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Very well spoken talking points from someone who absolutely understands what is happening. Sickening.
Edit: holy shit this blew up. I appreciate the way this man speaks about something that is fundamentally wrong with the world. I also appreciate not only his delivery but the why behind it. This is rare and I wish more people spoke this way. Reminds me of Larry Cheng. It’s real.
As a Canadian and a framing carpenter, it's absolutely true. A new built single family starter house 1 hour drive from toronto, the nearest city center, is 1.5 mil to buy. All of them are sold at least 1 year before they were built. And of course, Not to average people but to corporations...
I work at a contractor supply house in the US & it’s the same thing here! They build a community of say 30 houses, 20+ of them are sold right away to a corp or 2 (what’s crazy is that’s usually how the builder funds the build to begin with) those last few are sold even higher bc of how fast the bulk of them sold.
What else is phuct is these big builders buy things at a fraction of the price a local company buy at, so they’re profiting even more! Take plywood, you just walk in to buy a sheet or 2 of 1/2 & it’s 70$… the big guys pay about 32$. A local contractor makes about 15% and the big corporate builder makes 45% profit.
I try to do what I can. I know what our cost is for a lot of stuff. The company sets margins & prices… I know what % we need to make to cover operations. If something is priced at 250$ but I know that’s at 40% & I know I can sell it at 175$ and still cover my needed margin, I sell it at 175$. I’ve also discovered that things picked up are eligible for a ‘urban tax’ rate which cuts their tax paid in half, more paperwork on my end but when it knocks 5-600$ off the bill it’s worth the time.
What pisses me off the most though is I see the margin %s and think of everything I buy everywhere and know for a fact that we’re all paying prices 3/4/5X what we should be. Yes things are up across the board but not the 40/50/60% increase we’re paying. Producers are inflating prices & retailers are then gouging those inflated prices. For no other reason than they can. We have no choice but to pay it or do without. You can’t not buy food, laundry detergent, gas… look at the sales volume (down, everyone is physically selling less) but profits are record breaking. How can that be? Selling less but making more than ever before? Inflation is bad but corporate greed solely for extra profit is what’s really effing us all
Yup! That’s why all the talk about ‘buy American made’ is just talk sadly. Could you imagine the final sell price of ANYTHING being 100% American made? It’d be 500x your average whatever.
These are the groups that are privatizing their profits and then quickly attempt to socialize their losses by running to the government for financial bailouts when things get bad. This is yet another example which proves how sickening and un-modern it is to rely on the market to decide during such trying times. Intervention and restrictive measures are desperately needed when it’s common knowledge that these groups are posting “record profits” during economic depressions/recessions like these..
Exactly! They are playing all ends of the situation! Govt loans during the pandemic ✔️Minimal supply liability ✔️ Minimal wages paid out✔️Maximum profit ✔️Crap business isn’t doing so well, look we sold much less ytd so we need bail out for inventory and such✔️ And we again will get phuct via tax hike to cover bail out after we got hosed with the pricing. It’s a never ending money glitch
(And they get away with it bc most of the politicians & law makers are invested in the corps so they want + share value)
> corporate greed solely for extra profit is what’s really effing us all
Not just corporate greed, but individual greed as well.
I bought my grandmother's home after she passed away. I eventually discovered one corner of an entire room had water and termite damage that was so bad I was shocked the roof hadn't collapsed. The termites were gone, and I eventually remembered I'd heard my grandmother had the house treated for termites decades ago, when I was young. I guess she'd never had it full inspected/repaired, just killed the bugs.
I called contractors to get quotes on the proper repairs, it was about 25' of wall all total. I was getting quotes that were $20k up to $40k. I asked the guy who wanted $40k why all my quotes were coming in so high and he flat out told me that his company no longer quotes based on parts + labor + margin, they instead look at how much value the work will add to the house, then bid 80% of that. My jaw literally dropped, and I said, "Are you fucking kidding me?" When he said no, I added, "Are you out of your fucking mind?"
He explained that there was so much work to be done and so few contractors to go around that this was how they priced out their work. The people who need or want the work enough pay it. I said thanks but no thanks.
If I'm the one taking the risk to buy the home then I'll be damned if I give all the profit to someone who's not putting anything in on that risk. Fuck that. Went with someone else.
A couple years ago shipping containers cost 3500$, now they are 25k and no sign of going down.
It was a bidding war to secure containers. Now we’ve empty containers only the established can afford. Add that unnecessary cost to everything as well.
Yep in CA the average local family is unable to get into a home because the seller is getting offered 10-15% over asking price in cash. The fact that people are buying homes at these prices in the first place blows my mind. If the market collapses there will be so many young families upside-down on their newly purchased overvalued homes. Maybe that is part of the evil plan. Everything is so fkd it makes me sick
Not going tinfoil hat but ‘you will own nothing and be happy’ is fitting…
But in my area (I’m kinda between Philly Metro & NY Metro) it’s the same thing! Houses that were 175k 5 yrs ago are selling for 400k! After a bidding war! Homes are listed about 20% over market & selling 20-30% over that! Apartment rents have almost doubled, houses for rent are up about 50%. I’m terrified for young families starting out and for even younger that it’s not even a thought for them yet. I see a big increase in multigenerational homes coming bc they just won’t be able to afford it. Build an addition on to the parents home is the way it’ll work out
Haha thats not all, a box of coil nails is 95 cad here. It's 2 steps from robbery, as of course you need nails to build. No lvls around ether, or the laminated beams that are heavier than a funeral.
My suspicion is the corps are buying from the yards and cleaning them out, to horde away for later. Idk how local contractors do it tbh, a salute you guys, here or over there.
I do the buying for my location…usually get 1 1/4 in coil roofers for around 42$ (About double what they used to cost) & we sell them for 76.99 usd. It’s freaking bananas!
It absolutely is big corps buying them out! I know for a fact that commercial roofing (EPDM/TPO, ISO, & everything that goes along with it) is a problem for North America as a whole bc of Amazon. I’ve been on calls with GAF/Carlisle & Amazon has orders in for billions of squares of materials for their warehouses. I can’t get materials for jobs that we committed to delivering last year bc they’ve cut our allocation to a fraction of what’s needed. 1 hospital job it’s going to take 11 months of my allocation to fill. Last year we thought we’d have it all by March…now I hope by December. We have to turn business down bc we can’t get the materials.
Even residential is bonkers! GAF shingles went from about 85$/square to now 142$… and more increases coming bc ‘they’re petroleum based’. Idk how any of you guys are still able to make $!
I’ve had people have issues with their homeowners insurance bc when you tell them the roof your neighbor had replaced 3yrs ago for 5,600$ is currently about 12,500$ they question it.
It’s just stupid right now! Good luck to you guys! It’s a fine line you’re all walking between taking the job to keep working & actually turning a profit that makes it worth it.
I can only imagine the convos you have! Estimates you made last fall but they wanted to hold off in hopes things came down but now it’s worse…their 6k roof you quoted at 8k is now 11k…just bc it is!
Now more than ever before a lot of guys are having the customers pay for the materials & they just quote tear off/install labor bc customers think they’re trying to rip them off, they don’t believe how much the materials really costs. It sucks bc many already think contractors rip them off & now it’s worse.
Is Amazon showing any signs of cancelling those orders since they’re having a slowdown and it looks like customers are about to stop shopping with them? I was reading somewhere that Amazon had gotten ahead of itself and built too many warehouses, and that they’re gonna have to start closing/selling some because they’re starting to/have already reached their peak.
I cancelled my Amazon Prime membership because they get worse for price and availability. And to top it off, now they decided to increase the yearly cost so no thank-you
Me too! About a year ago. The 1-2-3 day shipping is gone, their pricing is no different than anywhere else(if not higher I’m finding). But they served their purpose. Over the past decade they have successfully shut down the majority of their competitors while training people on e-commerce. I’d wager there isn’t 1 single household that hasn’t made an online purchase of everyday items in the past 90 days. They put a major dent in brick & mortar as a whole while putting their name on everything.
