The Largest CANADA REEL ESTATE HOUSING MARKET CRASH IS HERE... | What To Do Now?!

In this video, we take a look at the Canada Housing Market Crash 2023, and discuss why it is worse than initially thought, what it means, and how you can protect your wealth during this crisis & instead use this opportunity to make money.

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It was previously reported that TD expects a the Canada Housing Market 2023 to fall by about 15-20% in the coming year. Now the Bank of Montreal has released a report that claims the Canada home prices are some times more than 70% overvalued, which can be an indicator of a future correction. This means that the Canada Housing Market Crash 2023 will likely be much worse than what we initially thought.

As of now, the average price of a house in Canada has dropped more than 7% compared to this time last year. Given the various Canada housing bubble reports by notable banks such as TD and BMO, it is likely that the Canada housing crisis in only beginning, and the drops will continue in the coming year. In this video, we take a look at what steps you can take to protect your wealth, as well as take advantage of any potential opportunities that may arise in the wake of the Canada Housing Market 2023.

First, it is crucial to change your view on recessions and market crashes from one of doom and gloom. There is a famous example by Warren Buffet which states "When the price of Hamburgers drop everyone celebrates, but when the price of stocks drop everyone panics".

Second, it is vital to have a fully funded emergency fund, which covers at least 6 months worth of your expenses. During such times of uncertainty, when people are losing their jobs, having their income lowered, and their expenses upped due to inflation, it is extremely important to have enough cash on hand in a high interest savings account in order to protect yourself against financial ruin. Even if you have already saved up the equivalent of 6 months worth of your expenses, given the high inflation rate it is likely that your savings will no longer be sufficient for 6 months of your expenses. Therefore you should be looking to top up your Emergency fund, in order to make sure you have enough of a buffer zone to last you in case of disaster.

Next up, it is important to cut back on your expenses as much as possible. The average cost of living is currently rising due to the high inflation rate, which means that it is very important that you try to cut back on unnecessary expenses, in order to prevent your cost of living from increasing significantly. Particularly for those who live paycheck to paycheck, you can not afford to have higher expenses than before. Also many home owners have to pay higher premiums on their mortgages due to the rising interest rates, which means that you have to be smarter about how you spend in order to be able to afford the higher interest rate payments. As well as this, spending less will result in more cash in your pocket, which you could later use to invest during the Canada housing price crash 2023, as the price of homes in Canada goes down.

If you are planning on moving during the current housing market crash, you should make sure to first sell your current house before buying a new property. Most people opt to buy a new property before they sell their current primary residence, but this is not recommended during a housing market crisis, since doing so will put you in a very risky situation. Say you buy a new piece of reel estate, thinking that you will be able to sell your current house at a certain price, but then once you move to list your property on the market, you find that your house is worth far less than what it was shortly before. This scenario is definitely possible in a market downturn, and one that you should be weary of. As a result, it is recommended that during the Canada housing market drop, you look to sell your current residence first before buying a new piece of property as your primary residence.

Last but not least, you want to keep an eye out for good deals. In such times, there will be many reel estate properties going on sale at a discount, some may even be sold for pennies on the dollar as a foreclosure, not to mention that you will be able to invest into REITs for a cheaper price. REITs or Reel Estate Investment Trust, are collections of hundreds of pieces of reel estate, and investing into REITs will mean that you own a slice of each property, and you will receive a slice of the rental revenue as passive income.
0:00 Intro
1:23 1- Change Your View
2:29 2- Emergency Fund
3:31 3- Cut Back on Expenses
4:20 4- Sell Before You Buy
5:33 5- Look For Good Deals
7:08 Follow Me on Instagram!

Видео The Largest CANADA REEL ESTATE HOUSING MARKET CRASH IS HERE... | What To Do Now?! канала Shervin House