Toronto Housing Market Is CRASHING! - The Bubble Is Bursting!
In this video, I talk with author and economic analyst John Sneisen about the massive 25% drop in the Toronto housing market since April.
Following years of massive growth in value and the formation of an epic bubble, it seems the party is over for Toronto's housing market.
The average price of a detached home in Toronto has fallen $400,000 within four months. This puts the average price down 1.2% from last year at this time which is a lot considering the insane growth in the market up to April.
We at WAM have been reporting on this for a long time as we warned of a bubble burst of epic proportions. The same goes for Vancouver which is still in fantasy land.
People seem to believe their house is an ATM. Without any knowledge at all of the real estate market, they risk everything even at a peak home value putting money into the house, thinking it's an asset and then selling it after doing a little renovating for a little more. Well the honeymoon is over and many people could end up in a world of trouble as the bubble bursts.
There's nothing wrong with investing in real estate. There's nothing wrong with being a realtor. It's just that people should really start being a bit more responsible with their knowledge.
The markets are dramatically manipulated by the state as well as by banks. BMO recently announced it was bringing back mortgage backed securities which is a great sign to get out of the market. We saw the same thing happen alongside credit default swaps and collateralized debt obligations in 2007 as the market crashed.
Heed the warning folks! We don't know how much more we can emphasize the financial danger one is taking by betting on an over priced market.
Stay out of debt folks! Stick to real tangible assets!
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As always! :P lol
lol i live here in toronto..... the prices here were crazy! saw multiple homes taken off the market because they werent selling! living here in the city i dont see the reason why people want to come here.... the infrastructure here isnt meant for millions of people.... the roads, highways, pretty much everything isnt meant for large amount of people.... besides ontario doesnt have anything real to keep it going... the only thing they have is housing and they want to keep the actual # of homes low so housing prices will sky rocket and then they can charge more in taxes.... effing hate ontario.... keep all the prices crashing and leave them assholes with nothing :)
A situation that was common in the US a decade ago...people using their home as an ATM hence eating up all equity in the property. When things turned south, houses everywhere were underwater. The music stopped and people were left hanging.
People call crypto a bubble yet I believe the real estate market is a bubble. Few want to look at that.
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nice
Greed will get you every time the love of Money is the Root of all Evil (GOD)
Could this be the first bubble to POP and have the popcorn effect across the globe . . . POP POP . . . POP POP POP . . . POP . . . POP . . . POP POP . . . POP POP POP . . . POP . . . POP . . . POP POP . . . POP POP POP . . . POP . . . POP . . . POP POP . . . POP POP POP . . . POP . . . POP . . . POP POP . . . POP POP POP . . . POP . . . POP . . . POP POP . . . POP POP POP . . . POP . . . POP . . .
Buen post, muy interesante
Saludos desde Ecuador :)
Should be good for crypto, Great article thanks for sharing
House bubbles because of mortgage, people are enslaving themselves 30 years to mortgage a house. You can't get mortgage for 30 years to buy bitcoin, there's no way bitcoin can be bubble like house which is lifelong leveraged!
great video!!