This Is Going To Hurt More Than It Helps (Toronto Real Estate Market Update)

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In this episode we take a look at the current Toronto Real Estate Market specifically the detached home prices and market trends for week ending Sept 18, 2024. We also discuss the issue with these new mortgage rules which don't address the high price of homes, just allow borrowers to take on more debt for longer.
This video will focus specifically on Toronto but be sure to SUBSCRIBE for more reports on other areas!
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Santo Sessa & Daniel Sessa
Re/Max Premier
(647)560-7778
santo@teamsessa.ca
*This video, nor any of the other videos on the Team Sessa Real Estate RU-vid channel, does not constitute legal or financial advice. This is strictly intended for educational and entertainment purposes only.

Опубликовано:

25 сен 2024

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Комментарии : 84

@roguegaming9071 День назад

The fact the government is intervening to try and make it more affordable tells us they are fearful of a major crash in home prices. They are trying to prop up the market instead of letting it correct itself which will in turn make it more affordable. Trying to make it more affordable while making prices higher is a conundrum.

@marc37921 День назад

Imagine being a first time home buyer on the average Canadian income and taking out a mortgage on a $1.5m property. With 5% down. 😂😂😂😂😂😂😂😂 Trudeau is officially on another planet.

@RichardZinom День назад

They'll be paying that off for the rest of their life. Retiring at a nice ripe age of 85.

@parthppatel28 День назад

Since he made drugs legal in BC he's high on them..

@xxrudebouyxx1363 День назад

U missing a major part of the plan. Multiple co signers and 10 people per household. Canada is becoming trash

@KnowledgeCurse День назад

And then we will find that property on power of sale and buy that 1.5m property for 700-800k in next 6months

@KwokLeung-i4h День назад

Some ppl are still trying to get out of the last trap they fell in and now the government has setup another one for the younger ppl.

@TheSanzca День назад

I do not belief the word “responsible” exists in the real estate industry neither in government it would seem.

@markb8360 День назад

Buyers: walk away. These new rules are financial ruin

@luisaianni3191 День назад

Those mortgage payments are going to be enormous.

@chengliwang144 День назад

$1.5m for a starter home😂

@ronbonora7872 День назад

it is a sad state of affairs. I agree! It is so sad that it make one laugh!

@zamanwafasharefe1417 День назад

This policy only help the bank and all the other guys except the home buyer the buyer should know how much they pay to CMHC

@anotheran День назад

lol not the buyer agents problem that buyer can’t afford the mortgage later. Buy agent already got their 2.5% commission.

@James-n8z6w День назад

Also not the seller’s agent to worry if the buyer can afford to buy his listing!

@anotheran День назад

@@James-n8z6w does the seller agent care if the buyer can't close and can't collect the 2.5% without suing?

@ianwally818 День назад

Santo,sales are slow out there,buying agents are getting creative to get their customers to buy. The agents don’t care if their client can afford the house. It’s the mortgage brokers job to worry about that.

@teamsessa День назад

The agent and especially the mortgage broker should warn the buyer. BUT, ultimately, the responsibility lies with the Buyer.

@robopalo8041 День назад

@@teamsessa True, ultimate decision lies with buyer.

@arkanfathallah6432 День назад

The only community that can afford that type of mortgage is the one which three or four family live together in the same house!!!!!!! If you can’t come up with %20 down payment so how will you can afford 1.5 million house mortgage?!!!!

@xxrudebouyxx1363 День назад

Indians got 20 per house. This policy was made for them

@johnnycroat День назад

so basically the immigrants coming to Canada

@xxrudebouyxx1363 День назад

@@johnnycroat comments get removed for certain keywords lool but yea exactly

@robopalo8041 День назад

Trudeau to Taxpayer: Give me 1000 dollars! Taxpayer: I am poor, I can only pay 800. Trudeau: That is OK for now, you still owe me 200.

@zefflecave9550 День назад

its called induced demand, creating another tranche of buyers into the market, just like in the US in the crash of 2008 with teaser rates until the reset to the normal rate and no one was able to pay because they should have access to the teaser rate to begin with. Same things just a different flavor

@teamsessa День назад

Perhaps. 🤔

@bayindir06 День назад

First!

@xxrudebouyxx1363 День назад

A lot of people think this stupid because of how much of a mortgage 1.5 mil is. You’re forgetting they plan for multiple co signers and renters everywhere. The future of Canada is third world

@DuncanL7979 День назад

Each single family home turned into multi-unit dwelling with 10+ people living in it. 😂

@xxrudebouyxx1363 День назад

@@DuncanL7979 exactly. So when 10 of them co sign to buy a detached prices will move up.

@johnnycroat День назад

I went to a high end community that had a house for sale , multiple people living upstairs and another group in the basement apartment. 3rd world for sure

@johnnycroat День назад

@@xxrudebouyxx1363 should be illegal these are Single family homes

@MrMustafasalih День назад

Time to get in

@heavyrocker58 День назад

you will own nothing and be happy

@zevc3591 День назад

Good thoughts. Thanks.👍👍

@echabbewal День назад

It is smart thing to get hold of as much big house as possible. Just ensure cash flow is firm. Either with co sign or rent basement

@lunisan День назад

So the down payment rules were 5% for the first 500k + 10% from 500k to 1mil.... What is it from 1mil to 1.5mil?

@shea1219 День назад

125k

@kaamilpankaj День назад

At 5% down payment, the monthly installment will be more than $10k @husehold income of 300,000. How many people can do for for 30 years. Totally robbing the people and helping the banks and builiders.

