A video has indicated many homebuyers in Canada are struggling
A video posted on social media by two Toronto realtors is being called out for “mocking” Canadians who are struggling to afford a home.
The video, which has now been deleted, was posted on October 4, showing Paige and Peter Torkan of Team Torkan, a real estate group, lip syncing to “Be Honest,” a song by hip hop artist Kid Ink, and making gestures to match the song.
The pair lip syncs to the lyrics: “Let’s just be honest, let’s just be real, you ain’t got no cash, you ain’t got no dollar,” and the video has an embedded caption saying: “When buyers start hunting houses without a sufficient dp [down payment].”
“Having a clear understanding of one’s financial situation, including down payment and pre-approval for a mortgage, is crucial before embarking on the home-buying process,” Paige wrote in the video’s caption with a crying-laughing emoji.
“A good real estate agent can indeed help buyers by guiding them through the pre-qualification process, ensuring that they focus on properties within their budget, and saving everyone’s time and effort in the long run. It’s a valuable step to make the home-buying journey smoother and more efficient.”
The video received comments criticizing the post, with many of the commenters emphasizing that Canadians are struggling with housing costs after the Bank of Canada announced a series of mortgage interest rate hikes in the past two years.
Homebuyers struggling with elevated rates
A recent Consumer Price Index report from Statistics Canada revealed mortgage interest costs have risen by 29.8% year over year, while rents have risen by 7.4%.
Another report from Ratehub.ca revealed a significant increase in the minimum household income required to secure a mortgage for the average home in many Canadian cities. For example, in Toronto, where the video creators are based, a homebuyer has to make $230,450 per year to afford a mortgage on an average home. Per Canada Mortgage and Housing Corporation data, the highest average family income recorded is in Toronto (North) at $196,463 and the average household income after taxes is $139,053.
According to a Daily Hive report, Peter Torkan is described on the Team Torkan website as the founder and managing partner of Agency Toronto, while his wife, Paige, is described as a broker of record.
A press release has revealed an Amazon Original Series titled Luxe Listings Toronto will showcase Toronto’s “high-stakes multi-million dollar listings” and the top Canadian realtors who list those properties, which include Peter and Paige Torkan.
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