True Patriot Love - Is Canada’s Housing Market About to Break？ ft. Brian Jedan

00:00:00.000 And these poor people that own these properties, I mean, I don't, I would want to get out as 0.97

00:00:05.540 fast as I could because there is absolutely no one. 0.99

00:00:08.580 Did you read the agreement?

00:00:09.900 Did you happen to see the, it honest to God, you and I could write a better contract on

00:00:16.400 a cocktail napkin.

00:00:22.100 Just when they thought I was out, they pulled me back in, Brian.

00:00:26.760 Welcome, man.

00:00:27.720 Thank you for having me, Paul.

00:00:28.700 Yeah.

00:00:28.940 hey so uh i was actually getting ready for this show and i'm sitting there talking to ron he's a

00:00:34.420 new member of the team and he says to me real estate's really doing good in toronto and i was

00:00:39.800 like it is and i'm like so we got ready for the show and i was looking at it and i went back to

00:00:46.040 him i said ron i got some bad news for you man all your gains were wiped out in the first five

00:00:51.600 days of july so he's like what and he says well greater toronto home prices were wiped out

00:00:58.780 the five months of gains were wiped out in a matter of five days five days five days so basically

00:01:06.640 when the month started they got wiped out uh residential prices in the gta slipped 0.7

00:01:13.040 after plunging 27 from march's 2022 peak so everything that started the year off

00:01:22.980 unfortunately is upside down right now and the same it's interesting brian the same for

00:01:28.540 vancouver so you know you have this glut of supply of inventory on the market so you know you got

00:01:34.880 one line going this way inventory going up price is going down uh it's still going in the negative

00:01:40.560 direction well it doesn't seem like it's going to get any better anytime soon either

00:01:44.380 uh no no no no so inventory is going up nobody can afford it nobody can build no so everything's

00:01:53.060 it's going to be so bad and it's going to get it's going to happen so fast people have no idea

00:01:58.780 what's about to hit the market i know for a fact even on my side um dealing with home builders and

00:02:04.880 understanding the commercial and industrial um market a little bit that the home builders that

00:02:10.180 i know are laying people off and i'm not talking small companies i'm talking companies with 300

00:02:16.340 people and i know for a fact one of them let 30 of their staff go because they're just not prepared

00:02:22.160 to build right now it's too cost prohibitive nobody can get financing it's difficult to buy

00:02:28.320 you know for anyone to get a million dollar home on the average eighty thousand dollar a year

00:02:32.720 salary so i think that this is going to really put a big strain on the economy and it's just

00:02:39.240 going to be this cascading effect throughout the market i think a lot of people are going to get

00:02:43.920 hurt we're going to see a lot of people out of work i know that the union halls are full right

00:02:47.120 now with a lot of workers yeah so and if they can't afford to buy their house or pay for their

00:02:51.760 house they're the guys that drive the economy they are it's going to be a very interesting

00:02:55.780 takeaway over the next i think 12 to 18 months yeah yeah could be sooner and you know it's

00:03:01.440 you know interesting when i looked across there are pockets across the nation that still are

00:03:05.640 seeing some growth you know uh regina still seeing a little bit of growth you know calgary

00:03:10.960 still seeing a little bit of growth in pockets you do see some pockets still growing vancouver

00:03:15.740 is a mess like you know you and i talked about it before the show um the same thing as toronto

00:03:22.340 they're sitting 19 below their 10-year average no listings apartment sales are abominable they're

00:03:28.900 declining rapidly homes slipped 0.9 uh in july so wiped out all the gains for the year again

00:03:35.940 so you know your two major markets in canada right now uh just struggling um quebec is starting to

00:03:42.740 struggle a little bit you're seeing and it's interesting you know back to bc um tristan hopper

00:03:48.020 so he's been on the show, he's a friend

00:03:50.560 he did a great National Post article this morning

00:03:53.340 and I found it very bizarre

00:03:54.820 all this going on

00:03:56.520 and the province in BC

00:03:59.380 decides to move forward

00:04:02.860 with the treaty of

00:04:04.960 what was it?

