Don't Count On The Bank Of Canada To Save You (Toronto Real Estate Market Update)
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- Опубликовано: 6 сен 2024
- BOOK A CALL WITH SANTO: calendly.com/t...
In this episode we take a look at the current Toronto Real Estate Market specifically the detached home prices and market trends for week ending May 1, 2024. We also discuss how some potential seller's see a rate cut as their saving grace which will skyrocket their home price back up. The problem is when those needing to sell have this view and up on the wrong end of the market.
This video will focus specifically on Toronto but be sure to SUBSCRIBE for more reports on other areas!
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Santo Sessa & Daniel Sessa
Re/Max Premier
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santo@teamsessa.ca
*This video, nor any of the other videos on the Team Sessa Real Estate RUclips channel, does not constitute legal or financial advice. This is strictly intended for educational and entertainment purposes only.
My father worked for RBC through the 70s and 80s. He was in the trenches through the 70s inflation and the foreclosures in the 80s due to 20% rates.
When I left home in 82 he gave me one very valuable piece of advice.
He said, just remember, whatever you do with your life and your money,
"the govt will never save you"
I'm a redneck who left home in 05, I was given the same advice.
They also hit me with the ole "nobody cares, work harder".
Truer words were never spoken. Wise man your father.
But a liberal Trudeau government will...
@@dtownssqwePierre Trudeau the liberal was not able to save anybody. What makes you think his son can?
Good luck with that! 😮
But the spring market miracle was supposed to save everyone! Hahah
The fact that home prices have not dropped much, and in some cases increased, has saved many.
If you purchased $1million property 2 yrs ago and put 25% down the home buyer lost 13% or roughly 130k. That is more than a 50% loss. If the 250k down payment was invested in a simple index fund tracking S&P it would be up 26% to 315k. The spread is 195k or roughly 20%. This doesn't even take into account real estate is illiquid and costs 5% to sell. Or that renting is cheaper. If you leveraged, your 250k it could be worth 375k or more. Leverage amplifies gains and losses Plenty of other ways to build wealth. Besides there is a lot more than just interest rates keeping house prices depressed at the moment.
A lot of the mom and pop investors don't understand the stock market. Also a lot of immigrants from Asia are used to being land owners and wealth in those countries was predominantly measured by land ownership. To them it's simple to understand and something familiar unlike the stock market.
^ I agree.
@@gobirajmusicYou're right. They don't understand how volatile a highly levered real estate market can be. A good downturn/crash will teach a lot of lessons.
@@Jo-mf2vuyup that's their problem
@@Jo-mf2vusays the broke guy.
I don't see the bank of Canada doing anything unless the US Federal Reserve does.
Our circumstances are quite different than in the US. Our mortgages are renewed in much shorter time frames than in the US. Our wages are lower as well. We are a country run by Oligopolies and they have a lot of control over wages and prices that does not exist in the U.S. due to higher productivity and competition in industries. Look at our cell phone market and our grocery and passenger travel markets for example.
No one knows where priced are going. I remember when rate's started going up, this guy was predicting a 30 plus percent price drop.
For a market to sustain high property prices, it requires a solid foundation of employment opportunities and industries. Most of the areas lack a significant number of high-paying jobs. During the pandemic, people were swept up in the hype and purchased homes at inflated prices. Now, the property prices are gradually adjusting to reflect the actual economic conditions of the area. And now add higher interest rates, increased supply, recent policy changes such as cracking down diploma mills and reducing the number of international students, banning Airbnb, and increasing capital gains tax, war in Ukraine and Middle East on top of the pandemic era inflated home prices. 😂😂😂
Sounds like spring market is ending. Pretty typical is it not Santorio?
It could be, or starting its decent.
(I tried hard for a special ending to dirtyburger, but I got nothing)
Bank of Canada rates are a guessing game that is for sure. Yet, the BOE told the British Citizens to be ¨Very Prudent and brace for a prolonged recession ¨. Now, I sure would appreciate if the the BOC would be clear to citizens akin to the BOE! I agree with Santo timing the market is a risky business and as long as we rely on BOC your odds would be better in Vegas!
Toronto Vancouver house prices ll go down %85 imminent
I don't think so
Lol not possible
The potential rush to return to the market is the exact reason why the Fed won't lower rates
Like your content and stories, Keep it up
of course avg price rose 50 houses sold 2 million or more and only 166, sold less then that prev. the 2million+ skews the numbers
I would be preparing for the boc asking you to help them rhis time ppl. They actually made laws that guess what.. once you deposit money in a bank... They can take it . If they dont have your deposit... Well here is some bank shares.
The truth will set you free. If your house is priced comparable to the market that has recently (
Once rates start dropping. It may take 6 months to see the swing in fomo returning.. So Spring 2025 could be a bump up in values.
U mean once rates start rising!
@@bilko_4732 nah that ain't happening
I just hope they won't increase lot fees
@@dirtyburger7528 hahah
the $150 a month is tough as it is!
Delusions
If rates go down, your interest payments goes down but the price of the house and mortgage principle goes up. You don’t get something for nothing.
Quite a few broke trolls posting on your channel. Santo
Hold the line. If you sell low now, you will regret it six months down the road….
@@xyz1663 My property is doing fine. Went up 4x in 12 years. All good. Prices are up.
😂😂😂
There are no idiots left in the market to buy the extremely over priced homes.
@@sergeyc5528 great, then you’ll still be up after 80% crash ✌️
👌
Lololol Chinese leverage sounds great