Lowest Numbers I've EVER Seen, 2024 Canadian Real Estate Market 

In Victoria area on Van Island. Avg houses are 1.2 million, average household income is 84k. Houses can only work at 300k or the economy collapses. It's collapsing

But... but... but... my Realtor says now is the best time to BUY ? Oh wait a minute..... my Realtor ALWAYS says that... Hmmmm ?

My grandfather was a very wealthy home builder, he told me back in 1980 to never count on your home equity for your retirement. The cost of housing will always be relative and you will always need a home of some kind.

Prices are still 50 percent higher then they were 5 years ago.

As another presenter said, the American dream is to own a business, the Canadian dream is to own real estate. This is why the Americans are more prosperous than we are, and it's a great time to force the market towards a shift in priorities to correct this imbalance.

Houses are a basic need, not an investment! Crash the house prices! They should be according to median wage of the region! What about the Moncton area? I feel like it's a buyers market.

Warren Buffet and Charlie Munger use a contrarian investing approach. They are fearful when people are greedy and greedy when people are fearful. Unwavering house prices denotes a state of residual greed. We have not entered a period of true fear yet. Markets only have 2 cycles. What else needs to be said?

I noticed in mainstream media not a peep or poop about possibility of declining house prices in the near future.

Its that time of the year John when market prices are low. Coming months should have higher prices and bigger sales volume with falling interest rates and govt incentives kicking in. Right time to get bargains.

Yes how about the government just stay out of the natural process of prices lowering. Prices jumped to ridiculous amounts during the freak event pandemic, this is an expected and realistic correction. Even if prices lower a bit more, those that owned homes years earlier will still make a good profit in the end, but I guess greed has no bounds unfortunately...

People have to realize that when inflation happens and their house goes up in value, they are actually poorer, not richer. They still only have the ability to buy 1 house of equal value to what they currently own - so no difference in wealth - and everything else in their lives - food, clothing, cars, energy is more expensive.

Raising the CMHC limit to 1.5 mill, Capital Gains to 66% makes total sense if you plan on a currency reset 🧐

Some Watrous saskatchewan homes have been selling $10000 to $20000 less than asking price. Not much to choose from. Being sold mostly to alberta, and bc residents gathered from seeing licence plates. Prices of houses $250000 to $450000. Usually sold within one to three months.

Unemployment will be rising as will inventory which will translate to lower rents (already being seen) and lower purchase prices.

This is a perfect summary of Canadian housing market

Keeping housing values high only benefits investors. It's irrelevant to home owners if values are high or low unless you're selling to move to other accommodation like an old age home or a rental. Any money I have saved was worth more when home prices were low.

Another great analysis and synopsis, Jon. Also, thanks SO MUCH for the blue lines on your graph that make review of the numbers MUCH easier. Crazy numbers, though, eh?

The RE is really insanely priced out in Canada, especially in Vancouver. People shouldn't focus on rate drops, focus on the price, RE is double and some are over double the price that they should be. What you get for your money is 💩 right now

That is totally a bearish pennant. It really is perfect. Unfortunately the gov't is hell bent on trying to stop the sector from correcting. We have owned are home since 2003 and are a year and a half away from paying off our mortgage and I still want to see a correction. It's really unhealthy for our economy to have such an emphasis on real estate.

$300k for a condo in guleph Ontario is not a buyer market. The real estate market is a farce.

I can't imagine what Canada's economy will look like if these two lunatics stay in office for a few more years.

It's funny, the federal government think. Expensive homes = Better retirement. But you know what happens when housing is cheap? Property taxes are cheaper, with cheaper property taxes from lower cost people end up saving massive amounts of money per year on their home after they pay it off. Allowing them to save actual cash to put into real investments outside of housing. However, when you have expensive homes then you have higher property taxes, by definition. Higher cost = Higher taxes paid. Which means that if you want to make wealth in Canada you end up spending everything you own to just get a home. Then you have to hope that there is a market for you to sell at a higher level to make money. While if housing was cheap, that house would be paid off and the money saved from paying mortgages and taxes could be used to invest into Canadian stocks and companies. It's really a shame.

The stats show its a buyers market by huge margins, yet prices go up. Why is that? Because sales to new listings ratio is a bad metric. It doesn't take into account all the listing where people just re-list at a different price. So there are a lot of listing that are just duplicates, triplicate, or maybe even more

Thank you for the information! Appreciate the time and effort you put into this. Very informative!