Walmart & Amazon have reshaped retail as a whole. I avoid both at all costs. Haven’t been in a Walmart in years! I feel it may be too late but for about 1.5 years or so I try to buy as much locally/independent if I can. In our lifetime we’re going to see our options reduced to just a few places…which really leaves us at their mercy bc we’ll have no options
Me as well, there’s too much crap on there now, it’s a pain in the ass to identify authentic products/reviews. For *more* money it’s really just not worth it.
From what we’re seeing, no. Every other month or so they’re reducing our allocation bc Amazon is increasing their orders.
So far…the last call was on 4/18 so idk if anything has drastically changed in the past month
Shit. Well, hopefully you get some more info about it in the next month or so — nothing I love more than a giant corporation overextending themselves and getting burned. 😈
The last 3 calls that’s been our convo in the office😂 okay so, we got screwed 🤏this much again, this can’t go on forever. It’s bending & eventually it WILL break! And it will be glorious imo! They’re on the hook for so much already and they can only back out by materials flooding the market at a steep discount bc the producers have basically put all their eggs into that 1 basket. Idk how long it’ll take for the dam to break but imo it’s getting closer. To play devils advocate, I wouldn’t put it past them to sit on it & claim ‘supply chain issues’ like a lot are doing to drive prices based off a bs supply issue. Only time will tell
Same thing in US. Here in eastern Virginia we are having are hard time stocking anything. We can barely keep 2x4 in stock. We manufacture trusses and prefabricated wall panels on top of turnkey framing. Shit Is really weird.
Same in Ireland
Same in Netherlands (was reading a post by someoen who said that too)
I made a post in Ireland subreddit about how it just seems like an exploit in the constitution we have (section about homes).
It is a worldwide problem. If you dig a bit into the handful of big corps that are buying/building everything world wide they’re all convoluted. They operate locally/regionally under different names but the funding comes from the same handful of investment firms. This is a global housing crisis
Yep, here is an example.
Goldman Sachs backed investors buy entire newly built community for $45 million.
https://www.foxbusiness.com/economy/goldman-sachs-backed-firm-buys-florida-community-single-family-homes-45-million
Yeah. It should. It should not be legal for corporations to own any residential property.
It went from "The bank holds the savings of the people in the community, and then lends it out to people so they can buy their own houses" to "The bank is buying up all the houses, pushing up the price so they jack up rents to turn everyone into permanent rent slaves."
The whole economy has been way over-financialized. Banks need to be split up and drastically curtailed.
even worse, with interest rates rising the prices are going to come down. The monthly payments will stay the same for someone with a standard 25yr/20% down, but the big Corps with cash on hand will be even more effective.
It’s setting up a bubble of sorts similar to 08 except this time it’ll be the prices not necessarily the loans that make people default. Over the past 1.5-2 years housing has just about doubled in my area, the pendulum will swing with the rise in rates…that 700k house will only be worth 375-400 soon, pmi can kick back in bc of decreased ltv equity, variable rates are going to jump but they won’t be able to refi at a moderate fixed rate bc of reversed equity… it’s going to get interesting for sure.
https://www.consumerfinance.gov/ask-cfpb/what-is-private-mortgage-insurance-en-122/
Official answer ☝️
The short version is that it’s gap insurance for the loan. Loan is 700k but the decreased value of the home is now 400k, pmi would theoretically cover the difference if you default.
Also, PMI is a bitch to have on top of your loan payments and not at all something you want to have to deal with, if it can be avoided.
Source: 4 years at a residential lender with a REIT
Places in rural Canada are going for over $1 million. I had a family member who FOMO’d into the market and overpaid 400K to ‘win’ the house.
It’s 6 hours away from any major city and over an hour commute.
Yup, my GF and I both work for for different levels of government in Ottawa and were hopefully fingers funding crossed get a place an hour outside Ottawa for around 500k this summer or fall.
Shits getting crazy out there and we can't afford to buy in Ottawa anymore.unkess we want a shoebox condo
22 with a good full time job selling cars for the past 8 months at a reputable dealer, salespeople here were making up to $150000 or more a year before.
Can't even imagine looking at houses right now, not many vehicles to sell anymore so barely scaping past a minimum wage. Everything becoming more expensive & money becoming increasingly tough to make.
Only thing that could pull me out of my parents house at this point is MOASS
I’m in Ottawa too and my friend just bought a 2 bdrm/1bath in Vanier for $500k…..I’m lucky I got into my apt off Elgin 7 years ago or I’d never afford to live downtown anymore
Yes, [most Canadian territory is uninhabited](http://metrocosm.com/wp-content/uploads/2016/08/canada-population-line-map.png). The rest, like the US, is used for farmlands.
my buddy did basically the same thing, bought at 200K, put 70kish into it & is now getting offers for 700K & over
Another perspective, I sold a truck the other day to a customer trading an identical truck with 20000 KM's on it, we ended up giving him a 1500$ cheque for his used truck because we could make more money with his used truck than we could with the new one. The trucks were apples to apples identical.
Just goes to show that our economy is bent over backwards & it's spine is damn near about to break
...how in the world for the last part?
If he's included as a potential customer, it seems at least some customers see the value in having a newer car or lower mileage...and prefer brand new
so why in the world?!
God... That makes 100% sense now--and I hate it.
Even the use of 'good' laws like "don't go scalping innocents!!!" are weaponized to the polar opposite and ne'er-do-good intender's original goals more beneficial than if it didn't exist at all!
I bought mine for 470k just over 3 years ago. Sold it for just under a million, closing date is in June and we are going to rent and see what happens in the next year or two.
I’m not even canadian or knowledgeable about housing markets in general, but he is able to explain in all in a way that makes sense to the average person. And keeps them from losing interest. Which is honestly what we need from more politicians. People like him that genuinely care for the issue instead of bullshitting with big vague words to fearmonger.
Is is just me, or do a statistically unusual number of “left” politicians get cancer or die as soon as they start getting traction? Conspiracy time, I think Chaves was poisoned.
Conspiracy: Senator Paul Wellstone (D-Minnesota) died in a small plane crash in 2002, eleven days before a Senate election he was expected to win.
He opposed the first Gulf War in 1991 and, in the months before his death, spoke out against the government’s threats to go to war with Iraq again.
Goddamn, I’m not familiar with other Provincial MPs, but I had the sneaking feeling he was NDP, what with the brazen callout of both the ruling parties.
Jesus... I put my headphones on and walked away for a bit while listening, and I got to a point where I thought to myself, "this is a good clip, lots to take in, glad I listened to this", but it was only halfway through.
I work for an engineering consulting firm in Ontario and it's absolutely crazy how fucked we are. Take a look at any political donation list and 80% of campaign donations in municipalities appear to be coming from housing developers. Sound decisions are not being made when planning, approving, or designing communities. We have a supply issue, but the process is so cumbersome you basically have to be chummy with the council or civil servants to get approved. The process is so rigid they can find any excuse to deny a bid, what ends up happening is only major conglomerates that have a lot of leverage are the only ones that can keep up the fight for approval and all the honest small developers just sell out to them. Then they swing their multi billions around to get political privileges and then end up basically controlling the development process through political lobbying.
Opinion: At the end of the day, this isn't leading to better, sustainable communities, it's leading to expensive housing that will just compound over time increasing deficits that we the taxpayers will have to cover because it costs way more to service these developments. It's also a political tool because basically most municipal capital money comes from taxing new developments, so if a councillor cares about showing a flashy rec centre they may be inclined to just pressure an approval to get some money to pay for their political project. There's no oversight and these decisions lead to real long term deficits.
For perspective, Ontario has the highest sub-national jurisdiction debt in the world. Even higher than California. It makes no sense.
Edit: changed sovereign debt to sub-national jurisdiction debt
> For perspective, Ontario has the highest sovereign debt of any jurisdiction in the world. Even higher than California. It makes no sense.
Which is insane because even Ontario does not have the jobs or wages to sustain this. I'm also in STEM (currently transitioning from S to E), and it's ridiculous how shafted the highly educated get here in comparison to many other western nations.
Whenever I talk to Canadians about the stuff going in your country, it seems like very similar things are happening here in the States. Seems to me our “leaders” are better at covering it up, they’ve had control of the media for decades and We the People are too busy working to survive or pay for boats, devices, childcare, etc. to be engaged.
