Cut the size of the damn government. Thousands of employees. Sweet wages, benefits and retirement plans. Insane. Bloated government at all levels. Sickening.
If PP gets elected he’ll cut the workers down, stop them from working from home and make sure he only keeps the decent workers that do their job Too many public sector workers working from home have another full time job with a private corporation and work that full time and just answer a couple of emails or phone calls from public sector job each day. This is the new trend and why the luck of sector workers hang up on you after waiting an hour when you finally get through
I am not a Torontonian but feel bad for you down in southern Ontario. I think a real estate crash would be a good thing. Let the RE investors suffer and help out those just trying to buy a single home to live in.
The property and land transfer taxes shouldn’t be increased on primary residences but they should be doubled or tripled on secondary or 3 or more investment properties Keep primary taxes flat but raise the taxes in the RE investors If your scared the RE investors will raise rent more lol, it won’t make a difference since tenants can only pay so much. More people will emigrate decreasing demand and backfire on Justin’s mass immigration RE prices will drop and investors asking huge rent will be forced to sell their RE properties at a loss in next few years. New owners will buy and since they’ll be buying at a cheaper price they can rent it out cheaper again. Just wait for the economic cycle to play out in next few years
There’s going to be serious backlash if underwater homeowners are given escape clauses from refi stress tests when the rest of the market has been subjected to prohibitive stress tests for YEARS - and everyone looked the other way. Serious question- what is different now? while everyone was riding the appreciation train to the high heavens people lost years of savings not to mention the opportunity costs associated. Wanting to unalive yourself isn’t new for people that were stuck in rental hell. What’s been good for one group (the have-nots) suddenly isn’t good for the other (proclaimed “homeowners”/mortgage holders) Let us at least acknowledge the hypocrisy
As you pointed out, Toronto got what they deserve by its voting citizens not getting out to vote. I don’t live in Toronto, but damn, to go after the province for more revenue, KEEP YOUR HANDS OF MY TAXES, clean up your own backyard of debt.
At this point I feel like even without further job losses, just waiting for renewals is enough to burst the bubble. Possibly another 6-18 months, not sure what that key threshold month is that pushes the majority over the edge.
Never ending perpetual tax hikes on everything omnipresent. The next step will be when Canadians will be owing money after working a typical biweekly work cycle.
I can't imagine buying into this market anywhere in Canada. Its hard enough for us and we are mortgage and loan free. Just keeping up with taxation is crippling. How do we maintain our property and keep up with maintenance. My daughter is looking for her first car. Price of old beaters is insane. Her tiny apartment rent is insane. Lorne.
Property taxes should increase while income taxes and HST should be decreased. This would help working people afford homes and make them less attractive to hold onto as investments. I’d be fine with property tax rebates for retirees, to an extent. I know there is sentimental value to a home but people downsizing once their children move out making their family home available to younger people hoping to start/grow their family is a good thing.
It's hard to feel sorry for anyone who was stupid enough to take on these million dollar mortgages It doesn't take a genius to know that if you are a working person you can't afford a million dollar house even a five hundred thousand dollar home is out of reach for most working people just sit down and do the math because it's not only the houses they are buying it's the car's and toys that they get on the no money down and pay forever plans
We can definitely improve permitting process, but DCLs, CACs and density bonuses are here to stay - it is significant part of local budgets. Property tax rates will continue rising, because towers are not paying much on per capita basis (most of our property tax is land tax). If the property prices will eventually go down, tax hikes will, have to accelerate.
Great video Vince ,the city needs to pay there fair share of property tax.They are about 50% behind the rest of Ontario in FAIR property taxes .Time to Pay Up Toronto !
