3M people this year. Our housing which was already struggling before this policy change is not completely messed up and our infrastructure including our healthcare is strained.
When you say that you guys are predicting to bring 1.5M people this year, are they students or immigrants?
@@user-tp4jl4xt6w it’s both and then some, to be honest. We have immigrants, students, temporary foreign workers (TFWs), and refugees. The issue is, Canada does not do a very good job keeping track of people coming in or going out. In 2023, the government lost track of about 1M people. A lot of people stay past the expiry of their visas, and rather than deporting them, our government either doesn’t know, and can’t-or, they extend their visas or grant them PR anyway.
For clarification: they surely ‘know’ when people’s visas expire, but as the video states, we aren’t a very productive country. The willingness for anyone to do anything about it isn’t very high.
but if you yourself is an immigrant, then complaining about immigration is so damn unethical. Don't you think so? While you should've returned to your homeland after making enough money and let other immigrants has the chance to to change their life. Ukraine is going through a crisis. Pretty your homeland is not in a crisis.
@@truthfinder8652you are stupid
Students cannot be immigrants, immigrants = move to work. Only the far right Tory party classifies international students as immigrants.
Made a mistake. CmHC said we need 5.8m new home units. 3.5 MORE than forecasted to bring back affordability
so the problem is Canada's population has just exploded.
you know what the worst part of that is we could just reduce the amount of immigrants we take in and housing prices would drop
And that's assuming that they don't just get built by funds that intent to rent them at jacked prices.
@@RipperTips Woah dude what are you, a racist or something?
@@RipperTips reduce immigration would help but also don't allow foreign investment into our housing markets, don't allow short-term rentals like Air BnB, make it harder to own more than one home... take the "market" out of housing.
20yo Canadian here. Myself and my peers will consider ourselves lucky if we can ever afford to own a home that we didn't inherit. Myself and 5 other students split rent on an old unmaintained house in a "cheap" neighborhood and we can barely afford the rent.
Sounds like most 20 year olds across the world. What I don't understand is why people think this problem is unique only to the country they live in, and that their country's PM/President is directly responsible.
If you can’t afford an apartment or house split 5 ways then you’re living way beyond your means
@@MerchantsOfMisery Not boomers when they were in their 20s. Plus, Canada is a developed country, so called first world. Such difficulties should not have existed. Stop being such a peasant
I feel bad for our current generation and the next generation
@@MerchantsOfMisery Okay now realize Canada has a population of ~40million and is 2nd largest nation by landmass. Those countries with rents/mortages comparable to us are often times barely bigger than our Atlantic provinces(our smallest provinces) and usually have population larger than our entire country. Can't really compare our problem to those of the UK, France or Germany when makeup of our nation is extremely different from them
As a Canadian its getting pretty bad. Rent, food, and other costs of living are getting quite literally unaffordable. Once I finish University I have no plans to stay in Canada
how are you getting out? I have US employers but I am a foreign contractor, nobody wants to pay to immigrate you to the US they'd rather you work remote.
If you're between ages 18 & 30 there are a variety of places you can go more easily of working holiday visas or if you're 18 - 35 it's relatively easy to get to the UK on a youth mobility visa
@@Lando-kx6sothe UK is doing worse.
@@ideatorx a TN VISA is the easiest way to get a job in the US as a Canadian as it doesn't require employer sponsorship. The only thing is you need to work a profession from the accepted list.
@@geoff1025Canadian working in the us here. TN visa doesn’t require employer sponsorship? That’s not how it worked for me, not sure if things have changed.
It’s not exactly easy to go to the US for work unless you’re in the right industry in the right time.
Productivity is low because all we do is invest in unproductive assets like existing homes. The real estate market is draining our ability to invest into business that generate wealth. The Canadian mentality is to recycle existing wealth rather than generate it. Both our culture and government are to blame. It's too hard to start a business here and Canadians are risk averse and would rather work a government job while saving to buy a home to rent out to students.
I have dual citizenship (USA/Canada) and live in Canada. I just returned from a visit to San Diego. It feels like there is more going on in terms of entrepreneurship just in San Diego than all of BC and Alberta combined. You can’t build an economy just on unionized government jobs and that is what Canada appears to be trying to do. It seems that no one in Canada wants to make money by creating innovative business, everyone just wants a cushy government job instead. The private sector has been decimated by the People’s Republic of Canada!
@@econhelp583
*It seems that no one in Canada wants to make money by creating innovative business, everyone just wants a cushy government job instead. The private sector has been decimated by the People’s Republic of Canada!*
I think in some cases we need more government created jobs like for example a crown corporation who's main purpose is to build housing and major public projects rather than relying on private companies to do it for us when they so often charge so much money to do such poor jobs and yet we keep going back to them again and again.
Also Canada needs to increase its manufacturing sector and stop relying on the world to build things for us. Take our own raw resources and create value added finished products in Canada rather than simply shipping those resources off to other countries for them to make finished products with it.
It seems like our government has no problems with giving billions of dollars and other incentives to attract foreign companies to Canada, but they never want to create and support building Canadian owned businesses that can eventually compete on the world market.
@UzumakiNaruto_ government isn't the solution, it is the problem.
Have you ever seen anything built by the government to be better/more efficient than the private sector?
I would say the biggest hurdle in Canada is that its people are all effeminate and ignorant that get STILL turn to the government to fix their lives for them, even after government has spent years now making it worse.
@@user-iu1ru1qz7u
*Have you ever seen anything built by the government to be better/more efficient than the private sector?*
On many occasions yes. I don't know why you blindly believe that the private sector is always so good when in many cases they're worse for important sectors like major project construction, healthcare, transit etc.
Just take a look at how painfully slow and poorly built many things are in Canada that come from the supposedly great private sector. There are tons of substandard condo towers standing in Toronto that won't stand the test of time because private companies just want to build them as fast as possible, sell them for as much as they can and then move on from that project to the next one.
Heck just look at the most famous example in Toronto right now which is the Eglinton Crosstown LRT which began construction in 2011. Its a relatively straightforward 19km, 25 stop light rail project and yesterday the private companies involved announced that AFTER 13 YEARS OF CONSTRUCTIONS that they STILL can't announce a set opening date because they're still dealing with various problems. 13 YEARS for a short LRT line that's costing 10 BILLION and counting and they still can't say when they'll open it to the public.
In that same timespan Shanghai has added several SUBWAY lines, while China in general has built a ton of highways and high speed rail in their country.
Yeah private business isn't always that great especially when it comes to major construction projects.
@monkey_d_taha4967 thank you Steven Harper.
I dont think I have seen a single Canadian youtuber or video about Canada where ppl are happy about the living situation for at least 7-10 years
Almost like 8 years ago we had a braindead government installed
@@djblackprincecdn Pretty crazy that Canadian conservatives lost the federal election to a braindead government 3 times in a row, right? What kind of weaklings can't beat a braindead opponent?
And who took power 9 years ago?
Trudumb.
Unhappy ones are definitely the loudest 😅
And happy ones definitely get less clicks
Linus seems pretty happy driving in his Porsche Taycan
As a Canadian things are not going well. Small business are closing everyday, inflation is super high and only seems low because of oil price. All the growth is in the hands of big compagnies and rich people.
both caused by landlords
@@tugger they are a big part of the problem. But Trudeau is making all the worst choices possible. No wonder he dosent want elections, he'll get kicked out asap.
Socialism 🤷♂️
@@anthonyponce9702 Hhahaha yes, the cultural post modern Marxists destroying the economy.