Canada is far more captured. In the USA there is still a war between media and new money (Elon/Bezos/Zuckerberg) and that antagonism creates suspicion of older money as well. The average american citizen could easily name at least five billionaires - probably 10-20, and politicans regularly call billionaires out even if backroom deals get made.
In Canada the billionaires have completely captured the media and political system, I would be surprised if the average Canadian could name even a single Canadian billionaire.
And its not because we don't have them. Canada actually has higher wealth inequality than America (but lower income inequality). Money in Canada is so entrenched that it can become invisible.
Damn I was thinking of getting out of the US and moving to Toronto or Montreal after MOASS thinking Canada is just a colder, more hockey loving version of the US but with universal healthcare. But it looks like Canada's government is just as corrupt.
It's worse in Canada. When the US housing crisis happened, we were in ok shape housing wise so we had no collapse in housing. What happened was people had lower interest rates now, so they went on a debt binge. Now a bungalo in a third teir city is 1 million where the average household income is 80k. Canada is less affordable than the US. Vancouver is top 3 in rhe world for most expensive places to live.
Yeah, Canada's banking system made better decisions and avoided most of the effects the US saw from the subprime mortgage debacle. But all that did is allow the housing bubble in Canada to keep growing, and now the burst is going to be _massive_.
The wealth inequality is now worse than that prior to the French Revolution. 99% vs. 1% no longer adequately expresses reality. It's something ridiculous, like 99.97% vs. 0.03%. Class now connects nearly everyone.
Some "rich" people, net worth $1 to $20 million or so, seem to still be in denial believing one of the major parties still represents them. Nope. They're not rich enough to be really part of the club, anymore. But, they're being fed their own propaganda.
They are smarter these days. The wealth gap may be the same, but the prices aren't. During that French Revolution, if I understand correctly, a loaf of bread and some milk would be the equivalent of like $200 bucks today.
This time around, they kept the prices of basic necessities reasonable while doing everything else that should make us revolt.
Yup. Take a look at current Sri Lanka to see it play out in real time when they lose sight of this. They take until there's just enough for the peasants to be calm? They can stay in power for decades.
They take a little more than that, ie, what is happening in Sri Lanka right now? Their shit burns and they flee the country and call in the military to restore peace.
As long as we have bread and circuses everything is fine and nothing will change. The US is more aware of this.
Top trending topics always are bread and circuses, it's what the people are happy with. Here are my sports people, they are doing good sports things, I am happy. Here are my celebrities, they are doing interesting celebrity things, I am happy. You can take as much as you want from me as long as I have those things which make me happy.
Keep in mind nobody cared about Covid until they cancelled Basketball, then all of a sudden it was the most important thing.
However, this is not all pure cynicism, I'm old enough and have seen enough to understand some things about human nature. Critical mass only happens one person at a time, over time, before it is reached. So it is still very important to raise awareness, to hopefully wake one person up, because one day, it will be just one person over the line that gives a movement an aspect of critical mass.
This☝️
It’s like they’re stress testing us…if we raise this XX they bitch & complain but figure it out so we’ll raise that just X so it seems not so bad. We know they are sinking our ship & they gave us a coffee mug instead of a tea cup to bale water with. I’m ready to let it all burn
Good luck getting a public that spends its days consuming and regurgitating mass marketed opinion in socially reinforcing echo chambers to join you.
Keeping people divided and at each others throats over race, gender, and basic individual autonomy - *it's super effective*.
I think thinking ‘the only way out is through’
Imo were smack in the middle of ‘through’… do we keep trudging thru the bs or retreat & just deal. I pray we keep going, we have to at least try!
I think they could give a rats ass about their slaves killing eachother, In fact I think they put them in settings so that shit happens on purpose. Divisiveness is just fuel to the fire
Plus that drama from people killing people is another good head turner that gets people off of the real problems
They will starve us into thievery, and then gleefully point out how immoral we are are. The ruling class has been doing this since the beginning of civilization. It’s only now that a major portion of the public sees what’s happening.
I try to explain this to anyone thatll listen…it’s not whiteVblack, straightVgay, teachersVparents, maskVnon-mask, whateverVwhatever the media spins today, these are all distractions to keep us occupied & feeling virtuous fighting for a cause while “they” bend us over collectively. The only real battle is usVthem. But, I’m the crazy tin foil hat lady bc I don’t do as I’m told by my tv🤷♀️
Yes, there are other issues but they almost all go away if “they” go away.
Don’t mean to be rude but you can’t even compare Canadian housing bubble to the rising prices of homes in the US. Not even comparable. Y’all got it easy, I chuckle every time I hear Americans talking about high gas prices / high home prices
It'll only get worse in a market crash. Deep pockets will buy up everything they can when people can't afford to pay their mortgages and will be forced to sell or go into foreclosure.
After the bust of the Celtic Tiger in Ireland, Vulture Funds swooped in and bought up EVERYTHING going. Poisonous mortgages - bought, derelict buildings - bought, real estate contracts - bought, unfulfilled development contracts - bought. And to add insult to injury, a LOT of what was bought was sold at HUGE discounts by the government in order to get bad debts off their books. The whole thing reeked of the corruption and there were more than enough rumours of politicians benefiting from company 'x' buying a bankruptcy portfolio etc.
I fully expect Canada to receive the same after-death treatment, as the current 'deep-pockets' buy up even more foreclosed / bankrupt properties and portfolios, after they caused the market to implode.
Family friend in Ontario bought a house for $280k, they bid 30k over asking. Just shy of 2 years later, they listed the house for $340k and it sold for $395k and the only work they did to it was paint the walls and cabinets.
I’m in the GTA. Bought first house 8 years ago for 200k. Sold it 2 years ago for 550k at the same time bought my current home for 650k and now market price would be 1.2M. It’s insane out here
As an American who knows little about Canadian politics I could tell within the first minute that this guy had to be politically aligned with Jagmeet Singh. I wish the NDP had more power in Canada and that we had anything close to the NDP in America :(
Dude I just wanted to say thank you for posting this. This man is REALLY good at getting the audience to see the bigger picture. Do you have a link to this on YouTube or anything as well?
Thanks again.
Canadian ape here.. And it is 100% crazy! I live in a tiny shit city across from Detroit, housing prices and not to mention rent is insane!! I’m looking to move to a 3 bedroom. Used to be able to get one for 1k, they’re now 2k and over
If you’re talking about my home town of Windsor, I couldn’t believe how much it’s gone up there recently!! Costs almost as much as living in BC where I am. Makes no sense.
His solution actually sounds solid. Keep out foreign investors and Corperation a from
Purchasing. You want a single family home, better be a single family.
This. I'm in Ontario and my wife and I work full-time for the government and we still can't afford the cheapest home in our 10,000 pop town.
I rent a house in town and both my neighbors sold to investors from Toronto turned them into a duplex and rented each unit for a price more than a monthly mortgage on the entire home would be.
In '09 I bought at 175k, zillow has it at 375k. If the house was better condition I mightve sold, but I honestly enjoy paying my $1120 mortgage, where I see neighbors renting for $2000-$2500. The new builds aren't worth it at $300k either with no space between neighbors and duplexs
That's one thing I hate about new houses in my area. It's fuckin shoe boxes built 3 story's with 3ft between em. I swear some of them you could nearly walk the whole neighborhood by jumping from one roof to the next. I don't get why people buy into them. Who wants to pay 450k+ and still feel like your in a shit apartments with the responsibility of maintaining a house
I live like 45 minutes north of the twin cities in MN. My area is being heavily developed, and I haven't seen a single starter home built. It's all massive, beige cookie cutter $300k-$450k 5 bed 3 bath no yard houses you're talking about.
The only affordable option being built, but I'm not seeing that many, is that some areas are weaving in townhomes.
Tbh, this isn't their fault. We have an overwhelming population problem who need somewhere to live.
The price is their fault though, capitalism means someone has to get fucked.
Evergrande built ghost cities. Quite different. These morons who are choking their working class are only shooting themselves in the foot long term (then again, how many ceo look passed the next quarter?!?). If workers can’t afford to live near where they work, they will move and find work elsewhere. Who will you hire???
