TRENDS IN THE HOUSING MARKET — THE ECONOMIC TAKEOVER! | Toronto Inventory DOUBLES & Sydney Prices!
760 views · Published 12 October 2017 · 1:04:39 · Indexed 8 November 2026
Channel: Mike Martins · 2017 · People & Blogs
“we basically built this free market and now we're losing in the free market” — Mike Martins, Trends in the Housing Market, October 12, 2017 People, people, people! I'm fighting off a cold, I'm losing my voice, but we've got far too much happening in the housing markets to miss tonight's show! THE HOUSING MARKET HAS TAKEN ON A LIFE OF ITS OWN! And ordinary working people are being left behind! I'm calling this an ECONOMIC TAKEOVER! Not a single shot needs to be fired when people can be priced out of their own communities, their own cities and eventually their own countries. We're starting in Toronto! TORONTO DETACHED-HOME INVENTORY HAS DOUBLED COMPARED WITH LAST YEAR! Sales are falling, inventory is climbing, and the most expensive segment of the market is coming under pressure. The benchmark detached-home price in Greater Toronto has slipped to approximately $930,500, down 0.59% from the previous month. Meanwhile, Toronto's rental market is becoming completely unaffordable for students and working people. We're examining a student who found an apartment listed for approximately $1,950 a month, without parking, storage or electricity included. People, how are students supposed to survive? And what happens to local businesses when students and young professionals decide to study or work somewhere more affordable? Then we're heading west! VANCOUVER KEEPS BUILDING MORE CONDOMINIUMS, BUT AFFORDABILITY KEEPS GETTING WORSE! Developers are proposing more high-rise towers along transit routes, yet the very communities receiving large amounts of new construction are becoming increasingly expensive. Coquitlam's condominium affordability has reportedly declined approximately 20% despite major increases in multifamily construction. How can we keep building more units without making housing affordable? And what about all the homes and condominiums already sitting empty? We're also examining Vancouver Mayor Gregor Robertson's proposal to give local buyers priority access to presale condominiums. But there is another problem! FRIENDS AND FAMILY BUYERS! VIP BUYERS! VVIP BUYERS! Who gets access to the best deals before the ordinary working Canadian even has a chance? We're looking at a Burnaby land transaction worth approximately $155 million for just 8.3 acres! People, what kind of housing prices will developers need to charge to recover those land costs? And we're talking about Calgary! With its existing infrastructure, available housing, transit and skilled workforce, I believe Calgary could reinvent itself as a major Canadian technology centre. COULD CALGARY BECOME CANADA'S NEXT SILICON VALLEY? We're also looking at Montreal, where active housing listings have fallen approximately 12% while prices continue climbing. Then we're heading south of the border! SEATTLE HOME PRICES ARE RISING 13.5% ANNUALLY! The median house price is approximately US$730,000! If prices keep rising at this pace, what happens to the teachers, nurses, tradespeople, technology workers and families who make Seattle function? Will they stay and keep paying these prices? Or will we see an enormous brain drain as skilled workers leave for smaller towns and more affordable communities? Portland is also experimenting with property-tax incentives, and we're examining whether these programs really help ordinary homebuyers or simply create more opportunities for investors. Now let's cross the Atlantic! THE UNITED KINGDOM'S HOUSING MARKET IS STALLING! Buyer demand is weakening, agreed sales are declining, and London remains one of the weakest regions. At the same time, Sydney house prices are beginning to fall! SYDNEY HOUSE PRICES DOWN 1.9% IN THREE MONTHS! How much farther could they fall? And Melbourne's median house price has reached approximately A$880,000! People, we're talking about ordinary little houses, sometimes attached, with hardly any land! These are not mansions! These are not estates! These are ordinary homes with extraordinary price tags! We're also hearing from viewers in New Zealand who are worried about rising debt, unaffordable housing and young people leaving their country. And this brings me to one of the most important discussions tonight. WHY AREN'T WE MAKING THINGS ANYMORE? Canada needs manufacturing! Canada needs production! Canada needs exports! Imagine building a Canadian-made automobile with Canadian companies manufacturing the tires, transmissions, batteries, brakes, frames and interiors. Imagine how many jobs that would create! TRENDS IN THE HOUSING MARKET — OCTOBER 12, 2017 #TrendsInTheHousingMarket #mikemartins #economics #torontohousing #vancouverhousingmarket #calgaryrealestate #seattlehousingmarket #sydney #melbourne #london #housingbubble #foreigninvestment #braindrain #housingaffordability #october
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