Want to learn more about Canadian real estate and laugh a little too? If you like bad dad jokes and Canadian real estate market education this is the channel for you.
Growing up in a real estate family from Regina Saskatchewan, I have been going to open houses, listing appointments and first buyer meetings longer than most agents have been in the business.
These videos are shot in my own house because I wanted to bring my viewers into my life. I try to bring an upbeat view on the Canadian real estate market. Every month I do Canadian real estate market updates, but I always make sure to put an emphasis on my local Regina real estate market. But I don't just do Canadian real estate market updates. I do educational videos to help first time buyers, those looking to sell their home. Whenever there is something in the news about Canadian real estate, I make sure to cover that as well.
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Thanks Mathew, you’re always spot on. I live in Vancouver and the amount of people I know who are desperate to get to Calgary to purchase a home is insane. I also just heard about agencies of the rental market here in BC have been given the right to raise rental prices by 23%. If this doesn’t drive purchasers to other provinces I don’t know what will.
I have a question i would really like answered please. What rights does a co-signer have on a property. Can a co-signer borrow against home equity or pull equity from your home without your permission? Can they demand money from you or force you to sell your property for the % they are cosigning for? There are many risks to being a cosigner but are there risks to being the person who has a cosigner?
That is a very good question! When someone co-signs on a mortgage they would also be on title. Essentially each person is an equal owner of the property. They would need all parties signatures on the paperwork to borrow against the property or do any sort of re-finance. They can make any demands they want but you would not be required to comply with the demand. Hope that helps!
Absolutely! Or at least make the requirements less demanding. There is no way a person shouldn't be able to get a mortgage with payments same or less than they rent for.
@@BaldPrairieRealEstate Create a process for verifying the amount an individual is paying for rent as well as if there are any interruptions in those payments over a specific period of time (let's say during last 12 months or so), which will indicate if the potential buyer is responsible. That along with the tax returns should provide more than enough information on the eligibility based on current mortgage interest rates.
@@earthwormjim6962 I completely get where you are going with this idea. But I think it misses a large number of factors. 1. It requires landlords to be on board and properly report rent payments. I know the government has talked about a similar system but it is likely going to be more hot air in my opinion. 2. This wouldn't help someone who has not rented, say they still live with their parents. 3. What if the rent is lower than the mortgage cost? 4. It doesn't capture someone's other debt obligations and credit history. 5. The stress test was designed to make buyers more qualified buyers and protect the system from rapidly rising interest rates. The system you have proposed I think misses that important check. 6. I think you need to go two years. Right now a two year average is used for qualification. Personally I like the idea of rent payments being considered in qualification but I think it should be just part of the qualification not the only major check.
No stress test. Awesome. 100 year multi generation mortgages so great. Pledging your first and second born children for a Semi in Leslieville. I’m good with that. Boomers retirements are not going to pay for themselves. What a country. What a country. God bless comrade Trudeau. All hail our WEF member Finance minister. You just can’t make this up.
@mfer134 your response from yesterday didn't post for some reason so I have re-posted it here with a response. "increasing the number of buyers shifts the demand curve to the right making homes less affordable." I agree which is exactly why I said that at 6:34. I think the stress test has proven its value over the last two years. At best, removing the stress test would temporarily provide buyers with some relief as they would have more buying power.
Stress test creates a buffer zone of having extra cash to acually pay your debt...its a safty feature. Plus removiing that would make the housing go up.
The Stress Test was to help prevent overleveraging in a rate-hiking cycle. We are now in a rate-lowering cycle due to a declining economy, therefore, the Stress Test should be removed.
@@louisg8389 yes the more stringent lending practices in Canada are showing their benefit now in hindsight. Funny enough I still have people that comment how supposedly "easy" it is to get a mortgage and how lending standards have gotten easier over the last two decades.
The stress test I can se being continued for a while at the West Coast and TO as well as hot spots in Southern Ontario and perhaps other hot spots like Calgary
Are these rates from the Chartered banks their posted rates? And do any of these best rates apply to renewals with 80% equity and a solid credit score?
I can't stand that woman's voice and 🤔🤔🤔her towing the party line which I find unbelievable. 🤣🤣🤣Plus she, Justin and most of the Cabinet are card carrying members of the WEF😱😱😱
Why most people choose to not pay attention to that is beyond comprehension. But then again most people slapped “not see” style “papers” on their digital devices. Excluding most people out of society, jobs and travel. That too didn’t age well.
You need an appointment with a shrink dude. If folks can't find a place to rent there is no way that the market will crash! Who taught you about economics?
What’s the name of your shrink dude…you need to book another appointment. Mathew is our agent whom we just bought a home through and he’s a fantastic realtor and a true business community leader. Check your ignorance at the door.
@@klash4631 the price I am referring to is the composite benchmark price. That combines all property types together, meaning it includes all resale apartments, townhouses and single family homes.
Not soon maybe in few yrs? But w/ or part of other neg effects? Check back in 5-10 yrs. Edit: most credible sources say more 🇨🇦 and 🇺🇸 rate cuts for next 6-12 mths but inflation sticky - decr already baked in.
Thank you for the video. I've noticed that many listings in Ontario have been sitting on the market for quite a while. However, with the new rate announcement coming on September 4th, we might see a new wave of buyers entering the market. That said, the overall market outlook isn't looking too promising.
Brother. Everytime you think of an idea about the future, understand the opposite is true and you'll do good. Your just another fish in the sea with that belief about interest rates and... News flash... Everyone is wrong every time. The majority I'd always wrong. Always. If you think lots of buyers are coming with interest rates, then the truth is the opposite.
