Over 20 Canadian housing markets are "severely unaffordable": report
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- čas přidán 6. 12. 2023
- Wendell Cox, senior fellow at the Frontier Centre for Public Policy, joins BNN Bloomberg to share the latest Demographia report on housing affordability in Canada.
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You don’t really need think tanks to tell you that Canadian housings are unaffordable
Also don’t need you to reply and point it out
"...Canadian housings [housing] are [is] unaffordable[.]" Housing, referring to homes, is never pluralized.
MAKE Work Project in Media
1 WORD: CORRUPTION
Yes but not the typical corruption of some guy in a suit stealing money.
No, this corruption is like a corrupted computer file. It's like a virus. And the virus is the government serving it's own expansion.
Here's another: nonsense. Meaning, you have no idea what you're talking about.
This has nothing to do with corruption. Canada is statistically one of the least corrupt countries in the world
And interest rates are coming down? Housing prices will only go up.
My only thought when he said historically housing is 3x income, and now is 12 to 10x income was that maybe he’s looking at the wrong incomes? House ownership is moving to the elites. What is the average income of a home buyer in 2023? How much family wealth is transferred inter generationally to support housing? How fluid is capital from outside of Canada now vs history?
The world has changed.
The rule in the 1970's was don't pay more than 3 times the husband's annual gross income for a new detached house.
The real trick is to become a property manager and then live full-time an an apartment's mechanical room. Rent free!
More farmland sacrificed for housing solves absolutely nothing !
Yeah, doesn't matter how many homes you build, if they all just turn into illegal/legal airbnb's, or are owned by big investors who can afford to pay to keep them empty, to keep housing prices high, and are also the only people who can get new homes built.
The obvious solution is to dramatically reduce immigration.
@@AKATenn
The unintended consequences of rent control.
@shauncameron8390 no, it's the intended consequences of making it too difficult to build new homes.
Also the unintended consequences of the phrase "I don't want my property value to go down"
Rent controls make sense... if people only make 0.8% more money every year, the rent should not go up 200% every year... nobody should have to live on the streets because their rent went from 500$ a month to 2100$ a month over night.
@@AKATenn
But rent control brought us renovictions, short-term renting and corporate buyouts.
Investors should be willing to take risks with their exposure when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
I don't think I need a finance advisor. I can manage my own money and investments. I don't want to pay someone else to tell me what to do with my hard-earned cash.
That's a risky attitude, My friend. You might be missing out on some valuable opportunities and strategies that a finance advisor can offer. A finance advisor can help you plan for your short-term and long-term goals, optimize your tax situation, diversify your portfolio, and avoid costly mistakes.
I agree with You. A finance advisor can also provide you with objective and unbiased advice, especially when you are facing emotional or stressful situations. They can help you stay on track and avoid making impulsive decisions that can harm your financial future.
I used to think like you. I thought I knew enough about finance and investing to handle everything myself. But then I realized that I was spending too much time and energy on researching, analyzing, and monitoring my finances. I was also overwhelmed by the amount of information and options available. I decided to hire a finance advisor and it was one of the best decisions I ever made. They saved me a lot of time and money, and gave me peace of mind.
how did you find a good finance advisor? How do you know if they are trustworthy and competent?
Yeah a one bedroom and den is close to 1 m in Vancouver. Insanity!! 😮
Susrprised that "Thinktank" said absolutely nothing about monetary policy and missalocation of capital in Canada gor yhe last decade. Phds are useless.
Never confuse education for intelligence, you can have a PHD and still be an idiot.
@@donm2067
Hence the term educated fool.
Where were all these think tanks before the housing crunch ? What were they doing ?
Helping Turdy get elected and seeking grants from his foundation
thinking.
shows the reality that major centres are too unaffordable and consider moving to smaller markets makes sense. Also takes the stress away. We sold a few years ago in jan/feb 2021 and moved to the prairies. an adjustment for sure, but no debt and no stress. Would rather have that than the rat race of major centres
how about us folks that make under 30k a year ? That would be 40X in GVA
Great, so now we get unaffordable houses, and a Brampton in SK. Great.
What is this guy smoking i live in saint john NB and my rent has litterly doubled from 700 too 1300 and the houses price has went from 80 000 too 500 000 wtf this is why i stopped watching the news ridiculous
The rest of the markets where it's slightly affordable, there's no jobs. 😮
If they are unaffordable why didnt the price come down significantly if fewer people can afford, looks like supply and demand no longer determine the price
Worldwide mass-immigration.
Prices can't fall if you bring in a million new people into the country each year. Supply and Demand is still the issue, those 1 million newcomers a year still need a roof over their heads after all
New immigrants all have big bank rolls? Don't think so. Some are even going back to where they came from hilariously enough.
My prediction is Canada house prices will flatline now for 10 years.
shouldn't the video have a link to the report
If you live in an overpriced housing market and make the median income, the ONLY option for you is to move to a affordable housing market. Period. Do it now. Not later. Your long term financial wellbeing will thank you
Pretty much.
God damn Tete Jaune is unaffordable. Look and see where that place is.
Are house prices out of control in rural New Brunswick? Doubt it.
But hardly anyone's in a hurry to live there.
DUH ?
2:27 "eight to twenty times" 🤯
This is not the case in Toronto. You are obviously being encouraged by the Ontario government to say these words. Drive around Toronto, why are we seeing bungalows detached home on a 50 to 80 ft lot?? First maximize usage of the land within the exiting city boundaries, then talk about greenbelt
Remote work should be a right
Great to hear that my favorite Province, Quebec is doing rather well.
Bill 96 turned to be a blessing in disguise.
Instead of showing the numbers and the charts, they prefer making people waste their time listening to these guys...
Modern serfdom.
These stories are getting more and more ridiculous, it's only bad news for those that want to BUY in these areas, not those that want to sell.
❤️❤️❤️❤️❤️❤️❤️❤️
Is this even news?!
The government of Canada and the real astate board has the power and responsibility to make housing affordable for everyone.
LOL.
No they don't.
They have the responsibility to get out of the way and let the private sector create real estate wealth.
If interest rates come down to pre Covid level and mortgage msde easy most people can afford house, home crisis will be over.
This is entirely driven by too much immigration. Let's end that and make life easier for Canadians. Interest rates are still too low.
Homes were unaffordable in 2019. Actually, homes stopped being affordable circa 2000.
@@sovereignty14 And Trudeau has since 2015 continually added fuel to the fire.
Actually, rates are negatively affecting the market. Its the perfect time to buy in a dip. The lending rate is higher, but once the rate drops pricing will resume its rocket inflation. Then your borrowing more inflated dollars. Eventually rates will come back up and your back in the position people are in now. I hear the US has fixed rate 30yr? How the heck does that work? The FED would have no lever at all on the housing market.
Keep the greenbelt, but tax land value more instead of income taxes. Canada needs to prioritise being productive
the 'greenbelt' is a made up term by NIMBYS
Canada has the biggest land mass with the most fertile lane in the world
The 'greenbelt' is filled with rich liberals livings in 5 acre properties and mansions. You could care less about protecting the greenbelt its all about protecting your liberal friends property value
Yes, more taxes will clearly solve this issue
@@alexg9727 Abundant land, yes.
Arable land, no.
Lip Sync!!!
Trudeau must resign to save Canada and Canadian lives