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In this episode, we dive into the most recent real estate start numbers from the Canada Home Loan and Real estate Corporation, showing a 5% rise in September. We'll explore what this growth indicates and whether it's enough to effect Canada's housing price crisis.
Likewise in this episode:
Earnings inequality in Canada has struck a record high, with the wealth space now larger than ever. What's driving this growing divide?
U.S. retail sales for September exceed expectations, but not all sectors saw gains. What does this say about the economy?
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As an early Gen X, I am in an okay place, but only because I inherited a property from my Boomer parents, which then quadrupled in value, all on it’s own with no work done by me. So, I’m lucky. Driving down to Vancouver I noticed a lot more homelessness on the highway in the Fraser valley. Some living in RVs, but all ‘thrown off the bus’. Income inequality is not good for a country, if we are saying we are a unit, in this together. Leads to populism and finger pointing at ‘the other’.
There are many Problems with Housing Constructions; Permission to build Subdivision by Local, Provincial Governments; Immigration’s Quota; Prices Gouging (Greedy Attitudes); New Home Buyers tried to break in to Market; Wages going up too fast…
As Urban Company and Associates since 1993, we designed and Invested in Subdivisions Across Canada Western Prairies and US Florida… Both Aussies and Canada have caught up with Hong Kong Style Properties/Market 2000-2015, or Japan of the 1990’s ─ Median Homes in Aussie Land are about close to A Million AUD Dollar$ across the NSW Region. (Minimum Wages in Aussie are like 25 AUD starting Jan 2025 ─ Which are twice as much as they were in 2012; Alberta September 01 2012 $9.75 CAD.) A Skill Constructions worker or a Median Salaries with Over-time will be about 25-35 CAD$ or AUD$ per hour, and How many hours needed to build a Single-lot Dwelling Home? A Certified Electrician and/or Plumbers charging Rates are 180-200 CAD/AUD Dollars an Hour.
There is no way we as Canadians or Australians can fix the Housing Crises… God Help Us!‼ ─ We can’t or don’t want to share a Community within ourselves. And no Government; neither Con-servative nor Liberals can Fix the Problems.
Our Slogan in late 1990’s = Design, Build and Connect Communities/Subdivisions for Habitats Worldwide ‼ It is now a Joke for this Slogan.
Regards,
Our government has already been doing that.
Right on the money! Let’s mention the truth, we have been bamboozled long enough. I just got a haircut – a buzz cut – that now cost 30 dollars at First Choice. Inflation is still screwing with the little man.
I learnt how to cut my husbands hair during Covid. YouTube is full of videos on how you can do this yourself. I did invest on sizzors and clippers worth $120
great video Marc. Thanks for the awesome knowledge. always helpful
I read an article recently that pointed out that the consumer spending stats are being squeed by the number of millennials that are living at home rent free and still spending on clothes, makeup, dining out and so on. So the consumer spending states are not as good an indicator of the health of the underlying economy as they once were
The dummies have given up!
They can build all the house they want, but if they are building homes that no one can afford then it doesn’t change a thing
Exactly.
😅makes no logical sense, if no one can afford them how are they being built? 🎊
Maybe they will just concentrate all the real estate in a few hands and we will be forced to just rent? I fear that is the case.
Salary needs to catchup as well but they won’t. So we are back to square one.
I can’t justify buying a home in Moncton, New Brunswick. My rent from pre-covid is 920$ and for a small house thats not falling apart, it would be 1650$… it sucks.
how are mortgage brokers surviving ?
I’d be worried if I was a kid unless my parents and / or in laws gifted $$$ or my household income was $250K or more.
Everyone is worried about the next generation…
That’s what my momma said too own two houses now paid cash lol 😂 I’m nobody special just save invest it will work out
OHh boy.
I own HYPT and so far my unit price is down 8%. So far rate cuts haven’t benefitted the long term bonds. Hopefully future rate cuts will reverse the trend.
Increasing handouts is doing the opposite of helping income inequality because they are paying for it by borrowing money. Deflation would solve the inequality problem but they’ve already said they wont allow that.
Defation is worse then inflation wow 😯
Ndp/liberal/bloc coalition increase wage. When will eastern Canada wake up?
Locally, I’m seeing semidetached homes with builtin apartments under construction. Makes a lot of sense to me – the rental units are needed and the rent will make it a lot easier to cover the mortgage!
It can be fixed. By a total collapse in land values.
Income inequality is still a major concern. The gap between the rich and poor is widening, with the top 20% holding more than two-thirds of Canada’s wealth. It’s unsustainable.
Communist Revolution?
I’m not seeing all this doom and gloom. You can get a townhouse for $500k. Thats a $2400 mortgage payment. Thats a grand more than the same place 20 years ago. Thats $12k a year. I know where I work entry positions pay at least that more compared to that period. Heck minimum wage has added almost $10k a year over that time frame.
Hello. I need some help figuring out how to best use my money and RRSP to purchase my first home in the Greater Toronto Area. Let’s say I would be qualified as a first time home buyer, I don’t have a RRSP account, I do have enough savings to max out my RRSP, and I make $100, 000 a year. I am aware using the money tax free through the home buyers plan. However, I am now learning of using a RRSP loan, and that you can reclaim your unused contribution room when filling tax. So, there is a lot of info and I don’t know what is the best way to use the RRSP to buy a home. Also, professionals are not always going to give you the best advise, so that’s why I seeking opinions from those that may be more familiar with what I am asking. I would really appreciate your help in any way.
This should depend on your goals.
Not a financial advisor but personally, I would invest into FHSA first as it works like an TFSA and RRSP. Then into TFSA and finally RRSP.
I choose to put my money into the RRSP last because you will still need to pay back what you take out in your RRSP. And the max you can take out from an RRSP is $35k I believe.
I personally wouldn’t use a loan to top up my RRSP, specifically because it means it was money I never had. I don’t like having too much debt or loans and I don’t want to pay interest.
My goal is to purchase a home in the next 10 yrs as well. So it really depends on your situation.
Thanks Marc!
Back in the day business owners used to share the wealth. Now that most businesses are publicly owned, they just want to cut, cut, cut the people working for them out of the equation. These big businesses don’t realize nobody can afford their products if they don’t share the wealth.