How Does Trump’s Win Impact Canada?

[00:00:00] Welcome to the Canadian Real Estate Investor, where hosts Daniel Foch and Nick Hill navigate the market and provide the tools and insights to build your real estate portfolio.

[00:00:12] Breaking news.

[00:00:15] Just kidding. You probably already know this happened.

[00:00:18] So Donald Trump was elected to be president of the United States of America, but you should already know that.

[00:00:25] Well, apparently a lot of people didn't search interest for did Joe Biden drop out is spiking on election day, even though he withdrew a few months ago at this point.

[00:00:38] How nice would it be to be living in such a blissful state of ignorance that you didn't know that until election day?

[00:00:45] But anyway, they must not have a hard time sleeping at night.

[00:00:49] Welcome to our latest episode where we dive into a topic that has been on probably everyone's mind, at least for the last few days.

[00:00:58] What does a Trump presidency mean for Canadians as the political landscape south of the border takes a dramatic shift?

[00:01:08] We are here to unpack the potential ripple effects that could reach here on our Canadian shores.

[00:01:16] From trade relations to immigration policies, from energy deals to economic impacts.

[00:01:21] I would say the implications of a Trump administration could be far reaching for Canada, whether you are a policy wonk, a concerned citizen, or just curious about what the future might hold.

[00:01:31] This episode promises to deliver insights that matter to you.

[00:01:34] We'll be cutting through all the noise, setting aside politics and partisan rhetoric and focusing on the real world consequences that Canadians might face with, of course, a special focus on real estate.

[00:01:50] So buckle up as we embark on this journey to understand the complex interplay between American politics and Canadian life.

[00:01:58] Get ready for an eye opening discussion that will leave you better informed, prepared for what may lie ahead.

[00:02:06] And make sure you stick around for the number 10 because we're going to be talking about the biggest real estate investment opportunities that could come from this.

[00:02:15] So here's what we're going to cover today. We're going to cover tariffs and the trade war, Keystone XL, which is already being discussed again, the US seeing record Google searches for move to Canada.

[00:02:26] We'll talk about potential migrations, including deportation promises, asylum, Roxham Road, changing culture around migration in the Western world, changing culture around government spending, potential reduction, efficiency and austerity.

[00:02:40] We're going to talk about global markets being bullish on the USA and the USD, which kind of means everybody else is seeing reduced demand for bonds and currency.

[00:02:50] Stocks and crypto started ripping Canada's bond yield curve jumped up in the Canadian dollar is at a one year low.

[00:02:56] There's likely more stimulus on the way for those markets.

[00:02:59] China will probably have to amp up their stimulus and kind of global performance a lot, mostly bad things, I would say.

[00:03:08] But in the fullness of time as their biggest trading partner, if the US is succeeding and recovering, maybe we will see the same.

[00:03:16] And then the final one is, will the US demand more military spending from Canada?

[00:03:22] We already know that this was promised by Trudeau to Biden, but is that an opportunity for the military cities in Canada?

[00:03:29] Yeah, love that. So let's start with trade relations here, Dan.

[00:03:34] I'm going to read a couple of headlines that just hit.

[00:03:38] This first one is from the star and it reads, Trump says the US has been screwed by Canada.

[00:03:45] So brace yourselves for a full on trade war.

[00:03:49] That does not sound too fun.

[00:03:51] Bloomberg commented on the trade relations as well.

[00:03:55] Former US ambassador questions Canada, US trade relations after election.

[00:04:00] Global Trump's America first agenda, a threat to Canadian US trade.

[00:04:06] That's from Alberta, Albertan business leaders.

[00:04:09] And then of course, CBC jumped in and gotten in the mix.

[00:04:13] Canadian trade survived the first Trump presidency.

[00:04:16] Here's how it can survive.

[00:04:18] The second is industries in Canada know Trump is threatening tariffs, but this time they have a plan.

[00:04:25] So Trump says that the US has been screwed by Canada.

[00:04:29] Brace yourselves for a full on trade war.

[00:04:31] You know, that could be pretty nerve wracking for some people, right?

[00:04:38] I mean, the States is quite literally 10 times the size as we are.

[00:04:42] We don't want to we don't want to mess with big brother.

[00:04:44] Now, some key points from this article, Dan from the star is that Trump's reelection as US president raises concerns of that possible impending trade war with Canada.

[00:04:56] He does plan to impose 10 to 20% tariffs on US imports, potentially damaging the $900 billion trade relationship between our two countries.

[00:05:09] Canada may also face pressures to make concessions in areas like the dairy market access and digital services tax stations while also being expected to increase military spending and critical mineral production.

[00:05:25] And alas, Canada is growing accustomed to being bullied by large, powerful nations such as China, India, and I guess soon again, the United States.

[00:05:39] That's a that's an exact quote from the article, which I just thought was really funny.

[00:05:44] Anyway, I think bullying is not good.

[00:05:46] Not on the playground, not on the world stage.

[00:05:48] Just stop it.

[00:05:50] Yeah.

[00:05:50] And I guess Trump's like a kind of a leading cyber bully with his Twitter antics.

[00:05:55] So the the exposure here is important from my perspective.

[00:05:58] Another important part of the article says that in recent report from Trevor Toome, who's consulted, he's one of my favorite economists on Twitter, actually.

[00:06:07] But on US Canada trade relations, he found that half of all two way merchandise trade between the two countries consists of businesses exporting to related companies in the other country.

[00:06:19] Let's hop to the next article here, which is from BNN Bloomberg that says former US ambassador questions Canada US trade relations after the election.

[00:06:29] So, I mean, I think from my perspective, this one just really strengthens the resolve that there's some some fear that, you know, that Trump's tariffs and stuff like that could be net negative, probably in the fullness of time and the immediate for for Canada.

[00:06:49] But I think in the long term, probably not so bad.

[00:06:51] And, you know, there's some discussion about Keystone XL, which we're going to get to.

[00:06:55] So it could be, you know, maybe a shift for Canada, who's obviously a resource producing country and has a pretty strong oil sector could be could be bullish in that regard.

[00:07:04] But that's a much longer term outlook, right?

[00:07:08] Yeah.

[00:07:08] I mean, all of this stuff is is longer term outlook.

[00:07:12] Dan, we usually say not financial advice.

[00:07:15] I guess we should say not none of this is financial advice, nor does this reflect any of our personal political views, which are going to remain out of this episode.

[00:07:24] Just as always, we are trying to bring and decipher as much of this information as possible.

[00:07:30] Anyways, the next piece here, Trump's America first agenda poses a threat to the Canada US trade.

[00:07:37] And that is from Albertan business leaders.

