Close Reading

So well stated Mr Prime Minister. As you can see by the results of our latest election, many Americans are uneducated, ignorant morons supporting a mango menace in our White House. A vast number of Americans do apologize for ignorant fellow citizens.

Build a house every 2 minutes .

That 40% number for the housing markets' total share of GDP is shockingly misleading. This channel should do better than that, at least by unpacking that figure. Direct Real Estate Contribution is only about 13% of GDP, with construction adding another 7%, making the total direct contribution approximately 20% of GDP. Only if you factor in wider construction and housing related activities it accounts to that 40% figure.

You mention that Americans are 30% more expensive than Canadians but you dont mention that the US is far more unequal with a Gini coefficient of 0.41 vs 0.35 in Canada. Now there is also a known issue with using GDP data to calculate productivity and that is that in sme countries the labor of GDP is much lower than in others. You then end up with Irish productivity being the second highest in the world only because most large US corporations operating in the EU register there to pay lower taxes but most of that revenue is just on paper for Ireland. or with Guyana whose oil and mining revenue makes it productivity equal to that of the US. Maybe that is the case, but is it? and if so why is the average wage in Guyana so much lower? so choosing only one specific stat can make any point of view seem true. you have to look at the bigger picture.\nnow the issue is Canada has been getting more unequal but it is still much better than the US. so what it means is that the higher worker productivity in the US benefits corporations and billionaires far more than it benefits the average American. now if we compare cost of living say between NYC and Toronto:\nCost of Living in Toronto is 37.5% lower than in New York, NY (without rent) \nCost of Living Including Rent in Toronto is 47.1% lower than in New York, NY \nRent Prices in Toronto are 59.2% lower than in New York, NY \nRestaurant Prices in Toronto are 34.5% lower than in New York, NY \nGroceries Prices in Toronto are 33.0% lower than in New York, NY \nLocal Purchasing Power in Toronto is 7.2% higher than in New York, NY \nand this is similar when comparing almost all large Canadian cities with a comparable US one. And whilst housing and NIMBYIsm is real issue you have very similar issues in the US which also has almost no mix zoning. But throw in safety nets and go ask Canadians if they want to change for the US system. I doubt most will. Sure some want things to change but some assuming everyone wants an ultra capitalistic society. most are ok with less growth ut better balanced growth (the exact opposite of the boom and bust US model)

it's not complicated: canadian boomers got rich with houses by making it impossible to build new ones and by flooding the country with migrants. So what are the young canadians going to do? oh right vote for the left because they were brainwashed in every canadian education system. No hope

Canada needs to tax capital gains on housing at 90%, and use that tax revenue to fund innovation & job creation.

Dishwasher to house is a horrible comparison.

When I mention that people shouldn’t be using housing for investment vehicles boy do I get yelled at. \n\nAnd those same people using housing are complaining about the lack of business investment. \n\nBut hey, keep pumping up that TO and Van real estate and enjoy.

Has there ever been a market that didn't see real estate as an investment or have it get ruined by low interest rates leading to housing speculation?

Maybe you should do a story on how private equity is driving the cost of living and housing crisis.\n\nBillionaire tax cuts.

In Japan buildings depreciate in value, like cars, so the house I built last year is worth less this year (and my taxes on it are less). When I first got here I thought it was a horrible system, but now I see what a powerful benefit it is. Housing is quite affordable and there are lots of mixed neighborhoods, like mine, with million-dollar homes, small multi-units, and fewer gated communities. We suffer from a blight of abandoned buildings because at a certain point it just doesn't make economic sense to fix up an old (often cheaply made) home. But because home ownership is a luxury, like a fancy car, not a necessary means to accrue wealth, mortgages and rents are low and there's cheap (and small, so very very small) housing everywhere.

The economy has crashed ? due to our leaders pushing a globalist WEF controlled narrative. Inflation is only due to money printing and the housing shortage due to uncontrolled immigration including over 5 million temporary workers doing jobs our unemployed natives could have done. Instead large employers are given incentives to hire millions from India. Makes totally no sense unless you are purposely trying to destroy Canada.

I'll never understand why Canada has the worst affordable housing areas. You have all the lumber you could possibly want. And you even have more land and less people. Make it make sense

As a Kiwi, I feel like you were talking about NZ here. Same housing obsession, same political lockout.