@@das_niko redistribution of money from wealthy to the poor
Canada has basically rejected the type of economy it is built on. We are a country built on primary industry (mining, lumber & agriculture) with a relatively small secondary/tertiary industry. While we have continued to introduce legislation that makes primary industries more expensive, there has been little or no effort to increase secondary and tertiary industries. That's why companies aren't moving to Canada and why wages haven't increased as these industries don't see the profits needed to keep up with the economy. This added with a lack of trust-busting which sees large companies create cartels over certain industries like groceries and telecommunications
The lack of trust-busting is what I find interesting about smaller countries because of the bind their economies are in. Something homegrown needs to be built up, lest they face massive wealth extraction hy foreign companies. However, it introduces the usual problems caused by monopolies. Slower progress, entrenched practices, corruption, and so on.
You do know that EVERY economy was built on primary industry before transitioning to a service-based economy, right? Are you seriously suggesting Canada go in the opposite than every other country in the past 100 years?????
1000 bucks this comment is from an Albertan lol.
Those industries are still massively profitable, the problem is that the wealth doesn't trickle down. What's changed is that many of these used to be crown corporations but they're privatized now.
@@001sander2 Most of those industries in Canada are not or barely profitable, running anything that is not one of the cartel business (groceries, telecom, banks) in Canada is a constant slog of breaking even for years in the hope that the American economy will spill over and improve equity values here. The cartels have insured through over regulation nothing new can come and disrupt the market and threaten their dominance. Unfortunately these protections hit every industry killing anything that is not government. Working in government is the only reliable way to ensure a comfortable standard of living here.
We used to have a healthy manufacturing industry.
We intentionally and knowingly destroyed it when we signed Nafta.
What's the matter you don't like the "service jobs" (burger-flipping) that they said would replace those jobs?
I was promised you would love your service jobs...
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Investing in gold is a reliable choice, and I plan to keep buying more to make up for my losses. While silver is also a good investment, my collectibles are not as similar. It's important to have clear investment goals and educate yourself on the type of investment that interests you. I work with a financial consultant regulated by the SEC, and started small, but eventually accumulated over $800,000.
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I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
“Stacy Lynn Staples” is the licensed adviser I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
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Only reason why our total GDP growth figures look good is because we let in >1M immigrants into the country in 2023. Our GDP per capita is steadily declining and the result of this uncontrolled immigration is that our free healthcare is inaccessible (takes 30 months to see a specialist), our housing is out of reach for many young Canadians, wages haven't gone up due to increased competition, and crime is up 300%. 1 in 4 Canadians are living in poverty due to exorbitant taxes and life is only getting increasingly difficult.
The immigrants number is wrong. 400,000 permanent and over a million students. And students can stay after graduation.
@@the_ikiru It’s closer to 500,000 permanent residents per year. Then, there are 3 million of temporary residents, which are students, temporary foreign workers and asylum seekers.
He said 400k in a quarter or a pace of 1.6 mil a year so it isn’t wrong
@@liamthomas8029 Hey, you two: instead of just bandying figures around like they're The Truth - why don't you put links into proper studies eg government statistics (like the equivalent of the UK's ONS). People just saying stuff seemingly plucked out of the air is the bane of yt comments....
@lif6737 centennial college is a diploma mill
@lif6737if they are ubereats drivers then they can afford a newish car somehow.
I am Canadian and it sucks out here lol
It sucks everywhere at the moment 🙂, except maybe Scandinavia
I am not Canadian and it sucks there
@@HeroesLabsArena Not great in Canada either. Rents and mortgages are up to the point where many people are working one job, and multiple side jobs just to survive and save money. Many of my friends have experienced burnout multiple times from having too much work and dealing with living costs. I think the changes will be easy to make to make, especially now that the issues are now being debated. I dont think any Canadians want us to become the next Japan.
@@jdo8405 what kind of bot answer is that?
@@HeroesLabsArena Only good news is that swedes are finally turning on their multiculturalism bs. maybe they can be saved.
Mass migration only serve billionaires.
- Their properties values go up.
- They can hire plenty of workers with lower wages.
- Workers from poorly educated countries are not political and don't ask for better labour conditions.
- People are turning on each others instead on them.
The mass migration policies we saw in the West during the last 40 decades were driven by them. The result ? They are now way wealthier, while regular westerners have to cope with all the effects.
Funny thing is that, in the end, the billionaires children will suffer too, as western countries become less and less functionning.
Ehh you still need migrants specifically in Europe, birthrates basically plummeted as Europe became more socially liberal, basically without immigrants there will be no one to fill the gaps and the economy will stop growing.
This is especially important in nations like Germany that are all about industry.
I'm glad some people get it some say "but the economy grew".
@@MrBurnsExcellentgrew for who spulend always be the response
@@WinterXR7 So what? Fewer people, cheaper houses, more space. Why do you need migration? Do you think migrants from Arab countries will want to sustain the pensions of Westerners when they become the majority
@@jasiek1122 Fewer people = less people working jobs I mean at the end of the day you need people to make sure all the infrastructure is working, also what’s the point of houses if there’s nobody to buy them? The housing market would crash and overtime parts of the cities will become abandoned and rotten similar to how some towns in Sicily rotted away over the decades as everyone just left.
You should also expect young people to leave such nation as there is no more room for growth pensioners will have nobody paying taxes as they become the majority and they’ll either starve to death or return to work in a non existent economy.
There is no country without a population.
I mean if you hate migrants so much there’s always trying to make the population more Christian/Socially conservative so they’d be fine with having multiple kids but that’s too much to ask for nowadays.
we used to be a hard working resource company now we are a lazy puff gig service economy that produces almost nothing
Calling us a company is probably about right.
I'm so happy I made productive decisions about my finances that changed forever. I'm a single mother living in Vancouver Canada, bought my first house in October and hoping to retire soon if things keep going smoothly for me.
Cryptocurrency/stock investment, but you will need a professional guide on that.
Facebook 👇
Evelyn C. Sanders
Am glad seeing this here today, your recommendation earlier this year was a blessing to my life and that of my family, am so grateful.
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My experience of the last 10 years as a Canadian:
1.) Grow up in under-developed rural area with almost no services running my parents' subsistence farm while they go to work. Off and on school/versus self-taught homeschooling
2.) Go to university in the city on scholarships.
3.) Graduate, go do my Master's & PhD in Toronto.
4.) Get $120k job in finance right out of PhD in Toronto, try for a few years but still taking on debt to live in a 1 bedroom with my dog.
5.) Give up, go back to the Maritimes, get a $55k job outside my field, a crappy house with some land, and raise ducks - Have a better life now.
6.) I think this says a lot about Canada in the last 10 years. Its better for my quality of life to return to subsistence farming and throw away my years of education than it is to use all that human capital I have the potential for. What does it do for the future of an economy when its young professionals have no hope and just give up on the system? Many of my friends gave up on Canada as a whole and moved to places like Florida and Texas for the more affordable living and opportunities (absolutely astonishing sentence, that is). Yet we continue to just open the gates more and more for immigration, a primary cause of the cost of living crisis that is driving so many of us who live here out of the country. Its all good though I guess, our 1 bedroom apartments will get filled up by a group of 6 Indian guys willing to share inflatable mattresses in the living room....
Interesting perspective from the countryside.
Is there any thing you could develop in your rural setting that could add value to whatever you are producing there? I'm not sure what but some product, food or consumer good, that you could develop and sell.
One thing you have in your favor living in the countryside is a lower stress life. Am I at least right on that?
I think it's more that there isn't a lot of public housing in Canada.
You are blaming the hosuing crisis on immigrants sharing a room?