Two comments; 1) No one voted because no one had any trust in any of the options, 2) how about we cut City council wage to the current living wage of $40/hrs, no expense accounts, perks etc, Two weeks paid vacation, like the rest of us
Btw, interest rates will only continue to go up…it’s deleveraged from inflation as a result of China’s mass American bond sell off and Japans raising its rates…this means higher rates for longer. Buckle up
"Be kind to people", is a noble suggestion. But were realtors, bankers, mortgage brokers, etc. being kind when they put unsuspecting suckers in the nightmare they're now facing?
This is not shocking NDP always raise taxes they have big ideas but no way to pay for them thats why they never win power provincially or federally im glad i dont live in Toronto 😂😂😂
If all the tax we pay is not enough it means the city (government) mismanaged the revenue (income). I don't believe we should pay for their incompetence running this city. It is easier to increase taxes than to clean up their own mess. They should have excess tax flowing in from 500K or more immigrants they let in per year. If you really need to increase property tax why not tax the second property by an extra 1% the third by 1.25% and the forth by 1.5% and so on. That might force some people to sell creating more inventory for the rest of us.
@@zomgoose how about we focus on building more and growing and expanding our economy instead of focusing what we could ban. I think liberals have already banned enough and enchained this country.
WOW. Vince ..once again you deliver great wealth of information and Many Thanks for these wonderful content that you create . ..!!! Appreciate it it very much...!!! Love your presentation style....!!! You are like the Sylvester Stallone of mortgages...!!! Looks like scary times for people who are up for renewal.
Qualifying is not an issue these days. Unless government wakes up and do something to stop mortgage frauds. They should remove all stress tests and let people borrow whatever they think is good for them. At least people will not make frauds than. Canadian culture has been destroyed where we feel proud to be a law abiding Citizen and follow the law. We need training honestly. 😊😊
How much was the principal of your first home? I would like home values to fall so that mortgage value necessary to take is reduced. Ex. A 5% mortgage rate on a $1 million dollar mortgage is a smaller payment than a 6% mortgage on an $800,000 mortgage.
@@wiseoldowlshow hopefully saved a few. Having said that..amigo I can't believe nobody stood up and spoke. It appears nobody cares about our country our countrymen..so sad
Chow will b reigned back…these are feelers to see what’s acceptable. A toll tax to come into Toronto would be a good thing. Toronto doesn’t get transfer payments from local municipalities like it used to. Blame this on the last couple of Mayors who wouldn’t raise taxes…
you said the key thing the money is not enough to fund all the projects and programs - so instead of adding to that list cut out some of the more stupid programs if your hurting do we really need new 1/2 million art installations or to spend 8 million on renaming Dundas not to mention the cost to business who need to change web sites and advertising or signage just pure stupidity
Oh, I wonder who voted for Olivia to sit in the seat? Ugh... eat it up Toronto, this is what you wanted. Other cities have learnt the hard way, it's your turn now.
So the last 2 mayors used land transfer tax revenue and reserve funds to balance the books but Chow is the problem. Subway extensions in Cul de sac neighbourhoods that bleed money every year because they are under utilised (Sheppard , Vaughan and soon to be Scarborough) nobody talks about. Province isn't picking the tab for the operating costs for the lines they insist on building.
Waiting to hear the words “Ontario Government” and “Ontario Housing Minister” and “Premier Doug Ford”….. waiting… and it’s “bothersome” for you because your business has dried up, be honest… and there it is! Blame the feds! Ding Ding Ding
Don't worry about me, my friend. I'm just calling it for what it is. A leader and cabinet that are unable to show competence for fiscal responsibility and respect for the social and transit infrastructure needed to support the flood of newcomers to the GTA and rest of the country. If you feel this government has both their hands on the wheel, you may be watching the bumper car rides at the Ex! Ding Ding Ding
People in Canada are going to soon have to learn how to work without money being traded at all. Trade labour for labour Trade commodities for labour Trade labour for commodities Trade labour for food Trade food for labour Learn how to hunt and fish Learn how to trade in gold. Leave the cities and learn how to live.
