The Politicians Can't Stop What's Going to Happen in 2024
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- čas přidán 3. 05. 2024
- The Ottawa Real Estate Podcast invite me on to give my take on the real estate market and discuss the recent government budget Housing Plan and how the politicians are trying to influence the 2024 real estate market. We share recent housing statistics and data and give our opinions on what we're seeing in the current market. #ottawarealestate #ottawa #realestateinvesting #realestate #politics #homesales #realestateinvesting
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I'm more worried about the Canadian dollar than the Real Estate Market.
👆
In the fight between CAD and real estate prices I would rather real estate prices come down than the dollar value. I purchased in Autumn 2023 with the knowledge that home prices might come down.
I agree 100%. Never, ever trust a real estate agent.
I was a real estate broker for 30 years. In 2005 I began to warn Buyers to NOT Buy. I lost plenty of customers. It took until 2008 for the STHTF. Those were rough years. Do you think anyone thanked me? Hell no. I was right. But people still blame all real estate brokers for their own lack of intelligence.
@@thomasmanning829 I don't think anyone is blaming RE agents for their decisions, it's more that there are a LOT of scumbag RE agents because the bar to become a RE agent is so low that even a criminal can become a RE agent in less than a few weeks.
Not exaggerating, there is no intellectual, educational, or moral requirements in order to legally be involved in the biggest purchase a citizen will make in their lives.... Look up the requirements yourself; you can be a convicted r@pist, credit card scammer, murderer - no problem!
High school drop out? Great!
Here's your RE license, now go out and scam!
If we regulated this industry the same way we regulate the legal world, we wouldn't have so many scumbag RE agents, and RE agent wouldn't be in the same catagory as sleazy used carsalesmen as they are today.
@@thomasmanning829 BooHoo
bingo....most full of it
It's no skin off their bag if you get stuck in a bad spot. They make something either way and move on.
No Permits a way out of a deal? I’m a General Contractor in the GTA, I have found live wires tried together with tape, left in the ceiling of 5 million dollars houses on the Kingsway. As well as pot lights in attics without protective housing exposed to insulation because of no permits. A 60k front entrance without a foundation under the first 2’ of the staircase, it cost a 100k to redo it all. A Great buy for that home owner.
Terrible...inspections are necessary
Thanks for sharing! That surprises me on the Kingsway, scary stuff
I just replaced a support for a carport that was made with aggregate the size of my fist, and the 'cement' was basically compressed sand which had a structural rag as an embed. Lol
Also on a project where the house was supported by deck blocks, had to underpin it all for proper support. It is the second house on that street I've seen built on deck blocks.
Friend inspected insulation. Passed. Went for lunch. Parked down the street to eat. Saw them removing it and placing in the second project next door and they where drywalling.
As a young electrician, I have rough in wires and finished over 1000 units. Meanwhile, here I am, dreaming of when I'll be able to buy my own home. 😢
John, I want to see you next on BNN Bloomberg!
Bought a house in arizona in 2012. It had lost 75% of it value. 48 homes of 50 had been taken by banks. Canada...in ontario its easily 4 times as inflated as it was there. 2/2/2. 1100 sq ft house. Two concrete patios. One wrap and covered. Inground salt water beautiful pool. All raised brick garden beds around the pool. With a side lot half grass area and r.v. gate and parking pad for said r.v. and everything operating on timers fir plants and pool.
I sold in 2019 when i saw people getting back in with zero down again and historic low interest rates. It peaked again at 330,000 asking and they couldnt move it. Middle class hood in Peoria az. Thats whats coming ppl.
Arizona was a nightmare back then.. had a few friends there with the same experience as yours. Ty for sharing.
@@ritad4085 honestly.. after what I have seen..I would be getting ready for about the largest depression the western world has seen. We're gonna need a new banking system. Nothing inflates 2% a year forever to be considered normal. Canada and it sovereignty is in jeopardy over a failed financial system
WOW unbelievable...ty for sharing
The new "digital" banking system is ready to roll...
Hopefully.
Hi John I heard new Law income verification from CRA going to implement from October 1/24 as per CHMC . If this Law implement what will be effect on the real estate market, Thanks
The Liberals need to hold on all this immigration. Once we get people in homes and apartments and repair Healthcare we can look at Immigration at a slower pace.
Good choice
Working on a house now... full permits, high end renovation company...million dollar addition and renovation. It might cost them 300k to fix the damage from rotted framing due to water leaks.
The supervisor is now a building inspector in the township.
Think i am pulling permits? If i do the roof may collapse before i get to fix it.
Read the bottom of the permit, "this permit is not a guarantee that the work conforms to code or has been inspected".
You should be talking about mean price not average
We love John Flynn. Great man. I will buy with him, once the prices on homes collapse.
You and half of Ontario
@@apprenticephil649 😂
Even if it means moving to Niagara.
For house prices to collapse, there has to be total economic collapse. Building materials are at all time highs . House prices come down. Builders dont build demand goes up price go up . Cut immigration and maybe there’s hope
@@apprenticephil649 hahahha
Building materials and labour,still going up!
If you haven't already, get a BC assessment account and look at 2021/22. blanket 22-99% assessment increases across the board year over year.