00:04:06.800 120 hectares transferred

00:04:09.280 to the First Nations

00:04:11.520 around Victoria

00:04:13.380 which ended up including

00:04:15.900 uh the hatley castle which i thought was was kind of bizarre um and that has significance because

00:04:24.060 that was kind of the the supposed to be the place that harbored the king if something went down and

00:04:29.720 he needed to come to canada at one point in time in our history um and now it's actually uh been

00:04:35.660 moved over and so for those of listeners when i went and took a look i'm thinking wow what is what

00:04:40.800 is 120 hectares of land look like because when they when you get into hectares i always get

00:04:45.140 confused to how big that is right well that's bigger than the city of toronto the city of

00:04:50.460 toronto is what the gta is 100 square miles so i guess the city of toronto in there is how many

00:04:56.560 that's a massive amount of that is it's crazy it's 300 stanley park if you ever been to vancouver

00:05:02.640 stanley park yeah it's 300 times stanley park oh my god yeah that's how big of a so and on top of

00:05:09.820 that you know they still have that case um the cow cowichan tribes versus canada where they

00:05:16.000 basically took uh title precedent over they said that the first nation's uh title had precedent

00:05:22.520 over the bc land rights owners that's still sitting out there and what amazes me about that

00:05:27.920 is the government had no mandate to do that they just did it they they didn't consult they didn't

00:05:33.440 have a referendum they didn't hold an election they did nothing and these poor people that own 0.67

00:05:38.300 these properties i mean i don't i would want to get out as fast as i could because there is

00:05:44.380 absolutely no one did you read the agreement did you happen to see the no it honest to god you and 0.91

00:05:50.880 i could write a better contract on a cocktail napkin oh wow it was that pathetic the language

00:05:56.880 was poor it was just open-ended there is absolutely nothing in that document that is 0.88

00:06:04.080 bulletproof at all other than hey here's what we're doing and deal with it wow well you know

00:06:10.140 brian so it's interesting and i you know the sad part is when you look at this and i'm going to get

00:06:14.880 into a minute the uh build canada homes for a minute i'm going to talk about that but but you

00:06:21.500 know when you look at government and what happens you know they see these things happening you know

00:06:25.860 the market slowing as you mentioned um and then they try to step in and time and time again now

00:06:33.320 we see governments stepping into industries and I don't know why they are right and we're we're

00:06:38.400 going to be doing a show on that coming up because the Fraser Institute just published a report

00:06:43.280 showing the number of government bailouts that we've been doing over the last couple years

00:06:48.020 it's it's like 83 billion dollars in bailouts we've given but they're finding that they actually

00:06:54.660 hurt the economy so but we're going again we're about to we're about to put six billion dollars

00:07:00.220 into the market for low rental housing thinking that that's going to stimulate the market now

00:07:05.940 before before you go off on i just want to talk about but you know the interesting part about

00:07:11.760 this in my mind is you know they made this policy i talked about it back when they did the budget

00:07:17.780 so you know they did to their um credit they did put it in the budget that they were going to spend

00:07:23.760 the money on build canada homes they were going to spend you know 7.5 or 8 billion over three years

00:07:30.360 so they're starting to do it the problem is the markets moved right and so like a like a slow

00:07:39.100 moving vessel governments you know kind of go like this and they start to go like this and they're

00:07:43.560 moving but you know the problem is the waves and the tides are moving away from them and you know

00:07:48.700 so what's happening is the market's moved away so now you have declining immigration you know

00:07:54.060 drive around and look at all the private schools and the schools and the universities and the

00:07:58.120 colleges they're all closing shutting programs you know they're a mess right um then basically

00:08:04.700 uh look at the birth rates they're you know we're in the huge we're in the lowest quartile 1.00

00:08:10.260 in the world we're like japan and south korea and us yep um our aging population our older homes

00:08:17.140 now we have tariffs um and to your point early on we had cost of supplies that haven't changed

00:08:22.500 no so so now the problem is they made this policy thinking some of those things would

00:08:27.660 not be there or shift and now they're moving forward right so lo and behold and and people

00:08:33.800 are going nuts like people are people are starting like you look at the internet now

00:08:37.760 i went on for get ready for this show this gentleman who's now you know i don't uh the

00:08:44.400 Housing Minister, Gregor Robertson, he actually put in this gentleman, Yvonne Siddell.

