New Home Sales Crash To Record Lows

You think the government will buy up some of these projects for affordable housing? Bail them ,not bail them, out?

Dog Crate Condo sounds like a great album sequel to Suede's Dog Man Star

I wonder if sleazy real estate agents pumping the market bubble for years had anything to do with this....🤔

19% is tax? $253k on the pie chart is taxes?? Easy to say that. Break it out, what are the components, see if it actually adds up

Driving around Burnaby, I saw a dozen high and mid-rise new builds, they'll complete in the next year or two. Glad to see jobs in construction, but who'll buy these homes?

Many young adult Canadians are not having children for the reason that it is financially impossible. The next issue is a home: again, financially impossible. We are becoming a super monopoly country where massive conglomerates own everything and middle class and lower class is being destroyed. The fact that a majority of young Canadians I know (age 25-35) are thinking of leaving is extremely concerning to society, but the government fixes that by bringing in naive immigrants and massive amounts of "refugees" and "asylum seekers". They will leave too, soon enough...

There is plenty of work available to renovate existing homes or rebuild on the same property. But the builders have bid up all the cost of trades so it’s too expensive to contract work on detached homes. These trades won’t be unemployed. They just need to decrease their rates.

Excellent overview. Elbows up as we're entering a depression...

Canada continuously voted for Liberal government with high taxes and fees choking ordinary Canadian. Not sure why?

Rate cut in June? 50 50..

Canadians keep voting for their Godless, communist, libtard liberal government. Consequences are now impossible to ignore.

The real estate prices are going to correct but trade persons’s prices are to be adjusted along with associated costs so new construction cost affordable for buyers.

A huge correction is necessary. A big recession is coming and Canada is going to be sent absolutely reeling.

If you’re not willing to own a stock for 10 years, don’t even think about owning it for 10 minutes...

It has been insufficiently checked, free market capitalism that created the housing crisis. Check some significant other countries and how easy it is to be an investor in real estate and buy up many properties. It’s these investors who have created the glut of unwanted condos now. (It is so wrong to say that it was immigrants. Where are the immigrants who are buying up all those properties? But immigration has been cut now. Not before there was this narrative about a huge housing shortage and inability to build enough.) It was investors buying multiple properties, far beyond the immigration rate, that ramped up prices. Now without immigration, there is no one to buy. Guess what? Before the collapse in immigration, there were equally few prepared to buy “who were not investors.” You want to clear the condo glut. Clamp down hard on investment buying through progressive taxation (each additional property is taxed at higher rate), and allow immigration to go up again to buy up that condo glut. Legislation can be written that would encourage immigrants to buy condo in the major urban centres and hold them for at least 3-5 years. The amount of real estate sitting empty is ridiculous and yet people cannot get into those homes. That is free market absurdity. It absolutely should have been reined in. Cutting taxes is unwise. It simply shifts the job losses and other losses to another sector.

Great time to buy. Resale not new

Alberta builds A LOT isn’t that a sign builders and developers are making profits. New communities are built faster than infrastructure to support them in Calgary

The Liberal stupid plan to cut the GST for only first time home buyers won't do anything to stimulate home buyers. Had Carney followed Poilivre's plan of removing the GST for ALL new home buyers, we would see sales of new homes and also used homes these new home buyers presently live in.

The developers don't have the margin of the profit because they have put a lot of $$ into their pockets already. and they have paid to contractors way too high and elevated the the labour cost to a ridiculous expensive level for the whole industry. This is like they dug a huge hole for themselves.

Spot on Steve , thank you sir

If this slowdown stays for a long time - say even 24 months, this has to lead to bankruptcy and major losses of some of the land holding entities. Maybe it is too early but would be interesting to know who is at risk now for this stall in the new housing market. If land prices could be fully elastic to come down to what is needed to deliver into the market, then the current investors in land stand to lose unless they just want to wait for a long long time and continue to cover carrying costs. Curious who the people are behind these assets that are at risk. Will we start to see land holders liquidating and pushing losses to their investors so this market can get unstuck? Also one more thought - if construction is very slow in 24 months, isn't that about the perfect time for the new government construction to be coming online?

We need severe crises to reset this nonsense

Roughly $120K in my portfolio are in tech/TSLA stocks, can I get an advice on any other stocks that I can acquire to diversify my reserve across multiple markets while creating a comprehensive portfolio allocation that balances my concerns of risk aversion and returns that meet yearly inflation.

