3 huge real estate investments that will come from tariffs

Summary

Real Estate Without Borders: Episode Summary

Episode Title: 3 Huge Real Estate Investments That Will Come from Tariffs
Release Date: February 16, 2025
Host: Dave Hutchinson
Guest: Daniel Fosh

---

1. Introduction to Tariffs and Their Renewed Impact

In this episode of Real Estate Without Borders, host Dave Hutchinson welcomes Daniel Fosh to continue their in-depth discussion on tariffs, marking the second part of their “tariff episode” series. The hosts share their dedication to becoming tariff experts through extensive research and chart analysis, aiming to educate American investors on the global implications of newly reinstated tariffs under the administration of "Daddy Trump."

Notable Quote:

• Dave Hutchinson [00:00]: "We need to make it known how much Twitter content we've consumed over the past three weeks, making sure that we are tariff experts."

---

2. Understanding the Current Tariff Landscape

The conversation begins with an overview of the current tariff framework. Initially, tariffs of 25% were slated for Canada and Mexico but were postponed. Now, with the new administration, tariffs have expanded globally, affecting every country from which goods are imported into the U.S., excluding energy products like oil and gas, which already face a 10% tariff.

Notable Quote:

• Daniel Fosh [02:07]: "Now it's a tariff to every country on earth. Right. Like anything that comes into the US is subject to a tariff."

---

3. Economic Implications for the United States

Hutchinson and Fosh delve into how these tariffs could be inflationary for the U.S., particularly impacting construction costs. The U.S. Home Builders Association has expressed concerns, warning that tariffs on essential materials like steel and drywall could increase home construction costs by 4-6%, potentially adding $29,000 to the cost of building a typical home over the next year.

Notable Quote:

• Daniel Fosh [07:36]: "If I'm a home builder... I would have to charge you more money for those houses because all of those goods that I just used, I had to pay more for them."

---

4. Impact on International Economies: Focus on Canada

The expanded tariffs are poised to weaken economies that heavily rely on U.S. trade, particularly Canada, Mexico, and China. Fosh highlights that the U.S. is the largest consumer market globally, meaning countries dependent on U.S. imports would face significant economic strain.

Notable Quote:

• Daniel Fosh [04:32]: "If the US economy can remain strong through this, which I think is an unlikely outcome, this could only exacerbate the opportunity for people with US dollars to buy real estate or anything, invest in, in emerging markets in other countries in the world."

---

5. The Canadian Real Estate Market Under Threat

The hosts explore how increased tariffs adversely affect key Canadian industries like steel, aluminum, and automotive manufacturing. Cities like Hamilton, Ontario, known as "Steel City," and Guadalajara, Mexico, vital to auto parts manufacturing, are highlighted as vulnerable sectors. The resultant job losses could lead to increased distressed real estate supply and a potential downturn in the Canadian housing market.

Notable Quote:

• Dave Hutchinson [12:53]: "Potentially in Canada, lifting the foreign buyer ban. Because if we're losing jobs, people can't afford to buy anything. Houses are going up in price. They're gonna have to do something."

---

6. Political Ramifications and Speculative Scenarios

The discussion takes a speculative turn as Fosh and Hutchinson ponder the political consequences of economic downturns caused by tariffs. They humorously explore the unlikely scenario of Canada becoming the 51st state of the U.S., suggesting that economic incentives like offering $220,000 USD to Canadians could sway public opinion, especially among the younger demographic.

Notable Quote:

• Daniel Fosh [20:15]: "If you actually do the math on that, 9 trillion. Every Canadian would get, like, $220,000. I feel like that would change the game a little bit."

---

7. Arguments For and Against Tariffs

Hutchinson outlines the primary arguments in favor of tariffs, such as protecting domestic industries, preserving jobs, reducing reliance on foreign imports, enhancing national security, and providing government revenue. However, both hosts express skepticism about the feasibility and long-term effectiveness of these measures, citing increased costs, potential recessions, and the difficulty of swiftly rebuilding domestic manufacturing capabilities.