[00:07:39] Dan, you were just talking about oil.

[00:07:40] Obviously, a lot of the oil here in Canada comes from the province of Alberta.

[00:07:45] So some key points from this article from Global News.

[00:07:50] Donald Trump's re-election raises concerns about potential negative impacts on Alberta's trade with its biggest trading partner, the United States.

[00:08:00] And Trump's America first agenda really emphasizes economic protectionism and tariffs that could significantly affect Canadian exports, particularly in sectors like energy, agriculture and critical minerals.

[00:08:16] So basically, a lot of the prairie provinces, basically all the way over to Ontario, where we're mining and potash and wheat and dairy and oil make up a lot of our GDP and business and exports.

[00:08:30] That could be a pretty bad thing if these tariffs come into play.

[00:08:35] And Alberta business leaders did comment on this, calling for a unified, quote unquote, Team Canada approach to navigate these challenges that are potentially posed by Trump's policies and to protect the $156 billion worth of exports to the United States.

[00:08:54] Yeah, it's funny.

[00:08:56] Like everybody shipping the tweets out the day after the election, like they seem very, I don't know, butt kissy, I suppose.

[00:09:05] Just so many of the congratulatory tweets.

[00:09:07] I guess it's good sportsmanship.

[00:09:09] Okay, next article says, Canadian trade survived the first Trump presidency.

[00:09:13] Here's how it could survive the second.

[00:09:15] Industries in Canada know that Trump is threatening tariffs, but this time they have a plan.

[00:09:20] Obviously, they survived last time.

[00:09:22] They're preparing for obviously potential trade disruptions as the US presidential election when it happened with failures of tariffs and trade barriers resurfacing a little bit.

[00:09:34] They have experience because they've been through this before.

[00:09:38] Industry leaders emphasizing the importance of highlighting interconnectedness.

[00:09:41] And the best quote I could find from that article is,

[00:09:44] we managed to show them that their interests were better served with us than any other partner that they have.

[00:09:49] And that's from Flavio Volpe, president of Canada's Automotive Parts Manufacturers Association.

[00:09:55] So it could obviously significantly affect, based on these articles, Canada-US trade relations.

[00:10:01] Potential renegotiation or withdrawal from like the USMCA.

[00:10:05] That's what Trump did during NAFTA, I think in 2017 they exited.

[00:10:10] Increased tariffs, particularly in sectors like steel, lumber and automotive and possible trade disputes that could create some economic uncertainty for Canada.

[00:10:19] Let's hop over to energy and the environment here, Nick, because I think this one's obviously a little bit more positive.

[00:10:25] Yeah, let's hope so.

[00:10:26] Trump's energy policies could also have an impact on Canada.

[00:10:30] One of them is a potential revival of the Keystone XL pipeline project.

[00:10:37] On his fourth day in office, Trump signed an executive order to allow the Keystone XL pipeline to move forward.

[00:10:44] That was several years ago on March 28th of 2017.

[00:10:48] Now, divergence in climate change policies and environmental regulations.

[00:10:55] Trump is going to ramp up US oil and energy production.

[00:11:00] Well, at the same time, we are scaling ours back.

[00:11:05] So the oil and gas emissions cap might be Trudeau's last chance.

[00:11:10] That's from the National Observer.

[00:11:13] Yeah, I think that one's kind of an interesting article.

[00:11:17] Some key points there.

[00:11:18] The federal government's emissions cap on oil and gas producers sort of formalized promises made by companies.

[00:11:24] This is a new thing, obviously, and address the rising emissions despite previous commitments.

[00:11:29] Alberta Premier Daniel Smith opposed the cap and advocates for increased oil and gas production, ignoring global trends towards decarbonization.

[00:11:36] The article suggests that the Trudeau government should focus on the issue, potentially replacing the carbon tax with industry-focused measures to clarify the stakes for voters in the next election.

[00:11:46] Yeah, and the kind of overall industry response has been a bit of an interesting, bit of a funny one.

[00:11:55] From Reuters reads, some Canadian oil firms simply await Trudeau's fate rather than cut emissions faster.

[00:12:05] I thought that was pretty funny, actually.

[00:12:07] Yeah, playing hardball, I guess.

[00:12:10] Yeah, yeah, for sure.

[00:12:14] I guess we'll just jump quickly to the next one.

[00:12:16] Immigration.

[00:12:17] Trump's stance on immigration, obviously, is pretty clear, but it could have some effects for Canada.

[00:12:22] A potential increase in immigration to Canada from the U.S. and other countries in a handful of different ways that we're going to discuss.

[00:12:28] Possible strain on the Canadian immigration system and resources, especially from illegal migration, people claiming asylum or refugee status, kind of resurrection of the Roxham Road issue, which we're going to dive into a little bit.

[00:12:42] More likely now than ever, we won't actually see the government capable of reaching their population growth reduction targets from my perspective.

[00:12:52] Yeah.

[00:12:53] Yeah.

[00:12:53] Now, Dan, this next piece here, this is one of those things that you can very easily get in trouble for talking about.

[00:13:02] And we don't like to get in trouble on the show, do we?

[00:13:05] We save our trouble for when we're not speaking to our thousands of amazing listeners across the country.

[00:13:11] So instead of using our own words here, we are going to read some headlines again.

[00:13:16] This one is from the Globe and Mail.

[00:13:19] It reads, Canada is preparing for an influx of U.S. migrants facing deportation after Trump's victory.

[00:13:26] And CBC said that months after closure of Quebec's Roxham Road, more asylum seekers are actually arriving by air.

[00:13:37] And Global went on to say that there's huge implications for possible B.C. immigration impacts.

[00:13:45] And City News went on to say that Canada is now bracing for the impact of U.S. election on immigration.

[00:13:52] So this seems to be, whether it's me reading the headlines or the people writing these, this seems to be kind of a general concern in the mainstream media here in Canada.

[00:14:03] Yeah, it's definitely been acknowledged as a key factor.

[00:14:06] So I'm going to quickly just dive right into these articles.

[00:14:08] So the first article is Canada is preparing for an influx of U.S. migrants facing deportation after Trump's victory.

[00:14:16] Key points from this article is the potential impact.

[00:14:19] Obviously, RCMP in Quebec has already prepared contingency plans for possible influx of migrants from the U.S.

[00:14:25] The Quebec Premier Legault warns of turbulence at the border, citing integration capacity concerns.

[00:14:33] And Bloc Quebecois leader Blanchet raised concerns about Canada's preparedness for potential mass migration.

[00:14:43] So give me some context on kind of like the size and scale of this deportation that Trump has pledged in the U.S., Nick.

[00:14:51] Yeah, well, it's no small feat here.