It's wild to hear that there is no profit in the numbers for a condo build (assuming you could sell the units). 20 story, 10 units per story, $1.3M average/unit in Van. $260M sales revenue. How can money not be made on that? Does it really cost more than a 1/4 billion dollars to build that? The price to do stuff is insane in 2025.

Not much of an "INVESTOR" if ur looking at CONDOS AS AN INVESTMENT 😂

Standard Canada Flavor

Rebrand dog crate to Jr. Executive condo make a fortune from the idiots and Immigrants

Because people don’t want to lower their prices. So they sit on it. As soon as some people are forced to sell at lower prices then all prices will come tumbling down.

Finally some gut.newz. now let's drop to Zero and add sfh to the jam

There is a housing crisis .. the gov should buy at 100K and convert to social housing to clean up this mess lol !! Or it needs to crash to less than 100K still too expensive lol

Thanks again for explaining how the private sector can't and won't help with Canada's housing affordability problem.

As a resident of Kitsilano now, seeing all these highrises being approved are they actually going to be built if things are "so bad" ?

Real estate agents & construction workers will be looking for a different job

I have seen many people in construction talk down to say..... laid off IT workers in IT downturns or oil patch workers during their downturns.........

I for one will have exactly zero mercy for laid off plumbers or electricians who have been so smug at other people's suffering.

I will say what I have heard them say to others........ "laid off? quit crying McyD's or burger king is still hiring" ...........suck it up butter cup............. I'll be scopin out the wives and girlfriend that want to leave thier lazy laid off tradesman/real estate people, like I have seen them do to others.........

could not happen to nicer people.

It took BC government way to long to bring in the foreign buyer ban, speculation & vacancy tax & put a cap on immigration.

Elections have consequences... Canadians never learn.

This was so predictable. When everyone was buying real-estate, I was buying gold. And much like the last NDP decade of darkness in the 90's... very soon it will be time to jump back into RE... I estimate in 2030.

Hi Steve. Big fan of the channel. I NEED HELP! My wife and I are close to buying a pre build in Lynn Valley. Completed in 2027. Is this a bad idea right now? We are in our late 30’s and have been saving for a house for 7 years to start a family. We want to stay in Lynn Valley. Everything is so expensive here for a lot of older townhouses which is why we were thinking of waiting for this new 3 bdr which would be about the same price as all the older ones… haha this decision is stressful

Is that 82 Q1 condo sales number for presales only or resale? GVREB alone has 2574 resale apartments sold in Q1. And my internal presale data is nowhere that low

What first time home buyer can afford a brand new home ? 😅

Toronto skyline still has lots of cranes. Lots of inventory coming.

Thanks for the educative video…The wisest thought that is in everyone's minds today is to invest in different income flows that do not depend on the government, especially with the current economic crisis around the world, Well Long term investor's know that the market and economy will recover eventually, and investors should be positioned for such a rebound, I gained $380k from bitcoin of 2021 before the market crash, early 2024 i invested in bitcoin with the analyst and advice of Seren Wintersun not keeping my assets coin on holding but on trading form! make profit on up/down trend.... which Currently am on a high potential profit of 16btc’s, adding more at a time. Having a good financial advisor like Seren Wintersun, it will add to your success in the crypto market.

What's it going to take? Higher wages.... It should not cost more to live in Abbotsford than Miami, Anaheim, Orlando, Honolulu, etc.... Basic homes should not cost millions. When wages align with the cost of shelter things will change.

So many people say the house market is crashed but why still so many homelessness?

Canadian real estate market and allied reno. business is finished period

This is what happens when you have absolutely incompetent leadership in a country

Realtors convincing people to make a bully bid, what the heck is that anyway - just a made up marketing term, and other unethical practices that feed on fear and greed are the main reason behind this bubble and now collapse. They should have said asset prices bounce higher for the short term in low interest rate (0%) environments if they were looking out for their clients like they are legally obligated to do. Poor naive buyers. Realtors should be on the hook.

The housing market feels crazy right now—houses are ridiculously overpriced and just sitting there for months. I can’t help but think we’re heading for a major bubble burst. I’m 61 and trying to figure out how to turn $250k into $1m+ so I can buy a decent home for retirement. Any tips?.

Steve I wish you would uncover the reason why investors were "over represented" in the presale market my guess is the tax write offs made that investment work to a certain value. The ordinary persons income has not risen along with inflation.