Notable Quote:

• Dave Hutchinson [14:45]: "Tariffs can protect domestic industries from foreign competition, which can lead to job preservation or creation in manufacturing sectors like steel, aluminum, and automotive."

---

8. Opportunities for American Real Estate Investors

Despite the economic challenges, the hosts identify strategic opportunities for American investors. With weaker foreign currencies and struggling economies abroad, U.S. investors can capitalize on more affordable real estate markets internationally. The episode emphasizes the importance of diversifying portfolios by investing in emerging markets, particularly as the U.S. economy navigates potential recessions.

Notable Quote:

• Daniel Fosh [05:23]: "The opportunity is already forming for people with US capital to be buying outside the US and then eventually you probably would want to repatriate that capital and move it back into the US in the fullness of time."

---

9. The Future of the Housing Market and First-Time Buyers

Hutchinson and Fosh discuss the resilience of the housing market, especially for first-time buyers. In Canada, where 50% of the market comprises first-time homebuyers, lower interest rates and reduced housing prices present a viable entry point for new investors. In contrast, the U.S. faces a significant decline in first-time homebuyers, hitting a historic low of 24%, due to high prices and elevated interest rates.

Notable Quote:

• Daniel Fosh [41:31]: "24%. I got it wrong. It's literally the lowest number of first time homebuyers in the US Ever."

---

10. Conclusion: Navigating the Tariff-Driven Real Estate Landscape

The episode concludes with a call to action for listeners to educate themselves and explore international real estate opportunities despite the challenging economic climate. The hosts reiterate the importance of stepping outside comfort zones and leveraging their expertise to make informed, strategic investments globally.

Notable Quote:

• Dave Hutchinson [48:39]: "You have to step outside your comfort zone, look into it, educate yourself, and you can position yourself right now to make really good investments globally."

---

Final Thoughts

This episode of Real Estate Without Borders offers a comprehensive analysis of the renewed tariffs and their multifaceted impact on global real estate investments. Through engaging dialogue and expert insights, Dave Hutchinson and Daniel Fosh provide valuable guidance for American investors navigating the complexities of an evolving international market landscape.

Transcript

[Dave Hutchinson]

All right, welcome back to Real Estate Without Borders. Today we're going to stick to the trends here, and we're going to have the tariff episode part two. We did a ton of research on tariffs, and they got postponed for a little bit there. But now with Daddy Trump coming in, he's put some new tariffs in place that we need to cover. And we need to get our expertise out there to the world because we need to make it known how much Twitter content we've consumed over the past three weeks, making sure that we are tariff experts. I'm Dave Hutchinson. I'm joined, obviously by the one and only Daniel Fosh. Let's get into this, man. I know. I know you're itching to talk about tariffs. I know. Me. Just so everybody knows here, me and Fosh, we don't speak on text message anymore. We only send charts and graphs. Our conversations are between the hours of 8pm and 9pm before we go to bed, because we both go to bed early. And then 4am to 6am we get our charts and graphs discussions up, and we rip these episodes together for you. Right?

[Daniel Fosh]

Yeah. It's. It's a love language communicating in charts. It's like, you know how, like, Gen Z's communicate in memes? We communicate in charts. Us old, old folks. Right.

[Dave Hutchinson]

Who would have thought? Who would have thought? Dave Hutch, looking at charts and graphs, huh? Look what you've done.

[Daniel Fosh]

I know, I know. Yeah, it is. Only took me, like, a couple of weeks, too, but here we got right into it. Spiritual life in Tulum. Right? That's what's doing it. I think it's like, you know, you're just looking for, like, connections in the universe now.

[Dave Hutchinson]

Charts, all the dots are connecting. Literally.

[Daniel Fosh]

Yeah.