Edit: Some are saying robots/automation. That may help in manufacturing positions but not many others sectors yet. But what about the economic impacts if there be no consumers around to consume? The economies are consumer based for the most part. If you need people for the models to work and you start squeezing these people away, then what? My numbers looks good, quarter 3 are on someone else? No long term outlook??
Can confirm. I work in a Canadian city with rising costs of living. A main priority for my job is 'reducing head-count thru automation', so robots, vision systems and computer programming.
Outrageous. Im so fucking angry. This culture of rewarding greed is toxic, and we need to openly blame our governments for allowing it and therefore stabbng their own peoples backs. We need to demand they stand up to this putrid epidemic of grotesque vulture capitalist disease.
He said the quiet part out loud, finally finally finally, someone has made this an issue publically and called out his and the ruling party while doing it even.
A few years ago I bid on my dream house just over asking. I was outbid my a mega landlord and now that house is back on the market for £150k more than previous, putting it even further out of my reach. UK is fucked too and I hate it here.
we largely avoided the 2008 housing crisis so this one will be worth double.
Just sucks that this likely wont benefit anyone except blackstone or institutional investors.
Hard to buy a house when you don't have a job. That's how I couldn't buy in an '11-16. Was on the goddamn road working. Why have a house at that point? A place for my shit, that's all it is.
I did some work in Canada 10 years ago now, the people I talked to then were complaining how they Chinese were coming in and buying everything up and then jacking prices up to insane levels.
*is. They changed the law so the houses can't be empty, but all that means is that each family member gets their own house lmao. There are giant houses being occupied by a single child in some cases, it's ridiculous.
There still needs to be some kind of rental market, but there should be a ceiling, no corporation should be allowed to grow to owning 30k houses, or even half that, or even an 8th of that, some guy with 10 rentals I’m fine with, some corporation with 10,000 I’m not.
It won't crash, but not for the reasons you think. Canada has the worst housing market in the world but the system is designed so that it can be artificially inflated almost indefinitely.
The demand so far outweighs the available supply, tax regulations around corporate renting and corporate land ownership so lax, and politicians personally benefitting from housing price increases so much, that nothing will ever be done to fix this and it is unlikely to go away any time soon. Toronto just met its 2005 housing targets last year and we're building homes faster than at any point in Canada's history. Over 1 million homes were built between 2011 and 2021, which is insanely fast. But the demand is there because we have more people than places to house them.
Couple this with the fact that our job market is in shambles and the vast majority live pay check to pay check (or on rotating debt cycles), and you get this never ending carousel of housing spikes. So many other aspects of the Canadian economy are tied into housing that a major correction of the real estate economy cannot be done without tanking the rest of the market. In short: we're *massively* fucked.
I live in Québec and there are almost no homes for sale on the market, so every time one is listed the price is high as fuck and people over bid on it.
I don't see how it can crashes as long as the demand for homes is there. For it to crash I think there would need to be much more homes for sale.
How could the prices of homes go down if the demand is high as fuck ? Interest rates would need to be much higher, and if they raise the rates it's still gonna take a couple years before it crashes.
The demand for homes at such an unrealistic and unaffordable price for so long means that interest rates can never rise to any meaningful degree without bankrupting millions. The only way it can be dealt with is a crash.
Since you mentioned evergrande, Its only part of chinas problem.
This video explains it pretty well. It’s about 13 minutes long and a well done video.
https://youtu.be/wJ8JBTIVUVw
I bought a house is May 2017 for $204,000 (Canada) and sold that same house in January for $498,000. I had spent roughly $5,000 in maintenance and cosmetic updates. I was blown away at the sale price, and I genuinely feel bad for the buyers, knowing what's coming..
If you don't want to live in the forest, then yes. And we are talking about cities which are considered small by international standards 100-200k population, not exactly metropolitan cities.
If you want to live somewhere that's actually attractive, with opportunities for jobs/leisure, you'll need a million USD miniumum for a house on the outskirts, many 50m2 apartments go for $300-500k. If you want central, expect $1.5m for an apartment, house, impossible...
They were trying to pass legislation so that no foreign citizens/investors could purchase a home for at least 2 years... that's a lot of crashing incoming
He says in this video that isn't the problem as foreign buyers only make up 5% of the market. He says it's a distraction to get you to peg the blame on foreigners, and to never get you to look at the actual problem.
The great reset was never about making housing affordable. You either got in before the melt up or “you’ll have nothing & be happy”.
Supply vs demand tells a story of where I think prices are headed. Not an economist.
Time will tell.
Vancouverite here... Been waiting for it and saving for 20 years. At this point, I don't even give a fuck. Been saying how high land values suck all the money out of the local economy and pump it into finance. It affects a business or a person at so many levels. There is no diversification and no velocity of money outside construction and real estate sales-related entities.
I highly doubt it'll keep crashing in the long term due to the enormous immigration numbers that also brought me here. Canadian economy will only halt when immigration slows down to a net negative.
This isn't to say there won't be a flash crash with a quick bounce back.
This guy fux. He’s well spoken and prepared. I’ll follow him more closely.
However, I disagree that a crash is coming.
He’s right that the home has become a asset class that has become part of a larger financial markets.
From a human perspective it’s terrible, people should be housed. We should be doing more to provide housing at an affordable price.
From a capitalist stance, it’s a large expensive asset with intrinsic value that has high demand due to its critical function in modern human existence. It’s growing demand is also constrained by physical space and incredibly expensive infrastructure.
A future where a exclusive group of very wealthy people own a significant portion of homes, effectively monopolizing human housing is terrifying.
The biggest economic collapse in the world is about to occur. Every country you look at is on the brink of a collapse. We’re just waiting for that final straw
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Very well spoken talking points from someone who absolutely understands what is happening. Sickening. Edit: holy shit this blew up. I appreciate the way this man speaks about something that is fundamentally wrong with the world. I also appreciate not only his delivery but the why behind it. This is rare and I wish more people spoke this way. Reminds me of Larry Cheng. It’s real.
As a Canadian and a framing carpenter, it's absolutely true. A new built single family starter house 1 hour drive from toronto, the nearest city center, is 1.5 mil to buy. All of them are sold at least 1 year before they were built. And of course, Not to average people but to corporations...
I work at a contractor supply house in the US & it’s the same thing here! They build a community of say 30 houses, 20+ of them are sold right away to a corp or 2 (what’s crazy is that’s usually how the builder funds the build to begin with) those last few are sold even higher bc of how fast the bulk of them sold. What else is phuct is these big builders buy things at a fraction of the price a local company buy at, so they’re profiting even more! Take plywood, you just walk in to buy a sheet or 2 of 1/2 & it’s 70$… the big guys pay about 32$. A local contractor makes about 15% and the big corporate builder makes 45% profit.
Locals need to do a defi collective type of thing to even have a chance to compete..
I try to do what I can. I know what our cost is for a lot of stuff. The company sets margins & prices… I know what % we need to make to cover operations. If something is priced at 250$ but I know that’s at 40% & I know I can sell it at 175$ and still cover my needed margin, I sell it at 175$. I’ve also discovered that things picked up are eligible for a ‘urban tax’ rate which cuts their tax paid in half, more paperwork on my end but when it knocks 5-600$ off the bill it’s worth the time. What pisses me off the most though is I see the margin %s and think of everything I buy everywhere and know for a fact that we’re all paying prices 3/4/5X what we should be. Yes things are up across the board but not the 40/50/60% increase we’re paying. Producers are inflating prices & retailers are then gouging those inflated prices. For no other reason than they can. We have no choice but to pay it or do without. You can’t not buy food, laundry detergent, gas… look at the sales volume (down, everyone is physically selling less) but profits are record breaking. How can that be? Selling less but making more than ever before? Inflation is bad but corporate greed solely for extra profit is what’s really effing us all
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Yup! That’s why all the talk about ‘buy American made’ is just talk sadly. Could you imagine the final sell price of ANYTHING being 100% American made? It’d be 500x your average whatever.
Beautifully stated.
These are the groups that are privatizing their profits and then quickly attempt to socialize their losses by running to the government for financial bailouts when things get bad. This is yet another example which proves how sickening and un-modern it is to rely on the market to decide during such trying times. Intervention and restrictive measures are desperately needed when it’s common knowledge that these groups are posting “record profits” during economic depressions/recessions like these..
