Juno News - August 28, 2023


Canada may have the largest housing bubble OF ALL TIME

What the Jordan Peterson ruling means for free speech Trudeau once said Canada was genocidal. Now, he says it's the ＂best country in the world＂

Episode Stats


Length

9 minutes

Words per minute

189.1

Word count

1,887

Sentence count

—

Harmful content

Hate speech

1

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Canada is sitting on the worst housing bubble of all time, with demand surging past available housing supply as record numbers of immigrants come to the country looking for a home. And with fewer and fewer homes being built, we are well into the territory of disaster when it comes to the housing market in Canada.

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 how big of an issue and concern for you is housing in this country according to a new report from
00:00:12.000 bnn bloomberg citing a strategist canada is sitting on the worst housing bubble of all time
00:00:18.720 with demand surging past available housing supply as record numbers of immigrants come to canada
00:00:24.640 looking for a home and with fewer homes being built we are well into the territory of disaster when it
00:00:31.440 comes to the housing market in canada strangely as the situation has spiraled out of control due to
00:00:36.640 reckless federal policies like mass immigration and wasteful spending which has triggered higher
00:00:42.480 borrowing costs the feds a few weeks ago announced that actually housing was primarily the responsibility
00:00:49.520 of the provinces and not a federal issue housing isn't a primary federal responsibility but then
00:00:55.920 a few weeks later the feds convened a housing themed cabinet retreat to try to solve the problem are
00:01:02.320 there a bunch of headless chickens running this country right now not knowing who's responsible
00:01:06.720 for the problems that they're all creating i don't know about you but it certainly feels that way
00:01:10.880 for me young canadians can no longer afford to buy a home which means most young canadians will be
00:01:15.920 renting forever which also means that they will have to put off retirement for many years because
00:01:21.360 owning a home and building equity in that home used to be a conventional way that canadians could
00:01:26.960 retire we're not just dealing with a housing issue when young canadians no longer have hope and dreams
00:01:32.240 for the future despair and depression kick in and if you don't think that will have an impact on the
00:01:37.520 economy then you'd be kidding yourself in fact things are so bad that canadians are now glorifying
00:01:43.200 the so-called van life making tick tocks and videos celebrating how great their life is living
00:01:50.160 in the back of a van or a car stick around to see this depressing new trend being glorified somehow as
00:01:56.240 a smart and modern way to live drop a like in the video help us out with subscribing to the true north
00:02:01.360 youtube channel and the common question for the episode is this is housing affordability your number
00:02:07.600 one concern let me know in the comments and let's get into it take a look at this article published in
00:02:12.320 bnn bloomberg last week canada likely sitting on the largest housing bubble of all time the canadian
00:02:19.120 housing market is at high risk of unraveling according to one expert the level of debt that
00:02:24.000 canadians have taken on in comparison to their incomes has put many in a precarious position should
00:02:28.880 mortgage rates continue to rise which is likely philip colemar partner at mrb partners told bnn
00:02:35.280 bloomberg in an interview on tuesday that strategist went on bnn bloomberg to give an interview
00:02:40.800 discussing the situation canada is in right now take a look at this the worst part for a housing
00:02:46.800 bubble is when you have a credit bubble underneath it and and the amount of canadian leverage into the
00:02:51.680 system versus incomes is is pretty astronomical and we've seen debt servicing going up dramatically
00:02:57.760 we've seen it's very hard a lot of homeowners they don't they don't benefit from 30-year fix like
00:03:02.160 the united states does yeah um so there was a lot of floating that got reset there's a lot of other uh
00:03:07.280 uh that are within rolling over within five years and we've been a couple years of this higher
00:03:11.200 interest rate environment so we have some risks in the situation we see the canadian banks really
00:03:15.120 not wanting to allow it to topple they've been trying to extend these things um but that's you
00:03:19.120 know in many ways um at some point it will we've got wildy coyotes sitting over a cliff and the bank's
00:03:25.120 trying to hold the plank out to hold it up but uh not to not to be too scary but uh but there is a risk
00:03:29.680 definitely a risk here that if mortgage rates go higher or unemployment were to rise when we hit the next
00:03:34.560 recession then this thing does end up in a delivery cycle so not only are canadians at high risk of
00:03:40.000 defaulting on their mortgages because underneath this housing bubble is a credit bubble fewer and
00:03:45.520 fewer homes are being built despite record numbers of people coming into canada and demand for housing
00:03:52.720 surging in july housing starts dropped by 10 percent the month prior which is actually still above the
00:04:00.320 market expectation the total number of homes built in urban areas in the month of july was down by 11
00:04:08.080 multi-unit urban homes dropped 12 percent and single detached urban homes dropped by four percent and
00:04:15.440 because interest rates are so high one in five home builders in canada are cancelling their bills
00:04:22.480 cancelling their projects but what are the solutions that we're seeing being put on the table when it