00:08:53.360 And you look at the, he's the chair of Build Canadian Homes, Build Canada Homes.

00:09:01.120 And I got to tell you, I don't know if I'd want to be the chair at this point because it's, they're just scouring him across the internet.

00:09:08.300 Like the number of articles and the number of comments, it's unbelievable.

00:09:12.280 And, you know, I think part of it was he has a good background.

00:09:16.480 So his record is good.

00:09:18.360 Good.

00:09:18.960 He has lots of experience, right?

00:09:21.020 That's a better way to put it.

00:09:21.880 Yeah, lots of experience.

00:09:23.020 You know, he's been at CMHC, right?

00:09:26.700 And not that I love that group, but he's been at CMHC.

00:09:31.620 He's worked for Amco.

00:09:33.160 He's worked for Goldman Sachs.

00:09:34.620 He's worked for Irving Oil.

00:09:36.520 So he has a background.

00:09:40.120 You know, he understands the capital markets when it comes to housing.

00:09:43.200 A little nomadic, though.

00:09:44.320 Let's admit that he's been bouncing around from job to job, it seems.

00:09:47.820 It's not like he's...

00:09:49.080 Yeah, he's been around, right?

00:09:51.640 So he's had multiple jobs.

00:09:53.220 He's served for several years as special advisor to Kearney, right?

00:09:57.160 You know, I guess with the Bank of Canada.

00:09:59.960 You know, he has very interesting views.

00:10:02.560 So, you know, the Globe and Mail wrote an article,

00:10:04.940 and he has very interesting views on home ownership.

00:10:07.580 um you know in earlier in his career he gave speeches about the glorification of home ownership

00:10:14.340 the regressive canard that it is and basically described the dream of home ownership as static

00:10:20.600 and regressive it static and regressive right so you know so he has he has different views on it

00:10:28.460 and you read about this you know as we're going through so that's not helping you know this six

00:10:34.640 billion dollar uh i don't know if it's a bailout i guess it let's call it a bailout for now yeah

00:10:41.160 let's that's what it is right so it's not helping right the scuttlebutt so this gentleman basically

00:10:47.020 thinks that i shouldn't have the right to own a home or it's not something that canadians should

00:10:54.760 aspire to if i understand that correctly and then i'd like to know just from that very simple

00:10:59.600 question i think anyone should ask this guys can you tell me how many properties you own

00:11:03.420 where's your cottage I'd like to know well that's honestly and quite frankly that's um

00:11:09.200 you know probably uh love to get him on the show and love to get his point of view because

00:11:14.920 all over the internet they just you know uh from Sam Cooper to uh Black Locks you know they just

00:11:23.080 tons of opinions on this gentleman and his views so I'd like to you know it'd be great to get his

00:11:28.640 But right now, from what we can see, you know, they're saying that he's, you know, okay with the rental proposition for people on a long-term basis.

00:11:40.280 Let's put it that way.

00:11:41.460 But that removes the aspiration of Canadians.

00:11:43.520 That removes the aspiration of every, my teenage boys who are going to graduate and want to buy a home one day, and they know how difficult it's going to be.

00:11:51.520 They're going to have to work their butts off to get to that point.

00:11:54.960 And then to have someone come out publicly representing the government for, yeah, representing the government and what their thoughts are, to say, to put it into the ether that this is not, you don't need to own a home.

00:12:08.760 Why would you want to have land?

00:12:10.140 Why would you want to have property to raise your children on?

00:12:12.960 You know, and the other thing, do you remember there's the nine most terrifying words in the English language?