[00:14:58] He has pledged the largest deportation in U.S. history, which is kind of mind-boggling when you think about it, targeting an estimated 11 million undocumented migrants.

[00:15:11] 11 million.

[00:15:12] Again, largest deportation in U.S. history.

[00:15:15] We'll see how this all plays out.

[00:15:16] Again, this is all emerging stories.

[00:15:18] These are all, again, kind of breaking news articles, a lot of speculation here.

[00:15:22] However, the Canadian government, upon seeing and hearing some of that rhetoric, has assured us it will maintain control of our borders and immigration.

[00:15:31] Yeah, I think, you know, I think it was J.D. Vance who had said that they were capable of kind of executing on that planet per the tune of like 1 million deportations per year.

[00:15:41] So the question becomes like what percentage of that is people who end up fleeing to Canada when they're chosen to leave if they want to kind of like maintain that position that they have in the Western world.

[00:15:51] Deputy Prime Minister Freeland reassured government control over the borders.

[00:15:54] It's crazy that we're even having these conversations like just to hear that you're hearing politicians already being involved in this as if it's like this is something that is going to happen.

[00:16:03] So they increased surveillance, additional police from other provinces, and this is at the Quebec border crossing.

[00:16:10] And the scenario is ranging from new families to hundreds daily.

[00:16:14] If you want some historical context, like this has happened in 2017 after Trump was elected last time.

[00:16:19] There was an influx of Haitian migrants at Roxham Road.

[00:16:24] The government agencies prepared to respond and adapt in that way.

[00:16:28] And there was an immigration lawyer cited in the article who said that he's already seeing a huge potential of mass arrivals with asylum claims from the U.S. are rarely approved, but they may provide a temporary stay.

[00:16:40] And you mentioned another article, which was the closure of Quebec's Roxham Road.

[00:16:47] But then asylum seekers basically just started arriving by air rather than – so Roxham Road is this like road that goes from New York State to Quebec.

[00:16:55] And a lot of people were using it to get into Quebec.

[00:16:59] And it had like this whole system built.

[00:17:01] We'll get into it actually.

[00:17:02] So give me this subheading here and some of the other details.

[00:17:05] Just to give people like I think this is important context because a lot of people talk about migration population growth as if it's such a substantial piece of Canada's real estate.

[00:17:14] And I don't disagree, to be honest.

[00:17:16] So I think we should really chat on it.

[00:17:19] Yeah, no, agreed.

[00:17:20] Okay, so this next subheading here says more than 4,000 asylum claims processed at Canadian airports in June alone.

[00:17:29] And that is up from 1,300 back in January.

[00:17:33] So some key points from this article on asylum seekers are that asylum claims did drop in March 2023 with a deal of the U.S., but they are on the rise again.

[00:17:45] And that deal that I just mentioned was the closure of Roxham Road, which Dan just explained.

[00:17:51] Then in June 2023, that number was back up to 4,350 claims that was processed at airports.

[00:18:00] So not ground transportation anymore.

[00:18:02] And those were mostly processed in the provinces of Quebec and Ontario.

[00:18:08] A safe third country agreement now applies to the entire Canada-U.S. border with refugee support organizations in Montreal reporting high demand for these services.

[00:18:20] And we actually saw this, Dan, in one of our favorite markets, Cornwall, which is right on the border.

[00:18:28] Very close.

[00:18:29] It's in Ontario.

[00:18:30] Very close to Quebec.

[00:18:32] Right on the U.S. border.

[00:18:34] There's actually a bridge that goes right from Ontario, right out of Cornwall, right into the United States.

[00:18:40] And just because Quebec takes any English-speaking migrants to Ontario, they might end up there first.

[00:18:47] So this increase is attributed to, again, global displacement crisis with, unfortunately, this is another really sad but kind of crazy statistic, 110 million people displaced worldwide.

[00:19:31] Yeah.

[00:19:32] So 10x, almost a 10x increase as a result of the policy or sorry, the election of Trump from 2016 to 2017 last time.

[00:19:46] So, you know, you could imagine if the outcome is the same today.

[00:19:50] Yeah.

[00:19:51] So again, going back to 2017, Quebec saw 18,836 people cross through Roxham Road.

[00:19:58] And Roxham Road was, again, that kind of loophole in that safe third country agreement, which requires asylum seekers to claim protection in the first safe country, which in this case would be Canada.

[00:20:13] 95, over 95,000, 95,610 irregular asylum seekers used Roxham Road before its closure back in March of 2023.

[00:20:23] And the road transformed from rural to processing compound for asylum seekers.

[00:20:30] It really changed the landscape over there.

[00:20:32] Yeah.

[00:20:32] Apparently there was like, you know, like a whole like tent cities and a bunch of stuff like that.

[00:20:37] So, and also I think that that number obviously is going to end up being misstated.

[00:20:41] You would likely have like, that's 95,000 that they know about.

[00:20:44] Right.

[00:20:45] So.

[00:20:45] I'd assume.

[00:20:46] Yeah.

[00:20:46] Many more than that likely.

[00:20:48] So there's one thing that I do really think nobody's discussed yet from my perspective that I think is important for Canadian real estate investors.

[00:20:55] And that's the impact that this will have on U.S. real estate, especially in places like Ohio.

[00:21:00] So there's an interesting CNN article entitled how a small Ohio town became home for thousands of Haitians.

[00:21:06] And they've obviously been thrust in the middle of this because there was a lot of the refugee status in that number that I mentioned, that 110,000 per year because of what's going on there.

[00:21:19] And if that's, if we're going to see a reduction in their ability to come to the U.S., but also a lot of them being asked to leave if they weren't there put there legally.

[00:21:27] So the presidential debate, yes, that eating dogs and cats one was thrust this small city in Ohio into the national spotlight, obviously, prompting even more people to wonder how a Haitian community had taken root in Ohio and why.

[00:21:43] Their mayor, Rob Rue, told CNN the city's population grew 25% over the past three years in part due to this migration.

[00:21:52] And between 12,000 to 15,000 were living in Clark County, which includes that Springfield.

[00:21:57] Now people moved to Ohio because of the ability, availability of work, but also the low cost of living.

[00:22:04] It is a very low cost of living.

[00:22:05] And a lot of Canadians were really attracted to that because of the low cost of real estate.

[00:22:09] Oh, baby, we have seen so many Canadians going hard on investing in the U.S. over the last couple of years, especially Ohio, Dan, because as you said,

[00:22:21] low cost of living and also because it's kind of close to the GTA, the Greater Toronto Hamilton, GTHA, Greater Toronto Hamilton area, which, you know, one in four Canadians live in.

