Property Brothers Talks Housing Affordability, New Show

Summary

Bloomberg Talks: Property Brothers on Housing Affordability & New Show

Episode Overview
In this episode of Bloomberg Talks (March 17, 2026), the Property Brothers, Drew and Jonathan Scott, sit down with Bloomberg to discuss the state of housing affordability in North America, their personal experiences in the market, and the launch of their new HGTV show, Property Brothers: Under Pressure. The conversation delves into the evolution of home improvement television, the systemic challenges facing affordable housing, and how their business adapts to a changing media landscape.

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Main Topics & Key Discussion Points

1. New Show: “Property Brothers: Under Pressure”

• Behind-the-Scenes Perspective
  • The brothers emphasize the show's unique approach, highlighting rarely-seen moments, including crew dynamics, disagreements, and the real emotional toll on homeowners.
    • "People always ask us, well, what happens when the cameras aren't rolling? What happens behind the scenes?" — Jonathan Scott [01:21]
    • "We show it." — Drew Scott [01:26]
  • The show spotlights families facing diverse challenges such as loss from wildfires and multigenerational living out of necessity.
    • "We have families that have lost their house from the fires in LA… other families… trying to pull two families together to live in one house because that's the only way they can afford." — Drew Scott [01:36]
  • Focus is on making budget-conscious decisions amid a nationwide affordability crisis.

2. The State of US Housing Affordability

• Inventory Shortage & Misdirected Progress
  • Jonathan lays out the inventory crisis:
    • "We have, you know, about a 4 million short house shortage of inventory right now. And the challenge is people don't seem to understand that we need affordable housing." [02:31]
  • Debunks negative stereotypes about affordable housing and highlights its importance for essential workers.
    • "These are teachers and, you know, nurses and police… people who want to live in the same community that they work. And so that's our goal from a messaging standpoint." — Jonathan Scott [02:44]
• Systemic Problems:
  • Drew notes that government rate cuts and incentives often don’t address the real bottleneck:
    • "When you have no inventory, cut rates if you want… but there's nothing to buy. You're not really solving the problem." — Drew Scott [03:24]
  • Cites Canada as a model where direct builder incentives exist:
    • "The government in Canada really incentivizes builders to do affordable housing. So it makes it worthwhile." — Drew Scott [03:36]

3. Policy & Regulatory Challenges

• Need for Federal Action and Incentives
  • Jonathan pushes for better federal policies that incentivize builders and lower development barriers:
    • "Federally there needs to be better policy that allow and incentivize builders and developers to pull out more cash." [04:12]
    • Points out differences with Canada, where builders can finance up to 95% if they create affordable housing.
  • Notes that regulatory requirements can increase the cost of affordable buildings by about 40% when using public funding, inhibiting progress.
    • "The cost is about 40% more just to do the exact same building." — Jonathan Scott [04:39]
• Delays and Bureaucracy in Adding Density
  • Drew gives a personal example of slow approval for home expansions in California:
    • "One of my ADUs, it should have been approved in a week. I waited five months and there's such a backlog and the process is so archaic." [05:03]
  • Jonathan sees AI as a solution to streamline building permits and planning processes:
    • "I would love to see something that automates a lot of that… you can actually get in and do the work." — Jonathan Scott [05:29]

4. Crisis for First-Time Buyers

• Drew calls the current environment the "worst affordable housing market in history for first-time homebuyers":
  • "First time homebuyers are less than 25% of the market right now and that should be a lot higher. It's just not feasible for people to get into real estate like it used to be." — Drew Scott [05:54]

5. The Evolving Business of Home Renovation TV

• Shrinking Production Budgets & Increased Creativity
  • The brothers discuss adapting by pursuing international co-productions, especially with Canadian partners to leverage tax incentives.
    • "What we used to have for budgets… we don't have that anymore. So we as producers have to get more creative." — Drew Scott [06:33]
• Industry Transformation
  • Jonathan points to rapid growth in digital media and uncertainty in traditional TV, referencing ongoing studio mergers.
    • "Television, traditional television. I mean, what's the word? Imploding." — Jonathan Scott [07:10]
  • Warner Brothers and Paramount mergers have led to a “pause” in decision-making for shows’ futures.
    • "Because nobody wants to jump in a direction if they don't know who's going to own the company or what the focus is going be." — Jonathan Scott [07:47]

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Notable Quotes & Memorable Moments