Canada has so much red tape its unbeleivable. I am trying to build a house right now and licences, permits, reports etc is taking MONTHS and THOUSANDS of dollars. Its like if every level of gouvernement doesn't want our money and investment. They want to be bigger and even slower instead of lean and fast

This video is horrible. I don't know what political angle is, but the real problems are very well known and have nothing to do with what you said. First, housing is incredibly difficult to build in Canada because of regulations and land title problems, I.e., you don't own that land, the indians do. On top of that, there is a constant influx of immigrant that require housing that doesn't exist. Children cry because they cannot leave their parents' houses because they can't move anywhere, so they can't find any jobs locally, and they're trapped. There is no will in the canadian government to change these immigration policies, to change the land rules so that people can own land and build houses, or do anything about their incredibly micro managed economy that makes it impossible to do anything. If so, yeah, they go to the US to have a future while Canada stagnants and dies.

I don't understand the comparison of housing debt to GDP ratio being relevant, other than as some kind of made up benchmark. GDP is an annual number, and mortgages last for decades. How is comparing these numbers directly a measure of anything other than the amount of money invested in mortgages has increased? I would think Household income to Household debt is a more useful measure, but then again, it doesn't capture the amount of capital people have in their homes.

Canada, more than poor economically, a socially sterile country. No sense of belonging, love, community, fun or pride. Traditional families are a rarity. Everyone wants to be alone so no wonder there's no housing. We gradually lost everything that brought us together to allow total sterility to rule everywhere..

Probably because our housing market crashed..

As a home owner (with a mortgage) and nearing retirement, my first reaction is that I want housing prices to remain high so I can get the most from my house when I downsize. \nHowever, my house sale is so I can downsize into a home that I can buy outright with the money I get from selling my bigger current house. If my house value goes down, I would be OK as long as the price that I would pay from a smaller home also goes down. I want to live in a home that would have no mortgage. I will only get the minimum income in retirement so I need to be in a home without a mortgage payment, if at all possible.

For 2 decades Canadian cities have had a condo building boom (for non-North Americans, a condo(minium) is a building built by developers with the intent of selling off the apartments individually, instead of the whole building being one large rental property - that's a rental building) with the rather strange peculiarity that the bast majority of those condos are small - studios, one bedroom and one bedroom + den (in North American real estate linguo, a den is a small room without a window). There are some two bedroom apartments, and three+ bedroom apartments are very rare. One of the reasons for this is a general mindset that apartments are for singles, young childless couples and retired empty-nesters, while families are supposed to live in a house of their own. Another reason is that some archaic building codes restrict the type of apartments developers can fit in a building. The result of this is that in a country which certainly does not lack space, there are now tons of small apartments (the demand for which has been going down in many areas), but it's too expensive to afford a larger space to buy (whether a house or one of those rare large apartments) once you want to start a family.

I live in co-op housing where rent is 33% of the market. We used have people coming and goign but nowadays our only vacancies are when people pass away...

I don’t understand how having a house be 10 times as valuable suddenly makes you rich if you sell that house you have to buy another one to live in it. You always need to live somewhere. It’s just make-believe money that stops new players from getting into the market.

Increase access to unused and agricultural land in urban arease\nImpose export tariffs on construction materials\nReduce union fees for construction workers\nRemove municipal restrictions on high density housing\nReduce temporary immigration\n\nJust a few things that would help the housing crisis. A housing deficit serves only the investors, it's time that the state produces housing at a reasonable price. Might be wishful thinking, but we need ways to keep housing affordable.

The reason real estate prices have gone 300% but incomes only 100% is because of low interest rates. If you factor in carrying costs, the numbers aren't as extreme. The challenge now is that interest rates have increased to stave off inflation generated primarily during the covid years. While this has somewhat abated, real estate carrying costs remain elevated and price growth has stagnated, while the Canadian dollar has fallen, effectively resulting in reduced housing valuations (in US dollar terms). Can we ride this out until incomes catch up? Will productivity increases promised by leading political challengers (election coming this year) move the needle? Are tariffs and 51st state rhetoric just a negotiating tactic and bluster, or something real? Nobody knows, but we will find out..

Our city governments need to liberalise the housing market, in most cities across Canada it's illegal to build anything other than single family homes. When the developers eventually do push through a multi family building, they have to build a mega tower to offset the costs of the often 2 years approval process. Which makes people hate development more

The difference between Canada and Spain is that they don’t have a sovereign currency. With debt dominated in the Euro they couldn’t as easily print their way out of the problem. I’d be willing to bet that the government inflates the dollar away before they allow a major housing crash or long term decline. Either way we’re cooked ?