CPI x-housing costs = 2.4%, high rates is causing high inflation, it doesn't reduce it (take a look at any high rate country like Venezuela/Turkey etc). Everything you buy that is in the CPI was made from a factory (that someone went into large debt to buy, so any increase in rates increases their costs), material input costs also skyrocket......so producer prices automatically skyrocket or profit margins turn into negative territory real fast and they stop producing. Feds actually had a balanced budget before the rate increases, as a 5% interest rate on 1T of debt literally ==== the 50B deficit...........high rates literally cause government money printing....which is why literally every high interest rate currency is in the garbage bin. If Canada went full Venezuela with 100% interest rates, that 1T of debt would be 2T, then 4T, then 8T of currency after 3 years, with the same/contracting economic base. Guess what that does to currency (drops hard), and prices (goes through the roof). People who think prices go down in a high rate environment are a complete laugh.
@@barrybrand2970 it's pretty self evident....higher interest rates require more money printing to pay gov debt deficits when rates skyrocket..........thereby diluting your $$ and crashing your currency....which makes inflation skyrocket as there are far more currency units around.
La Sarda mangia Alici the sardine eats the anchovy translation big fish eats little fish time for the little fish to rise up and rebel fight back against libersltaxation domination Rise up my brothers and be heard and your presence seen Rise up and band together fight your enemy 🦈
Thanks for tuning in hope you enjoyed! Leave any questions, comments, and concerns below, Cheers!
Cut the size of the damn government. Thousands of employees. Sweet wages, benefits and retirement plans. Insane. Bloated government at all levels. Sickening.
If PP gets elected he’ll cut the workers down, stop them from working from home and make sure he only keeps the decent workers that do their job
Too many public sector workers working from home have another full time job with a private corporation and work that full time and just answer a couple of emails or phone calls from public sector job each day. This is the new trend and why the luck of sector workers hang up on you after waiting an hour when you finally get through
Excellent review. Brutally honest. No sugarcoating. People who are over-leveraged were greedy and never did risk assessment. They deserve to suffer
I am not a Torontonian but feel bad for you down in southern Ontario. I think a real estate crash would be a good thing. Let the RE investors suffer and help out those just trying to buy a single home to live in.
I wouldn't be surprised if Toronto announces a capital gains tax on your primary residence
City doesn't decide that. The federal gov't does thru CRA
The property and land transfer taxes shouldn’t be increased on primary residences but they should be doubled or tripled on secondary or 3 or more investment properties
Keep primary taxes flat but raise the taxes in the RE investors
If your scared the RE investors will raise rent more lol, it won’t make a difference since tenants can only pay so much. More people will emigrate decreasing demand and backfire on Justin’s mass immigration
RE prices will drop and investors asking huge rent will be forced to sell their RE properties at a loss in next few years. New owners will buy and since they’ll be buying at a cheaper price they can rent it out cheaper again.
Just wait for the economic cycle to play out in next few years
Cut the bureaucracy.
Tax your small businesses right out of your city, sounds like a great idea.
Civil unrest is simmering, soon to come to a boil and overflow
they would love that. Heads they win, tails you loose.
There’s going to be serious backlash if underwater homeowners are given escape clauses from refi stress tests when the rest of the market has been subjected to prohibitive stress tests for YEARS - and everyone looked the other way.
Serious question- what is different now?
while everyone was riding the appreciation train to the high heavens people lost years of savings not to mention the opportunity costs associated.
Wanting to unalive yourself isn’t new for people that were stuck in rental hell.
What’s been good for one group (the have-nots) suddenly isn’t good for the other (proclaimed “homeowners”/mortgage holders)
Let us at least acknowledge the hypocrisy
Cut services. End of story.
As you pointed out, Toronto got what they deserve by its voting citizens not getting out to vote. I don’t live in Toronto, but damn, to go after the province for more revenue, KEEP YOUR HANDS OF MY TAXES, clean up your own backyard of debt.
At this point I feel like even without further job losses, just waiting for renewals is enough to burst the bubble.