@@DoubleRBlaxican are you blaming landlord that he would rather rent one room apartment for more money to 6 indians than for less money to one canadian?
@@DoubleRBlaxican In part, yes. And its not to do about where immigrants come from, ethnic background, or any other racial discrimination. The relevant facts are that 1.) Indian immigrants and students to Canada make up more of the pie than all other source nations combined. 2.) Canada has a severe housing shortage of about 5.8 million homes just for its current population. 3.) It is a known issue in Canada that landlords use social media like Boj and WeChat to specifically target Indian immigrants to rent out overcrowded apartments after evicting people to make room. Its so established a practice we now have laws going through parliament specifically to make this act illegal. At the end of the day, this is pure market economics. Housing is in severe demand, adding more people to the mix makes it worse. There are other factors, but immigration remains the main one.
Speaking as a Canadian I, and everyone I know, is very pessimistic about the future. This video was very well done and I appreciate that TLDR made this because everyone thinks Canada is this perfect country when there are a ton of massive problems. A few notes that I'd like to include for those who don't live in Canada or just want to know more:
-I'm in my mid 20s and even with a dual income apartments are hard to afford in the city in which I live and it's considered very cheap. You can't live by yourself without a very good job or a crazy cheap place. The average apartment is around $1,200-$1,400 a month not including utilities and a small bungalow is around $300,000-$450,000
-Crime is getting worse as more people become desperate and the homeless population as increased a lot
-Food is crazy expensive and shopping at grocery stores with average prices will still be about $80-$100 per bag
-Taxes are increasing every year and even though I've gotten incremental raises at work the last 5 years my net pay has stagnated or gone down
-Canada pays some of the highest rates for cell service and internet in the world. I pay $65 a month for my cell and that's considered cheap
-Most of Canada's major industries (cell/internet, banks, groceries, warehouse stores, etc.) are all operated by monopolies with between 3-5 companies having 70%-90% of the market share
-Our healthcare system is terrible, full stop. The quality of care is good but if you're life isn't at risk you don't matter to hospital staff. For example, a family member experienced non life threatening heart problems which caused severe pain and discomfort. We were in the waiting room for nearly 9 hours before we even LEFT the waiting room and she was in a hospital bed for another 2 hours before the doctor even saw us. I took at same family member to a different hospital for extreme chest and stomach pain a few months later and when they figured out that she'd need non emergency surgery in to fix it they put her on a surgery standby list for 4 days. She ate nothing but a few ice chips and drank nothing but 1 small cup of water for 4 days
-Our government has a corruption problem on every level and our PM has been CONVICED and charged with corruption AT LEAST 3 times and nothing happened. At many points it seems like our governments are actively working against its people. Canada is making new rules and regulations that make life harder everyday with the largest of which being Bill-C11/C18 which would see the Canadian internet and social media become highly regulated (see videos by JJ Mccullough for more information). Heck, social media companies can't even host news links anymore because the government taxes that now
-Don't even get me started on our PM, easily the worst PM in Canada's history and has presided over one of the greatest drops in standard of living in Canadian history. Not only that but he has bankrupted our country and has spend the most money in the history of our nation in every meteoric when accounting for inflation
In short, Canada is not a great place to live now and it's only going to get worse as the currency becomes worth less every year due to runaway spending that does more harm than good and all the issues outlined above get worse. The rising GDP numbers are a lie and do not tell the full story. If you plan to visit Canada go out west its amazing and the mountains are beautiful but if you plan on moving to Canada DON'T DO IT! I have nothing against immigrants, I'm just trying to save you A LOT of headache
I mean we litterally 8 years of leftist brainrot. There hasn't been a singular country that has had growth during socialist/leftist regimes. NONE.
Even Sweden, was a complete shithole in the 70s until it opened up it markets and deregulated everything, and turned away from socialism.
My dad rents out one of our houses. Half the people that show up are either crackheads with 12 children (that dont even remotely look like em) they adopt purely for the welfare, or indian stoodents.
And I hate the fact were forced to rent, because the capital gains tax this braindead communist put in place, makes it impossible to invest in anything else.
Better dead than red. Look at how much Argentinas growing despite all the misinformation your average braindead commie was yammering about.
Look at how much Sweden and Ireland grew after trashing socialism and getting a bigger free market than America.
"i have nothing against immigrants" explains a lot about canadas problems
fellow Torontonian stopping by. Majority of this is true except for the cellphone plan. $65 is crazy, who are you with? I have two phones: one with Fido and one with Freedom mobile, and both of them I pay $29 each for around 30GB of data (I need freedom because U.S. roaming lol). Shop around right now, there are tons of options around you, unless you're located in remote Canada
Healthcare is due to provinces continuing austerity. Not defending Trudeau, but he is in no way the worst PM. I'd argue his father was a lot worse, because he quite literally bankrupted the country. Whoever is going to be PM in the future will have a much easier time managing the country's finances compared to 1989.
Canada really needs to sort out its issues. At least they are being debated now. I think we can get out of this slump without too much difficulty if we just accept that we need affordable housing and proper rest for our labor force as they seem to know in some European countries. Productivity is not hard to solve, we just need to be open-minded and listen to employees needs as well. Once employees feel respected by business, productivity should increase also benefiting business, and we should already be on the way to fixing our social and economic problems. Just my opinion.
American citizens, one of our favorite places to visit is Montreal and have visited the city over a half-dozen times in the last 25 years and always loved it. But on a visit to Montreal this summer, we were shocked at how shabby and derelict the city looked compared to the last time we were there (2018) - shuttered store fronts, abandoned, dilapidated buildings even in the chic areas. Very sad. As a Canadian friend of ours said, Canadians have to deal with West Virginia salaries but Los Angeles prices.
Mountaineer here, that truly sucks for Canadians because our cost of living is very manageable and on par with our comparatively lower wages.
There's a lot of entertainment and 'fun' in bigger cities, especially Montreal. That temporarily relieves the stress, but eventually will be dilapidated too.
Montreal got fucked by over-zealous covid policies. Our premiere cares only about people living in the countryside cause Montreal doesn't vote for him. During covid he announced that restaurants wouldn't be allowed to open something like 1 or 2 weeks before new years when they were already geared up for the holiday season. A death blow to many who had already invested for a very important period.
@@scoops2 My wife & I thought that the COVID response probably had something to do with what we were seeing in Montreal.
The decline of Vancouver is even more shocking
Things arent looking great. Many young people are looking to leave
The infrastructure here is so bad. Went to the UK recently and my cousin’s internet was 300 megabits down and 50 upload he was only paying 30 pounds a month.
Which approximately 60 cad.
In Canada im getting 30 megabits down and 5 upload for the same price.
The companies here are taking the piss rising prices for shit service
not wrong, as a highschooler here in vancouver, BC, ive talked to many of my peers about where they plan to live and none of them ive talked to plan to live here past post secondary, most wanting to live in a country outside of canada
You know it's bad when young people are looking to leave Canada like young people from third world countries.
@@ThePlecoPalToronto is a *hit hole of a city
@@itachi93674jesus Christ I don’t know in which province you live but I get the same speeds as your cousin for 65$ a month. Seems like it’s more of a provincial problem than a countrywide problem tho
I recently purchased a condo in Vancouver GTA - Burquitlam area. There are some constructions going on and a number of condos are being built yes. But those condos are sitting EMPTY, in my building only %40 of the units are sold, same for other condos as well. People simply can't afford the housing here, new supply is not lowering the prices either. People who want to rent can't find housing either since supply isn't growing for them either.
I live close by as well , they are empty because they are not able to sell it
Yep developers spent a fortune building them to turn a profit and they can afford to let them sit than lower the price.
