Description Canada’s real estate crisis has entered a much uglier phase. Scott Terrio, Manager of Consumer Insolvency at Hoyes Michalos, says his firm is busier than at any point in his 17 years in the industry. The biggest problem bringing people through the door? Pre-construction condos. Buyers cannot close. Investors are trapped in underwater properties. Homeowners are protecting their mortgage payments by falling behind on everything else. And because insolvencies are a major lagging indicator, Scott believes this could continue for years. We discuss: - Why pre-construction condos are driving insolvency filings - The warning signs mortgage-default statistics miss - Why people keep unaffordable homes and investment properties - What happens when a condo buyer cannot close - Bankruptcy versus a consumer proposal - Why investment-property mortgages can disqualify someone from a standard consumer proposal - The continuing financial hangover from COVID loans and tax debt - The Simple Investor’s bankruptcy protection - Multiple offers appearing in a supposedly dead housing market - Stelco layoffs and Canada’s losing tariff battle - Carney’s pipeline promises and Canada’s inability to build anything - Immigration, infrastructure and the jobs Canadians were promised Learn more about Scott Terrio and Hoyes Michalos: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/scott-terrio/ Follow The Canadian Real Estate Show: https://preview.shrubs.me/view-branch/CUKKMLKI Visit DealCore Properties: https://dealcoreproperties.com/ Read The Frankfort Report: https://thefrankfortreport.substack.com/ Read the DealCore Daily Brief: https://preview.shrubs.me/view-branch/WDJTJWTP Book a call with T.K. Butler: https://calendly.com/tk-book/1-on-1 This program is for entertainment and educational purposes only. It is not financial, legal, mortgage or insolvency advice. Tags Canadian real estate, Canada housing market, Canadian housing crisis, Toronto real estate, Toronto condo market, condo crash Canada, pre construction condos, pre construction condo crisis, condo buyers bankruptcy, Canadian insolvencies, consumer insolvency Canada, consumer proposal Canada, bankruptcy Canada, homeowners bankruptcy, mortgage default Canada, underwater mortgage, real estate investors Canada, housing market crash, Toronto housing crash, mortgage renewal crisis, private mortgages Canada, HELOC debt, Simple Investor Ontario, Simple Investor bankruptcy, Scott Terrio, Hoyes Michalos, Darryl Frankfort, TK Butler, The Canadian Real Estate Show, DealCore Properties, Canada debt crisis, Stelco layoffs, Canada US tariffs, Mark Carney pipeline, Canadian economy