Possibly another 6-18 months, not sure what that key threshold month is that pushes the majority over the edge.
Never ending perpetual tax hikes on everything omnipresent. The next step will be when Canadians will be owing money after working a typical biweekly work cycle.
I can't imagine buying into this market anywhere in Canada. Its hard enough for us and we are mortgage and loan free. Just keeping up with taxation is crippling. How do we maintain our property and keep up with maintenance. My daughter is looking for her first car. Price of old beaters is insane. Her tiny apartment rent is insane. Lorne.
Im sorry Lorne, ive let these monsters ruin the planet for too long. Im gonna wake up and fight them soon and take back human rights.
Those that didn’t vote, enjoy Olivia’s term. I can’t believe she got voted in. It’s shocking.
Property taxes should increase while income taxes and HST should be decreased. This would help working people afford homes and make them less attractive to hold onto as investments. I’d be fine with property tax rebates for retirees, to an extent. I know there is sentimental value to a home but people downsizing once their children move out making their family home available to younger people hoping to start/grow their family is a good thing.
Very good suggestion.
Honestly, pretty thankful I didnt get to purchase a home in Toronto. It seems like it'll be next to impossible to save up for retirement living there.
about construction jobs, I run my own masonry business in vancouver, it got so slow, i do it part time now, and changed careers.
they already have a civil tax or "vacation tax" in Niagara Falls
This dumpster fire can be seen from space
Looks good from my house
Don't know if you've been outside recently but Toronto is already San Francisco North
It's hard to feel sorry for anyone who was stupid enough to take on these million dollar mortgages It doesn't take a genius to know that if you are a working person you can't afford a million dollar house even a five hundred thousand dollar home is out of reach for most working people just sit down and do the math because it's not only the houses they are buying it's the car's and toys that they get on the no money down and pay forever plans
Stop paying taxes and mortgages.
Why? I’m a renter currently hoping to buy a home soon and I recognize the value of property and municipal services.
me too . suckers.
how about paying %12 tax on a used car, that someone payed %12 on it already. !!!
We can definitely improve permitting process, but DCLs, CACs and density bonuses are here to stay - it is significant part of local budgets. Property tax rates will continue rising, because towers are not paying much on per capita basis (most of our property tax is land tax). If the property prices will eventually go down, tax hikes will, have to accelerate.
Great video Vince ,the city needs to pay there fair share of property tax.They are about 50% behind the rest of Ontario in FAIR property taxes .Time to Pay Up Toronto !
Two comments; 1) No one voted because no one had any trust in any of the options, 2) how about we cut City council wage to the current living wage of $40/hrs, no expense accounts, perks etc, Two weeks paid vacation, like the rest of us
What a shocker. Who would have guessed that electing a socialist government would result in increased taxes?!
Rent what? Your landlord will have all the same cost pressures.
Btw, interest rates will only continue to go up…it’s deleveraged from inflation as a result of China’s mass American bond sell off and Japans raising its rates…this means higher rates for longer. Buckle up
Tax is theft, end of discussion.
Capital Gains TAX on the 2nd or more Properties (as the Liberal Governments are owning 2 more = go after them). We are poor, as lower incomes.
"Be kind to people", is a noble suggestion. But were realtors, bankers, mortgage brokers, etc. being kind when they put unsuspecting suckers in the nightmare they're now facing?
More money for safe injection sites and shelters. Yay. ,!
Worst place to invest or keep money.
This is not shocking NDP always raise taxes they have big ideas but no way to pay for them thats why they never win power provincially or federally im glad i dont live in Toronto 😂😂😂
Rent will just skyrocket as people start selling to go rent, no escaping the stress.
and when you die they tax your savings which is the money that you saved after they taxed you
Sad what's gonna happen but it's the only way kids will ever have a chance in Canada..I tried to warn people this was gonna happen. Greed
Idk how you connected your points but there is no logic in your statement… 😅
Middle class will be soon gone, free drugs pa more!