00:12:20.640 We're from the government and we're here to help.

00:12:23.700 So this is what I see happening here, right?

00:12:26.780 This is a horror show.

00:12:28.440 Once the government gets involved,

00:12:30.240 and the problem with the government,

00:12:32.400 like a bad gambler,

00:12:34.540 I used to love to play the horses,

00:12:36.040 love the buggies, love to bet on the buggies, right?

00:12:38.440 And I would go in and I would handicap to my heart's content

00:12:41.540 and I would find that one horse

00:12:43.200 and I'd bet on that horse

00:12:44.620 and I'd hit that horse a couple of weeks in a row

00:12:46.520 and I'd win some money.

00:12:48.320 But before I started and educated myself on how that,

00:12:51.500 let's call it market worked right i would go in and i'd bet 10 bucks across on a horse and i'd lose

00:12:58.340 then i bet 20 bucks across the next horse i'd lose then i bet 30 bucks across and just hoping

00:13:02.820 that i would hit and the problem with the government is that they're that kind of gambler

00:13:07.420 that's how they play with canadian dollars we didn't hit the mark on this one so let's double

00:13:12.040 down we didn't hit the mark on that one let's double down but it's not their money right it's

00:13:17.200 our money and our kids money and foreign investors money they're just taking everything they can

00:13:22.940 and trying to prop it up and i don't think that that's one it's not fair right and two i don't

00:13:28.840 think they have a mandate to spend our money like that they need to open up the free market and stop

00:13:33.740 getting into the market it's not their market to get into yeah no i agree brian and you know it's

00:13:40.300 interesting because you know now we're going so now we're in toronto and we're doing this uh you

00:13:46.360 You know, this, let's call it phase two bailout, because we've already been to BC, right?

00:13:51.680 We've already been to BC, and we already said, okay, we're going to bail out, you know, thousands of condos.

00:13:56.600 Now we're actually coming in, and we're going to actually, I think it's over 2,000 low rental units we're going to do in Toronto.

00:14:05.060 So here we are, and, you know, you look at it, and you think to yourself, wow, how can we afford to put this money into the market at this scale?

00:14:13.980 and what benefit is it to regular homeowners so this is where i can't figure out so six billion

00:14:19.900 dollar bailout between bc and toronto you know let's not even uh you know we talk about the

00:14:26.360 number of homes let's not even go there because i think you and i both know that it'll be it'll

00:14:30.660 be sorely less than what we think it is because once it gets being built with government subsidized

00:14:36.040 money there'll be fewer than we think agreed so but but whatever it is whatever number it's

00:14:40.960 thousands of units will be either bought up with existing condos that have gone under or not done

00:14:47.580 well in BC. So they're going to assume them and try to help the developers there. And they're

00:14:52.260 going to build new units here and also help developers that have suffered here. So that's

00:14:57.040 kind of what's going to happen. You take that money. How does that impact the market, right?

00:15:02.200 So it'll push down rents, right? Yes. And subsequently, then it'll push home prices down

00:15:08.720 because now you're going to you're basically going to compete you're actually adding more

00:15:12.160 inventory into the market so now you're going to push down home prices so probably good for

00:15:17.520 younger people agreed not great for middle age so people in the market now who have homes it's

00:15:23.440 probably not that great an idea so by creating government inventory you're going to push down

00:15:28.720 market pricing agreed i guess if that's the intention of it but you know is it who's going

00:15:35.840 going to push it down to it well exactly i have again it's this is it's a it's shooting craps

00:15:42.020 blind i mean i don't understand this at all it's for lack of better words again incomprehensible

00:15:49.600 i can't comprehend what they're doing no canadian can an economist might you might as a businessman

00:15:56.820 be able to decipher exactly what might happen why it's going to happen and what they're aiming for

00:16:01.580 But the average Canadian has absolutely no understanding, and that's one of the other problems that I think we're facing here, is that they're not giving a clear explanation to the blue-collar set, which is, you know what, the blue-collar set is everybody.