Basically what the cartels would do..
Lots of empty houses and apartments all over Canada these days
thousands of houses currently on sale
Yet prices are NOT dropping!
They are priced for Chinese businessmen getting their wealth out of China.
I see houses in my city (Mississauga, south of Toronto) and all the houses are selling for 1.1-1.5 million, when they were 600-750 thousand 10-15 years ago. How am i supposed to afford that when i barley make above minimum wage ($17.50) and my company cuts my hours to the minimum (20, when i used to get 38, technically part time. They won't give full time anymore to anyone)
At this rate, its better i wait for my parents or relatives to die and inherit there house then buy my own.
South of Toronto is lake Ontario. I think you mean west of Toronto.
No one making (near) minimum wage should be able to afford a median house.
The solution is to not make (near) minimum wage. You won't be successful expecting housing prices to drop because it either means massive building programs (which won't happen) or the invested value of people's homes has to drop.
Increasing your skills, value, productivity, etc., allows you to offer more value to employers and thus command a higher wage. A company will gladly pay someone $50/hr if they add $150/hr to the bottom line.
@@theevermindeven people making 50 dollars per hour are struggling to afford housing in Toronto
To anyone who’s curious:
-$17.50 CAD is $12.66 USD
-$1.1-$1.5M CAD is $800k-$1.1M USD
-$600k-$750k CAD is $435k-$500k USD
Don't expect inheritance either. I have seen this in San Francisco, where people have been dealing with a housing crisis and high costs of living for much longer. Retirees on fixed pensions facing rising costs who are sitting on million dollar homes are pretty much forced to sell or borrow against them throughout their golden years and by the time they kick the bucket, there is nothing left to pass down.
Canada is just flooded with international Tim Hortons workers lol
Tell us more about how broke temporary foreign workers trying to pay the bills are the problem, while completely leaving out billionaires in Canada taking advantage of all working class folks. A tale as old as time itself-- when in doubt, blame the colored folks.
immigrants that is supporting your economy? aka house of cards
@@axhinxv they're not supporting the economy, they're a drain on resources
💯💯💯💯😳
@@axhinxv looks so bad! Did I come to India or Canada you tell me?!?
Mass immigration. We're consistently told we have a labour shortage when our unemployment rate is 6%, we're destroying prime farmland for suburban sprawl, housing is unaffordable for many, and entire towns and cities now resemble India.
You can have both at the same time. The thing is there's probably a mismatch in skills required and the populations' skills.The thing is immigration is a short term solution.
Labour shortage is simply corporate framing for wage increases. If any of those "short" jobs paid 2x you'd see the holes filled.
Bingo.
Mass immigration to replace people that demand more money aka higher wages with people that are happy with lower wages.
Plus, this will also drive the housing prices up. Which means more profit for those that are selling houses
Therefore more profit for the already rich.
Entire towns and cities resermble India?
What the heck are you ranting about?
No offense to hard working people in India or to their homes
but per capita income is far higher in every Canadian city than in India and houses in Canadian cities are not like houses in India and the roads here don't look like roads in India and the level of social supports here is much better in terms of universal public health care and paid maternity leave and other services.
Again, what the heck are you ranting about?
....in India...
Its really sad to see how far this once great nation had fallen
As a Canadian a lot of this sits on Justin’s shoulders. He is famous for saying budgets balance themselves and a finance minister who said cancelling Disney plus would solve families financial problems. All while adding more taxes i.e. carbon tax and loosing money like the WE scandal. Happy to chat if you want more.
Justin has done more then u ever will. Indians love Justin and being here, u people think we steel jobs but no u complain. Sorry, this is rasist
@@reshanazeez9320 where did I mention immigration or Indian people? I have two employees eho are immigrants who have been able to get landed status because I hired them. Before you yell racism look in the mirror and remove that chip from your shoulder.
he has been doing a lot of bad to are country and honestly, he will lose next year elections but I don’t think conservative party will help either to be honest
@@reshanazeez9320 I see what you mean
@@reshanazeez9320 you're just proving him right lol Indians love Justin because he made mass migration happen
All this talk of how many great numbers and stats Canada was giving show how utterly worthless said numbers are at telling the real circumstances of the average Canadian. The same could be said for all countries. The GDP is rising they say as more and more of the population struggles...
well in canada even gdp (per capita) is falling
The GDP rising was government spending/hiring because it counts as GDP. GDP per capita is actually dropping and capital investment from private sources is at the lowest in decades.
@@toddpick8007
The govt is masking it with immigration and new govt jobs.
House of cards
If it makes you feel better Simon Kuznets the person who invented GDP also thought it was a terrible. Especially for a measure of social welfare. They use it because it obfuscates and oversimplifies and I'm glad some know that.
This video is very inaccurate. We had 500k immigrants, but also 800k more of temporary foreign workers, international students and refugees, none of which count as immigrants. Our actual population growth was about 3% per year, MUCH worse than this video suggests.
Actually see if you can email this Channel, I know it's a month later, but you're right! Not hard to google but I can see it as something I wouldn't be aware of until I was made aware of it? Hard to explain but if you can somehow communicate this legitimately, or can be arsed too, all good lol, Id do it.
Generally speaking and as someone who works in the construction industry I can concur with this overview. Coupled with the fact that my family doesn't have a family doctor the future doesn't look all that rosy going forward in Canada.
Access to healthcare was already poor before the pandemic and has been worsening over time. However, I don’t think this issue is directly related to immigration, as most immigrants are young and healthy. The real challenges stem from an aging population and underinvestment in healthcare by both fed and provincial gouvernement
If I may ask...
Are you able to like... build a home without a buyer and sell it yourself? What are some challenges keeping construction firms from profiting off of a need for houses and an influx of affordable immigrant labor?
I'm not Canadian so excuse if it's something obvious to you and the question is weird
@fosyay1780 It can make sense to build your own home and many people have, including my family. For the past 15 years at least I have not been able to make those numbers work for building the same houses for sale to others. The myriad taxes and costs of placating idiotic bankers and building officials means that capital is always better invested in equities than property development.
Frankly the conditions are so terrible I can’t make sense of why anyone is still building in Canada. Rumors in Vancouver suggest that none of the active projects are achieving sufficient returns except for those where corrupt government officials are involved. Whether or not those rumours are true, despite that I can and have built homes for sale in Canada, I want nothing to do with that today.
@@alx9r so the rate of new house builds looks like it will either decline further and/or government debt per taxpayer will rise? Oh joy lol
sorry to hear this. are you located in Toronto? There's this clinic I know that are taking new patients for their family doctor
As a Canadian, I have a couple family members that work in our health sector. They all agree that there's a conspiracy to purposely collapse our health sector so it could become more like the US's privatized health sector. Our health sector under Trudeau, ie the past 7-8 years it has been slowly failing. Its now reaching a braking point. If anyone here remembers how great it and fast our health sector was it's now slow, outdated and under funded. Our health minister and other key lawmakers have been making bad decisions followed by bad decisions followed by terrible decisions
Been saying this for a while now. There's no reason for public funded healthcare not to work in theory, as before it used to be pretty good
1) The US doesn't have a privatized health care sector - it is crony capitalism through and through. 2) Healthcare spending in Canada has grown over the time period you have characterized. 3) I'm sure your right that your decision makers have made bad decisions followed by bad decisions. But also, your health care consumers make bad decision after bad decision because you don't have a working price system. The effect is similar, but its stupid to attribute your problems to some sort of nefarious desire to emulate the USA. It is more logical to say that it is a logical outcome of decisions your own country made in creating your own system.