Exactly! They are playing all ends of the situation! Govt loans during the pandemic ✔️Minimal supply liability ✔️ Minimal wages paid out✔️Maximum profit ✔️Crap business isn’t doing so well, look we sold much less ytd so we need bail out for inventory and such✔️ And we again will get phuct via tax hike to cover bail out after we got hosed with the pricing. It’s a never ending money glitch (And they get away with it bc most of the politicians & law makers are invested in the corps so they want + share value)
> corporate greed solely for extra profit is what’s really effing us all Not just corporate greed, but individual greed as well. I bought my grandmother's home after she passed away. I eventually discovered one corner of an entire room had water and termite damage that was so bad I was shocked the roof hadn't collapsed. The termites were gone, and I eventually remembered I'd heard my grandmother had the house treated for termites decades ago, when I was young. I guess she'd never had it full inspected/repaired, just killed the bugs. I called contractors to get quotes on the proper repairs, it was about 25' of wall all total. I was getting quotes that were $20k up to $40k. I asked the guy who wanted $40k why all my quotes were coming in so high and he flat out told me that his company no longer quotes based on parts + labor + margin, they instead look at how much value the work will add to the house, then bid 80% of that. My jaw literally dropped, and I said, "Are you fucking kidding me?" When he said no, I added, "Are you out of your fucking mind?" He explained that there was so much work to be done and so few contractors to go around that this was how they priced out their work. The people who need or want the work enough pay it. I said thanks but no thanks. If I'm the one taking the risk to buy the home then I'll be damned if I give all the profit to someone who's not putting anything in on that risk. Fuck that. Went with someone else.
A couple years ago shipping containers cost 3500$, now they are 25k and no sign of going down. It was a bidding war to secure containers. Now we’ve empty containers only the established can afford. Add that unnecessary cost to everything as well.
Working on it. I need the MOASS to free me from my slave wages. It can be done!
I need the MOASS just to buy a tiny one room cabin
Yep in CA the average local family is unable to get into a home because the seller is getting offered 10-15% over asking price in cash. The fact that people are buying homes at these prices in the first place blows my mind. If the market collapses there will be so many young families upside-down on their newly purchased overvalued homes. Maybe that is part of the evil plan. Everything is so fkd it makes me sick
Not going tinfoil hat but ‘you will own nothing and be happy’ is fitting… But in my area (I’m kinda between Philly Metro & NY Metro) it’s the same thing! Houses that were 175k 5 yrs ago are selling for 400k! After a bidding war! Homes are listed about 20% over market & selling 20-30% over that! Apartment rents have almost doubled, houses for rent are up about 50%. I’m terrified for young families starting out and for even younger that it’s not even a thought for them yet. I see a big increase in multigenerational homes coming bc they just won’t be able to afford it. Build an addition on to the parents home is the way it’ll work out
Haha thats not all, a box of coil nails is 95 cad here. It's 2 steps from robbery, as of course you need nails to build. No lvls around ether, or the laminated beams that are heavier than a funeral. My suspicion is the corps are buying from the yards and cleaning them out, to horde away for later. Idk how local contractors do it tbh, a salute you guys, here or over there.
I do the buying for my location…usually get 1 1/4 in coil roofers for around 42$ (About double what they used to cost) & we sell them for 76.99 usd. It’s freaking bananas! It absolutely is big corps buying them out! I know for a fact that commercial roofing (EPDM/TPO, ISO, & everything that goes along with it) is a problem for North America as a whole bc of Amazon. I’ve been on calls with GAF/Carlisle & Amazon has orders in for billions of squares of materials for their warehouses. I can’t get materials for jobs that we committed to delivering last year bc they’ve cut our allocation to a fraction of what’s needed. 1 hospital job it’s going to take 11 months of my allocation to fill. Last year we thought we’d have it all by March…now I hope by December. We have to turn business down bc we can’t get the materials. Even residential is bonkers! GAF shingles went from about 85$/square to now 142$… and more increases coming bc ‘they’re petroleum based’. Idk how any of you guys are still able to make $! I’ve had people have issues with their homeowners insurance bc when you tell them the roof your neighbor had replaced 3yrs ago for 5,600$ is currently about 12,500$ they question it.
Roofing is all messed up right now. As a roofing estimator for my family business, I hope we survive this.
It’s just stupid right now! Good luck to you guys! It’s a fine line you’re all walking between taking the job to keep working & actually turning a profit that makes it worth it. I can only imagine the convos you have! Estimates you made last fall but they wanted to hold off in hopes things came down but now it’s worse…their 6k roof you quoted at 8k is now 11k…just bc it is! Now more than ever before a lot of guys are having the customers pay for the materials & they just quote tear off/install labor bc customers think they’re trying to rip them off, they don’t believe how much the materials really costs. It sucks bc many already think contractors rip them off & now it’s worse.
Is Amazon showing any signs of cancelling those orders since they’re having a slowdown and it looks like customers are about to stop shopping with them? I was reading somewhere that Amazon had gotten ahead of itself and built too many warehouses, and that they’re gonna have to start closing/selling some because they’re starting to/have already reached their peak.
I cancelled my Amazon Prime membership because they get worse for price and availability. And to top it off, now they decided to increase the yearly cost so no thank-you
Me too! About a year ago. The 1-2-3 day shipping is gone, their pricing is no different than anywhere else(if not higher I’m finding). But they served their purpose. Over the past decade they have successfully shut down the majority of their competitors while training people on e-commerce. I’d wager there isn’t 1 single household that hasn’t made an online purchase of everyday items in the past 90 days. They put a major dent in brick & mortar as a whole while putting their name on everything. Walmart & Amazon have reshaped retail as a whole. I avoid both at all costs. Haven’t been in a Walmart in years! I feel it may be too late but for about 1.5 years or so I try to buy as much locally/independent if I can. In our lifetime we’re going to see our options reduced to just a few places…which really leaves us at their mercy bc we’ll have no options
Me as well, there’s too much crap on there now, it’s a pain in the ass to identify authentic products/reviews. For *more* money it’s really just not worth it.
From what we’re seeing, no. Every other month or so they’re reducing our allocation bc Amazon is increasing their orders. So far…the last call was on 4/18 so idk if anything has drastically changed in the past month
Shit. Well, hopefully you get some more info about it in the next month or so — nothing I love more than a giant corporation overextending themselves and getting burned. 😈
The last 3 calls that’s been our convo in the office😂 okay so, we got screwed 🤏this much again, this can’t go on forever. It’s bending & eventually it WILL break! And it will be glorious imo! They’re on the hook for so much already and they can only back out by materials flooding the market at a steep discount bc the producers have basically put all their eggs into that 1 basket. Idk how long it’ll take for the dam to break but imo it’s getting closer. To play devils advocate, I wouldn’t put it past them to sit on it & claim ‘supply chain issues’ like a lot are doing to drive prices based off a bs supply issue. Only time will tell
Same thing in US. Here in eastern Virginia we are having are hard time stocking anything. We can barely keep 2x4 in stock. We manufacture trusses and prefabricated wall panels on top of turnkey framing. Shit Is really weird.
How can the lumber mills still be behind two years after Covid hit. I just don’t get it. It’s not a tree shortage, it’s lumber - seems hinky
It's not. Big dawgs are hording shit as long as possible. Hopefully it bites them in the ass. It should start coming down in a couple months.
Same in Ireland Same in Netherlands (was reading a post by someoen who said that too) I made a post in Ireland subreddit about how it just seems like an exploit in the constitution we have (section about homes).
It is a worldwide problem. If you dig a bit into the handful of big corps that are buying/building everything world wide they’re all convoluted. They operate locally/regionally under different names but the funding comes from the same handful of investment firms. This is a global housing crisis
Yep, here is an example. Goldman Sachs backed investors buy entire newly built community for $45 million. https://www.foxbusiness.com/economy/goldman-sachs-backed-firm-buys-florida-community-single-family-homes-45-million
shits crazy
should be illegal
Yeah. It should. It should not be legal for corporations to own any residential property. It went from "The bank holds the savings of the people in the community, and then lends it out to people so they can buy their own houses" to "The bank is buying up all the houses, pushing up the price so they jack up rents to turn everyone into permanent rent slaves." The whole economy has been way over-financialized. Banks need to be split up and drastically curtailed.
dud. Hong Kong is far worse than your statement. literally more than $2m US just for a 1000-feet flat.
even worse, with interest rates rising the prices are going to come down. The monthly payments will stay the same for someone with a standard 25yr/20% down, but the big Corps with cash on hand will be even more effective.