00:16:16.760 Nobody is as smart as they used to be.

00:16:20.780 Everybody's just so busy surviving that they don't have time to come home and dig in to what they're reading in the newspapers.

00:16:28.460 They don't have time to go on the government websites and read these proposals at length because they're hundreds or thousands of pages.

00:16:34.340 Nobody understands it.

00:16:35.420 Their MPs don't explain it.

00:16:36.580 Their MPPs don't explain it.

00:16:38.280 Their local government councilmen don't explain it.

00:16:44.020 Nobody really has any understanding.

00:16:46.380 And that's really the problem.

00:16:48.060 There's no education in any of this.

00:16:50.020 Well, it is.

00:16:50.960 It's interesting, Brian, you say that because, you know, it's funny.

00:16:53.240 I was you went to the actually the wrap up of the show I was going to actually say so let's go there

00:17:00.140 now because I want to go in a few other directions too basically why are they not telling us why

00:17:08.380 they're doing so the and I think they think they are so they came out you know the prime minister

00:17:13.920 came out and he said listen we need to buy affordable housing for our youth okay great

00:17:20.800 right that's one sector of the population i understand that we have new immigrants we need

00:17:25.880 to buy well new immigrants you know a lot of them you're telling us aren't going to get

00:17:30.400 citizenship so they're not going to be here right naturally the market would actually if if if 0.99

00:17:37.340 they're leaving and quite frankly there's not a demand for homes the pricing will naturally

00:17:42.980 organically go down right the market will balance out right yes yeah so if that's going to

00:17:50.680 happen quite frankly why do you need to step in to build more rental housing that's a really great

00:17:57.240 question but that's where i just explain that explain it explain it to us because quite frankly

00:18:02.460 if you explain that to us right you know if i know why you're doing it i say okay that makes

00:18:06.980 sense to me but don't tell me it's for young people because no it's not that i here's what i 0.95

00:18:13.060 think i the government gets involved in all kinds of stupid stuff that makes us all crazy we know 0.87

00:18:17.960 that um and i'm just i'm gonna go off on a bit of a tangent for a second just to explain where 0.88

00:18:22.360 my thought process is here a couple of years ago they get got involved in cryptocurrency and they

00:18:27.740 said you could only invest this many dollars per year if you're this type of person that many if

00:18:31.700 you're that type of person and this type right and the word they used they called them sophisticated

00:18:36.520 investors so a guy that swings a hammer all day long but does really good with his crypto

00:18:42.360 investments is now considered unsophisticated because he doesn't have a million dollars to

00:18:48.740 throw into it again so the government looks at the populace of canada and it's happened for years

00:18:54.320 and i don't care which government it is they look at all of us as unsophisticated boors who don't

00:19:00.200 understand anything and they bank on that they they make it confusing because they think we're 0.99

00:19:07.840 too stupid and that's a real problem in the country and we keep voting in the same people 0.99

00:19:13.560 over and over again same party it's the unit party the tri-party whatever we want to call it in 1.00

00:19:18.920 canada we vote in the same people over and over again most of them are useless in their day jobs 0.62

00:19:24.680 and that's why they run for office and then they tell us that we're unsophisticated well we're out

00:19:29.280 there grinding in the economy trying to make jobs for people trying to create things doesn't matter

00:19:35.180 I don't care if you're an artist.

00:19:36.260 I don't care if you're a sewer worker, right?

00:19:38.640 It doesn't matter. 0.97

00:19:39.600 Everything in between, those people drive the country.

00:19:42.880 But the government thinks we're all unsophisticated.

00:19:45.860 And I think that's a real problem.

00:19:47.680 How do we get the government to understand

00:19:50.480 that we're not unsophisticated people?

00:19:52.980 The Canadian population votes.

00:19:54.580 You trust us to vote.

00:19:55.480 We're sophisticated enough to vote.

00:19:57.440 So we're not sophisticated enough to handle our own money,

00:20:01.380 understand the real estate market,

00:20:02.860 understand the programs that you're putting in.