[00:22:32] And they could end up in trouble if that migrant deportation wave actually ends up happening.

[00:22:40] Yeah, I mean, there are so many people selling courses to Canadians on how to buy real estate in the U.S., especially that area, to be honest.

[00:22:47] Okay, so here's a crazy idea.

[00:22:49] What if we flip the script and sell a course to Americans on how to buy real estate in Canada?

[00:22:55] Yeah, I mean, I think we're already doing that.

[00:22:57] And here's why.

[00:22:58] There's another major factor that a lot of people aren't like really thinking about, which is, and a lot of people like when I posted a bunch of data on this already, is U.S. people wanting to move to Canada.

[00:23:09] And to me, that includes their capital.

[00:23:11] That's why we, you know, you kind of set aside the politics to determine what is the best actual opportunity that comes from this.

[00:23:17] Most people, I think, let their politics distract them from real opportunities because they can't think past like a bias that they might have.

[00:23:23] Right.

[00:23:24] So CB24 put this article up that says how to move to Canada surges on Google in the wake of Trump's.

[00:23:33] And that's so U.S. searches for how to move to Canada.

[00:23:37] And I actually posted some data on that, but basically I posted a chart that shows, you know, it is at a record level.

[00:23:46] Global News has another article that says moving to Canada searches spike after U.S. election, but it's not so simple.

[00:23:53] Right.

[00:23:53] And I would argue that it is pretty simple based on what we're seeing in Canada's migration space.

[00:23:59] But, yeah, you know, the chart I originally posted on Twitter, it showed the move to Canada searches.

[00:24:07] And I conveniently, it's actually, I guess, a bit of a chart crime, but I conveniently didn't show the 2016 election.

[00:24:13] Because by the first time I posted the chart, the searches hadn't actually surpassed the 2016 election.

[00:24:18] So I only showed it from like 2017.

[00:24:20] But then as of November 7th today, when we're recording this episode, it had, it's about 20% higher than the 2016 election.

[00:24:30] So.

[00:24:30] And I would assume that it will likely keep going up as more and more Americans become aware that they have a new president coming into office.

[00:24:38] Yeah.

[00:24:39] I mean, I mean, yeah, you kind of see that second bump like in the following like January of the, after that period of time.

[00:24:46] And like, who knows how serious, like a lot of people say in my comments, when I put the, when I put the, these charts up, like, you know, yeah, they're going to, you know, they're going to see how expensive our houses are or whatever.

[00:24:57] And they'll turn around and I would probably agree, but I still think that this resurrected interest is reasonably substantial.

[00:25:05] And like, you know, again, if you just look at the popular vote, even if you say, okay, half of the country, you know, doesn't support the current president.

[00:25:14] So they might be thinking about coming here.

[00:25:16] Half of the U.S. country is, you know, five times our population.

[00:25:20] So it's like, it's, it's, it's easy for it to be meaningful.

[00:25:23] One or 2% of U.S. people, you know, people in the U.S. who have the money, who can come by here, can come get a job.

[00:25:30] It could be a meaningful change.

[00:25:31] Yeah.

[00:25:32] I mean, it's, it's funny because even though our dollar is at decade lows, some of the comments on your post, Dan, were they're going to come up and see our house prices and turn around and go right back.

[00:25:42] And I mean, obviously I think the average American could afford the, the average Canadian house strictly based on, on where our dollar is.

[00:25:50] But I think anybody who's like in a position to just migrate, like for the heck of it, because they don't like their, their politics probably has quite a bit of money in that regard.

[00:26:01] I mean, I don't think people are actually going to do it.

[00:26:03] Like, I just think, you know, it's, it's just such a classic, like U S thing, right?

[00:26:07] Like, Oh, I didn't get my, my president.

[00:26:10] So I'm going to move to Canada.

[00:26:12] You wouldn't see it the other way, obviously.

[00:26:14] Cause you know, the, the right would not be interested in, in Canada given our current politics.

[00:26:18] And I think that that's discussed a lot down there now.

[00:26:22] Right.

[00:26:23] Right.

[00:26:24] Now, Dan, people have discussed sources of Canada's immigration and whether or not it will actually make a difference.

[00:26:32] Did we see a big surge back in 2016?

[00:26:35] Yeah.

[00:26:36] So not really, to be honest, like you didn't really see the U S as a percentage of total increase.

[00:26:42] So, you know, again, it's kind of that you can call the bluff there.

[00:26:45] Um, I would say the political environment is a bit different than 2016, but, but again, to answer your question, if you look at the distribution of new immigrants, uh, arriving to Canada by country of origin, you can see basically the following 10 countries, uh, top Canada's immigration sources.

[00:27:03] According to each immigration's country of citizenship, India, 27%, China, 7.2%.

[00:27:10] Then you have Afghanistan, Nigeria, Philippines, France, Pakistan, uh, Iran, 2.5% USA just below them at 2.3%.

[00:27:18] And then Syria.

[00:27:20] Okay.

[00:27:20] So on that list, they're ninth, right?

[00:27:24] Uh, they rank ninth out of, out of all those countries of origin.

[00:27:27] And, and that ninth on the list equals about 10,400 immigrants.

[00:27:31] But the asylum seekers mentioned wouldn't show up in that data point because you also mentioned that there was about 30,000, uh, of them there.

[00:27:40] So.

[00:27:40] Yeah.

[00:27:41] Well, they would be like, they would be attributed to their original country of origin if they were an asylum.

[00:27:46] Who flowed through the U S.

[00:27:47] So, yeah.

[00:27:48] So interesting anyway.

[00:27:48] I mean, like, it's kind of just, it's one of those things where like that piece, you wouldn't be able to tell, uh, if it was U S people just moving to Canada, then you would, because they would show up as U S.

[00:27:57] Right.

[00:27:58] Thank you for clarifying that.

[00:27:59] Okay.

[00:28:00] Interesting points.

[00:28:00] And again, people, these are all just, uh, these are all just data points that we've put together, not leading one way or the other.

[00:28:07] This is, uh, this is all just very information, uh, very interesting information.

[00:28:11] So funny.

[00:28:12] I have to disclaimer like 50 times when you're talking about U S politics in Canada.

[00:28:16] You gotta be careful these days, man.

[00:28:18] Um, anyways, uh, it is funny.

[00:28:20] Like I find, I find people listen, like, uh, and just they'll project like you as their enemy.

[00:28:25] Like it, you know, you say something, it could be like dead in the middle or just a fact.

[00:28:30] And they'll put like the, they're like, Oh, you must like be this.

[00:28:33] Or like, it was like when we were talking about Airbnbs and the person called me a commie or something like that.

