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Another flawed video they will not only lose down payment but they also need to pay the difference.

This issue was addressed by Koran 14000 years ago Borrowing money at interest rate and taking advance payment for your crop before its grown assuming my crop would be same as past years. BOTH RECIPE OF DISASTER IT MIGHT WORK THIS YEAR BUT NOT NECESSARILY NEXT YEAR. Holy Koran "If you borrowing money or giving money doing RIBAH (interest) you are not fighting INTEREST RATES you are fighting me i.e. FIGHTING THE NATURAL LAWS OF CREATOR.

Also consider that if you sell and IF you get out alive w profit you face the music of CG inclusion… Hold and you’ve already folded and lost your downpayment. You really gotta hate yourself to even consider “investing” in RE or being a landlord these days.

why the government stop this propaganda pretending is investing in housing and push the banks to curb this extending amortizations period, and starting buying these condos for market price and rent for below market rent for students and low income canadians.

Saw this coming + the banks/governments, don't really care, they're screwing over their own populace, with overvalued properties = they're BROKE, so they'll let anything ride, as long as they get paid from the "fees/taxes"

He who panics first, panics best.

Hoa killed condos

TL;DR investment decision backfires, cry me a river

Waiting for bad things happen

The only way real estate will start moving again is if prices drop at least 50% ! That’s a fact

All news - are good news. Many thanks!👍

We need 1 extra million immigrants asap for the condos to maintain their value, or face losing our retirement money!

Pre conn condo buyers....LETS BE REAL 99% OF THESE ARE LINKED DIRECTLY TO THE EQUITY IN THEIR PRIMARY "RESIDENTIAL " HOME....THEY BORROWED $$ FROM HELOC TO BUY THESE NOW IN THE MONTHS AND YEARS TO COME YOU WILL SEE HOW THIS WILL EFFECT EVERTHING HOUSING RELATED.

Canada has a govt induced systemic bubble in real estate. Min 50% correction is ideal for the economy in the long run

Thanks Team Sessa

So many of the latest condos were never really meant to be lived in by the buyers, so tiny with horrible floor plans. The condos were designed for the flip or rental.

It's interesting, for YEARS pre-con buyers were super in the black, they could sell the condo on the day of possession and make a pretty penny. But now it's the other way around and we should feel bad for some reason?

These Precon investors were genius last 5-8 years. You buy lottery ticket dont have to deal with tenant and gauranteed huge return on investment. If you look around youtube that is what many were pumping couple of years ago. When tide is gone you will figure out who was swimming naked. This is strategy is like picking penny on free way. For many years you will be successfully getting left over penny on free way for free and look like genius. One fateful when you are struck by huge truck on freeway you wont be there to enjoy those penny.

Went to visit family in the GTA recently and heard multiple word of mouth stories of friends who bought multiple small condos in satelite cities around Toronto in the last 5 years. All of them are losing gobs of money and hoping to be able to sell and still make a profit. In the wise words of Steve Carrel: 'Hey there's a bubble!'

Pre covid was already insanly overpriced for average worker in Canada, average incomes should equal average home prices directly in relation, that's how it used to be before Trudolf.

Matthew is happy months of inventory are going up. He wants to buy a condo downtown

Santos these pre con condos were sold at very high price. Why because there was so much demand- why so much demand because it's so easy to buy pre con in Canada. Anyone can borrow money, fake pre approval letters easily available. This created demand and honestly people who are genuine buyers whether they are first time buyers or investors are struggling as well because of these speculators. BTW before you close a condo unit there is occupancy fees which seems to be very high thses days since prime is @ 6.95. Buyers should know what else they need or perhaps may have to pay on top of the purchase. price. Things like development charges, hst rebate, lawyer fees land transfer tax etc. To be honest a lot of people should NOT have been sold the condos because of fake pre approval. They were not qualified at first place . This is pure speculation . I love your videos Santos you give good insights on real estate

Real estate is pain

Hang on isn't it even worse for presale buyers... The bank surely won't advance a mortgage based on a $750k purchase price when the market value today is $600k, a presale buyer only technically owns the condo once formally closing at the occupying date, right?? In that case if the buyer chooses to close on the purchase, that would mean in addition to their $150,000 deposit having evaporated already, the buyer would ALSO need to come up with an additional payment at closing of $120,000 so that the equity ratio on the mortgage is 80/20 as mandated by lending standards... Is this not how the system works? How many presale buyers have another $120k kicking around in this economy, plus how motivated will the buyer be to pony up more cash to close when their first $150k has already gone bye bye.