00:20:04.700 you can't explain it in blue-collar language well i think honestly i think at this point and

00:20:09.900 yeah i agree with you um they need to sit down and explain to us how each of these moves impact

00:20:16.680 the other and i think that's where you're starting to see the pushback it's interesting because you

00:20:21.600 know on the weekend it was all people are pushing back against the developer build canada homes

00:20:29.140 initiative they're starting to push back against that of course they are they don't understand it

00:20:33.820 they don't understand the zoning they don't understand where they're going to be built they

00:20:37.080 don't understand how it's going to impact their existing houses they don't understand how it's

00:20:40.980 going to impact their rental properties so you have to sit down and start to talk about it because

00:20:45.600 you know these people who are sitting there their only equity in their life is their homes

00:20:49.880 and now you're starting to impact it and they're seeing it go down naturally they've seen it go

00:20:55.180 down since covid so they you know we were all riding this big high where we thought we were

00:20:59.380 up at this huge number now we're slowly seeing that number go down so now we have to sit down

00:21:04.420 and talk about it so you know will they do that no i don't think so but i think it's going to be a

00:21:11.140 honestly brian i think what you're going to start to see is people are going to start to come out

00:21:14.740 and say ah i don't know you know i was okay if i you know when when and again that slow moving vessel

00:21:22.980 where you know in june the numbers were starting to uptick so i think they thought quite frankly

00:21:27.860 we could come bail all these developers out and no one is saying anything i didn't think i don't

00:21:31.680 think they thought that the numbers would fall in july and offset the gains that it made year to date

00:21:38.080 because now you have people worrying again so i think their timing's bad and i think because the

00:21:42.340 vessel's moving so slow their timing's bad and that's where it's creating the crash right now

00:21:47.120 between the the two entities the the homeowners and quite frankly the policies so i think you

00:21:52.800 have to come out and explain it more now there's a lot of scuttlebutt you know the tinfoil hat guys

00:21:56.980 are out there and they're throwing out you know this is done to bail out friends you know you're

00:22:01.820 hearing all the brookfield scuttlebutt again people are trying to connect transactions there's a lot of

00:22:07.580 that talk going on and that's a shame because that takes away from the narrative right and the

00:22:13.400 narrative should be how do you actually you know how do you build homes for young adults that's

00:22:19.120 one thing right the narrative is how you get people's equity out for people who are getting

00:22:23.720 older and you know transfer new homeowners into those homes and then you know for builders quite

00:22:29.440 frankly what do they build you know I don't know if there's anything to build at this point no

00:22:34.100 there might not be there might not be and so that point you have to be honest with them and say

00:22:38.260 listen you know you have to transition to commercial property you have to do something

00:22:44.080 else if you want to keep building or quite frankly you might have to move like I'm having

00:22:49.060 conversations with friends right now who are in the in the construction business and i'm saying

00:22:54.340 to them you know there's stuff happening on the east coast right now there's stuff happening in

00:22:58.660 the u.s right now maybe you need to pick up and get going well they're going to go where there's

00:23:03.780 money and they're not going to stay where it's restrictive and somebody's got their hand in

00:23:07.380 their pocket all the time and that's just the way that it's going to that's that's the nature of

00:23:12.820 construction in general it does they don't care about housing numbers or the need for houses

00:23:18.720 they care about the bottom the bottom line sure how much am i making what's my margin

00:23:23.740 right am i going to make it can i hire more people can we get this done cost of materials

00:23:28.480 all that stuff costs of permits and zonings and site plan approvals and everything else

00:23:34.360 all of that is what they care about and back to your point i wanted to ask you a question just

00:23:39.880 back to the point where you were talking about explaining to Canadians

00:23:43.300 and they've got to do a better job of explaining it.

00:23:46.340 I mean, TPL is a great platform where people can come

00:23:49.280 and learn all kinds of things every day.

00:23:51.880 So my question is this.

00:23:55.080 Do you think there's even a thirst for knowledge

00:23:58.480 amongst the Canadian population?