[00:28:38] You know what I mean?

[00:28:38] And it's like, uh, but then like, I'll get like people on one end of the spectrum that'll call me a commie.

[00:28:43] And then I'll get other people will call me like a, I don't know, like, you know, two, two severely capitalist or whatever.

[00:28:48] So who knows?

[00:28:50] It's just fascinating.

[00:28:50] I think it's just projection, right?

[00:28:52] Anyway, I think we're going to jump over to, um, foreign policy and security.

[00:28:55] Cause this one is actually interesting from my perspective and a good opportunity, which we mentioned, we're going to get into at the beginning because, uh, you've already seen this actually take shape in, in policy between Trudeau and, and Biden.

[00:29:10] And we'll talk a little bit about that, but obviously, you know, we just saw a regime change in the U S and we're, it, you know, the polls are showing that we'll likely see the same thing take place in Canada.

[00:29:18] I try and model my decisions based on the most, most likely outcome.

[00:29:22] And we actually have a pretty cool tip at the end on how to do that now.

[00:29:25] Cause I think that that something else changed the game.

[00:29:27] I'm excited to talk about it.

[00:29:29] So I won't jump ahead.

[00:29:30] Anyway, changes in U S foreign policy could influence Canada's international relations shifts in NATO commitments and, and, and to spend defense spending expectations and changes in the approach to global issues like climate change and international cooperation, both of which kind of just got changed.

[00:29:46] Okay.

[00:29:46] So let's talk about the, the first piece there, Dan defense spending expectations and the potential investment opportunities for Canadian military towns.

[00:29:57] Yeah.

[00:29:58] So with Trump's potential, uh, return to office, we could see increased pressure on NATO allies, especially Canada to boost defense spending.

[00:30:07] And I would say that that would be increasingly true, not just because of Trump, because we, there's some examples of this with, with Biden, but also, um, with a lot of the foreign interference that's being, um, that's appearing in Canada's government right now.

[00:30:21] So Canada needs to double its military spending to meet NATO targets.

[00:30:26] And that's according to the parliamentary budget office.

[00:30:31] So that's like, so like that's within Canada.

[00:30:33] That's not some politician outside of Canada saying that that's what Canada needs to do.

[00:30:37] The parliament parliamentary budget officer says, uh, if the federal government wants to meet NATO's military spending target by 2032, as promised, it will have to almost double defense spending by to $81.9 billion.

[00:30:49] At the most recent NATO leaders summit in Washington, DC in June, Trudeau pledged that Canada would meet that spending target by 2032.

[00:30:59] Yeah.

[00:31:00] Wow.

[00:31:00] And Dan, as I'm, as I'm listening to you say this kind of stuff, I'm thinking this could create some interesting dynamics for Canadian military communities and, and the surrounding economies that, uh, that depend on them.

[00:31:13] Totally.

[00:31:14] I mean, when you're talking about government spending to the tune of $82 billion, there's definitely a play to be found around that.

[00:31:21] And people don't really think about it that way, but it's just like how we talk about investing in big around big mining projects that are going to have like 30 or 40 years of mining taking place or hospitals or transit station go where the government dollars are going.

[00:31:34] And now the chance of Canada's government having to spend a lot more on military just went up significantly from my perspective.

[00:31:41] Yeah.

[00:31:42] So, I mean, Trump has been very vocal about NATO members meeting the 2% GDP, GDP defense spending target.

[00:31:52] Now, Canada currently spends about 1.29%.

[00:31:57] So we're about, you know, 0.3, let's call it 30 basis points of its GDP on defense.

[00:32:04] We're, we're, so we're shy, right?

[00:32:06] 2%, we're at 1.29.

[00:32:07] So a push to increase this could mean significant investments in not only military infrastructure, but military personnel as well.

[00:32:16] Yeah, exactly.

[00:32:17] I think it could be a whole new employment category.

[00:32:20] But also I think there's like investment opportunities because, you know, because it's kind of a transitory career, people move around a lot.

[00:32:27] There, it could be opportunities in towns with major military bases because people get paid at relocation for relocation.

[00:32:33] And a lot of them choose not to purchase, right?

[00:32:35] So in, in place, this could take place in places like Kingston, you know, CFB Kingston, CFB Esquimalt in BC, CFB Halifax in Nova Scotia, Petawawa in Ontario.

[00:32:48] Yeah, and there are bases in so many smaller markets across the country that, that the impact would be, would be really big on, right?

[00:32:58] Like, let's like, think about places like Val Cartier in Quebec or Gagetown, New Brunswick, Baggetville, Quebec, or even Cold Lake, Alberta.

[00:33:08] Yeah, all over Canada, really.

[00:33:09] I mean, you've got Gander and Goose Bay, Newfoundland, Greenwood, Nova Scotia, Moose Jaw Air Force in Saskatoon, CFB Trenton in Ontario, even in Nunavut.

[00:33:19] So if you ever see a Milverado driving around, it may not be a bad idea to, to buy real estate there.

[00:33:25] Sorry, sorry.

[00:33:26] So a Milverado?

[00:33:28] Yeah, the, the, they have this like militarization of standard GM trucks and SUVs to become military vehicles.

[00:33:34] You see them driving around a lot in like rural Ontario near, uh, army bases, the army green Silverados in the Canadian army.

[00:33:40] These vehicle vehicles are nicknamed Milverado, which is a portmanteau for military Silverado.

[00:33:45] Oh my God.

[00:33:46] I love it.

[00:33:47] Okay.

[00:33:47] So Milverado, there you have it.

[00:33:49] So increased defense spending could mean many things.

[00:33:52] It could mean more bases, more people, more Milverados.

[00:33:57] Yeah.

[00:33:58] GM did come out with a new military Silverado actually, and it looks sick.

[00:34:02] I would buy it.

[00:34:03] It is a hybrid diesel.

[00:34:04] Now, before you get carried away about GM trucks, because I know you can do that.

[00:34:10] You've done it on the show before, uh, and that's okay.

[00:34:12] Uh, but it would mean expansion of these bases, Dan and more personnel, potentially new facilities.

[00:34:20] And this could drive demand for housing, retail, and, and just general services in these communities.

[00:34:26] And as you said, a lot of these people don't go and buy, right?

[00:34:30] Especially if you're only stationed there for, um, you know, a few months, a few years, whatever.

[00:34:35] So this could be really good for the rental market.

[00:34:38] That's my thought as well.

[00:34:39] I think investors should be looking at real estate opportunities in these areas and anticipating the growth that you can quantify based on the spending.

[00:34:46] From my perspective, there could also be opportunities for businesses and housing that cater to military personnel and their families.

