Ron Butler chats about a story that is getting completely buried in the current election: the real estate crash in the GTA and Vancouver. That would not be a good look for a government needing to pick up seats in those regions, but I’m sure the media water carriers will see to it that the story remains buried.
“…we’re at the point now where a building will not close…somebody will have finished 300 units and 60% of the people who bought the units pre-construction will say “I’m not going to close.” Yeah you can chase me but I’m not going to close because the media information is getting out there in a bigger and bigger way and once that happens nobody’s going to close…”
Ron Butler is a gift from the Gods to the Canadian home buyer. Go Ron go!
He’s actually talking about the GTA.
But regarding Vancouver:
No buyers for a buyer’s market: Greater Vancouver Realtors
“Fewer homes sold in metro vancouver in march despite increase in listings”
https://www.youtube.com/watch?v=7vyczTwfmNM
Never mind the video; see the comments.
I heard that single family homes are still hot in GTA. Probably because 4 Indian families can still afford to buy in.
to further the problem with condos…if a condo is only 70% occupied, the monthly condo fees of the 70% in there has to cover 100% of the costs associated with that condo. This is a further disincetive to take possession.
Or if enough people do not close on their condos, can a condominium corporation be formed?
I discovered Ron Butler a few months ago and watch his postings when they come up. It reconfirms my mantra of “Don’t Spend Money which You Do NOT have!” and its addendum of “live within your means!”. My daughter’s generation feel they are entitled to at least 4 vacations a year. She is very upset that she and her husband are only able to visit his family in Chile in September – one vacation.
I wish governments would follow my mantra of Don’t Spend Money you Do Not have as well. And with respect to Trump’s tariffs, he was elected to make the American economy better NOT to continue supporting the rest of the world while going into debt. It is time for Canada and Canadians to “grow up”.
Was going to say that, that should open the door even wider for the CCP, but that door has been missing since before the ’90s!
Totally missing!!
No wonder Trump is concerned! It ain’t the fentanyl.
Condos were always a total rip off. I know so many people who lost a lot in a condo scheme. It’s basically a pyramid scheme.
In the early days they were often referred to as “conned-’em-into-’ems”.
Sounds like textbook malinvestment (see the published works of Mises).