• "I love the idea that people can live where they work." — Jonathan Scott [02:41]
• "You don't have to stop projects that are being built in your neighborhood." — Jonathan Scott [02:51]
• "This is the absolute worst affordable housing market in history for first time homebuyers." — Drew Scott [05:54]
• "We have 15 series that we produce. We host two of them." — Drew Scott [06:33]
• "Television… what's the word? Imploding." — Jonathan Scott [07:10]

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Key Timestamps for Reference

• [00:45] — Introduction to the current housing market & show premiere
• [01:21] — Property Brothers explain their new show’s behind-the-scenes focus
• [02:31] — Discussion of inventory shortages and need for affordable housing
• [03:24] — Obstacles even with government interventions
• [04:12] — Call for better federal policy and examples from Canada
• [05:03] — Challenges with building density and slow permit processes
• [05:54] — Market is “absolute worst” for first-time buyers
• [06:33] — TV production challenges, strategies, and industry changes
• [07:10] — Uncertainty from studio mergers and future of TV content

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Summary

This engaging discussion with the Property Brothers offers a nuanced, on-the-ground view of the North American affordability crisis—from both public policy and personal perspective. It spotlights the urgent need for inventory, streamlined regulations, and federal incentives, while also lifting the curtain on the production realities and evolving landscape of home improvement television. Drew and Jonathan Scott’s blend of candid industry insight and personal stories provides practical context and inspiration for viewers facing their own housing challenges.

Transcript

[Chase Business Representative]

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[Bloomberg Host]

sales here in the US Seen a surprise uptick in February as mortgage rates fell to their lowest since 2022. It's a good backdrop for the new HGTV show from the property brothers, Drew and Jonathan Scott. That show is called Property Brothers under Pressure. It just premiered on Sunday and it's a deeper look here, not just, but really into the homebuyers themselves and how they navigate a competitive market and make budget conscious decisions for their new homes. I had a chance to sit down with them exclusively earlier today and talk about the state of the housing market and their journey to HGTV stardom. Take a listen

[Jonathan Scott]

unlike anything we've ever done because people always ask us, well, what happens when the cameras aren't rolling? What happens behind the scenes?

[Drew Scott]

We show it.

[Jonathan Scott]

We show. You see our crew, you see us disagree, you see moments that the homeowners. You know, I think it's very relatable for everyone out there because there's so much pressure on everybody.

[Drew Scott]

Well, in an affordability crisis like there is across the country here, the stories we have 14 episodes and they're all very different stories. We have families have lost their house from the fires in In L A. We have other families that are trying to pull two families together to live in one house because that's the only way they can afford. We have so many stories that will be very relatable for Americans watching and we're trying to solve with really tight budgets, we're trying to solve what everybody out here is trying to solve to be able to get a home that they deserve.

[Bloomberg Host]

We talk about the evolution of HGTV and just these types of programs. It used to be more homes themselves and they are becoming a lot more about the people and what they're going through. And you know, here at Bloomberg, we've talked a lot about the affordability crisis in the housing market and particularly out west where you guys do a lot of your work. I am curious if you've seen any sort of movement in maybe sort of a future where you have real starter homes, real affordable starter homes for people in some of these markets, there's definitely

[Jonathan Scott]

been a lot of movement. Unfortunately, it's in the wrong direction. We have, you know, about a 4 million short house shortage of inventory right now. And the challenge is people don't seem to understand that we need affordable housing. Any successful city in the world that has embraced affordable housing, the cities have flourished and the costs have come down. But I love the idea that people can live where they work. And I think some people hear affordable housing, they think, well, that's going to be, you know, drugs and crime and everything. Absolutely not. These are teachers and, you know, nurses and police, you know, household workers, people who want to live in the same community that they work. And so that's our goal from a messaging standpoint. Standpoint, show people that it's okay. You don't be a nimby. You don't have to stop projects that are being built, you know, in your neighborhood. On the flip side, we've invested in companies like modular builders. So we're trying to find new technologies that will physically bring down the cost of construction at the same time.

[Drew Scott]

The hard time though, because there's a lot of time with rate cuts to help, you know, government trying to stimulate. But the problem is when you have no inventory, cut rates if you want. That gets people excited to buy, but there's nothing to buy. You're not really solving the problem. We need to find ways to incentivize or make it possible for developers to really focus in. For example, I have a real estate portfolio in Calgary in Canada. The government in Canada really incentivizes builders to do affordable housing. So it makes it worthwhile. And I can keep rolling money from one project to the next to the next to actually make a difference down here. I don't have that same opportunity.