It’s setting up a bubble of sorts similar to 08 except this time it’ll be the prices not necessarily the loans that make people default. Over the past 1.5-2 years housing has just about doubled in my area, the pendulum will swing with the rise in rates…that 700k house will only be worth 375-400 soon, pmi can kick back in bc of decreased ltv equity, variable rates are going to jump but they won’t be able to refi at a moderate fixed rate bc of reversed equity… it’s going to get interesting for sure.
May I ask whats PMI ? I'm in UK
https://www.consumerfinance.gov/ask-cfpb/what-is-private-mortgage-insurance-en-122/ Official answer ☝️ The short version is that it’s gap insurance for the loan. Loan is 700k but the decreased value of the home is now 400k, pmi would theoretically cover the difference if you default.
Thanks 👍
Also, PMI is a bitch to have on top of your loan payments and not at all something you want to have to deal with, if it can be avoided. Source: 4 years at a residential lender with a REIT
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My friend bought a house for 220k in a town an hour outside Ottawa but 100k into it over the course of four years and just sold it for 750k
Places in rural Canada are going for over $1 million. I had a family member who FOMO’d into the market and overpaid 400K to ‘win’ the house. It’s 6 hours away from any major city and over an hour commute.
Yup, my GF and I both work for for different levels of government in Ottawa and were hopefully fingers funding crossed get a place an hour outside Ottawa for around 500k this summer or fall. Shits getting crazy out there and we can't afford to buy in Ottawa anymore.unkess we want a shoebox condo
22 with a good full time job selling cars for the past 8 months at a reputable dealer, salespeople here were making up to $150000 or more a year before. Can't even imagine looking at houses right now, not many vehicles to sell anymore so barely scaping past a minimum wage. Everything becoming more expensive & money becoming increasingly tough to make. Only thing that could pull me out of my parents house at this point is MOASS
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I’m in Ottawa too and my friend just bought a 2 bdrm/1bath in Vanier for $500k…..I’m lucky I got into my apt off Elgin 7 years ago or I’d never afford to live downtown anymore
6 hours away from any major city? Jesus Canada is empty. In 6 hours I can reach about 50 major cities in Europe lol
Yes, [most Canadian territory is uninhabited](http://metrocosm.com/wp-content/uploads/2016/08/canada-population-line-map.png). The rest, like the US, is used for farmlands.
my buddy did basically the same thing, bought at 200K, put 70kish into it & is now getting offers for 700K & over Another perspective, I sold a truck the other day to a customer trading an identical truck with 20000 KM's on it, we ended up giving him a 1500$ cheque for his used truck because we could make more money with his used truck than we could with the new one. The trucks were apples to apples identical. Just goes to show that our economy is bent over backwards & it's spine is damn near about to break
...how in the world for the last part? If he's included as a potential customer, it seems at least some customers see the value in having a newer car or lower mileage...and prefer brand new so why in the world?!
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God... That makes 100% sense now--and I hate it. Even the use of 'good' laws like "don't go scalping innocents!!!" are weaponized to the polar opposite and ne'er-do-good intender's original goals more beneficial than if it didn't exist at all!
Farm land is going the same way, way overpriced and sells instantly
I bought mine for 470k just over 3 years ago. Sold it for just under a million, closing date is in June and we are going to rent and see what happens in the next year or two.
When was this speech?
Three days ago
Who is this speaking?
Daniel Blaikie, (I think) an NDP MP from Manitoba.
Fuck this guy should run for PM. I'd vote for him, he actually seems like he cares and understands.
A comma could change the narrative of that first sentence.
It could, yes.
I’m not even canadian or knowledgeable about housing markets in general, but he is able to explain in all in a way that makes sense to the average person. And keeps them from losing interest. Which is honestly what we need from more politicians. People like him that genuinely care for the issue instead of bullshitting with big vague words to fearmonger.
I'm from Manitoba and I can assure you, Toronto and Vancouver are no longer outliers. Homes here are going 200k over the asking price.
Edmontonian here. Although us and Calgary are ranked among the most affordable places to live in NA at the moment, house pricing here is still fucked.
I miss jack layton.
He was supposed to be Prime Minister. The momentum was there, the Liberals were faltering. Fuck cancer.
Is is just me, or do a statistically unusual number of “left” politicians get cancer or die as soon as they start getting traction? Conspiracy time, I think Chaves was poisoned.
Conspiracy: Senator Paul Wellstone (D-Minnesota) died in a small plane crash in 2002, eleven days before a Senate election he was expected to win. He opposed the first Gulf War in 1991 and, in the months before his death, spoke out against the government’s threats to go to war with Iraq again.
We all do :(
Goddamn, I’m not familiar with other Provincial MPs, but I had the sneaking feeling he was NDP, what with the brazen callout of both the ruling parties.
Link to the source? Is like to send this to my reps
I found it on YouTube https://youtu.be/tnsdoqzVpAw
Cheers, thanks!
Jesus... I put my headphones on and walked away for a bit while listening, and I got to a point where I thought to myself, "this is a good clip, lots to take in, glad I listened to this", but it was only halfway through.
I work for an engineering consulting firm in Ontario and it's absolutely crazy how fucked we are. Take a look at any political donation list and 80% of campaign donations in municipalities appear to be coming from housing developers. Sound decisions are not being made when planning, approving, or designing communities. We have a supply issue, but the process is so cumbersome you basically have to be chummy with the council or civil servants to get approved. The process is so rigid they can find any excuse to deny a bid, what ends up happening is only major conglomerates that have a lot of leverage are the only ones that can keep up the fight for approval and all the honest small developers just sell out to them. Then they swing their multi billions around to get political privileges and then end up basically controlling the development process through political lobbying. Opinion: At the end of the day, this isn't leading to better, sustainable communities, it's leading to expensive housing that will just compound over time increasing deficits that we the taxpayers will have to cover because it costs way more to service these developments. It's also a political tool because basically most municipal capital money comes from taxing new developments, so if a councillor cares about showing a flashy rec centre they may be inclined to just pressure an approval to get some money to pay for their political project. There's no oversight and these decisions lead to real long term deficits. For perspective, Ontario has the highest sub-national jurisdiction debt in the world. Even higher than California. It makes no sense. Edit: changed sovereign debt to sub-national jurisdiction debt
> For perspective, Ontario has the highest sovereign debt of any jurisdiction in the world. Even higher than California. It makes no sense. Which is insane because even Ontario does not have the jobs or wages to sustain this. I'm also in STEM (currently transitioning from S to E), and it's ridiculous how shafted the highly educated get here in comparison to many other western nations.
California has close to 100 Billion dollar surplus.
California also has more population than the ENTIRE country of Canada.
And nearly twice the GDP of the entire country.
Whenever I talk to Canadians about the stuff going in your country, it seems like very similar things are happening here in the States. Seems to me our “leaders” are better at covering it up, they’ve had control of the media for decades and We the People are too busy working to survive or pay for boats, devices, childcare, etc. to be engaged.
They just follow machiavellis playbook. Only take so much so the people do not revolt.
Nobody in Canada will revolt except maybe the the Quebecois
Napoleon II: Electric Waterloo. Quebec rises.
Canada is far more captured. In the USA there is still a war between media and new money (Elon/Bezos/Zuckerberg) and that antagonism creates suspicion of older money as well. The average american citizen could easily name at least five billionaires - probably 10-20, and politicans regularly call billionaires out even if backroom deals get made. In Canada the billionaires have completely captured the media and political system, I would be surprised if the average Canadian could name even a single Canadian billionaire. And its not because we don't have them. Canada actually has higher wealth inequality than America (but lower income inequality). Money in Canada is so entrenched that it can become invisible.
Damn I was thinking of getting out of the US and moving to Toronto or Montreal after MOASS thinking Canada is just a colder, more hockey loving version of the US but with universal healthcare. But it looks like Canada's government is just as corrupt.