[Dave Hutchinson]

I wanted to. I want to, like, break this episode down and make it so it's so that everyone can understand really what's going on. And I think with. With how analytical you are, it's going to be amazing to kind of, like, break it down and just really go through, like, what's happening, who's going to be impacted, and of course, we're going to tie this all back into. You know why? As an American investor, there are so many opportunities right now to invest globally. So we're going to kind of, like, circle back into that. We're going to cover all the information that you need to know about what's happening with tariffs. Because originally they were 25% across the board, which were postponed, Correct?

[Daniel Fosh]

Yeah. And then. Well, originally it was 25% to Canada and Mexico and Then those are postponed. And then, and that would have been on everything except for energy, which is already a 10% tariff. So energy like oil and gas, basically, which the US Uses a ton of Canada's oil. So that would explain that. But yeah, then, yeah, so no, so now it's, now it's a tariff to every country on earth. Right. Like anything that comes into the US Is subject to a terror.

[Dave Hutchinson]

I think what I want to touch on and what I want some, some like, clarification on is like I want to, I want to go through obviously, what's tariff, who's going to be affected, what, what, you know, different markets are going to be impacted by these tariffs. Who's going to be affected? And I kind of want to cover the fact that tariffs have been around for a long time. So we talked about this off this, this podcast. But look, I'll be honest, I was unaware of, of how long tariffs have been in place for and I'm sure some of the, the listeners here are unaware as well. And I think our generation, like we talked about when, you know, back in the 70s, while I wasn't born yet, but when Trump first took office his last term. That was 10 years ago, right? Almost 10 years ago, I was not worried about tariffs when I was 25 years old. I can tell, I can promise I had much bigger concerns. And that was not regarding anything to do with tariffs at all. I didn't know what the tariff was. So these have been in place for a long time. But let's cover, you know, the, the history of the tariff and why it's important to understand what's been going on and how that's going to affect everything, especially the real estate market.

[Daniel Fosh]

But yeah, so I, I think it's, it's interesting. I mean, the first way that you could probably think about, well, let's just look at a couple of different ways and then we'll kind of dive into them. So the first one is it could be inflationary on construction costs, right. If you're adding a 20, 25% increase in price to goods. And we've seen the U.S. home Builders Association, I sent you that letter and we can, we can read some, some excerpts from that. But they basically wrote an open letter to Trump asking to not put tariffs on housing inputs, which are basically, you know, like steel, wood, drywall, insulation, etc. And we could break down, you know, those. So for in the U.S. but, so that's number one. Number two, it could weaken economies outside of the U.S. that, that depend a lot on U.S. trade, which is probably a pretty likely outcome.

[Dave Hutchinson]

Places like Canada and Mexico. Is that what you're referring to?

[Daniel Fosh]

Yeah. Canada, Mexico, China would be the three biggest trading partners of the U.S. india even, pretty much everyone. I mean, the U.S. is the biggest consumer market in the world. Right? So anyone who's TR to sell stuff to Americans is going to suffer.

[Dave Hutchinson]

They had a, a chart here. America's main import Partners, Mexico was 475.2 billion. Canada 418.6 billion. China 426.9 billion. Then it breaks down by Germany. Germany is 159.3 billion. Japan 147.2 billion. South Korea 116 billion. Vietnam, 114 billion. Taiwan 97 billion. And the rest of the world billion. Hey, look at this. Didn't even see it there. He snuck, he snuck a graph in on me there. I wasn't ready.

[Daniel Fosh]