00:04:27.600 comes to this issue well it looks as though no one is talking about trying to stop the surge in demand
00:04:35.680 by cutting immigration we know that worked well in the 1970s during a housing crisis but both
00:04:42.160 justin trudeau and pierre pauliev want nothing to do with cutting immigration levels on the other side
00:04:48.160 it looks as though both parties have a consensus in building high density vertical housing around public
00:04:55.840 transit systems pierre pauliev wants to incentivize municipalities who build more homes and withhold
00:05:02.080 funds from municipalities who don't build but is it really the ideal in this country of working
00:05:06.480 extremely hard for your entire life just to live in a tiny box in the sky with hundreds of other
00:05:11.280 people rubbing shoulders with one another do we really want to see high rises popping up closer and
00:05:15.920 closer to our beautiful rural land in this country but where are these young canadians going to live 1.00
00:05:21.040 when they can no longer afford to pay for their mortgage and are forced to leave their home or in the
00:05:25.360 case of most young canadians won't be able to afford a home in the first place it looks as though
00:05:31.040 they're resorting to living in their vans and cars and many of them are now resorting to making a career
00:05:37.200 out of living in their van they're sort of van life influencers what a sad state of affairs our
00:05:43.680 country is now in but you take a look at these videos and let me know if you think any of this is
00:05:47.840 normal at all this is how i sleep in my bed first i jump back here like a mother frog and i tilt it
00:05:57.520 i tilt it back forward what and then i shove this down here and tuck it in real good and then i can
00:06:04.080 straighten out my legs like so but when i get cold i get my sleeping bag which is good for anything above
00:06:11.520 uh 20 degrees and so i zip it up and i lay back and then i roll down the window and then i woosah
00:06:19.200 just be warned i don't live in like a normal apartment this is my place right here where right here
00:06:27.840 welcome to my tiny home on wheels make yourself at home love it how long have you lived in it so it's
00:06:34.240 actually been two and a half years in this it's not just vancouver my husband and i have lived in
00:06:38.720 three countries in this thing um 15 states two provinces and we just got back from mexico last
00:06:44.080 week underneath this seat here is the closet here is our pantry so this is the whole kitchen area
00:06:51.760 an induction stove and a fridge right here as well hi i'm brooke and i live full time in my
00:06:56.560 suv with my dog pippa and this is quite literally how i poop this is how i do it i get a tall kitchen
00:07:02.720 bag i find that this size for some reason just works the best then i rip the seam on the
00:07:08.560 side so i can adjust it so it can fit my body i then just will simply pull it around my body squat
00:07:19.120 down just like you would if you were outside pull it up in the front in case i also need to pee and
00:07:26.400 then just poop right in the bag then i have some rocks in here to show you i tie off the bag as close
00:07:32.000 to the poop as possible so it's nice and sealed in there then i put it into a tupperware container
00:07:37.920 where i also store my dog's poop for the day somebody has to fix this situation this is not
00:07:48.080 normal this is not good not good at all van lifer who lives in downtown toronto it but she's very proud
00:07:56.160 of it you see it's become this new thing where they're like look at how cool this is guys you
00:08:00.880 should do it too you should live in your car like me and i moved the van from the parking lot that we
00:08:05.920 were in onto the street that's right in front of me yes i know this seems silly but there's a permit
00:08:11.440 system so you can't park there before 10 a.m so at around 9 45 i'll move the van there and once i know
00:08:17.360 we're not getting a parking ticket i'll do my skincare in the back brush my teeth don't forget sunscreen
00:08:22.880 then i get dressed do my makeup and get ready to head out to a cafe to do some work it was beautifully
00:08:28.640 crisp sunny winter's day and the cafe that i went to work at had a vegan apricot danish so i got a
00:08:34.480 danish and an oat latte and i sat in the cafe for about five hours doing schoolwork and that was my
00:08:40.000 morning she goes to study at a vegan cafe where she'll get her oak latte and she'll get her vegan
00:08:46.960 croissant and she's gonna sit there and study and but she really wants you to like almost embrace
00:08:52.800 her lifestyle do it too uh no thanks i think that that's probably not the highest ideal in life
00:08:58.960 but the success of these videos is speaking to a larger trend the reason why it's successful is
00:09:03.760 because it's relatable to so many people people are now having to live in their cars and vans
00:09:08.720 because they can't live in a house i mean it's a horrible situation i can't believe what we've come
00:09:13.600 to in this country that this is now being glorified we're getting lessons on how to live in the back of
00:09:19.120 your car and and how to get yourself your extra leg room where you can sleep and then go to the
00:09:24.480 cafe to get your latte your vegan latte look this situation needs to be solved it's getting out of
00:09:30.400 hand it's getting out of control no hope and no dreams for young canadians because they're giving up
00:09:35.440 on home ownership and instead are looking for alternative solutions like living in the back of a
00:09:40.800 van all right everyone that's gonna do it for us today on the show thank you so much for tuning in
00:09:44.720 my name is harrison faulkner and this is ratio