The U.S. has a mix of private and public systems. It's actually about 50/50 when factoring in public Medicaid, Medicare, the VA, CHIP, and Obamacare subsidies. It's confusing, but 99.9% of people that want affordable health insurance can get it. I much prefer being treated in the U.S. compared to when I lived in Canada, although Canada was much simpler in terms of being automatically enrolled.
IMPORT MORE NON-EUROPEAN IMMIGRANTS
That will SURELY fix everything
And make sure to call everyone "RACIST" if they disagree!
Im from Toronto and the biggest issues here as I see it are:
- unregulated oligopolies in major industries, including groceries
- lack of regulations on housing investments, leading to cheaper condos and starter homes being completely inaccessible to those that actually need them, keeping young people out of the housing markets and stuck in rent poverty. We dont need more houses, since any new houses will only sell at the inflated market prices, we need existing housing to be accessible to people who actually need a place to live
- subpar productivity investments and brain drain to the US, along with major wage stagnation
Learn from Spain in 08. Real estate bubbles are screwed and Canada's looks even worse.
People have said Canada’s housing bubble would burst since 2008. We don’t build, so it can’t, especially when importing so much cheap labor who live 10 in a one bedroom.
We need to be careful in defining "bubbles" because different kinds have different outcomes. "Bubble" typically refers to investors overvaluing something, aka "speculative bubble". The U.S. housing bubble that burst in 2008 was based on too many people getting mortgage credit that shouldn't have, so market demand was artificially high for years, and then defaults were much higher than the investment risk had accounted for, which caused the "bubble" to burst.
Canada's housing prices are not due to a speculative bubble, or a miscalculation of some component of supply and demand. They are generally a legitimate valuation based on the low supply and high demand given the number of people. It is a problem the relative rate of new people versus new housing production.
There is not really any "market correction" to some miscalculation or erroneous speculation that can cause a burst here. The housing prices are legitimate market valuations for the most part. What is needed is stress relief; either reducing the demand (fewer people) or increasing supply (more houses).
Mortgages are full recourse and valuations are valid, so there is no feedback loop where house prices will drop quickly and people can just walk away. The only thing that can really cause a burst here is if suddenly a large portion of the population goes bankrupt for some reason, such as jobs disappear and people can't pay for their mortgages en masse, and there's no reason to expect that unemployment will skyrocket.
I expect the immigration rates and house production rates will be dealt with to shift toward flattening the house prices so they stop rising greater than wages and allow wages to catch up, over a decade or so.
canada house bubble never burst and as long as mass immigration is implemented, never will...
@@nononono3421 The strain it put on our families will make it burst sooner than later, it can't go on like that eternally. 1/4 families can't pay their mortgages now. But I agree, a no immigration policy for the next five years and an intensive building program would be great.
This is not a bubble. If you import millions, home prices are bound to increase.b
Excellent coverage on this topic. I’m a fairly progressive minded person from the US and I’ve noticed many like-minded people romanticize Canada and its government without knowing a lot about what’s going on there.
I am a Canadian native, born 1991. I am working towards a Masters Degree and learning Japanese, once I complete my masters I am looking to leave Canada for Japan. Which says a lot, as Japan is having issues as well, but I can buy 3 homes (Akiya program) & renovate with the money I have now. That would be 1/4 of a home in Canada.
As a Canadian who moved to Tokyo last year, my quality of life went straight up by simply moving here. Much safer, living costs are affordable, and infrastructure is top notch. 日本語は英語の方から言うと大変ムズイと言われるといっても個人的に、ガチで果たせる挑戦だと思います。I have no Japanese roots but managed to learn Japanese from nothing, so if I can do it, you can too! 日本語勉強頑張ってね！
@@gyudondondonwow amazing I love Japan is it cheaper?
@@BlaisyUniverse Housing is 1/4 the cost, groceries are 1/2 the cost, and eating out is 1/3 the cost, compared to Canada. And this is in Tokyo.
Moving here makes a lot of sense if you can get a remote job that pays a Canadian wage while living in Japan, because wages in Japan are also half so it makes little sense to work locally if you can avoid it.
For the visa, if you have no family or wife here in Japan (like me), the Business Manager visa is the visa you’d get for that.
@@BlaisyUniverse And Japan is cheaper in many other ways too. For example, unlike Canada, dental is covered under government healthcare. In Japan, it was $15 to get my wisdom tooth removed. In Canada, I was quoted $218 after insurance at the cheapest clinic in town.
@@gyudondondon My rent in Tohoku right now in a government owned apartment is less than 100 CAD per month. I have 300mbps WiFi and access to the Shinkansen. I still will work remote jobs in Canada (discretely) but the Canadian economy is backup plan at best
80% of the stores in my local city have permanently closed. So many vacant bussiness spaces for lease or just boarded up.
What city?
@@MerchantsOfMisery Probably Ottawa, Toronto, Montreal, Calgary, Edmonton or Vancouver.
@@asparrow9876 80% though? Can't find any stats to back that claim for any of those cities. Like come on, 80%?
@@MerchantsOfMisery to clarify, probably 80% of family/locally owned businesses have closed. About 40% of chains closed except grocery stores, gas & fast food. A large portion of business properties are for lease and haven't been used in a year or more. A HUGE number of charities have popped up to fill SOME of the vacancies. Some streets in my city now have more charities than actual businesses.
@@MightyKingYoung again, why not name specific cities? There's stats on this stuff and none of them match what you or the other guy is saying. Also, you and the other guy don't mention timelines at all. Something like 90% of small businesses fail within their first 5 years and that's not exclusive to Canada or the country's current PM.
Canadian here, Canada has not been developing in the last 15 years
I live in a place where there's a housing build boom, and the major builders are cutting corners. Homes are bad quality.
Id rather live in an apartment with a couple of corners cut, than litterally starve in the streets for the crime of being born in the wrong country.
as a canadian I can confirm things are dire. If you are in need of medical assistance outside of Alberta, BC, or much of NB, the odds are against you. Ive had a few unnecessary experiences from near death to inability to treat or transport to other hospital due to lack of staff in eastern Canada (QC, PEI, NS, NL barring NB which can actually be pretty good). Inflation from covid may have slowed, but wages are still pretty consistent pre-covid. Housing is nuts, and the housing that is built (at least around NS) seems pretty luxury oriented, no sign of dropping rates to come. Immigration has seriously diluted labour pool leading to stagnating wages and increased housing prices. While this may be a cause for joy for landlords, as well as the business and political class, this is not a cause of joy if you do not own a house or a business. Access to services is not scaling with increased demand. Every year is more difficult to navigate than the last, there is a strong feeling of decay as opposed to growth in many places. The scale of the tent cities that have popped up across the country in the last 5 years is insane and visible drug use is seriously up. Many are having a hard time right now.
I live on the south shore now, but where i grew up had a similair upset after the 2008 recession. Canada has been slowly letting our issues fester for a long time.
Things are changing but i dont think we will stay apathetic too much longer. Im a millenial and i find there is less of an appetite to excuse our issues among the young.
BC Healthcare is also completely terrible. Kamloops was down to a single walk-in clinic when I moved a few years back, and good luck getting a family doctor.
Rent in my city has quite literally doubled over the past 5 years, no matter what this isn't a functioning system
Blame the conservatives for this mess!
@@reshanazeez9320 the conservatives are responsible for the quite big increase of the population due to migration? kinda hard to believe
It must be said that while the huge influx of immigrants is the main thing propping up Canada's economy, it's also the main thing supressing it. It supresses productivity, it delays or prevents household formation by Canadians, all manner of issues (all factors mentioned in the vid). If home prices crash, we're in trouble. If they don't crash, we're in trouble. And all the while, we're shovelling as much coal onto this dumpster fire as fast as it can be arranged.