00:24:00.560 Because I think people have become or been driven into apathy

00:24:03.720 by the government.

00:24:05.200 No, I don't.

00:24:06.560 Okay.

00:24:06.860 And here's the reason why.

00:24:07.880 I'll give you my rationale.

00:24:09.880 I think when duplex and sixplexes and zoning bylaws changed in the different municipalities, I think you saw some places in Canada, people came to the table really quick.

00:24:23.720 So I think people are learning that they have to be more active because they're seeing changes.

00:24:28.640 They're seeing zoning changes all around them.

00:24:30.940 I think they are starting to wake up and realize that sometimes the government may not have their best interest at heart.

00:24:37.920 But I think they didn't think that. 0.91

00:24:39.880 think you're right i think for a long time you know it's that lemming yes you know it really is

00:24:44.920 that lemming philosophy they're all just following thinking you know that won't happen to me and then

00:24:49.540 they realized it was happening to them so i think they're all kind of slowly waking up kind of 0.85

00:24:54.320 figuring that out i think and you know that's a challenge right now and i think that slow moving

00:25:00.020 vessel is starting to intersect with that crowd who's starting to say no don't touch my home

00:25:04.940 equity um you know you can go build that low rental property you can put that shelter you can

00:25:11.340 do whatever you want don't put it here and and that's starting to have reverberations throughout

00:25:16.260 the marketplace and you can see it now is that going to be in time you know are they just going

00:25:21.460 to do it quite frankly and they're not going to care uh i don't know you know that's that's another

00:25:25.920 thing because you know they are late to the party right people were slow to respond and so and that

00:25:31.320 that traditionally is is what happens now you know all the the opposition to their credit they've

00:25:37.880 the conservative party has been very blunt about this they've asked for uh hearings they've asked

00:25:44.940 for committees they've asked for investigations they're not the majority party right now so quite

00:25:50.060 frankly everything they've asked for they've been turned down so you know and they've they've even

00:25:55.220 asked for investigations into different conflicts of interest with the prime minister those things

00:26:00.620 have all been kind of outvoted they've not gone to committees they've been all done so that's all

00:26:05.780 been washed off the table I still do think you know I don't know if you had a chance to listen

00:26:10.380 to Hunter Biden on Tucker Carlson this week I didn't listen to the whole interview but I watched

00:26:15.880 him on Candace Owens a few weeks ago when he did that first one yeah and you know what I thought he

00:26:20.920 was fairly good I was shocked I was shocked I was shocked too I was shocked too and you know

00:26:27.220 one of the things he did say you know he tried to set the record straight because you know the

00:26:31.380 the biden wealth train he tried to come out and say listen there was no biden wealth train

00:26:36.380 you know and now he of course he says there's a president trump train which is about three

00:26:41.520 billion dollars right yeah interesting but you know he does say that quite frankly by just some

00:26:48.080 simple legislation you could do away with all that speculation so i think quite frankly we on

00:26:53.900 the same train could do the same thing so get to get rid of all this tinfoil hat conversation

00:26:59.960 all it takes is some pretty simple legislation to actually cap off you know right yeah whatever

00:27:06.520 politicians can uh profit by from the information they garner right and i think we all agree i think

00:27:13.360 a lot of them would agree quite frankly you know that should be put in place as quickly as as we

00:27:18.900 can i think um just back on hunter biden i i was giving it some thought the other day when i saw

00:27:24.580 him making the rounds he is making the rounds um i'm actually pegging him to be the democratic

00:27:31.300 candidate oh 100 percent 100 percent they're they're aligning him beautifully the the poor

00:27:36.160 hard done by son of joe biden crack addict recovered what a great guy you know and that's

00:27:44.660 because i mean the dems have nobody yeah i'm going over to see republicans yeah right he's

00:27:49.720 going he's doing the republican round he's humble he's liked they like him right i know they do they

00:27:55.720 really do yeah yeah they do and he's he's he's much more likable than gavin newsom gavin newsom