@robopalo8041 День назад

Like someone said: You will own nothing and love it.

@mikethomas6715 День назад

Thank you very mych for your weekly break down of the market. Its very useful.

@ssingh6768 День назад

Fixed rates have also come down significantly over past few weeks.. so quite likely that also increases eligibility

@robopalo8041 День назад

.. and prices. No win.

@kater8730 День назад

Everyone takes on more than they can handle that's why people are in trouble....realtors sold them on the dream and then now tell them they shouldn't....makes no sense.

@parthppatel28 День назад

It made perfect sense for the Realtor and he/she got their cut with no stakes in what it does later. 😅

@ashleyconnor8891 День назад

Its not just the realtors…the buyer has to find an ounce of common sense, and think about it…when I bought, there was no way that I would buy up to the limit I was approved for….it gave my budget no leeway, and I figured low interest rates would not last forever.

@parthppatel28 День назад

@@ashleyconnor8891 when you bought probably greasy people in the industry couldn't push fomo. No buyer wants to max out their limit, I'm not sure who in the right head would. There were told that of you can't buy now you won't be able to ever. So they pushed themselves to limit and even more by doing mortgage fraud creating huge amount of risk in this market for everyone.

@parthppatel28 День назад

@@ashleyconnor8891 when you bought probably greasy people in the industry couldn't push fomo. No buyer wants to max out their limit, I'm not sure who in the right head would. There were told that of you can't buy now you won't be able to ever. So they pushed themselves to limit and even more by doing mortgage fr@ud creating huge amount of risk in this market for everyone.

@Kimlove1234 День назад

@@ashleyconnor8891exactly!! It's called common sense

@robopalo8041 День назад

You sound like the only honest agent. You are not soliciting, trying to convince people to pay as much as they can to the limit. You actually are quite cautious. True, it will not make housing more affordable. It will actually give opportunity to ask higher price as now they can borrow more money. (this 1 mil to 1.5 mil insurance thing and new 30 years period.) Sellers will obviously demand now higher prices. Question is, will they get it? Depending on how smart and disciplined buyers are. Smart buyers will not offer more just because they can. Never listen to agent whom says: You can still afford higher. Smart buyers will not go to maximum. You are a good guy.

@bpd9660 День назад

Toronto is the biggest real estate bubble in The WORLD. PRICES are headed for a massive downward correction... don't buy in gta...

@robertbridgen2950 День назад

There's a big problem coming soon. If you can't afford things now, how will you manage when your 30-year mortgage kicks in and interest rates rise? The more people who can get a mortgage, the higher the rates go. This 30-year mortgage isn't really about helping you buy a home. It's more about protecting the banks from losing money and preventing people from becoming homeless when homes are too expensive to mortgage.

@GreatDrums. День назад

In short.. the housing madness continues.. more debt.. higher mortgage payments and house prices continue through the roof

@KwokLeung-i4h День назад

We have a government who wants to get people's vote next year, they don't care if it drives up the prices nor do they care if ppl carry more debt than they should. Will never vote for this government next year.

@robopalo8041 День назад

Like someone said: You will own nothing and love it.

@manbrar27 День назад

People accessing CMHC advantage won't be able to forge their income documents or do mortgage fraud as in case of these loans CMHC has very strict income vetting standard and banks won't get their insurance if their loans were based on fraudulent document. This was the reason mortgage agents always asked 20% down payment to conduct all that fraud with the help of bank employees. So, what i think will happen is these people who may pump up the market for a short while won't be able to close

@rzmk8620 День назад

I would prefer go back where I came from rather than signing up for mortgage slavery. Politicians are idiots, they want more tax, more money from you. How many people in this country make enough to qualify for 1.5M mortgages with 5% interest rate? Basically we are in 2008 US mode in Canada.

@johnnycroat День назад

and its not just having the income this year. how sure can a person be they will have that job and salary for the next 15+ years

@robopalo8041 День назад

Feds Carbon Refund $ 50 will save you from losing home. Trudeau said, that he cares for you.

@rzmk8620 День назад

@@robopalo8041 then you buy the house, keep my $50 too.

@baseline6786 День назад

Spring and Fall 2025 will be higher values.

@jamesimcb День назад

Once 1 bedroom condo's in Toronto fall below 400K and interest rates fall below 2.0% I agree. It's the fall market now after all with 0.75% drop in interest rates and avg prices are still down 14%. Even JT and Freemoneys desperate house plans to buy votes won't be enough to bring back FOMO. There is still trouble brewing in the condo market.

@baseline6786 День назад

@@jamesimcb the freehold market is what to watch. It will pull condos up with it a few months later. Once ppl realize prices are going up they would delist and wait.

@Notaproudcanadian День назад

Let’s buy things we can’t afford the Canadian way no hard work just want want want

@walterpen371 День назад

It all started in the 80's with MLM PONZI SCHEMED businesses. Let's all go to those seminars that will make everyone filthy rich by being bosses of their own businesses. This is the same system that we all allowed to happen with MONEY LAUNDERING, CRAZY OVERBIDDING WARS, FOREIGN INVESTORS BUYING AS MANY CONDOS. We just sat on our brains instead of having a national protest and closing down the entire country. Am I RIGHT OR WRONG?

@robopalo8041 День назад

Let's see how many will AGAIN vote for Junior. Now most of you complain, but next year, back to same old same old. It is called Stockholm syndrome. I steal 100 dollars from you, give you back 50 and you will love me for those 50 dollars I gave you back.