Well the boomers won’t be able to sell them since nobody younger can afford them 😂

Calgary market: I had a 2bd 2 bath condo and prices went up like crazy. I thought it was ridiculous and decided to sell it in May for $315k. It sold in 3 days, there were only 5 similar condos for sale in my area. Now, there are about 50 up for sale, and there is also a condo exactly like the one i had, just one floor higher, it was listed in July for $319k, didn't sell for two months. Now they dropped price to $299k, on the market for 33 days now. Inventory is rising fast, prices are going down for this segment for sure.

This transparency is much needed by Canadians. Thank you for your work.

I liked it before i even watched it. Looking forward to your updates.

20 years of unrealistic low interest rates, greed is destruction

Calgary here: RentFaster listings are reaching close to 8,000 vacant units. For-sale inventory is also rising, with price drops happening more often. With so many rental units vacant, why would out-of-the-province investors continue to buy real estate here? The day the recession officially starts, the oil will drop, bringing more pressure to the Calgary market. Many people are not aware of Calgary's boom and bust cycles.

The massive drop in home prices is going to wipe out a lot of wealth. SO many ppl bought at extreme high, no matter what age ppl will have negative equity.

Excellent reporting & commentary.

Great report, thank you for putting this together. Perhaps we should be asking who in the government is doing the deep thinking on the market manipulation? The politiciansare not smart enough to manipulate the facts, the media, and the public so these policies are either coming from bureaucrats or high-powered consultants. - none of whom have the public's best interests at heart. Imagine being a first time buyer, you have worked for the last 10 years to save a down payment you are now 30+ and with a 30 year mortgage, you will be 60 before it is payed off. On top of this you will have replaced the roof twice, worn out 3 cars and replaced all the major appliances. This is not the finacial future any sensible person would wish for.

About Montreal and the province of Quebec, it's probably Ontarian buyers moving in and keeping prices going up. I'm keeping an eye on Gatineau especially, the houses there used to be about 100k below Quebec City before pandemic, they are now 100k above.

Hope u r wrong about the edmonton market, but by far the best analysis for real-estate!

It would be interesting to also see the foreclosure % to arrears contrast

Can you please try and analyze what's going on in Montreal next time? Thank you.

Hi John, I am moving to Calgary with a wife and 2 kids. We would be first time home buyers and looking to enter the market. We are contemplating the idea of purchasing before we move there un Jan 2025. But looking at the data it seems like Calgary is at a peak and likely to start declining over the winter. Would you suggest renting for a short while and wait for the spring to purchase?

If people are smart, and can do it, they should sell now an look to another province with lower costs of housing. Get out of your mortgage if possible or sell before it comes due. That's what we did. No mortgage now and in Alberta. Check Saskatchewan, it's cheaper too.

Excellent Informative Fun watching 👀

Hmmmm so to summarize, prices went UP again in GTA despite your predictions that they would decline. Once again. What happens if the price drop never comes?

No report this week for Nova Scotia live in BC my house for sale in Halifax.

Edmonton is still a sellers market?! I'll wait for it.

Thanks for the valuable insights!

Edmonton might be more resilient with the $16 billion Dow plant upgrade that has kicked late last year. Many other large Billion $ projects kicking off around the same time. Hydrogen plants, pipelines, carbon capture...etc Unions here have been getting higher wages after about 10 years without any which should also support home prices

Do you know why the price do not go down in Quebec

I'm starting to see the "mom and pop" we buy houses cash signs in Montreal again. Might explain the new high. Stupid investors yet again.

London Ontario is looking to creep up next to Vancouver pricing

Month over month prices are up? Why is that? I thought prices in trreb and ITSO arr coming down?

i'm looking to buy in Ottawa at some point. My existing townhome has about 150k left on it for a mortgage, and i want to buy a 4bed 4 bath single family, those start at 800k... It is possible for me to buy the new house and put the existing house on rent but then i'd become a debt slave

RE based economy is not sustainable. Canada must come out of this. It is good for Canada to ensure that home price comes down at least 30-40 % from here.

Thank you 🙏🏼 great, valuable info as always!

ty for ur work !

Aside from the fact that these new gov measures branded as 'helping' first time buyers are themselves inflationary...can CMHC actually cover worst case loses when we go to new $1.5M cap? Nobody seems to be talking about that. Gov insured mortgages and low downpayment give me nightmares of Fannie and Freddie-style taxpayer bailouts...