Maintaining home construction through a recession would help to bring down home prices. I’m hoping for this. I bought a house last Autumn and am okay if prices come down, it may be worth less than I paid for it already, even though I closed 5% below the asking price 4 weeks prior to my offer being accepted. Original asking price was accepted but that buyer fell through. Asking lowered 2%, I offered about 3% less and was able to close on it.
Did I catch a falling knife? Maybe but I have a good home and, so long as my employment continues to be stable, I can make payments.
This said: for the good of the people of this country home prices ought to come down and be more affordable. I live in a relatively affordable city so I feel bad for people in much more overpriced areas of the country. Something comparable to my 400k home would have been about $2M in Vancouver and at least $1.8M in Toronto. Basement suite and a detached garage in a good area.
Yeah, sure, jump in March cause the sellers think people are coming, then reality hits. Just because they increase the price 70k doesn’t mean it’s going to sell at that higher price. Rally in price requires buyer participation.
Now imagine waking up and your country’s currency is only worth 30% of its former value 🧐 I hope you have some Silver coins 😉
Currency devaluation is the least of our worries when the government is hellbent on importing the dregs of the third world by the millions in order to prop up housing prices.
Import the third world, become the third world - we have human feces in our subway stations as proof.
I got some beets
The real estate market is damaged prices are too high if you sell there's no where to buy good luck
If they go down so does your house. Same situation
Jon is one of the most honest real estate agents in the industry. A true unicorn.
Good video
Ninety-eight percent of realtors give the other two percent a bad reputation.
53 year old female in Calgary Alberta……been working for 24 years straight in Canada, things are do bad for us, we can’t even afford a effing MOBILE HOME ‼️‼️‼️🤷♀️
So true not just in Alberta but all across the country. It's been bad for a looong time. We did not owe trillions then but we were still sliding into the abyss. The banks just kept us afloat by printing more fiat money with repeated rounds of QE. It was just a matter of time before they would have to raise interest rates which they did. We need to get back to an economy based upon true wealth or we are doomed.
I think people have been constantly told by agents that the trend is up for 25 yrs and now we are finally seeing volatility, but quite frankly we have not seen the correction yet. This is how sticky inflation happens. Look back to the late 80s and 90s. And the int rates will stay high because of this sticky inflation.
Until the BOC sees a real correction, and people actually think we are in a correction, rates will remain high. So as this year moves on, we will see a lot of investors and homeowners having much bigger mortgage payments and they will try to hold for awhile as they go under water. So this will take time but it is far from over. I trade for a living, I watch the treasuries, they are actually going higher and pushing 5% for over a month. This is signalling that the Fed and BOC will probably not drop rates this year.
Given the crazy valuations vs wages, logic says we absolutely need a correction of 25%, but will the gov't step in and pump the market again? Time will tell.
Jon, do you have any perspective on how this housing frenzy is affecting traditionally affordable areas in northern Ontario?
Prices are reaching ridiculous numbers that just do not make sense.
We still have “affordable” prices, but people are over bidding like crazy. I just lost out on a $430k listing, we offered $480, and lost to someone bidding $520k. Why are people doing this??? They just took all their equity away.
FYI the seller bought the house in 2001 for $62,000. There’s no way our generation will make those returns with these house prices.
They wanted the house more than you plain and simple. Nobody cares about equity when they need a place to live
@@apprenticephil649 that’s an obvious perspective, but there’s no need for this ridiculous competition when all it does is increase debt loads and now raises house prices in that area just because someone was desperate to get a house. People have turned on each other. Bidding $100k over asking was unheard of up until 4 yrs ago, and that was when prices were cheaper
Thats stoopid @@apprenticephil649
@@apprenticephil649 it’s also the realtor playing games and totally under pricing the house which brought tons of action. People have lost sight of true value. It’s got 4 walls and a ceiling, if you own one you’re a millionaire. $430k is fair and affordable, someone paying $520k for it is ridiculous.
I guess all offers were hidden? What a wonderful racket for sellers
Check for the permits always! You have no idea the crap people pull
As a home renovator i see over and over , these houses costing 2-3 million are not built to code, and need $1-300,000. In HIDEN repairs.
No wonder people are starting to question the house renovations.
Same
Jon Flynn is the real guy
Thanks
The Canadian Real Estate Casino is FINALLY heading for a MAJOR CORRECTION (CRASH) in the coming years.
Even with rate cuts that seem still on the horizon, the housing crisis will continue well into the next decades.
Affordability and Inflation will be the main sticky crises in Canada for years to come.
The effects of the Bank of Canada's DESTRUCTIVE inflationary policies will be felt for decades to come, impacting the lives of entire future generations, by inheriting the trillions of dollars in household and national debt.
Brace for bumpy rides shortly, starting in a few months! (After US Election)
Massive life-changing geopolitical events would lead to massive global inflation and a RESET in the global economy, including Canada, which would burst the real estate/debt/asset bubbles.
Warning: Massive Asset Deflation is on the horizon here in Canada, and even the BoC will not be able to save the assets and debt bubbles this time around. (1970 - 80's inflation)
I've seen people chasing the lower sale price, and they keep having to lower their price too late. (This one person lowered 3 times to the selling price in the area and is still sitting too high since October 2023)