You missed the fentanyl money laundering that occurs in Canada's housing - No questions asked houses paid with cash from fentanyl profits.

The pattern that we keep seeing over and over is to stop making the essential of living like housing an investment or everyone will get hurt by it.

Thing to note\n1) The great world reset was fabricated to hyper inflate life. This is not a canada only phenomenon\n\n2) in canada and the us hedge funds and corporate investors are buying houses on mass. Hyperinflating their prices. And the government of both countries allows even foriegn investors to do it (even if they pretend to put guardrails to slow or thwart this its so easy to circumvent for people with infinite resources)\n\n3) why does the govt allow this because it makes the multiple properties they own on mass also go up. So it's a case of the rich helping each other be richer\n\nYou are all just saying misinformation that was spoon fed to you to distract you from the truth

The problem here is that building more houses de-values existing houses. Your parents are the ones lobbying against building your house. Regulations need to be massively reformed (e.g. ignore nimby's), alternatively there should be a framework for constructions projects to financially compensate local property owners for their loss in value. A lot less nimby's would exist if they got $10,000 for the construction of a new block of flats.

Your narrative about existing homeowners being in opposition to policies that support home construction is bogus. \n\nThe real story is the following:\n\n1. Canadians are unsure whether building more homes leads to more housing and lower prices. This might sound like a joke but there are now surveys that confirm this. And most Canadians I have asked myself really are unsure whether we should build more homes.\n2. Endless bureaucratic barriers increase the cost of and deter new construction.\n\n\nMany Canadians really believe that building housing increases the price of housing, so they think they are being virtuous when they vote for policies that deter housings construction.\n\nAll of the other economic problems are downstream of the housing shortages.\n\nEdit: For those of you curious about these strange Canadian beliefs, the youtube “About Here” has a decent video on the topic trying to dispel the odd beliefs: https://youtu.be/pbQAr3K57WQ?si=j5l_vWiudz45fiGr

Canada is turning into Índia; in fact, Hindi is now the official language of Canada, while French is the official language of Indía. Those students have taken over all the housing and departments to bring in even more students.

Canada is turning into Índia; in fact, Hindi is now the official language of Canada, while French is the official language of Indía. Those students have taken over all the housing and departments to bring in even more students.

I live in the suburbs of Seattle. I need to win the lotto to move. I'm a sick vet that needs multiple surgeries. I apply for help in my home. All that I get assigned to my house are asylum foreigners that come in to pretend to work....my house is still dirty and they don't help me while I grocery shop...they sit all day SLEEP and play with their cell phones!!! As a vet I'm so close to give em a kick out the door But I just tell them that I have to take a short trip...tell them to go wait in there car till I get back ... I text the agency to tell them to clock out and go home. First time, I told one to leave my house, she SNAPPED on me.

NYC; inviting everyone in the World to come on in and whining when Federal $$$ are cut off to house them in luxury hotels. Dumb.

3:16 why do we have to care so much for the opportunities of foreigners? They have infiltrated our government and weaponized our care for them against us. Canadians are dying over it, being forced to forfeit our taxes AND healthcare AND police protection AND housing AND cost of living. they don't care for us at all. They have no care about our opportunities they only make demands. All they contribute to is the natural GDP of their being here. They think coming here to replace us makes them good people, and we should appreciate them for giving us all of this diversity. it's madness and half of my family died over it the past few years. please make them leave. Stop letting them in and get them out of our government.

THE PEOPLE WHO ADVOCATE NOT TAKING THEM INTO THEIR HOUSES.?

Obviously they are still paying hundreds of millions to house the illegals in hotels?? Doge what??

This is 100% Canadian immigrations fault. They know how many indians they should allow in per year. And that is dependant on the housing and work availibility. If there are Illegal Indians coming in with fake papers , then thats ALSO the fault of the Canadian immigration.

While I agree as we have the same problems with illegal Venezuelans. I am sure they are legal permanent residents. They are hard working people who are building Canada. Canada needed the skill sets and they took advantage of this. From the video -Who are the drug addicts? Who don't have housing? Canadians didn't want to study nor work and are paying the price.