Translate to Fr for Que. Not very PC? 😂 Agree on most but do Cdns have a conundrum? Affordable homes/RE $ but also allow new gen of buyers (any age) to make a profit as a seller? Can we have it both ways? Most new buyers use $ made or equity on main prop to move up or leverage to buy investment RE. How to maintain affordability in line w/ avg income for new/future buyers and allow for profit? Role of layoffs, cost of living etc in prices? Who’s responsible for these? Edit: stats on younger home owners not selling but waiting to sell up?

Prices in Montreal and Quebec province are more reasonable, and are rising because Ontario buyers are overflowing towards Quebec province

How do you see Manitoba market? Thanks!

Hater bots are out..means you are directly over the target. 😊

Thanks jon for another great content Sellers not bringing there price down my neighbor listed his property around march still in the market not Selling but he refuse to bring his price down 😢

Crash is coming

Thanks for another interesting video. toronto.

Thanks Jon for the lines you added to the charts (they do help!) and for the great stats info! 😃

Can you include the Maritime provinces in your report?

Don't fight it...bears sound smart bulls make money.

I wonder how many people are getting pinched by the CRA on capital gains tax on flipping houses? I suspect these investors are not claiming, especially the international investors.

Is the house on your screen for sale?

Jon... using technical analysis on housing is absolutely ridiculous.

Avg price is meaningless, in a weak market "better" homes sell as the middle class still have money compared to the working class. Why not do volume ie sum of all prices sold?

13:10 what should the ratio be for it to be in the buyers market?

Housing is a right. When will the politicians understand that? everyone should be able to buy or rent a home and have money for other stuff- bills, leisure, savings, etc. Hold each level of gov't accountable. Housing prices have to come down to be affordable. Prices are outright ridiculous thank to gov't and private sector collusion and scamming of the public.

So there was always enough tulips.

19:25 maybe we need to translate this to French 😂😂😂

The government started price wars, they also started the increase in assessments as it gives them more taxes on land tax as so far they screwed up with no capital gains on home sales

Well said, thanks ❤

*Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult*

the MoM Price Change charts are so much better with the lines

A real estate mortgage broker just announced on his RU-vid channel condo market will crash, but small single family homes will go up in price next spring, his reasons are new mortgage rules and first time hone buyers will enter the market. I do not agree at all with his views, but could this have some truth in it?

Dear Jon, is it worth buying condo in Toronto or it is better to buy in gta or even farther a townhouse etc.?

No sarnia on tr charts?

I'm wondering if alberta has more people going there because of how the pandemic panned out. Myself and others had the conversation to move back because of the sheet show our country became

banks are lowering rates because they are scared stiff to have to become a real estate depository.

Have these changes passed?

I don't understand why the Gov hasn't stepped in and put a cap on the actual prices of homes. All of these policy changes don't really help anyone tbh.

Thanks Jon, here in Ottawa real estate Sales has picked up month over month by 11%. I’m with many others wishing prices would continue to drop, not sure that will happen around here.

Crap... just brought because sick of paying rent

Time to buy market shift coming soon in next year. Current price is almost bottom I don’t think any government allows price to crash. If prices started to crash more from here you will see more immigration that the instrument to control the crash 😂 better get in the market.

JUNIOR HAS A LARGE REAL ESTATE portfolio, so he will protect his investment at any cost.

Jon is not showing how much prices increased from 2019 - up to 50% in some area of Fraser Valley

The scammers are really spamming big time on here!

Nothing is sinking

The cost of housing will stay flat for a couple of years then slowly increase in price. The cost to build a new home drives the price of existing stock. Builders won't build if they can't make a profit. Supply will get tighter and demand will increase with immigration and the younger generation currently sitting on the sidelines. Basic economics.

The massive price increase is on the way in Calgary very soon.

Don’t buy anything. The mother of all crashes is coming fast!

Look at all the investor bots on here lol

Paying an extra 100000 $ over the extra 5 years

Gonna get worse before it gets better (with some exceptions).

Attainable 😂

I live in Vancouver Bc. Surrey Bc to be precise. My house isn't going down. Still going up. In Vancouver we are limited in land, so the houses Still gain value.

Just wait for the Carbon Tax. Broke, broke, broke, broke.......

!I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks or Crypto will be appreciated!