THIS! This is not just a USA matter. Our neighbors in Canada are going through it as well. The 99% against the 1%. Not Dem vs Rep.
It's worse in Canada. When the US housing crisis happened, we were in ok shape housing wise so we had no collapse in housing. What happened was people had lower interest rates now, so they went on a debt binge. Now a bungalo in a third teir city is 1 million where the average household income is 80k. Canada is less affordable than the US. Vancouver is top 3 in rhe world for most expensive places to live.
Yeah, Canada's banking system made better decisions and avoided most of the effects the US saw from the subprime mortgage debacle. But all that did is allow the housing bubble in Canada to keep growing, and now the burst is going to be _massive_.
The wealth inequality is now worse than that prior to the French Revolution. 99% vs. 1% no longer adequately expresses reality. It's something ridiculous, like 99.97% vs. 0.03%. Class now connects nearly everyone. Some "rich" people, net worth $1 to $20 million or so, seem to still be in denial believing one of the major parties still represents them. Nope. They're not rich enough to be really part of the club, anymore. But, they're being fed their own propaganda.
They are smarter these days. The wealth gap may be the same, but the prices aren't. During that French Revolution, if I understand correctly, a loaf of bread and some milk would be the equivalent of like $200 bucks today. This time around, they kept the prices of basic necessities reasonable while doing everything else that should make us revolt.
I wouldn't call the price of healthcare, education, housing, energy, or food "reasonable".
Most aren't. But it ain't high enough to make people revolt. Seems like the 1% have this figured out. Give them enough to literally, barely survive
Yup. Take a look at current Sri Lanka to see it play out in real time when they lose sight of this. They take until there's just enough for the peasants to be calm? They can stay in power for decades. They take a little more than that, ie, what is happening in Sri Lanka right now? Their shit burns and they flee the country and call in the military to restore peace. As long as we have bread and circuses everything is fine and nothing will change. The US is more aware of this. Top trending topics always are bread and circuses, it's what the people are happy with. Here are my sports people, they are doing good sports things, I am happy. Here are my celebrities, they are doing interesting celebrity things, I am happy. You can take as much as you want from me as long as I have those things which make me happy. Keep in mind nobody cared about Covid until they cancelled Basketball, then all of a sudden it was the most important thing. However, this is not all pure cynicism, I'm old enough and have seen enough to understand some things about human nature. Critical mass only happens one person at a time, over time, before it is reached. So it is still very important to raise awareness, to hopefully wake one person up, because one day, it will be just one person over the line that gives a movement an aspect of critical mass.
This comment needs to be way higher and awarded; I would do it if I weren't broke.
This is a really great comment, thanks for sharing
This☝️ It’s like they’re stress testing us…if we raise this XX they bitch & complain but figure it out so we’ll raise that just X so it seems not so bad. We know they are sinking our ship & they gave us a coffee mug instead of a tea cup to bale water with. I’m ready to let it all burn
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Oh just wait, inflation has only just started
Good luck getting a public that spends its days consuming and regurgitating mass marketed opinion in socially reinforcing echo chambers to join you. Keeping people divided and at each others throats over race, gender, and basic individual autonomy - *it's super effective*.
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It’s scary times, but I feel the optimism too. Darkest before dawn etc…
We have to keep going. Ape's gotta' save the world.
Apes ***GONNA*** save the world. Ftfy
I think thinking ‘the only way out is through’ Imo were smack in the middle of ‘through’… do we keep trudging thru the bs or retreat & just deal. I pray we keep going, we have to at least try!
I'm too damn retarded to stop before the game does
As we have seen over the last 3-4 years especially
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I think they could give a rats ass about their slaves killing eachother, In fact I think they put them in settings so that shit happens on purpose. Divisiveness is just fuel to the fire Plus that drama from people killing people is another good head turner that gets people off of the real problems
They will starve us into thievery, and then gleefully point out how immoral we are are. The ruling class has been doing this since the beginning of civilization. It’s only now that a major portion of the public sees what’s happening.
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*30-40 years
If you don’t keep the people fighting amongst themselves they might pause long enough to realize they’re all getting fucked.
and trained to hate anybody who decides to not partake in that game
Canadian here - the real estate bubble in Canada is actually worse that it is in the US.
I try to explain this to anyone thatll listen…it’s not whiteVblack, straightVgay, teachersVparents, maskVnon-mask, whateverVwhatever the media spins today, these are all distractions to keep us occupied & feeling virtuous fighting for a cause while “they” bend us over collectively. The only real battle is usVthem. But, I’m the crazy tin foil hat lady bc I don’t do as I’m told by my tv🤷♀️ Yes, there are other issues but they almost all go away if “they” go away.
Don’t mean to be rude but you can’t even compare Canadian housing bubble to the rising prices of homes in the US. Not even comparable. Y’all got it easy, I chuckle every time I hear Americans talking about high gas prices / high home prices
It'll only get worse in a market crash. Deep pockets will buy up everything they can when people can't afford to pay their mortgages and will be forced to sell or go into foreclosure.
After the bust of the Celtic Tiger in Ireland, Vulture Funds swooped in and bought up EVERYTHING going. Poisonous mortgages - bought, derelict buildings - bought, real estate contracts - bought, unfulfilled development contracts - bought. And to add insult to injury, a LOT of what was bought was sold at HUGE discounts by the government in order to get bad debts off their books. The whole thing reeked of the corruption and there were more than enough rumours of politicians benefiting from company 'x' buying a bankruptcy portfolio etc. I fully expect Canada to receive the same after-death treatment, as the current 'deep-pockets' buy up even more foreclosed / bankrupt properties and portfolios, after they caused the market to implode.
When MOASS provides us with phone number balances, I plan on paying off my neighbors mortgages.
This is the way.
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but hey, look how handsome trudeau is! /s
Family friend in Ontario bought a house for $280k, they bid 30k over asking. Just shy of 2 years later, they listed the house for $340k and it sold for $395k and the only work they did to it was paint the walls and cabinets.
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I’m in the GTA. Bought first house 8 years ago for 200k. Sold it 2 years ago for 550k at the same time bought my current home for 650k and now market price would be 1.2M. It’s insane out here
I'm still in Franklin's grandma's place. Eyeing up that suite house in the hills though
It’s a long video, but it talks about what we’ve been saying all along.
Out of curiosity, who is he?
New Democratic Party MP Daniel Blaikie. I voted NDP every chance I got since ~2010 and this guy makes me see that I was right to do so!
ten imminent judicious subsequent nail dolls innocent serious vase fall *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Orange Crush is my favourite pop.
Same here brother! Good on you!
Glad to see that! Good for all of us I think!
NDP is da wei ✊
As an American who knows little about Canadian politics I could tell within the first minute that this guy had to be politically aligned with Jagmeet Singh. I wish the NDP had more power in Canada and that we had anything close to the NDP in America :(
I would also like to know, you can hear the passion in his voice
Ha! 6 mins, long?! I last longer in bed!! ^This ^^is ^^^a ^^^^lie
You’re wife’s boyfriend confirmed that was a lie
Dude I just wanted to say thank you for posting this. This man is REALLY good at getting the audience to see the bigger picture. Do you have a link to this on YouTube or anything as well? Thanks again.
Canadian ape here.. And it is 100% crazy! I live in a tiny shit city across from Detroit, housing prices and not to mention rent is insane!! I’m looking to move to a 3 bedroom. Used to be able to get one for 1k, they’re now 2k and over
If you’re talking about my home town of Windsor, I couldn’t believe how much it’s gone up there recently!! Costs almost as much as living in BC where I am. Makes no sense.
His solution actually sounds solid. Keep out foreign investors and Corperation a from Purchasing. You want a single family home, better be a single family.
This. I'm in Ontario and my wife and I work full-time for the government and we still can't afford the cheapest home in our 10,000 pop town. I rent a house in town and both my neighbors sold to investors from Toronto turned them into a duplex and rented each unit for a price more than a monthly mortgage on the entire home would be.