[00:34:51] So, yeah, now it is worth noting that any such changes, of course, aren't going to happen overnight, right?

[00:34:58] All of this stuff takes time and defense spending.

[00:35:01] If it increases, if they do happen, it would likely be gradual, but forward thinking investors.

[00:35:08] It might be time to start positioning yourselves early on in, in these communities and looking and exploring some of the ones that we just mentioned.

[00:35:19] Yeah, for sure.

[00:35:20] I also think it's important to remember that this is speculative, but so like a lot of this stuff does depend on actual policy implementation and Canada's response to any pressure from the U S.

[00:35:28] But I think that that pressure is a lot more real now.

[00:35:31] And again, we try and model our economic decisions or investment decisions based on the most likely potential outcome, right?

[00:35:38] You're kind of guessing a little bit.

[00:35:40] Yeah.

[00:35:41] And I guess on that note, let's, let's jump over to the economic impacts of this change, Nick.

[00:35:45] Yeah, for sure.

[00:35:46] Well, Trump's economic policies could definitely have a ripple effect on Canada.

[00:35:53] But a possible currency fluctuations that could even do more damage to the Canadian dollar as, as we started at the top of the show, Dan, we're at decade lows here.

[00:36:03] I've got a trip planned to New York in a month and I'm scared because it's going to be more expensive than it already is.

[00:36:11] And I think we're at a, we're at a one year low now.

[00:36:14] So just a one year low, but, but I mean, we've, we've been trending.

[00:36:17] I mean, overall, it's just, it's just not good right now.

[00:36:20] So, and then of course, impact on a cross border business and investment that we've already talked about with the implication of these, of these tariffs.

[00:36:29] Yeah, I think, you know, a lot of that's materialized in bond yields as well, right?

[00:36:33] Because people are, appears the market's bullish on the USD and USA right now.

[00:36:38] And so you're seeing a lot of people rotating into US bonds and so demand for Canadian and, and you see this more in, in, in other markets, but Japan, UK, Europe, they all jumped up.

[00:36:50] So bond yields jumps up means you're getting a higher return.

[00:36:52] You're getting paid, you know, like, let's say you bought, you buy a bond for a thousand dollars and the government's going to pay you a five, $500 or whatever.

[00:37:00] If you spent, if you, if the price of that drops, then the yield, the percentage of how much they get, they pay you as a percentage of the price goes up, right?

[00:37:08] It's kind of like a cap rate.

[00:37:09] Well, it's exactly like a cap rate.

[00:37:10] Yeah.

[00:37:10] So basically, and so this means that again, there's decreasing demand for, you saw Japan's bonds drop and their market drop UK, Europe, Canada, not as bad, but still pretty bad.

[00:37:21] After Trump's 2016 election, we saw the market react almost immediately.

[00:37:26] And this is kind of in the same thing.

[00:37:28] So like we mentioned, the Canadian dollar initially weakened against the US dollar following Trump's 2016 win.

[00:37:34] Yeah, exactly.

[00:37:35] And so speaking of these currency fluctuations and the volatility in the bond market, they obviously could have a far reaching effect on Canadian real estate as a whole.

[00:37:46] So how might that play out?

[00:37:50] Yeah, it's a great question.

[00:37:51] I think there's a few potential scenarios.

[00:37:52] So if the Canadian dollar weakens, you could see increased foreign investment in Canada.

[00:37:56] And if property becomes relatively cheaper for international buyers, and I say relatively, like that doesn't mean prices going down.

[00:38:03] We try not to speculate too much on prices here.

[00:38:04] We just tell you what's happening with prices.

[00:38:05] But if the USD goes up in value compared to the Canadian dollar, then USD buyers are getting a discount.

[00:38:12] So that could drive up demand and prices in major urban markets like Toronto and Vancouver.

[00:38:17] And you're also seeing obviously some impact in Calgary, et cetera.

[00:38:20] So I think foreign investment could ramp up.

[00:38:22] And obviously we are seeing, we do have a foreign buyers ban that exists in Canada, but I'm not completely sold on that being incredibly effective.

[00:38:33] Conversely, if the Canadian dollar strengthened, we could see a cooling effect on foreign investment in real estate.

[00:38:38] Again, if the Canadian dollar weakens, the biggest threat probably is that you end up with an imported inflation scenario.

[00:38:43] And the central bank has to fight that by not cutting rates as much or maybe even hiking them.

[00:38:48] And the bond yield curve right now, if the bond yield curve is dropping, or sorry, if the bond yield curve is going up, your five-year fixed rates could stay higher than you would want them to be.

[00:38:57] So realistically, a stronger Canadian dollar could lead to a more stable or slightly decreased prices in some markets.

[00:39:04] Yeah, agreed.

[00:39:05] And it's crucial, I think, for investors to keep an eye on these currency movements.

[00:39:10] Right now, I'm not out here telling you to become a Forex trader, but I think this is definitely something that could create both opportunities and challenges in the real estate environment.

[00:39:21] For sure.

[00:39:23] And it's not just about the immediate reaction.

[00:39:25] I think the long-term policies implemented under a Trump presidency could have sustained effects on currency values in real estate markets.

[00:39:34] Especially when you think about Canada as a resource economy or having a petrodollar.

[00:39:40] I mean, if Keystone XL does happen or if we start to see resurrection in Canada's resource play in oil and gas markets, etc., that could benefit, actually.

[00:39:51] We don't have a big export base.

[00:39:52] We're not exporting a lot where we can really benefit from a lower Canadian dollar, but maybe we see a lot of foreign direct investment through U.S. dollars in infrastructure projects, in oil and gas, etc.

[00:40:02] Okay, the last thing I said I was excited about this.

[00:40:04] The last thing I think that this election did is it made Polymarket a thing.

[00:40:08] It proved that, and I'm a huge nerd when it comes to data science and stuff like that.

[00:40:12] Yeah, no.

[00:40:13] It proved to me, it proved to everyone, I think, that data science and predictive modeling can be relied upon for the most significant things in the world.

[00:40:20] For one of the most significant things to take place in the world, like the U.S. election.

[00:40:24] So the idea of voting with your money, you know, I know you're a big gambling guy, right?

[00:40:28] Like you lose whatever, 200 bucks in an instant.

[00:40:32] 200 bucks in two hands, baby.

[00:40:34] Let's go.

[00:40:34] Could have done it on the election.

[00:40:36] So the idea of voting with your money through gambling has never been more true, right?

[00:40:39] Yeah.

[00:40:40] So the fact that the Polymarket had Trump at 62% chance of winning before the election, well, most pollsters were calling it a, you know, very close 50-50 race is quite telling.

