Why Are Toronto Home Prices So High? + Neighbour As Agent? - ‘The Situation’ Consumer Q&A
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- čas přidán 28. 07. 2024
- Meet with me and one of my agents at Realosophy Realty to discuss your own real estate questions:
www.movesmartly.com/meetjohn
In our monthly consumer Q&A, ‘‘The Situation’, Urmi asks and John responds to the detailed questions that real estate consumers across the GTA have sent in.
This month, we hear from a family who are considering hiring their neighbour to sell their mom's home. And given that home prices in the Toronto area are out of reach for most families, isn't it only natural to expect prices to fall so that homes become affordable again?
0:00 Introduction
1:00 Should my parent's use their neighbour as an agent
9:24 Why Are Toronto Home Prices So High?
29:00 Where are international students renting?
Email us about your own real estate situation to be addressed in a future episode at: askjohn@movesmartly.com
To book a personalized consultation with John Pasalis and Realosophy Realty: www.movesmartly.com/meetjohn
Feedback or questions about this show? Email Editor Urmi Desai at: movesmartly@realosophy.com / Follow us on Twitter @MoveSmartly
About This Show
The Move Smartly podcast is hosted by Urmi Desai, Move Smartly editor, and John Pasalis, Broker and President of Realosophy Realty in Toronto, Canada. MoveSmartly.com is powered by Realosophy Realty.
cheap credit , reckless immigration , money laundering and fraud mortgages are keeping price elevated, remember these things cannot be forever as its side effects on economy will also be fatal
Agreed on all points..especially money laundering and fraud mortgages and the elephant in the room being the lack of political will and media attention given to it. It's billions of dollars flooding our real estate. The public is still not truly understanding or naively denying the scale of how deep this is entrenched in our country be it the banking system's lack of compliance, Govt policy aiding anonymous benefactors, and real estate's fast n loose tricks to exploit every transaction with little oversight or consequence.
It is tragic now for young people here in Vancouver's west side. A 700 sq ft condo is now over 800k!! How many young people can simply afford this?? 😮
How much should it b
@@ss47173-4x the average salary, like it used to be. Mike Moffatt himself said this
@@ss4717do you mean how much should it cost without the existence of Chinese money laundering, reckless immigration and mortgage fraud?? I’m sure you can just look at a comparable property in Seattle for that ….
@@semi-chubber2388 fun fact: if foreign money was actually inflating prices, there would be a large amount of building going on to capture the price difference between the selling price and construction costs.
Newsflash: costs are skyrocketing so it actually costs more to build than to buy, so nothing is getting built.
The 'love is blind' situation applied to be exactly, as I really didn't want to give up my rent controlled apartment at a superb location. At the end of the day, it's significantly cheaper for couples to share an apartment, than to take two separate rent control apartments.
Thanks John and Urmi. It is very informative and insightful, as usual 😊
Please keep it up ❤
Thank you for your time and insights
Great point on the housing price! Knowledge from someone who knows the housing game a lot!
Great show as always!
John, you said it right. Prices have always been high in areas like Toronto. The “bubble” has existed for decades.
My dad and friends were devastated and thought I was crazy buying my first condo near the lake in ‘95 for $135k for over 1100 sq/ft. The biggest change is the gap between incomes then and now.
I do feel sympathy for those struggling to get into the market now for the first time but it’s a little tiring to hear people complaining about prices for decades waiting for the sky to fall and never buying when they could have.
Also, I think it’s not well understood that if a huge event or series of events causes homes to crash, do we think banks will make it easier to borrow if they face many 100’s of billions in losses on their mortgage portfolio? And what would life look like in these cities that would make you want to live there? The lower house price? I doubt it.
Yes, things need to change for first time buyers but, the wishful thinking that home prices will crash hard is actually suggesting a nightmare scenario has happened where you live or want to live.
My 2 cents even though so much more can be said.
Keep up the great work!!
Thanks for your kind words and for watching and participating as always, Marco! ~ Urmi
Feel better Urmi!
Thank you for the kind well wishes! ~ Urmi
Great comment about love is blind. Always watch the US edition and am envious about how cheap housing is in some US cities.
I find housing news in everything I see/read lol - thank you for watching! ~ Urmi
Is it just me, or does Urmi have this inner beauty shining on her face.
Might be the cold medicines lol but thank you for the kind words, blushing 😊 ~ Urmi
Lol John handled that last question with class without making one reference to the specific suburb or the specific country responsible for the international student situation. That said, lets face it. The country that is responsible for self inflicted wounds on Canadians is Canada.
You keep mentioning corporations buying homes. How many % of all home sales are bought by corporations?
12% private mortgages mandatory for existing housing supply. Only create money for new housing that contributes to GDP
Does the rent cover the mortgage? nope
sorry to say but your justifications provided on housing bubble exists or not is not correct.
He's a real estate agent/invenstor - he's biased.
The lady said that 'middle age new comers are more capitalized', while this is true she fails to mention that immigration Canada doesn't approve anybody past 34 years old for 99% of the cases so it's definitely a wrong assumption and it's irrelevant since only new graduates are accepted in their late 20s.... usually ; the rest is not even considered. Immigration Canada only wants young immigrants to pay taxes for a very long time. Furthermore immigration is down by a lot and the trend will continue just like the house prices. John said that wealthier Canadians are buying a lot of properties and this is definitely true just sad that the government spent years blaming foreigners for the house crisis and only they were speculating where we all no this was a myth created by the liberals.
So the reason house prices are high is because of investors. 🧠
Holy mack John you explained exactly how it is in southern ontario.
I have been tellimg people what john just said forever.
My father God rest his sole.
Instilled that in me that fear will get you nowhere.
Thanks
Young people using their parent’s capital to obtain mortgages is a crash waiting to happen. The gifted capital is just kicking the can down the road. EVENTUALLY the incomes have to dictate the price. Sure…. Maybe not in the next 10 years . Maybe not in the next 50. But eventually, right…. The gifted capital will run out.
Last time I watch this show. Are you for real? For 15 minutes lecture us that we should go to the best realtor not our neighbour or friend? Are you guys serious? This is your real estate show?