Negative cashflow =/= losing money...... buying a gold coin (or bitcoin) is negative cashflow, putting money into your RRSP is negative cashflow..... buying land is negative cashflow.... buying a bond is negative cashflow.... that is not actually a negative. What you are crying about is leverage (which can go badly in stocks just as easy if not easier)...... ps not all condos are dropping, in fact most are still going up.... only the high priced ones are having trouble....... if less high priced units sells that makes the average price drop, but did the low end ever really go down?? nope

Home prices need to come down 20-30%. That’s the only way rent will go down. When some one buys a property for cheap, rent will reflect that

Hmm..who took advantage of Middle class Canadians, selling them bogus over priced condos? How about holding the banks, the builders, and the selling agents responsible for their share of creating one of the worst housing bubbles in canadian history, bankrupting thousands. It's shameful what these politicians and special interests did to this country.

Good Time to Buy Resale Condos... Tons of Supply, Fear and the Media is Pounding the Condo Market Negatively. Condos are not going anywhere... buy now keep for the next 5 years min you will be fine

Just can't believe these people actually brought pre construction condos as an investment property. 😮

Between government increasing taxes incl. Capital gains and banks raising mortgage rates. Why bother buy anything. Salary taxed, buy necessities and get taxed, save money or invest then get screwed with capital gains. Why bother. I'd rather live in a tent under the Gardner

Shouldn’t have played the real estate scam. Womp Womp.

I think the following will happen. The market will continue to hover around a baseline and seem to be on the verge of cracking, prompting owners to sell before it does. Then the equity firms will step in and buy to prevent it happening. And they'll just sit on it, or if it comes it, keep buying and selling to each other artificially. This will go on until a sufficient number of organic owners will have opted out, expecting a better opportunity on a market correction, at which point the upward trend is decisively resumed, effectively pricing them out. I know, it's completely ludicrous. But that's one way of achieving their stated goal, "You will own nothing and you'll be happy."

Don't feel bad at all for any of those "investors" 😂😂😂

wait, so the impossible to get into market cause everything is expensive is actually reverse and condos are cheap, just screwing ppl over who bought precons a few years ago?

How to find condos that close soon?

I've began to take issue with the term "Mom & Pop". I think it paints the type of people who drove up these prices, condos in particular, in too positive a light. Call them what they are, speculators. They provide no value to the real estate equation and they all share one common trait, greed. In my experience your typical condo buyer in the last 3 years is not made up of people buying a 2nd property just looking for some additional income. There are so many people out there who don't want to work a typical 9-5 job and have instead chose to over-extend themselves and accumulate residential units as an entrepreneurial business venture. They accumulate units as quickly as the banks (or their parents) allow them and consider it their career. A career where you don't need to wake up before noon and can take vacations on a whim. These speculators think residential real estate is passive with no-risk. They are slowing learning it's neither of those things. There is nothing passive about managing properties, it is only a constant stream of issues I assure you that. The condo market seems to me to be the canary in the coal mine of Canadian Real Estate. Watch out.

No sympathy for even the mom and pop investor trying to make a buck off people who actually wanted to buy it to live in it

No need to feel sorry for these investors. In the good times, they made tons of money by flipping these condos. They should have known investing (or speculating) in anything can get you profits, and losses.

The best time to buy a condo is 5 years from now. The best time to sell a condo is 10 years from now.

When Grand Ma was lining up for Pre - Sales in 2019, 2020, and 2021. It reminded me of Joe Kennedy (JFK's Father) in 1929. He was getting his shoes shinned by a kid on Wall Street. The youngster was giving Joe stock tips. Kennedy went into the exchange and sold everything.

No no not at all 🤔😉

The housing market, no matter your intentions, is still a market. I you don’t buy and the right time of the economic cycle, you will get burned.

those who think condo prices will drop are hallucinating especially during election year this (US) and next (Canada) year. price will stay stagnant at most. the money printer never stop, if not stock market money has to go to real estate.

Good Toronto is nothing but left turns...

Oh well, these 'investors' should have done the math...

Prices to the moon! buy buy buy!

Absolutely sad state of affairs,. I feel for all those who worked hard saved, made down payments on their condos only to be faced with such a tragic state of affairs based on politics, snow balling BS, and trends, simply ridiculous . Yet the ball park and arenas are full, people get away with not paying rent, no accountability, absolutely shameful.

In order for the prices to really start dropping you will need to see consistent 6 months of inventory for at least 3 months straight. Days on Market creates pressure. So far, the prices are relatively unchanged.

It's gonna get even worse before it gets better. Nobody wants to pay 800k for 350 sq ft.

Santo, can you please overlay your video with slow playing violin.