If all the tax we pay is not enough it means the city (government) mismanaged the revenue (income). I don't believe we should pay for their incompetence running this city. It is easier to increase taxes than to clean up their own mess. They should have excess tax flowing in from 500K or more immigrants they let in per year.
If you really need to increase property tax why not tax the second property by an extra 1% the third by 1.25% and the forth by 1.5% and so on. That might force some people to sell creating more inventory for the rest of us.
That's a good idea.
Start the revolution Vince! I'm in!
I'm also near Dufferin and Orfus. Really good neighborhood for sure
Low intensity land uses should be taxed not high intensity uses. That is, tax parking lots, not condo towers.
Toronto has much less than 1 percent property tax, lowest in Ontario.
Tax real estate rental profits, especially AirBnB.
They are already taxed for your information
@@Mehmed317 I know, but they are not taxed enough.
AirBnB should be banned anyways.
@@zomgoose government collects Hst on all short term rental which is not the case with long term rental.
@@zomgoose how about we focus on building more and growing and expanding our economy instead of focusing what we could ban. I think liberals have already banned enough and enchained this country.
WOW. Vince ..once again you deliver great wealth of information and Many Thanks for these wonderful content that you create . ..!!! Appreciate it it very much...!!! Love your presentation style....!!! You are like the Sylvester Stallone of mortgages...!!! Looks like scary times for people who are up for renewal.
Qualifying is not an issue these days. Unless government wakes up and do something to stop mortgage frauds. They should remove all stress tests and let people borrow whatever they think is good for them. At least people will not make frauds than. Canadian culture has been destroyed where we feel proud to be a law abiding Citizen and follow the law. We need training honestly. 😊😊
Things are going to get bumpy? Shiiit. We’re headed towards a hyperinflationary depression.
I have seen places in Toronto under $400k, but if you're going to bring a truck of people to see it, those people had better be armed.
Well, real estate only goes up. Hodl, even if it means you eat cat food.
Good increase the taxes and the interest rate. Burn baby burn!!
Def ppl who have nothing in life would say that. Sad !!
@@harism2001 I have a lot more than you and greedy ppl like you need to be smoked🤔
Do you think 2% stress test worked or will. My first mortgage was 11.25%
How much was the principal of your first home? I would like home values to fall so that mortgage value necessary to take is reduced.
Ex. A 5% mortgage rate on a $1 million dollar mortgage is a smaller payment than a 6% mortgage on an $800,000 mortgage.
@@dougpatterson7494 mine was a little smaller then most around /89/90. I think it was around 65 g's
The stress test may have been the hero in the qualifying criteria to help folks who would have blown their brains out with a higher mortgage amount!
@@wiseoldowlshow hopefully saved a few. Having said that..amigo I can't believe nobody stood up and spoke. It appears nobody cares about our country our countrymen..so sad
Taxes , lets goooo
It is profound wow! So true
Chow will b reigned back…these are feelers to see what’s acceptable. A toll tax to come into Toronto would be a good thing. Toronto doesn’t get transfer payments from local municipalities like it used to. Blame this on the last couple of Mayors who wouldn’t raise taxes…
Peak renewal pain. Well said.
They need to call their local used home salesperson and Sell.
Toronto u get what u voted for😂
Increase the payments for Trudeau's migrants and make the people of Ontario pay the costs .
She has to increase taxes, the city is broke.
you said the key thing the money is not enough to fund all the projects and programs - so instead of adding to that list cut out some of the more stupid programs if your hurting do we really need new 1/2 million art installations or to spend 8 million on renaming Dundas not to mention the cost to business who need to change web sites and advertising or signage just pure stupidity
I’m not surprised. They are coming for high net worth(property owners) and high income. Building Untaxable Wealth is becoming essential.