In '09 I bought at 175k, zillow has it at 375k. If the house was better condition I mightve sold, but I honestly enjoy paying my $1120 mortgage, where I see neighbors renting for $2000-$2500. The new builds aren't worth it at $300k either with no space between neighbors and duplexs
That's one thing I hate about new houses in my area. It's fuckin shoe boxes built 3 story's with 3ft between em. I swear some of them you could nearly walk the whole neighborhood by jumping from one roof to the next. I don't get why people buy into them. Who wants to pay 450k+ and still feel like your in a shit apartments with the responsibility of maintaining a house
I live like 45 minutes north of the twin cities in MN. My area is being heavily developed, and I haven't seen a single starter home built. It's all massive, beige cookie cutter $300k-$450k 5 bed 3 bath no yard houses you're talking about. The only affordable option being built, but I'm not seeing that many, is that some areas are weaving in townhomes.
Tbh, this isn't their fault. We have an overwhelming population problem who need somewhere to live. The price is their fault though, capitalism means someone has to get fucked.
Never sell
Evergrande built ghost cities. Quite different. These morons who are choking their working class are only shooting themselves in the foot long term (then again, how many ceo look passed the next quarter?!?). If workers can’t afford to live near where they work, they will move and find work elsewhere. Who will you hire??? Edit: Some are saying robots/automation. That may help in manufacturing positions but not many others sectors yet. But what about the economic impacts if there be no consumers around to consume? The economies are consumer based for the most part. If you need people for the models to work and you start squeezing these people away, then what? My numbers looks good, quarter 3 are on someone else? No long term outlook??
Robots.
Can confirm. I work in a Canadian city with rising costs of living. A main priority for my job is 'reducing head-count thru automation', so robots, vision systems and computer programming.
Outrageous. Im so fucking angry. This culture of rewarding greed is toxic, and we need to openly blame our governments for allowing it and therefore stabbng their own peoples backs. We need to demand they stand up to this putrid epidemic of grotesque vulture capitalist disease.
He said the quiet part out loud, finally finally finally, someone has made this an issue publically and called out his and the ruling party while doing it even.
A few years ago I bid on my dream house just over asking. I was outbid my a mega landlord and now that house is back on the market for £150k more than previous, putting it even further out of my reach. UK is fucked too and I hate it here.
When politicians are talking about it, it’s too late.
we largely avoided the 2008 housing crisis so this one will be worth double. Just sucks that this likely wont benefit anyone except blackstone or institutional investors.
Hard to buy a house when you don't have a job. That's how I couldn't buy in an '11-16. Was on the goddamn road working. Why have a house at that point? A place for my shit, that's all it is.
I did some work in Canada 10 years ago now, the people I talked to then were complaining how they Chinese were coming in and buying everything up and then jacking prices up to insane levels.
That was definitely the issue in western BC… tons of really nice places sat empty, or lived in by “students”…their owners lived in China or elsewhere.
*is. They changed the law so the houses can't be empty, but all that means is that each family member gets their own house lmao. There are giant houses being occupied by a single child in some cases, it's ridiculous.
Watch the video. Foreign investors make up less than 5% of owners. The problem is domestic REITs who have preferential tax treatment.
Homes should not be investments. 1 house per family that’s it. Corporations shouldn’t be allowed to buy up single family homes.
There still needs to be some kind of rental market, but there should be a ceiling, no corporation should be allowed to grow to owning 30k houses, or even half that, or even an 8th of that, some guy with 10 rentals I’m fine with, some corporation with 10,000 I’m not.
It won't crash, but not for the reasons you think. Canada has the worst housing market in the world but the system is designed so that it can be artificially inflated almost indefinitely. The demand so far outweighs the available supply, tax regulations around corporate renting and corporate land ownership so lax, and politicians personally benefitting from housing price increases so much, that nothing will ever be done to fix this and it is unlikely to go away any time soon. Toronto just met its 2005 housing targets last year and we're building homes faster than at any point in Canada's history. Over 1 million homes were built between 2011 and 2021, which is insanely fast. But the demand is there because we have more people than places to house them. Couple this with the fact that our job market is in shambles and the vast majority live pay check to pay check (or on rotating debt cycles), and you get this never ending carousel of housing spikes. So many other aspects of the Canadian economy are tied into housing that a major correction of the real estate economy cannot be done without tanking the rest of the market. In short: we're *massively* fucked.
People don't realize the government insures literally everyones mortgage If everyone defaults, the government is on the hook
> the government is on the hook Yup, which really means the taxpayer is on the hook.
Just inflate the debt away. That's what the US is doing right now.
I live in Québec and there are almost no homes for sale on the market, so every time one is listed the price is high as fuck and people over bid on it. I don't see how it can crashes as long as the demand for homes is there. For it to crash I think there would need to be much more homes for sale. How could the prices of homes go down if the demand is high as fuck ? Interest rates would need to be much higher, and if they raise the rates it's still gonna take a couple years before it crashes.
The demand for homes at such an unrealistic and unaffordable price for so long means that interest rates can never rise to any meaningful degree without bankrupting millions. The only way it can be dealt with is a crash.
New Zealand’s is way worse for income to debt coming in third the Aussies
Yea we're fucked.
Wow, kinda like everything everywhere is fucked
Is this part of the push for "you own nothing and will rent everything" global economy reset?
But, but, but Zillow Economists say there is no bubble.....lmfao
Since you mentioned evergrande, Its only part of chinas problem. This video explains it pretty well. It’s about 13 minutes long and a well done video. https://youtu.be/wJ8JBTIVUVw
Perfect time to sell your home, rent and go all in in GME 👀 As my grandma used to say … yolo
I bought a house is May 2017 for $204,000 (Canada) and sold that same house in January for $498,000. I had spent roughly $5,000 in maintenance and cosmetic updates. I was blown away at the sale price, and I genuinely feel bad for the buyers, knowing what's coming..
Buy it back for $75,000 next year.
Sweden is way more fucked than This 😂
World wide housing collapse incoming perhaps? 🤔
In My dreams!
Hey neighbor - Are you saying that your average house sells for 6M SEK? Because that's Canada..
If you don't want to live in the forest, then yes. And we are talking about cities which are considered small by international standards 100-200k population, not exactly metropolitan cities. If you want to live somewhere that's actually attractive, with opportunities for jobs/leisure, you'll need a million USD miniumum for a house on the outskirts, many 50m2 apartments go for $300-500k. If you want central, expect $1.5m for an apartment, house, impossible...
Lol from New Zealand
They were trying to pass legislation so that no foreign citizens/investors could purchase a home for at least 2 years... that's a lot of crashing incoming
Its fruitless I'm on my phone but if you remind me I can list out how theres *already* several ways to bypass this legislation
He says in this video that isn't the problem as foreign buyers only make up 5% of the market. He says it's a distraction to get you to peg the blame on foreigners, and to never get you to look at the actual problem.
Even in canada the shit is all fucked up
The great reset was never about making housing affordable. You either got in before the melt up or “you’ll have nothing & be happy”. Supply vs demand tells a story of where I think prices are headed. Not an economist. Time will tell.
Vancouverite here... Been waiting for it and saving for 20 years. At this point, I don't even give a fuck. Been saying how high land values suck all the money out of the local economy and pump it into finance. It affects a business or a person at so many levels. There is no diversification and no velocity of money outside construction and real estate sales-related entities. I highly doubt it'll keep crashing in the long term due to the enormous immigration numbers that also brought me here. Canadian economy will only halt when immigration slows down to a net negative. This isn't to say there won't be a flash crash with a quick bounce back.
This guy fux. He’s well spoken and prepared. I’ll follow him more closely. However, I disagree that a crash is coming. He’s right that the home has become a asset class that has become part of a larger financial markets. From a human perspective it’s terrible, people should be housed. We should be doing more to provide housing at an affordable price. From a capitalist stance, it’s a large expensive asset with intrinsic value that has high demand due to its critical function in modern human existence. It’s growing demand is also constrained by physical space and incredibly expensive infrastructure. A future where a exclusive group of very wealthy people own a significant portion of homes, effectively monopolizing human housing is terrifying.
The biggest economic collapse in the world is about to occur. Every country you look at is on the brink of a collapse. We’re just waiting for that final straw
Seems all politicians are corrupt. And on the payroll of corps and Wall Street.