The CRASH Of Toronto's Housing Market! - The Bubble Has BURST!
In this video, I talk with author and economic analyst John Sneisen about the continued and alarming crash of the Toronto real estate market as home sales plunge to their lowest in 20 years.
We warned for a few years that the Toronto housing market was clearly bubbled and people told us we were wrong and that it would keep going up. Well it has been in a steady fall for over a year now and it's no doubt that it's falling at historic levels.
Condo sales for quite some time were the only thing going up in Toronto as people were moving from detached homes to condos of lesser value, but even condo sales are falling as unsold condos pile up.
We can thank vast centralization of markets and the crazy attempt to raise interest rates perpetually in order to protect the economy from deflation and negative rates.
On top of this, we've got the return of collateralized debt obligations and mortgage backed securities that we saw in the United States in 2007 leading up to their housing crisis which Canada printed away, pushing off the inevitable even longer which creates even further instability in the markets and economy.
There is a countdown happening worldwide thanks to governments and central banks and the everything bubble is on the inevitable verge of popping. From real estate markets around the world to the auto bubble, pension bubble, student loan bubble, stock market bubbles, derivatives bubble, currencies crashing, banks are bankrupt, it's all coming to an end.
Individuals must be responsible and self sustainable for their own sake. It comes down to those watching us, not some centralized force. Do not be dependent, protect your purchasing power. You house is not an asset. Understand money and your money and those who control the money won't control you.
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We are seeing a slow down in bigger markets. Smaller markets especially in the Southeast United States still seem strong. In Columbia SC we are still in a good sellers market. Not a crazy market but one in which people can sell fairly easily if the price their home right and have it in sellable condition.
Thanks for the informative posts josh, I presume you heard about the Chinese real estate market, where they built high rise apartments in excess and sold them to investors. They stand empty as an investment, and then the govt cut the prices by something like 60% overnight, causing a bit of a riot, among other things.
This is all adding to China's slowdown and probable crash, taking the rest of us with it.
I learn a lot from your videos, many thanks again.
I see opportunities .