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GHOST CITIES & THE GREAT BRAIN DRAIN! MASS EXODUS AHEAD - Vancouver, London, Australia & New Zealand

662 views · Published 5 October 2017 · 1:11:50 · Indexed 28 October 2026

Channel: Mike Martins · 2017 · People & Blogs

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“free markets only free for the rich” — Mike Martins

HOW CAN A CITY HAVE THOUSANDS OF EMPTY HOMES WHILE ORDINARY WORKING PEOPLE CAN'T AFFORD TO LIVE THERE?

And how can we keep calling this a healthy housing market?

We're starting in Vancouver, where consumer bankruptcies are reportedly declining.

Now, some people might look at that headline and think everything is getting better.

But I have a question!

WHAT HAPPENS WHEN THE PEOPLE WHO WOULD NORMALLY FILE FOR BANKRUPTCY HAVE ALREADY LEFT THE CITY?

I'm questioning whether these statistics tell us the whole story.

I've also received an incredible firsthand account from a concierge working in a downtown Vancouver condominium tower.

According to this individual, a building containing approximately 388 suites has only around 23 to 25 people actually living in it!

Imagine that!

Hundreds of condominiums, and almost nobody home!

Some units reportedly still have protective plastic on their appliances from the day they were built.

People, what are we doing?

WE'RE BUILDING GHOST CITIES WHILE WORKING FAMILIES ARE BEING PRICED OUT!

And the Vancouver condominium market continues to rise!

The benchmark condominium price has reached approximately $635,800, up 21.7% from a year ago.

Detached homes are still around $1.6 million!

How is the ordinary working Canadian supposed to compete?

We're also examining Toronto, where the housing market has gone from bidding-war madness to a dramatic slowdown.

At the peak earlier this year, approximately 77.67% of Toronto homes were selling above asking price.

By August, that number had fallen to approximately 23%!

WHAT HAPPENED TO THE BIDDING WARS?

But now September figures show average Toronto resale prices rebounding approximately $43,000 from August, even while sales are down 35% from a year earlier.

Is this a temporary bounce?

Or will international investment continue supporting prices while local residents move away?

We're heading across the Atlantic to London, England.

LONDON HOUSE PRICES HAVE FALLEN ANNUALLY FOR THE FIRST TIME IN EIGHT YEARS!

According to Nationwide, London is now the weakest-performing region in the United Kingdom.

Meanwhile, skilled workers are leaving expensive cities because they can no longer afford to live near their jobs.

Doctors, mechanics, technicians, service workers and other professionals are looking for opportunities in smaller communities.


We're also examining Britain's Help to Buy scheme and concerns that government-supported housing demand may be pushing prices even further beyond ordinary incomes.

Then we're heading down under!

THE GREAT AUSTRALIAN NIGHTMARE IS ALIVE AND WELL!

Sydney and Melbourne housing prices have exploded over the past 15 years.

According to the article we're discussing, Australian house prices have increased more than 140% over that period.

Young Australians are being pushed out of homeownership, and household debt is reaching extraordinary levels.

People are delaying marriage, children, vacations and major life decisions because they simply cannot afford to live!

Is this really economic prosperity?

And in New Zealand, the housing market appears to be running out of steam.

Auckland values have barely increased over the past year, and several major cities are reporting weaker quarterly growth.

But smaller provincial towns are still seeing stronger demand.

Could we be watching the beginning of a major shift away from the expensive metropolitan centres?

We're also discussing how vulnerable New Zealand households could be to even modest increases in mortgage payments.

Finally, we're heading to the United States!

THE TEN HOTTEST AMERICAN REAL ESTATE MARKETS OF 2017!

We're looking at Sacramento, Denver, Ogden, Knoxville, Portland, Salt Lake City, Orlando, Provo, Seattle and Nashville.

Which cities are growing?

Where are the jobs?

And where might ordinary families still find opportunities outside the most expensive markets?

I've been saying this for years:

AN ECONOMY CANNOT SURVIVE BY PRICING OUT THE VERY PEOPLE WHO MAKE IT FUNCTION!

You need doctors!

You need mechanics!

You need nurses, tradespeople, small businesses, retail workers and families!

If they all leave, what exactly is left?

Tonight we're connecting the dots across Canada, the United States, the United Kingdom, Ireland, Australia and New Zealand.

A special thank you to everyone rebroadcasting these livestreams as podcasts, sending articles, participating in the live chat and sharing firsthand reports from their communities.

Let's keep building an independent network where people can discuss housing affordability, household debt and the future of their countries.

TRENDS IN THE HOUSING MARKET — OCTOBER 5, 2017

#TrendsInTheHousingMarket #mikemartins  #vancouverhousing  #condos  #empty  #torontohousing  #braindrain  #london  #dublin  #australia  #sydney  #melbourne  #auckland  #newzealand  #seattlehousingmarket  #housingcrisis

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