It's a combination of a gut feeling, conversations I have with agents in Montreal and looking into the trend lines. Sales have closed the gap vs the 5yr average and we haven't had a big wave of new listings. Agents I am talking to in Montreal are pretty much all saying that they are seeing their phones ringing more, and showing activity is trending up.
Oxford smokes something very very strong! Thanks for pointing out their previous predictions as most predictors were way off! Thanks for a great video as always, you rock !!! 😊💪🏻
@@MorethanGUNZ I really wish I could have found the source material. It's very frustrating that the majority of news outlets do not post links to their sources.
When corona hit Calgary the smart people start to buy a lots of houses because they know the economy will turn back and it did, so imagine now ,the prices in Calgary will keep going up and up because the worst it behind us .
By 45 days you mean January and February of Jan 2025 right? Because thats when im looking to buy in Calgary. 😪 Oh never mind, its going up even more....
Calgary did come out with 8% unemployment rates, and stats showing many immigrants moving to Calgary are leaving but I'm not sure what their impact is on real estate purchases. I'd find it very surprising if housing dropped in Calgary as it seems to still be a strong market.
That 8% unemployment number is really misleading. Unemployment is up so high because the population is growing faster than they can create jobs. There are more people in Calgary with jobs right now than at any point in history.
The government has no choice but to keep the RE market on life-support. The election is only ~year away. Furthermore, the amount of people piling into Canada means that you are going to continue to see massive upward pressure on rents. This will have a corresponding effect on prices. Calgary specifically has a lot of room to run before it catches up with the bigger cities. Expect that Calgary will continue to see price appreciation into next year.
Wrong. Depression and then mass exodus of immigrants wanting to leave in bad times, combined with super charged house building equals way too much supply and real demand will be zero (people who can buy)
@@peej91 just like the mortgage deferral cliff? We have already had all the variable rate mortgage holders see the impact of the higher rates and close to 2M fix rate holders. That is basically already 50% of all mortgage holders who are already feeling the impact of the higher rates. So when exactly is this "cliff" coming that isn't already here?
There is no signs of unemployment cooling off. Even experienced people have a hard time finding a new job. There is heavy wage suppression that will not allow anyone to upscale or move up. So. developers wont build anything and inventories will keep increasing, but prices will stagnate. Canadian economy and worker's productivity will not allow home price increase. the number of houses to population will continue to fall, homelessness will increase. Not sure if JT government is going to try to pull something before election, or make it even worse for pierre to do anything. Anyways , canada will keep going down from its current state, real estate will go along. No change in trajectory for 1 year atleast. Immigration is becoming a big topic now as none of canadians young people can find any jobs, so lets wait and see if they cap it. But, there are no signs for overall real estate growth, other than in some local areas.
You are absolutely right. At least in Calgary, I can see how the housing market is cooling down these days. No one is buying now and we see > 30 days on market for even fine properties!
@@amirhosseinsefati it's still very busy in Calgary. Saying no one is buying isn't accurate. Sales are still 10-15% above the five year average which includes the three best years Calgary has ever had. It's slowed down from the insanity of earlier in the year for sure though.
@@argeldelacruz9545 the best rate isn't always the best mortgage though. If I was you I would chat with your mortgage broker to see what's the best option for you.
Either way you lose. You can't afford it so you're borrowing. So you'll lose it does t matter if you pick variable or fixed you still can't afford it and a 20-30 year responsibility is a long time to dodge disease and injury. If you can't afford a house bro buy some stocks or something. The time for debt was in the 70's till now. If you have debt your house is essentially mine you just dont know it yet.
Go take your variable rate and when your mortgage company goes bust and a new bank calls your mortgage and no one will renew these risky loans to the peasants, trust me it's my house.
The treasuries have not even gone uninverted yet. And what happens when the treasuries go uninverted? Well historically it's signalled 100% a recession. And you better believe the BOC is not going to be dropping the rate below 3.5% and that they are closely watching the real estate prices and rents closely. If they see the market heating up they will stop dropping rates. 4% BOC rate? Where in Toronto, the market is just rolling over. We are nowhere near a bottom. And the only support for prices on the chart is 30% below where we are at 2017/18 levels.
@@BaldPrairieRealEstate I think prices could retest 2018 price levels. Prices now are 25-27% above where prices were back then. If you look at the history of real estate corrections, they always drop 3-5% below the 80 yr trend line average. That trend line is right around 2017/18 price levels. So basically, I could see prices go back to the 2017 average price zone. When you look back at the 1990s correction, it followed the same pattern. It moves very slowly at first and then 18-24 months into the correction people have to remortgage at the higher rates and this finally breaks the prices downward.
@@kevinn1158 it took rates increasing 500bps and all the fear that created to drop prices in Toronto in 2022 by roughly 20% Since then prices have traded basically sideways with seasonal trends. What new factor is going to push prices down even more than that?
@@BaldPrairieRealEstate those rate increases are just starting to impact people. Many had 3-5 yr mortgages at 1%. And that price drop you referenced is dwarfed by the 45% increase during the COVID panic. So as rents soften, and mortgage costs increase investors etc will start being pushed out of the market. Also, the divergence to wages is massive. At historical highs. The reality is, many people just can’t buy. And many will just not step in and buy when they think the knife is falling.
@@kevinn1158 those rates already had an immediate impact on the 25-30% of home owners that have a variable rate mortgage. It has also already impacted close to 2M home owners who have already had to renew their mortgage in the past two years. So I ask again what additonal factor is going to push prices down more than the shock of 500bps of rate hikes. Especially in a dropping interest rate environment.