I warned everyone that chow was going to be the downfall of the city......wish I was wrong
this is a strategy to keep people in the city when they live there and away when they dont
Oh, I wonder who voted for Olivia to sit in the seat? Ugh... eat it up Toronto, this is what you wanted. Other cities have learnt the hard way, it's your turn now.
woke mayor of Toronto is the worst thing it can happen like here in Montreal its a real mess!
Should've voted for Chris... Too bad.
So the last 2 mayors used land transfer tax revenue and reserve funds to balance the books but Chow is the problem. Subway extensions in Cul de sac neighbourhoods that bleed money every year because they are under utilised (Sheppard , Vaughan and soon to be Scarborough) nobody talks about. Province isn't picking the tab for the operating costs for the lines they insist on building.
So if nobody will pay extortion on their house what they will do , eviction 😂🤑
Toronto's property tax is lower than other GTA cities. They need to catch up. Also Chow interited the deficit from Tory ...
Nah, have to keep the standard conservative line of blaming lefties for things conservatives did.
@@quixomega NDP AND LIBERALS are all corrupted, shame on them all!!
That’s because Toronto has 3 million plus ppl. Hence why it’s lower than those smaller cities
@@quixomegaare lefties any where in the world making life better for there citizens?
@@Gillz34 o they are not. They're cancer.
I think it’s Surrey not Vancouver that raised property tax.
Waiting to hear the words “Ontario Government” and “Ontario Housing Minister” and “Premier Doug Ford”….. waiting… and it’s “bothersome” for you because your business has dried up, be honest… and there it is! Blame the feds! Ding Ding Ding
Don't worry about me, my friend. I'm just calling it for what it is. A leader and cabinet that are unable to show competence for fiscal responsibility and respect for the social and transit infrastructure needed to support the flood of newcomers to the GTA and rest of the country. If you feel this government has both their hands on the wheel, you may be watching the bumper car rides at the Ex! Ding Ding Ding
You will own nothing and be happy 😂
Not go to Toronto
Increase amortization if you have equity in your home until it goes back down
You Guys are Screwed!! Could'nt happen to a better city!!
👌👌🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬
People in Canada are going to soon have to learn how to work without money being traded at all.
Trade labour for labour
Trade commodities for labour
Trade labour for commodities
Trade labour for food
Trade food for labour
Learn how to hunt and fish
Learn how to trade in gold.
Leave the cities and learn how to live.
The biggest "tax" is profit.
1% sales tax is the way to go to make up $900M per year
Yeah and if that's not enough you can just jack it up to 2%, and then 3%. 'cause we don't pay enough already to the province and the feds.
good toronto diserve what you voted for lol
CPI x-housing costs = 2.4%, high rates is causing high inflation, it doesn't reduce it (take a look at any high rate country like Venezuela/Turkey etc).
Everything you buy that is in the CPI was made from a factory (that someone went into large debt to buy, so any increase in rates increases their costs), material input costs also skyrocket......so producer prices automatically skyrocket or profit margins turn into negative territory real fast and they stop producing.
Feds actually had a balanced budget before the rate increases, as a 5% interest rate on 1T of debt literally ==== the 50B deficit...........high rates literally cause government money printing....which is why literally every high interest rate currency is in the garbage bin. If Canada went full Venezuela with 100% interest rates, that 1T of debt would be 2T, then 4T, then 8T of currency after 3 years, with the same/contracting economic base. Guess what that does to currency (drops hard), and prices (goes through the roof). People who think prices go down in a high rate environment are a complete laugh.
Really love you to explain that logic.
@@barrybrand2970 it's pretty self evident....higher interest rates require more money printing to pay gov debt deficits when rates skyrocket..........thereby diluting your $$ and crashing your currency....which makes inflation skyrocket as there are far more currency units around.
La Sarda mangia Alici the sardine eats the anchovy translation big fish eats little fish time for the little fish to rise up and rebel fight back against libersltaxation domination Rise up my brothers and be heard and your presence seen Rise up and band together fight your enemy 🦈