[00:40:54] It seems to highlight some potential blind spots in traditional polling methods.

[00:41:01] Absolutely.

[00:41:02] And what really caught my attention was how quickly Polymarket called the election compared to the mainstream media.

[00:41:07] They had Trump at 97% likely to win by midnight EST well before any other major news outlets made a call.

[00:41:14] Yeah, I mean, that's a huge difference in timing.

[00:41:17] And it raises the question about the role of traditional media in something like election coverage, right?

[00:41:24] Are they perhaps too cautious or too tied to whatever that legacy media's established narrative may be?

[00:41:34] Yeah, it is.

[00:41:35] It's a great point.

[00:41:36] I mean, very much like AI, which, you know, I'm now working at an AI brokerage.

[00:41:39] So this is something that really excites me.

[00:41:42] Markets don't care about drama or ratings, right?

[00:41:46] And AI doesn't either.

[00:41:47] Like, it's just focused on outcomes.

[00:41:49] You give it a job to do.

[00:41:50] Data, you kind of give it, you don't really give it a job, but it's just a purely unbiased collection.

[00:41:55] And I think we've kind of figured out this like supercharged way to use data science to capture market sentiment in real time.

[00:42:01] And they proved the concept on this.

[00:42:05] It makes the world, from my perspective, a very, very different place moving forward.

[00:42:09] I think this actually changes the world just as much as the election does.

[00:42:12] Yeah, you know, I think I might agree with you that markets can incorporate new information rapidly

[00:42:18] without needing to explain every step to an audience.

[00:42:23] And we could just as easily look at a polymarket odds instead of op-eds for important world events, possibly.

[00:42:31] Yeah, it is like it's an intriguing idea.

[00:42:33] I mean, I'm definitely going to be looking at this stuff for those kind of things.

[00:42:36] I don't know if there will be – it'll be a long time before we have a decision that's significant enough

[00:42:41] where I would need to know the odds to model my investment.

[00:42:45] I mean, maybe the Canadian election next year.

[00:42:48] I think, you know, it could be a valuable tool, obviously, right?

[00:42:51] The ideal approach is probably to consider both.

[00:42:54] Use prediction markets.

[00:42:55] I think social media is a cool aggregator too, right?

[00:42:57] You can gather people's feedback there.

[00:42:58] Data-driven insights, but then also get like kind of your media and expert analysis for deeper context and understanding.

[00:43:04] I think speaking of the potential changes, we should probably discuss – I know we said we were going to wrap,

[00:43:10] but there's one more thing, which is this concept of shrinking government and the possibility of austerity measures,

[00:43:15] which we've discussed before on the show and I kind of mentioned as a potentially reasonably large risk for Canada's market.

[00:43:23] So like if we had to go into an austerity period.

[00:43:26] So the – Elon Musk's proposed Department of Government Efficiency or DOGE.

[00:43:35] I didn't know that was just a shill for his DOGE position.

[00:43:40] He would.

[00:43:41] Interesting – interesting idea, interesting point, Dan, but maybe you can elaborate on what you're talking about

[00:43:47] and how this might have an impact on Canada.

[00:43:51] Yeah, so if this DOGE initiative gains traction – I feel so like it feels like I'm like a – you know when you're kind of like cringe when you say something?

[00:44:02] Anyway, if it gains traction – it is funny.

[00:44:04] If it gains traction in the U.S., it potentially could influence other Western governments, including Canada,

[00:44:10] to consider scaling back their spending and becoming more efficient.

[00:44:13] I think you're seeing this around not just like the immigration policy.

[00:44:17] Like you've definitely seen a lot of governments like that kind of Overton window is shifting, right?

[00:44:21] And a lot of governments are shifting right on their migration policies as a result of kind of what's happening.

[00:44:26] And I think that this just pushes everything a little bit further that way.

[00:44:30] And so you might actually see, you know, a government like Canada scaling back their spending and becoming more efficient

[00:44:36] if this increases the social pressure on them to do that.

[00:44:39] I think this could be a really big – like I think this introduces a really new big theme to the election in Canada if it goes well for the U.S.

[00:44:47] Yeah, exactly.

[00:44:48] A really interesting take here.

[00:44:50] So you're listening.

[00:44:51] You might be wondering how this could possibly play out.

[00:44:54] Well, this could result in Canadian politicians facing increased public pressure to do things like streamline operations and reduce bureaucracy.

[00:45:05] I mean, we've all heard the amount of, you know, quote unquote, make work projects that our government has put forth over the past.

[00:45:14] And I'm not even just looking at this current administration.

[00:45:17] This has been a problem for a long time in most developed countries.

[00:45:21] So maybe the tide is turning on that.

[00:45:24] Yeah, I think the tide will turn, especially if it – like look, we're in an era of technology really, really solving a lot of problems.

[00:45:32] And yet, you know, while most industries are scaling back, they're hiring and increasing efficiency and increasing the output per worker.

[00:45:40] The government is hiring more and not using technology to solve big problems.

[00:45:44] So if this materializes in a better efficiency or improvements in the U.S. economy, it is going to get a lot of attention globally.

[00:45:51] And people will really expect it of their politicians everywhere else where there's democracies.

[00:45:57] And I would say it's a really important caveat because, you know, I think we've kind of been – we haven't been super focused on real estate.

[00:46:06] There's been a couple of components where we tied it in.

[00:46:09] But like the reason that a lot of this is important from my perspective is there's nowhere – there's nothing in this country where bureaucracy is more prevalent than Canadian housing.

[00:46:18] So maybe we make some progress in that regard.

[00:46:21] Yeah. And that is all nice and wrapped up in a whole bunch of red tape.

[00:46:26] Not a nice little red bow, but like stranglehold it with red tape.

[00:46:29] So if we start to see what you're talking about, Dan, and what we're kind of proposing here, we could see things like significant cuts to various government programs and services.

[00:46:38] There might be even a push to privatize certain government-run services to reduce public spending or even a much more of that kind of joint relationship between public and private.

[00:46:50] Governments might even start to invest more in technology and automation to improve efficiency and reduce costs, which would be overall much better for the average Canadian.

[00:47:01] These changes could have far-reaching effects on the Canadian economy and, of course, the real estate market.

[00:47:07] So how do you see this potentially impacting the housing sector, Dan?

[00:47:12] Yeah, a couple of different ways.

[00:47:13] I mean, you could see decreased housing demand in areas with high concentrations of government jobs.

[00:47:17] We might see more private sector involvement in affordable housing initiatives.

[00:47:21] We could see potential cuts in infrastructure spending, although I don't really see that one taking place.