00:28:00.900 doesn't stand a chance right and if it's just going to be gavin newsom uh alexandria ocasio

00:28:06.460 cortez and hunter biden i mean really that's the there's three horrible people but that's going to

00:28:13.300 be the candidate in my book so hey before and i wanted i wanted to talk to you about one other

00:28:18.700 thing and i think it's very interesting the foreign buyers so now this is another one so

00:28:23.920 the interesting so the foreign buyers restrictions are coming off oh interesting so that's an

00:28:30.920 interesting time so they're trying to figure out what the program is right now so again if we're

00:28:36.260 trying to maintain you know the the argument during and after covid was that foreign buyers

00:28:41.380 were escalating the price of properties,

00:28:43.120 therefore they're making, you know,

00:28:45.200 they're putting the market price

00:28:46.640 out of reach of the normal Canadian.

00:28:48.240 So that was the argument.

00:28:49.740 You know, the numbers they say don't support that,

00:28:51.980 I don't know.

00:28:52.920 Again, the numbers that they actually,

00:28:54.940 the problem with the real estate world

00:28:57.200 is a lot of the numbers that they produce

00:28:59.360 are amongst themselves, right?

00:29:01.060 So the verification of numbers in the real estate world

00:29:03.860 is hard to figure out.

00:29:05.240 You know, commercial real estate is total fiction.

00:29:07.700 Commercial, it's like Disneyland, you know.

00:29:09.480 You and I talked about it earlier.

00:29:11.680 You can be driving from neighborhood to neighborhood,

00:29:13.820 business park to business park,

00:29:15.120 and you can see leasing signs everywhere.

00:29:17.300 And now, if you listen to what they're saying

00:29:19.040 about commercial real estate,

00:29:20.760 they're saying offices are being rented out

00:29:24.020 at record amounts.

00:29:26.360 You know, warehouses are not empty.

00:29:29.660 No, not true.

00:29:31.060 Not true.

00:29:31.620 And we know that's not true.

00:29:33.020 I come from that industry.

00:29:34.560 That's total fiction, right?

00:29:35.800 What we're seeing in that industry right now

00:29:38.800 you have all these massive warehouses that were built they're all standing empty or many are

00:29:44.840 standing empty um in terms of uh retail it's crapshoot because businesses are closing down

00:29:50.900 every day they can't afford 19 22 25 bucks a square foot and it's crazy and 5 000 square feet

00:29:56.180 i don't know how they do it i don't know either you know what is thriving though small industrial

00:29:59.780 yeah yeah so small industrial you've got a small building with a low ceiling doesn't cost a lot

00:30:03.940 the heat you got 2500 square foot units up to 6 000 square foot units yeah you're gold yeah

00:30:09.360 gold you're you're and somehow warehousing is still bumping yeah yeah i don't know how i don't

00:30:15.460 know how that works i don't understand what's in that warehouse exactly i have no clue but you know

00:30:20.780 it's interesting so foreign buyers is back and you know as of january excuse me and they want to

00:30:27.600 follow the Australian model so in Australia basically if you buy more than 20 properties

00:30:35.220 if you buy vacant land then you can actually as a foreign buyer do it and there's a board you have

00:30:42.520 to go to and you apply so they're thinking about putting the same principles in place here in

00:30:47.280 Canada now you know what I put it out there and you know I love you know I always put this out

00:30:53.260 there on the shows anyone whether it be from build canada homes whether it be from cmhc whoever it is

00:31:01.200 we'd love to talk to you come on in let's get your point of view we really like to sit down and tell

00:31:08.220 your story because if the story makes sense i'm sure you can put a lot of this speculation this

00:31:13.660 tinfoil hat stuff to rest because right now when you go on and you take a look at it it's not good

00:31:20.100 and it's not good for the unity of Canada.

00:31:22.400 No.

00:31:22.800 Show yourselves.

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True Patriot Love - August 18, 2026

Is Canada’s Housing Market About to Break？ ft. Brian Jedan

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