HERE WE GO I HEARD SO LONG AGO THAT SOME PEOPLE ENTERING TO THE UNITED STATES OF AMERICA TRHU CANADIAN BIRDERS THIS IS SOMETHING THAT HAS BEEN GOING MOST OF THIS PEOPLE FROM INDIA,CHIN ,JAPAN AND PEOPLE FROM THE MIDDLE EAST REGION THAT IS A BIG PROBLEM BETWEEN THE UNITED STATES OF AMERICA AND CANADA AND THE ONES WHO CONTROL THIS ELEGAL PEOPLE SOME OF THEM ARE ON SOUTH AMERICA LIKE PERU,ECUADOR, COLOMBIA AND EVENFROM ARGENTINA AND CHILE AND THE ONE WHO BRING PEOPLE FROM EUROPE SOME OF THEM ARE POLISH MAFIA PALESTINIANS WHO WERE BORN IN GERMANY THIS IS SOMETHING THAT THE FEDERAL GOVERNMENT HAS TO BE AWARE, BECAUSE IS NOT ONLY PEOPLE FROM CENTRAL AMERICA OR SOUTH AMERICA, BUT PEOPLE WHO COMES FROM EUROPE ARE BRING IN BY THE CARTELS OF SOUTH AMERICA JUST TO LET YOU KNOW THEY WERE LEADERS OF THE MS 13 AND THE 18 MARAS FROM EL SALVADOR THE PROBLEM IS BIG IN OUR COUNTRY HAS BECOME THE EYES OF THE CARTELES, BECAUSE THEY KNOW IS A GOOD REVENUE FOR THEM. \nGOD BLESS YOU MR.DONAL TRUMP PRESIDENT OF OUR COUNTRY OF THE UNITED STATES OF AMERICA AND GOD BLESS MR.TOM HOMAN FOR THE GOOD WORK BEE STARED BUT IS SOMETHING IN BEHALF OF ALL OF US WHO LIVES HERE IN THE UNITED STATES OF AMERICA WHAT THE FEDERAL GOVERNMENT HAS TO DO TO CUT ALL KIDS OF AID TO THOSE CITIES WHO CALL THEM SELFS SANTUARY CITIES GOOD EXAMPLE IS THE MAYOR OF THE CITY OF CHICAGO WHAT THIS GUY HE BELIEVE HE US OR WHAT HE WANTS TO PROVE THE HE IS THE SUPER MAYOR AND RUN AGAIN FOR MAYOR I WILL TELL YOU THIS SOME MUSLIMS MUST HAS TO BE BEHIND HIM MAYBE BARACK OBAMA BECAUSE THIS GUY OBAMA CAME FROM NO WHERE AND WENT UP TO THE WHITTE HOUSE, SOME MUSLIMS LEADERS IN THE MIDDLE EAST ARE THE ONES WHO PUT BERACK OBAMA AS A PRESIDENT OF THE UNITED STATES OF AMERICA MOST OF THIS BLACK GUYS WHO ARE THE OWNERS OF BUSINESS HERE IN THE UNITED STATES OF AMERICA ARE NOT CHRISTIANS THEY ARE MUSLIMS JUST BE REAL CARFULL WITH THEM, BECAUSE O SAW TO MANY BEAUTIFUL CHINESE GIRLS BROUGHT TO THE UNITED STATES OF AMERICA ELEGAL AND GOT TOGETHER WITH BLACK GUYS HOW BECAUSE THERE IS A BLACK CARTEL TO REMEMBER WHEN THE CHICAGO BULLS BECAME CHAMPIONS 5 TIME REMEMBER ALL THE DAMAGE THAT WAS HERE IN THE CITY OF CHICAGO WELL THIS WAS ORGANIZED BY BLACK LEADERS, MUSLIMS AND WHO KNOWS HOW MANY OTHERS. \n❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤

If Canada took them in then they should feed and house them.

Adios! Maybe I can get a job now and some decent housing since I have been paying taxes for years and years.. Or maybe the govt can pay FOR my hotel fees, my food and everything else we give out.. Sorry, but it's time for survival now, it's me or you....and it has to be me in my world. Canada stand strong. Immigrants are welcome here but do it legally and contribute to our nation, not deplete it! We're drowning. Canada wake up!!!

Stop blaming Canada. If New York would stop housing them they wouldn’t have no reason to come to your crappy country ?. And thanks for all the guns you Americans are bringing into Canada.

It’s simple there are 4 family’s for every 1 house.

Absolutely that other comment was exactly right u break into someone's house u get arrested but u can break into our country already a criminal and your ny gov rewards them

Perhaps we could move them all to Trudeau's house

100% those immigrant advocate groups would not open their own houses to illegals. But want them to stay in the US as long as it doesn't affect them personally.

Send them to Trudeau's house!