[Bloomberg Host]

Where do you see potentially where those incentives come from? Obviously, in a city like New York, affordable housing has been a huge topic of conversation. It pretty much swayed our most recent mayoral election. I'm sure out west where you guys in guys are, whether it's California, Vegas, Vancouver, you're also seeing similar issues there. Are you seeing things at the state level or the local level that could potentially leave?

[Jonathan Scott]

One of the biggest things is I think federally there needs to be better policy that allow and incentivize builders and developers to pull out more cash. So for example, in Canada, if you create a certain amount of affordable housing units within Your building that you can finance up to 95%, whereas here not even close. And so a lot of builders are leaving 40% of their cash in a building and that prevents them from building forward. Also on the building side, if we're, if you're using, you know, say you're building a building for easy figures, $20 million building, if you do that as an affordable building, using public funds for some of that construction, there's all this regulation that all sudden the cost is about 40% more just to do the exact same building. So I think we're getting tied up in, you know, the minutiae and we're not stepping back and looking at the fact that we haven't seen rapid enough growth to solve the problem when it comes to actually supplying inventory.

[Drew Scott]

And it's also adding density. Again, there, there are different areas that are doing great things, but when you can add some, some more density even in California. So for example, my house, I'm allowed to have two suites. I can have two ADUs, which is great because I could rent both those out. And it's helping with the crisis. However, the backlog to get to that point, one of my ADUs, it should have been approved in a week. I waited five months and there's such a backlog and the process is so archaic. We need to revitalize the process to get people moving to add density.

[Jonathan Scott]

This is one of the things where I'm hoping that AI is actually helpful because the bureaucracy behind trying to wait through the planning process. Anyone who's taken on a renovation knows how annoying it is to wait on your permits, wait for the city, also wait for the utilities to go through and process everything. I would love to see something that automates a lot of that to make sure that the, you know, I's are getting dotted and the T's are getting crossed, but you can actually get in and do the work.

[Drew Scott]

And as I say this, this literally is right now in modern history. This is the absolute worst affordable housing market in history for first time homebuyers. Look at first time homebuyers are less than 25% of the market right now and that should be a lot higher. It's just not feasible for people to get into real estate like it used to be.

[Bloomberg Host]

Obviously you've had a presence specifically on HGTV now for more than a decade. You've had a lot of iterations of your, of your and obviously shows that don't actually feature you to how much does that change in terms of being able to produce A show like that at a reasonable cost, have whatever relationship you have with HGTV and actually make it profitable.

[Drew Scott]

Everyone. I mean, so we are one of the largest unscripted producers in North America. We have 15 series that we produce. We host two of them. But we, we have found a huge shift because what we used to have for budgets for our shows down here on HGTV or with other partners, we don't have that anymore. So we as producers have to get more creative. And sometimes that means going to Canada GRE lighting with a copro out of Canada and then coming down with a license or co pro with the US down here. So we, we're really good at getting creative. But plus our company stands out from other production companies because we are up in Toronto for our production base. So we can actually take advantage of a lot of tax incentives up in Canada that are great that a lot of us producers can't.

[Jonathan Scott]

Well, we're also seeing explosive growth in digital and other forms of media. You know, YouTube, everything else. So, you know, trying to. We've always stayed a step ahead. We're always looking at where the industry is going right now. Television, traditional television. I mean, what's the word? Imploding. Yeah, everything is. Everyone's uncertain. There's a lot of mergers happening and so things are paused. But that's, that's what I like is the fact that we're constantly looking ahead. So there's enough opportunity that we still find placement.

[Bloomberg Host]

As has some of the mergers, particularly Warner Brothers being absorbed into Paramount. Has that affected at all your outlook for what HGTV and Discovery ends up being?

[Jonathan Scott]

Yeah, absolutely. It's more of a pause. That's what is right now. Because nobody wants to jump in a direction if they don't know who's going to own the company or what the focus is going be.

[Drew Scott]

But if you look at Netflix, they were only interested in studio side streaming. They weren't interested in linear cable. So Paramount sticking everything. So that does mean that we as we're the largest producer for TV for Warner Brothers on the unscripted now, we'll have that opportunity to do the same with Paramount.

[Bloomberg Host]

Jonathan Andrew Scott there. The Property Brothers on the launch of their new program. But more importantly, an interesting conversation there about housing affordability, particularly in the markets that they're focused on, primarily out west and in Canada.

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