How about the fact that this country has 0 cultural identity now within 75kms of the metro areas?
The economy on Vancouver Island is absolutely terrible right now.
Poland was basically not touched in 2008 by the crash because the way people spend money is very different. The UK runs on credit but in Poland people do everything they can to stay away from credit even when they shouldn't. The mentality is pretty stupid in some sense. Like buy a car most people will buy a used much older car for cash, and I mean literally taking out thousands of cash notes from the bank and taking it to the dealership. In the UK they dont even accept cash anymore at a dealership. Mostly people put 0 down and pay monthly, usually for something a lot newer. In the UK, people take out a mortgage and buy a ready house or fix up everything that needs it. In Poland people might still borrow money for such a big purchase but they will have a lot of money ready because they will buy land and build their own house. Often they will start living in it before it's fully complete. Say the upstairs still needs done, they will do that after saving the money up again instead of having a higher mortgage. Also your build house in Poland is peoples most popular investment vs in UK people will also invest in stock and share index funds or something else along those lines. Pretty much nobody will buy something like a sofa or holiday on credit in Poland vs in the UK such an option is very popular.
Poland has received, since 2008 enormous amount of EU aid money, like no other country in history.
Poles do not even want to talk about it.... Will Poland pay back these moneys back?
A big fan of deleveraging. The popularization of allowing people to borrow money for anything allow certain costs, such as college fees to skyrocket.
The reduction of excess loans stabilizes the economy.
@@XY-uc1tw They paid back and even more considering their annual fee to the EU and the amount of money EU businesses take out of Poland and export it out. Not to mention the millions of Poles working in other EU states, mostly Western Europe. If you sum up these things and compare with the EU money it got, Poland might fall short.
@@XY-uc1tw Enormous - yes. Still not substantial enough to be responsible for Poland growth alone. Much of it was also spent on infrastructure to help connect Poland to rest of Europe (mostly Germany). As far back as in 2021-2022 Poland was still not able to fully utilize funds it was getting granted and thus some money was returning to EU (I know this from professional Eu Project Managers who live on such funds and basically there is 0 competition for those money - you just need to fulfill the requirements).
Does Poland has to give money back outside of joining group of countries that will pay more than receive back in relative soon future? On what basis? Also you do realise that those money also helped Net payers? At the beggining of 2023 one of German newspapers calculated that for every euro spent by germany on EU, it's economy received 3 euros back.
The weirdest thing is that you lashed out against comment that wasn't even that friendly towards Poland. Both Poland and Canada have around 40 milion people so there is some similarity (they also are next to some major economies - USA/Germany).
@@XY-uc1tw what a stupid comment. those money were small % of polish GDP and are not even that high when looked at it per capita. and its not like western nations are not benefitting massively from free access to polish market.
In Canada if you want to bust your butt working many jobs to pay off a house, you can't, the tax on the extra work will eat up your additional income, so instead they need to bring in mass immigration to do those jobs instead. So yes, many are struggling when basics are double or more the cost and they can't work more and full time jobs are actually starting to decline. Canadians are angry because the government punishes people who want to work hard and make a better life while giving the taxes they paid to people who don't want to work or just arrived, sometimes illegally. This is socialism gone awry and being taken advantage of. The anger also comes from the fact that the working class party the NDP keeping the government in power even though the PM likes to lavishly jet set around and can spend $8000+ on a hotel for a single night! That is not the humble Canadian way and past PMs have respected that culture. Canadians can't get this guy out and they have tried, even though he populates the Wiki list of political scandals like no other PM thanks mainly to the NDP he just clings to his power. Go look if you don't believe me. It is shocking and people are waking up to the reality and the anger is only growing.
"past PMs have respected that culture". Steven Harper spent $45,000 of tax payers money on a weekend trip to Manhattan. Respect.
Seems like next year he will finally be gotten out.
America has population of 330mil with higher GDP Per Capita. Canada is snowy America with lower wages and higher cost of living.
Snowy Mississippi.
Yes!@@LD-Orbs
Canada is NOT America. Canada is snowy India
Edit: The person who posted comment about Canada being snowy America has deleted his/her comment
Facts@@richboy3860
lol. Not to forget Canada has more Indians compared to native/ locals
We are taking in 1.4 million unskilled immigrants per year.... when we only had 36 million TOTAL .... we have successfully destroyed ourselves....
Like said many times here Canadians are just feeling defeated now
IMPORT MORE!!
CALL EVERYONE RACIST WHO IS AGAINST IMMIGRATION!!
- clueless leftists
I'll answer. Canada's economy is suffering because of: unsustainably high immigration, too much bureaucracy decreasing supply of housing and increasing the cost (townhomes anywhere near Toronto are $1-2 million dollars), poor natural resource development, high taxes, and even higher government spending. You can have a household income of $200,000/yr and be middle class at best
Stable and progressive😂😂😂
He wanted to start the Video with a Joke.
If you’re comparing Canada to all other governments this is true.
Imagine you’re broke, but you have hundreds of millions in assets that you refuse to sell to people that are begging to buy from you. That’s Canada.
Yes, in that selling assets instead of creating things people need, want or like is very Canadian. If you’re talking about selling the oil under Alberta, there’s nothing more Canadian than thinking that’s a genius way of getting rich.
@@uday5412 Well, not selling it doesn't seem like a good way to get rich, either.
So, you can either make money doing what you can, or you can not make money doing what you can't. For some time now, it seems Canada is more interested in the latter strategy.
Our biggest trading partner is the worlds largest economy and closest geographical neighbour with whom we have a free trade agreement. Theres only so much coincidence you can belive here.
Talking about countries asking us for our LNG supply. @@uday5412
Yes look how poorly all
Those oil rush gulf states are doing lol
A key variable missing in this video is what's happening provincially, for example, at Ontario colleges. For background, Provinces in Canada have a huge amount of autonomy (there isn't even free trade between all the provinces). So while it's easier for international audiences to understand Canada through its federal government, in order to truly understand the issues, it's crucial to factor in provincial governments. Think of Canada as several smaller countries duct taped together!
Now in Ontario, the province cut funding to higher education while also taking the cap off international student limits. This lead to a massive influx of international students as colleges needed to stay in the black, and international students pay higher tuitions. At the time, colleges were also not held responsible for the construction of new homes for their students.
So, surprise, surprise, schools started taking in huge amounts of students. In 2022, Fanshawe College in London, Ontario (population: 515,000) took in over 11,000 international students. That same year, Conestoga college in Kitchener (population: 579,000) took in over 20,000 international students. Meanwhile, very few new rentals were being built in both cities (Keep in mind though, these are just two cities, and this was happening across the province). And thus, there became a massive rental crisis and surge in homelessness.
Worse still, we started to see formerly reputable colleges become glorified diploma mills throughout this period.
In my opinion, one of the big problems in Canada right now is multiple levels of government thinking too Neo-liberally-they put the cart before the horse with their policies, thinking that the free market will just solve any issues that come up. However, little attention is given to the systemic issues that actually prevent that from happening. And so, we only start to try and solve problems after it's already a crisis... 🙄
Yeah, this was already becoming an issue pre-Covid, and now it's shot up to insane levels. The feds have actually said they're going to cap the amount of students, but that won't take effect until September, and it'll still be years before the overall number of international students goes back to normal.