[00:47:26] And honestly, it is worth noting that Trump was not – he did spend a lot of money in his first term.

[00:47:32] So I don't think we're going to see like a moderate – or sorry, he would be more of a moderate.

[00:47:36] He's not really fiscally conservative.

[00:47:38] And so – and I think most governments in the Western world, like, you know, the economy was obviously a big thing in the U.S. election right now, which tells me that people in the U.S. are probably feeling very similar to people in Canada right now.

[00:47:49] The economy might not be doing as well as the stock market might indicate in the U.S.

[00:47:54] So with – you know, I don't know if potential cuts to infrastructure spending would be the case, but that would be what austerity would look like.

[00:48:01] And that could cause some shifts in urban development patterns.

[00:48:04] So as an example, you know, Toronto's traffic gets even worse and people start moving – people start moving to urban areas.

[00:48:11] You know, you can't rely on the train or, you know, the subway systems, et cetera.

[00:48:16] But the bigger ones to me is like streamlined processes that could lead to faster approvals for new developments, potentially increasing housing supply and affecting market dynamics, hopefully getting us more houses built finally.

[00:48:27] I think that's probably the biggest area we could benefit from some more government efficiency because it would also hopefully reduce costs and those costs are being pawned off at scale on developers.

[00:48:37] And then areas near government offices might see changes in property values if those facilities are downsized and relocated.

[00:48:42] But that's not necessarily what I really see happening, to be honest.

[00:48:47] You know, like I just don't know.

[00:48:49] I think everything's growing fast enough in Canada that we probably won't see downsizing in those sectors.

[00:48:57] Yeah, yeah, I'd agree with that.

[00:48:58] Okay, so we just hit you with a whole bunch of information.

[00:49:03] So let's do a quick wrap-up here.

[00:49:06] Trump's win could shake up the Canadian economy and it could shake up the real estate market,

[00:49:12] the energy sector, the lumber industry, the tech sector, the oil and gas industry, the defense industry.

[00:49:19] Yeah, so maybe we'll just break down that summary into some bite-sized pieces here.

[00:49:24] Housing market, potential for increased foreign investment if Canadian dollar weakens.

[00:49:27] Potential for migration, increased asylum and political migration from U.S. people.

[00:49:33] Energy sector, possible boost from pro-fossil fuel policies like Keystone XL.

[00:49:38] Yeah, and when we talk about the lumber industry, we're looking at potential for, unfortunately,

[00:49:45] renewed trade tensions on things like Canadian lumber and other resources like steel.

[00:49:51] Defense spending pressures to increase could boost real estate in military communities

[00:49:57] and actually help those communities grow.

[00:50:00] Currency fluctuations, we've got to keep an eye on that CAD USD exchange rate.

[00:50:06] And prediction markets, right?

[00:50:07] We just finished off talking about poly market as an emerging tool for some real-time insights.

[00:50:14] Yeah, so obviously these are all potential impacts.

[00:50:17] The key is to stay informed, adaptable and ready to seize opportunities as they arise.

[00:50:21] And one great way to do that is obviously to subscribe to this podcast and to follow us on social media.

[00:50:26] So remember, whether you are an investor or a homeowner or honestly just trying to keep tabs on what the heck is going on in our country and the market,

[00:50:35] understanding these dynamics can help you navigate the changing landscape.

[00:50:40] So a couple of really quick housekeeping items.

[00:50:43] Come to our holiday party if you are in the greater Toronto-Hamilton area.

[00:50:49] More and more announcements will be coming out over the coming weeks.

[00:50:52] But mark December 10th down in your calendars.

[00:50:57] It is going to be a shaker, folks.

[00:50:59] Join our community at realist.ca.

[00:51:01] Free monthly webinars.

[00:51:03] Hundreds of people across the country doing deals, finding partners and becoming better real estate investors.

[00:51:09] And go to a meetup in your local city where you can meet other investors, realtors, mortgage agents, service providers, property owners, contractors and more.

[00:51:17] This is where investors find their power teams and their next deals.

[00:51:23] And then, of course, Dan, I will see you in Winnipeg this coming Tuesday.

[00:51:29] So if you're listening to this over the weekend, our first ever weekend drop and you are in the Winnipeg area or feel like hopping on a quick flight because you love some of the deals there.

[00:51:38] Again, we just found possibly the cheapest home in Canada at $105,000 in Winnipeg.

[00:51:44] Somebody sent a cheaper one in Winnipeg.

[00:51:45] I know. It was like, this one's $100,000.

[00:51:49] It's still in Winnipeg, but it's cheaper.

[00:51:51] Oh, hilarious.

[00:51:52] I thought it was going to be somewhere else.

[00:51:53] I did find a rural one as well that was under $100,000.

[00:51:57] Anyway, come see us in Winnipeg.

[00:51:59] Come see us in Winnipeg.

[00:52:00] Dan, finish us off as we like to with a wonderful five-star review from one of you, our amazing listeners.

[00:52:07] Yeah. Thank you very much for this review from Perio 2009 via Apple Podcasts.

[00:52:12] Please leave us a review.

[00:52:13] I think either five stars on Spotify or a written review with five stars on Apple Podcasts.

[00:52:20] Audible, I think, allows it.

[00:52:21] There's a couple of other ones.

[00:52:22] But it says,

[00:52:23] Hello from a Newfoundland real estate investor.

[00:52:25] I'm new to podcasting and happy I came across these gems a few months ago.

[00:52:29] I've been binge listening ever since.

[00:52:31] I love the chemistry Dan and Nick have and how they relate to both beginner and also seasoned veterans.

[00:52:37] I've been investing in real estate since 2008 and I have learned more from these guys in two months than I have in many years of uneducated property investing.

[00:52:44] Particularly love the episodes when you talk about tax write-offs and smart ways to operate your investments in terms of tax savings.

[00:52:50] I guess we've got to do another one of those sometime soon.

[00:52:52] It says,

[00:52:53] Keep up the great work.

[00:52:54] Thanks again.

[00:52:55] Perio 2009 via Apple Podcasts.

[00:52:58] And thanks to you listening for leaving us a review in advance because you're going to go do that right now.

[00:53:04] Have a good one.

[00:53:04] The Canadian real estate investor podcast is for entertainment purposes only and it is not financial advice.

[00:53:12] Nick Hill is a mortgage agent with Premier Mortgage Centre and a partner in the G&H Mortgage Group.

[00:53:19] License number 10317.

[00:53:22] Agent license M21004037.

[00:53:27] Daniel Foch is a real estate broker licensed with Rare Real Estate.

[00:53:31] A member of the Canadian Real Estate Association, the Toronto Real Estate Board, and the Ontario Real Estate Association.