You needed to talk more about the toxic practice of building 'investment' condos that are nothing burger 300 square foot shoeboxes sold for 400k or more.
Yeah it's been a brutally obvious issue for years even before covid and no one talks about it. Absolutely mindnumbing looking at city markets and seeing so many places listed as "1bdr" for half a million dollars when the bedroom is a hole in the wall that can barely fit a twin bed and the living space can't even fit a tv set or a computer desk comfortably, let alone both.
Thankfully, the market for these is basically collapsing, these units have remained the same price for a few years now and the investors are losing money since the market price for rent is lower than the monthly payments for the owners now. But it seems like such an obvious thing that these condos are basically useless beyond the uniquely small demographic of young adults moving away from home. Especially also targeting the lowest earning demographic in young adults who's starting pays are around 40 to 60k and have barely increased in the past 10 years. I mean like how do you expect your investment condo to go up in price if the people your renting to have not had any meaningful increase in pay. It's just pure nonsense considering the fact these condos do nothing to solve the housing crisis in a meaningful way because these people renting cannot really grow in these places like starting a family.
The One bedrom open concept kitchen Condo has bedroom small than size of KIng bed....I am am so happy that bathroom had walls.. and not "open concept" bathroom....
Stop lying about the lack of "supply" issue. Canada does not have a "shortage" of homes, we have a shortage of *affordable* homes. OECD in 2021 estimated Canada had 1.4 million VACANT homes, and that has probably increased in the past few years because Canada is never not "under construction". Hundreds of thousands of "units" are deliberately left vacant to restrict existing "supply" which artificially inflates property values, and in turn mortgages/rents. We need hefty federally-imposed vacancy taxes, prohibit HELOCs being used to finance the purchase of more property, stop giving "landlords" tax breaks and write-offs that never trickle-down to their tenants (who are PAYING THEIR LANDLORDS' MORTGAGES), and anything else needed to disincentivize parasitic "investors" from land-hoarding, and using their leverage to extract wealth and extort other people into paying for their properties, upon threat of homelessness. Canadian real estate is nothing more than a giant Ponzi scheme and collapse is well overdue.
You are 100 % right. This finance crisis was all man made by greedy investors and low interest rates to act as a stimulus to get the economy going. It was all fake growth that came from the real estate market investors and 0 % percent interest credit for 6 months and all the other nonsense from years ago. Our economy is completely unproductive. We make nothing made here we send out all our jobs to India and China It’s a complete ponzi scheme and totally corrupt.
I feel sympathy for our country, low income people are now suffering to survive yet inflation and recession keep increasing daily, many families can't even enhance the good cost of living anymore. You've helped me a lot Sir Brian! Imagine I invested $50,000 and received $190,500 after 14 days
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
Beyond what was previously mentioned, we wouldn't be in this housing bubble if banks and the CMHC hadn't accepted the inflated property valuations. If lending institutions had based their valuations on fundamentals, such as rental income potential at historical average interest rate, we wouldn't be facing this kind of crisis. Condo prices wouldn't have soared to their current levels if banks had limited lending, to say $300k for a unit. But no, there's greed. Just saying that this crisis is intentional.
The city of Toronto has completely failed at managing the real estate market. They have completely ignored building family units in the city. They've rubber stamped every tiny box in the sky for 25 yrs and pretty much ignored good city planning. Adam Vaughan, Joe Cressy, and now Ausma spend most of their time on their misguided pet projects like Atkinson coop. Build townhouses for public housing residents, that will cost the taxpayers a huge amount of money, in perpetuity, and basically ignore the market solutions to make housing more affordable. The commodity costs will adjust. If demand drops, prices will drop. Wages in the real estate industry will adjust as well. But the gov't needs to stop pumping the market. They also need to stop charging huge development fees and land transfer taxes. And the city needs to stop dragging development approvals out forever (which also adds huge costs.) What amazes me is, if you are trying to build a smaller building outside a very small area in downtown, the NIMBYs and the local councillors will destroy you. It's been 25 yrs of NIMBYism. That's why you see most of the develop in the centre core and they are all very high full of tiny boxes in the sky. In the end, it's not a good time to buy now. The market has not corrected yet and wages are so far from real estate prices it's at a record level. Even if the market corrected by 25-30% we are very unaffordable among the G7.
The One bedrom open concept kitchen Condo has bedroom small than size of KIng bed....I am am so happy that bathroom had walls.. and not "open concept" bathroom....
@@manisherande4568 I’m sure they will figure out how to make it like a dorm, with a shared shower and bathroom for each floor. Do people realize our per capita GDP has shrunk 5 quarters in a row? The only thing propping up spending is coming from the govt. and overall GDP is growing because of bloated immigration..
@kevinn1158 Immigration again...why don't we stop scapegoat ing Immigration...they were here as govt opened the door..instead of focusing on Services and manufacturing we out sourced it to China..now blame Immigration...
Think of much of the current speculative based CONDO Debt, a LOT of it secured against SFD's/Heloc instruments etc., as an absolutely massive 'store' of banked FUTURE cpi inflation squirreled away in Canadian Big Bank Financial asset 'chattel' valuations.... that is now unserviceable into recesson and will correct 'mark to market' as Losses mount and attenuate in reduced gdp/gdi (Gross Domestic incomes) deriveable. This is a DEBT based Real Estate correction.... Condo's representing future low income Housing sh*tholes in the sky
Once again, omitting the role the condo legal sector plays here…turning homes into conflict zones. Condo living (blog) - formerly condo madness….summarizes these issues better than nearly all news outlets.
I don't think I care. I rent 665 square feet now for too much and too much is under $1000, 14 years I've been trapped here in this "deal" of a death trap. All I want is a garden in my yard and 500-600 square feet for under $100k. That's it. I currently have no yard, so no dog can I have. I miss having a dog. 18 years without one is a very long time. I don't care about anything else. If you have to bulldoze mansions to give it to me, fine. If you have to bulldoze shopping malls to give it to me, fine. If you have to turn condo's into hotels, good, they're too small. Hotels are too big, turn them into apartments. Air B&B apartments maybe, let the current Air B&B landlords invest in them with some kind of a buy out sweetheart deal, so we can rent their apartments and houses again.
The One bedrom open concept kitchen Condo has bedroom small than size of KIng bed....I am am so happy that bathroom had walls.. and not "open concept" bathroom....