Job growth in the government sector is larger than job growth in the private sector. The problem with this is that the government is funded by taxation, which means that the supposed growth in jobs is actually just a wealth transfer, since these government jobs tend to be unproductive. As more people get state jobs, the people without those jobs hurt more and more.
And yet the minute, say, a provincial premier wants to do something that will reduce the govt revenue it's treated like an awful thing, where will we get money for schools and OHIP!
120 000 bureaucrats and still growing under Truedope
Canadian here. Thank you for covering our countries major issues.
I'm a Canadian, and I make about $100,000 a year and I can barely afford to support my family, we have absolutely no hope of ever buying a house unless it's in the middle of nowhere way up North or just an empty piece of land and building something.
It should be pointed out that stagnant wages aren't unique to Canada.
In the United States real wage levels of American workers have barely changed since the 1970s.
And in the world as a whole from 2019 to 2023
63% of the increase in wealth in the world went to the top 1%
while only 37% percent went to the other 99% of humanity.
And how have government revenues/public debt changed in these countries over the same time frame?
in general we love muticulturalism but we have way too many people showing up the last 10 years... we ve got folks showing up bunking 5-10 to a room living like shit, and getting conned working at a fucking pizza pizza and studying degrees that aint worth shit so their parents can buy overpriced suburban duplexes.
Why did Canada allow these huge waves of immigration?
@@a.qais6697 big corporations get kickbacks on immigrant labour, since both of our parties are seemingly controlled by big corporations there’s no real end in sight of the immigration policy. It keeps wages suppressed. We have ads in almost every city of Indians looking for more Indians to rent out half of their bedroom to. Like 6+ people living in 4 bedroom homes, cause the wage they earn isn’t enough for a dignified western lifestyle. Meanwhile Canadians who used to rely on those jobs are being told get fucked.
@@a.qais6697Canadian businesses created hundreds of thousands of fake job postings to make it appear as if we had a massive labour shortage and managed to convince the government to significantly reduce the barriers to entry for low skilled labourers.
@@a.qais6697to help large corporations find affordable workforce. Why pay a Canadian $35/h + benefits when you can hire 3 expendable immigrants, pay them minimum wage and no benefits. Service will be awful and turnover high, but profits are real.
@@a.qais6697avoid a demographic crisis? Idk
Growing up I've always wanted to live in North America especially in Canada but i did some research and found its much easier and stable to live in the US than in Canada
It doesn’t seem the government gives a shit.
The video failed to mention that Canadians are the most indebted households in the world. Canada is a debt fueled economy. People comes to Canada, gets jobs and take a mortgage.
When the borrowing interest rates are low, everything is hunky-dory. When the rates are high, the economy comes to a halt.
Without the population growth - mostly due to high immigration levels - Canada's economy would be in recession.
But with the population growth, things look a bit better than they are, we just have inflation and low wages.
Productivity is lower because of endless idiotic restrictive policies that interfere with getting any basic work done.
For example, approximately one in six shipments I order from the USA I just never receive because one way or another the vendors, couriers, and brokers can’t satisfy whatever the day’s byzantine rules Canada’s border is applying. There are few tasks that can be completed efficiently without at least some components coming from the USA. Those same parts sail through the border from China, but they take longer to get.
There are countless other examples that together mean no Canadian value add business can ever compete on the world market. The productivity problem is a Canadian own goal.
There's literally nothing surprising about this... the US is right there with them, just less extreme.
The us still better economy than Europe at least according to this channel
the immigrants in usa are good, the creme de croup. atleast the top 10%, thats not canada. if a indian decides to immigrate, to new world, he has 2 option, A, if he is actually talented, usa, B, if he is shit, canada. thats why many asian immigrants built trillions of dollars worth of gdp for usa while doing shit for canada. it is infeiror version of usa
The USA is miles (euh kilometres) ahead than Canada. Most of my friends want to leave Canada for the USA.
@@malekyowe will get better once trump is back in office
@@Posidon09 thats incorrect. trump literally kisses bums of rich people. you think they care about the average person? lol
I am a Canadian and a business coach to owners of small businesses. I read recently that 40 per cent of our workforce works for a government or government agency. I suggest this has an impact on efficiency numbers. Small businesses have essentially stopped asking our oligopoly of big banks for loans, why risk lending to a small manufacturer when the government is borrowing billions? If you want to build a small factory or winery be prepared to spend a million or two on studies, permits and other fees. It will take us years to recover from this inept Liberal government.
If a smart engineer from Asia emmigrates to Canada they will be able to find a job at a restaurant. Nurses from Asia can also find good jobs at a restraunt.
I've never felt so hopeless living in Canada than I do right now. Thanks Trudeau !!!
Don’t just blame Trudeau. I lived in Canada for all my life and in the last 20 years Canada we have been going downhill, but it only got worse after Covid so the conservative party does have some blame here as well and next year most likely the conservative will win but they probably won’t do anything to help our economy to be honest I just think Trudeau been in power for two lawn so we are just getting tired of him why everybody supported him in 2015 2019 2021 do you see what I mean? I hope that made sense.
The seeds were planted by Harper with his favouritism of corporate greed. It’s not just Trudeau
What’s Canada? You mean Far Northwest India?
Lived here since 2004, the place is absolutely toast. Economically and socially. The average person is getting poorer, and there's no identity anymore. There's no melting pot, contributing to Canadian identity anymore, it's a big shit show of competing tribes. No cohesiveness, we're done here.
Leftists destroyed Canada
Its gross now, full of drug addicts and no hope
But........ OOO I KNOW!!! IMPORT MORE IMMIGRANTS!!
It's worth noting that part of the reason the housing market is so bad is because unlike the US we never had a correction in 2008 so housing prices have just been continuing to outpace what people can afford for at least 16 years and we likely have a catastrophic housing bubble. Politicans keeps saying they want to add more housing without deflating the market but it's very clearly unrealistic.
"surprisingly badly"
Um, it was no surprise
Our GDP is up (due to increase in immigration), but GDP-per-capita is horrible.
hahahhaaha.... *Laughs in Australian*
How is it there?
@@jaytaylor629 australia and canada are the same country. the only difference is australia has nicer weather
@Bishounen But like is Australia also going through the same kind of crisis as Canada? I'm confused as to why he said "laughs in Australian". Does Australia have it worse?
@@jaytaylor629 yeah i think the rank goes - UK>AUS~CA>US.
As an American, things aren’t looking great either. I’m told our economy has been stronger than the rest of the west BUT to get a better picture of how living conditions actually are, homelessness rose 12% from 2022-2023. Rent in my rural area used to be $600 for 1 bedroom just 10 years ago when I was in school. Now you’re lucky to find a studio for $1300. One bedroom $1750. This is NOT LA. It’s a freaking farm town. How are people supposed to get started out in life with these conditions? Don’t get me started on home prices. Asking mansion prices for 5 decade old starter homes. Shits not right.
A big part of that is inflation. Fiat currency is just not what it used to be. For suburban and urban areas, another big part is that home construction is artificially supply limited. But rent in a truly rural area should be staying roughly the same, after factoring in inflation. How far is your location from suburbs? My mother grew up in Milaca, Minnesota, and we used to take trips out into the country to visit my grandparents. Now, that is basically long distance commuter range for folks working in the northern suburbs of the Twin Cities.
I paid $280 per month in Chico California for a room......... but the houses there were big and spacious.... so in reality we had entire basement and 3 rooms
That was 2011-2015 ............ Everything was cheap including gas--- 2.50 per gallon
Life was GOOD...... then Leftism appeared.
Really?....'surprisingly'?. Who is surprised?. The youtube channel understatement of the year.
