What It Was Like to Get Caught in Toronto’s Housing Slump – April 12, 2018
This article is a pretty good read you should really consider reading and analyzing the details. It can be found by going here:
Like I’ve been saying for years, the housing market can’t go down, it can’t remain stagnant. If the Toronto or Vancouver housing markets don’t rise in value it will collapse. Especially if housing market is stagnant or declining for more than a year. What the press is doing now is trying to make people believe that as of April 2018 the Toronto housing market reached to a new low and now it’s time to get back in buying mode.
The problem with the Toronto housing market is that, there’s rental controls and CMHC, if you were going to build a building would you A.) Build rental housing or (B.) Build a condo? If you answered build a condo you’re absolutely right.
I live in Toronto there is NO HOUSING SHORTAGE! Toronto has more land and less people than New York City and London U.K but take a wild guess which city apparently has a larger housing shortage? take a wild guess which city apparently has a lack of rentals? If you guesses Toronto well you’d be right… But of course that doesn’t make any sense. There exists this concept that foreigners are buying up all the real estate in Toronto.
Sure I believe that, but what about the domestic real estate investors, they seem to go under the radar. There are way more of those than people you think. Imagine 1 person owned 6 condos in the GTA, imagine that person was a flipper, who also rented or AirBNB’d out his condo? How would you know this person existed? It would be hard for statisticians to even know these types of people existed unless they came forward, which wouldn’t be in there best interests, unless of course they wanted to pay more money in taxes, don’t forget a lot of these Condos don’t allow people to rent them out, which forces this stuff to go underground, which is how I know about what’s going on.
The shady loans, the fraud, the empty condos, the putting properties in family members names, who might have the same or a similar name as another family member, the tax sheltering. I know about all of it and i’m sure government officials know about it too. But the appearance of a competitive housing and rental market must remain, because Canada! The housing market can’t remain stagnant, it can’t decline, if it does it’s game over it’s collapse.
Imagine a 1 million dollar house sold for 500,000. Imagine this happened over and over again? Whose got $500,000 lying around? What do you think schedule 1 banks would do? if this started to happen? Canadians forget our banking system is well… Do you know what the Canadian Bankers Association is? Do you know what Canada Deposit Insurance Corporation (CDIC) well schedule 1 banks in Canada have politicians in their back pockets. Canadians have been asleep at the wheel for some time. Talking about insurance do Canadians know what the Glass-Steagall Act is. Do Canadians know about the derivatives market.
The Canadian housing market can’t be stagnant the Canadian housing market can’t go down! If the canadian housing market goes down it will collapse
It’s only been like 6 months of declines, it’s winter time let’s see what happens in the summertime. Also election season is coming up, the Ontario Liberals have been promising Canadians all type of free crap. The Liberals are replacing private sector jobs with public sector jobs. The media recently released job numbers I think it was like 30+% of the new jobs were government jobs, you also have to factor in people on welfare or some sort of government dependence. If manufacturing jobs are leaving Canada and Government Jobs with much better pensions are replacing them, who do you think people are going to vote for?
Actually let me say that better, what type of government are Canadians going to vote for. When hear the progressive Conservatives talk sometimes they sound like Leftists to me. Conservatives sound scared to tell voters the truth, and it hurts all of us because then there’s only 1 voice.
How this ties with the real estate market is well the government is going to pump this thing up for as long as they can. Because Canada is already so socialised, because the Canadian banks are already off the hook for this mess, there is nothing that the government won’t do to keep the housing market propped up, it’s all they have left and I keep telling people don’t forget about 100 year amortizations, they already have it in Japan.
100 year amortizations will lower mortgage payments. Reading this many of you think I’m a leftist, I’m not, I’m a realist and when I walk around Toronto, Conservatives don’t talk much, Liberals and other Leftist talk a lot and they’re entitled and many Canadians don’t even realise how entitled they are. With all this mess Canada is still one of the best countries in the world.
The reality is Donald trump with all his flaws is the only person fighting for Freedom. The U.K has joined in as they’ve seen what leftist policies have done to their country. Canada? I’m not so sure yet. The concept of giving of your own free will, Canada is losing this concept day by day, Canada is now asking the government to give for them, Canada is asking politicians not to be corrupted, Canada seems like it’s giving away it’s freedoms for security. Until I see a change in how Canadians thing I stand by what I say.
Sorry Canada, The Canadian housing market can’t be stagnant the Canadian housing market can’t go down! If the Canadian housing market goes down it will collapse