“Surprisingly” it’s no surprise when it’s Trudeau
Left wing channel. What do you expect?
lol so basically what the Australian Govts have done, the race for GDP by importing 3rd world imigrants, record 750K net, so 1.1mil immigrants in one year. This is how AU dodged the 2008 recession, more immigrants. This has caused skyrocketing house prices and rents, not enough houses. and thus CPI rose quick, and our RBA screwed us again, interest rates didnt go high enough (4.35% high) so now we have a CPI of 4, so double that for real inflation. everything over the past 3 years has gone up about 24%. house prices in regional have more than doubled. The Gold coast prices have doubled. no-one can now afford a house and they think they can keep this going.. its insane.
Food is crazy expensive. Its nearing $100 for three litres of olive oil.
Meanwhile in Alberta: 80 cents per GJ of retail natural gas. Flared off 754 million cubic meters for zero useful energy.
Shop olive oil at a different place. You're being robbed.
@@SmilingBakedBaguette Walmart Canada does have "Great Value" for $14 per litre - but thats about as low as it gets.
I'm not exactly sure why its 10x more expensive than gasoline.
@@babelfishdude that's half the price you mentioned before. Now let's update your main comment to "it's nearing $50 for three litres of olive oil"
bUt It'S tOo ExPeNsIvE tO bUiLd PiPeLiNeS - the oil companies and their flare stacks
Whatttt 3 liters of olive oil is 6 $ in Lebanon
Really scary time to be a young Canadian in university, still very grateful to live here but growing increasingly worried for the upcoming years 😕
At least Canada is relatively chill, I get anxiety just walking out the door in the UK now, so many crazies
I lived in Salford. UK is fine. Google "East Hastings street". Also a woman was lit on fire in a metro station in Toronto. London and Brum are rough but the rest of UK is meh for the most part
I am from Canada, and while your report is mostly accurate, it's important to note that the housing crisis persisted even during the pandemic when the borders were closed. Cities are slow to issue construction permits (averaging almost three years in Montreal), which contributes to the shortage of affordable housing.
Additionally, comparing Europe to Canada is not entirely fair, as we have ongoing debates about the high level of immigration, though these discussions are conducted calmly and respectfully.
Calmly and respectfully? You serious?
"These discussions are conducted calmly and respectfully."
Lmao. No, the populace is ignored, and the non-integrated people keep coming.
Why do you think Canada has signage in Packi languages now?
None of the 3 main parties are seriously considering a significant reduction in short term immigration to allow the housing crisis to at least plateau. That is absolutely insane, it is simple supply and demand. All we would need to do is go to 1990s levels, and the primary reason such an idea is taboo is because the average NDP/LPC voter thinks its racist.
What? How is this surprising? Canada's been projected to be the worst performing developed nation throughout the 2020's per the Organisation for Economic Co-operation and Development. And the 2010's were the worst decade of development for Canada since the 1930's per the C.D. Howe Institute Business Cycle Council.
Because of rasisim Canadian toward Indians
Can we please acknowledge that productivity has dropped because employers are replacing full time jobs with part time ones so they don't have to pay benefits or give vacation time?
Places with part-time employment can have high productivity (compare the US to Canada, it's right there); the issue is lack of investment in those companies.
They should pay the same amount but as extra taxes instead to prevent that.
Extremely low productivity in Canada its absolutely concerning
I live in BC and employers have to give every type of employee vacation pay
Jup its the evil employers. Let’s try more socialism!
I live in Australia and the situation here is pretty similar. People are struggling to make ends meet.
As a Canadian my advice to an immigrant is to look anywhere but canada. If you come here you’ll work yourself to the ground just to have nothing to show for. No house, no family time, no vacation. The glory days of canada are long gone unfortunately.
As a canadian, almost everyone i know is living from pay check to pay check with very little savings due to terrible living cost. Most young people are moving back with their parents due to sky high renting and it is increasingly harder to find jobs in just about any sector. Ask any canadian and they will tell you the country's future is mad bleak judging by the economy alone. Not to mention how it is increasingly more and more unsafe with teh amount of cars being stolen and how everyone just seems a lot less nice than even 5 years ago.
Dont care. Trudeau knows whats best.
Import 9999 quadrillion more immigrants and tax capital gains and income by 90%
Also redistribute all the tax dollars to welfare leeches and climate change initiatives in the Philippines.
Also if anybody cries about housing making like 99% of our GDP thanks to our ridiculous tax system, just call them a Nazi.
The continuously changing economic conditions in our society have made it necessary for people to find additional sources of income, thus I am looking at the stock market to fuel my retirement goal of $3m, my only concern is the recent market crash.
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it’s not surprising. Have you checked who’s running it
As a Canadian, I will go against the grain of most comments here.
Things are pretty good, most people around me are doing good, everyone has a job.
Like, Canada is a big country, so I can't talk for everyone, but hey, here things are fine.
I don't have pink glasses either, some are struggling, but it's not all dark either.
Just wait til you try and get a house
@@BobBob-of7fg
I bought one 3 years ago.
Took a few years to get the cash down.
And I didn't buy in Toronto or Vancouver obviously.
Australia is in an nearly identical situation. Housing crisis, cost of living crisis, gdp growth in the last 2 years largely due to record immigration, lower gdp per capita, social cohesion issues just raised the terrorism threat level.
Link immigration to new housing supply, is this such a radical idea?
Signed, a Canadian millennial.
Canada should mass build social housing. More population isn't necessarily a bad thing for the country, as long as the infrastructure is there.
Also I suspect if Canada cut migration it wouldn't make that Big a difference. Generally it's land and asset hoarding that tends to cause high House prices.
@@Minimmalmythicist I think it’s possible their immigration rate supersedes the ability to make adequate social housing to keep up. The Canadian gment has pretty much always provided subsidies for this and it’s continuously not enough.
@@Minimmalmythicist not enough money to buy land. they cant even afford health care, you think they have money to spend on land? they always mismanage everything. insanity
@@mrwhirly0358 The Chretien Liberals cut massive amounts from the budget for social housing and no government since has really done anything about that. They artificially created a deficit of social housing.
@@mrwhirly0358 Canada barely has any. This is a typical anglosphere thing
sucks so much here, we expect to live like californians but our gov rejects any structural understanding of our economic reality. I work for the federal gov so one of the most stable possible proffessions here, and im taking my savings and moving to europe in september.
i would reccomend slovenia
europe is literally following canada just a little bit slower
also where exactly if i may ask!
Canada is weathering things better than the rest of the world, and I'm not taking it for granted. Having said that, living standards are getting rough. I'm making the most money I've ever made, but I've never been so broke. Groceries being up triple is rough. And I live in a cheap province.
A cheap province? I don't think those exist, please enlighten me.
@@BenjaminJams new Brunswick has the 2nd cheapest housing price average in Canada, I believe being beat out recently by Saskatchewan. I say cheap relatively - no province is affordable. Yeah new Brunswick costs less, but we have the lowest salaries in Canada. Everyone is broke.
It’s those taxes here and there in Canada. Unfortunately in the U.S. we have the same thing going on, taxes keep getting expensive, you can barely live in California or New York, US$100k is not enough in those two states due to taxes
It has escalated in the past few years but to hear that Canada only recently is not productive, people are lying to themselves. It has been bad for 20 years ….
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Babe wake up! Another negative Canadian economy video
“Surprisingly” lol
Really cool to see basically every country is going through the exact same issues at the exact same time right now
🍔🍔humbaher
I agree
Hearing a lot in the video ...."lowest since 2014" "worst since 2015" Guess who was elected in 2015?