Oh yeah, always. Yeah, send me that one too. I'll share it. But yeah, so I think, I think, I think that from my perspective, if the US economy can remain strong through this, which I, I'm, I think is an unlikely outcome, to be honest with you. But if they can, this could only exacerbate the opportunity for people with US dollars to buy real estate or anything, invest in, in emerging markets in other countries in the world. And I think that it's probably more likely that the US suffers as well and the US goes into recession. And that's kind of why I think that there's, there's the other piece of the opportunity, which is, you know, most of these other economies are heading into recession early. China's already been in deflation for several years. Canada is certainly in a recession right now. Mexico, I'm not super familiar with their, with their economics. India is probably still in growth mode. But you know, really, really realistically, a lot of countries, the Eurozone would be another great example. Like Europe is basically pretty firmly in probably their first, if not second quarter of recession right now. Countries like Germany, et cetera. And so a lot of those countries are, have cheaper interest rates, cheaper investments. Right. Real estate, stocks, whatever. So investing in other countries, they, they also have a much weaker currency relative to the USD. And so I think that the opportunity is already forming for people with US capital to be buying outside the US and then eventually you probably would want to repatriate that capital and move it back into the US in the fullness of time. But you probably want to do that when the US is further through its cycle, like when it's kind of at its own bottom, which seems like that's going to be several years after everybody else. And I think this would kind of be Donald Trump's mandate. It's like take everybody else down before we go down.

[Dave Hutchinson]

Right. So, okay, so you think that in the, like this is going to be inflationary for the US and not great. Is that for the US the tariffs. But is that like an immediate thing or more long term?

[Daniel Fosh]

Well, it depends, like how quickly the goods are absorbed by the supply chain. So if I'm a home builder and I'm building a house and I don't have my lumber yet and I'm selling that house to you, Dave, and like all of a sudden any, any if I'm paying, if I, if I was buying all of my inputs out of Canada or Mexico and that's probably unlikely, but if I was immediately I would have to, I would have to charge you more money for those, for that house because all of those goods that I, I just used, I had to pay more for them.

[Dave Hutchinson]

And I think it's like, maybe it's unrealistic. I know that the whole point of the tariffs I, I think is to keep, you know, protect the American, you know, what's the word I'm looking for to protect the Americans and, and their can like they want to build it in house, they want to keep everything in America right. In the US but it's not going to happen overnight because it's going to take time to build infrastructure in order to actually, you know, produce these type steel and aluminum. It's not going to happen overnight. Right. I found the article here not to cut you off. The National, national association of Home Buyers has warned that tariffs on essential materials like softwood lumber from Canada and gypsum from Mexico could increase construction costs. Have highlighted that these materials to make up a large portion of what's needed for new home construction. With estimates suggesting that these tariffs might raise costs between 4 and 6% over the next 12 months, potentially adding another $29,000 to the cost of building a typical home. Hey, look at that. Interesting.

[Daniel Fosh]

Yeah. So not, not a good thing.

[Dave Hutchinson]

And especially where the market is already.

[Daniel Fosh]

Well, yeah, I mean housings exceptionally unaffordable in the US you already have a huge surplus of homes. Like we have the most, most homes sitting in inventory. Right. Like brand new homes just sitting there. Highest inventory of new homes. I'll find that chart. And you also have a 4% unemployment rate in the US like I'm, look, I, I totally understand like the America first mandate et CETERA totally get a lot of the thoughts around what, what this government in the US is trying to do, but you don't really need jobs. Like I get the idea of like bringing all this stuff back to the US but it's like do you really want a bunch of blue collar jobs being added to your economy? Like I'm just still having a hard time understanding that one. And, and you know, I mean I, I can tell you like with the stuff that's manufactured in Mexico and China, the cost is not like you're not gonna be able to manufacture that stuff for cheaper in the US Tell you that much for free. Right. Like, so I, I think that the long term impact, like we just, you know, the home builders thing, we, they mentioned 4 to 6% instantly. But I also think that there's a long term effect of onshoring a lot of this stuff and it's like yeah, maybe you replace a lot of that with automation and robots and whatever. Sure you could do a bunch of that. But it's still more expensive, going to be more expensive to have US labor build stuff than Mexican or Chinese or Indian labor. Right. Or anywhere in South America or Central America. So I think they, it feels like they haven't really carefully thought this one through.

[Dave Hutchinson]

That's on brand for what's happening.

[Daniel Fosh]

True. Yeah. Shoot from the hip baby.

[Dave Hutchinson]

That's right. Let's just, let's see what happens. I honestly still believe that the original tariff that they placed before they paused Canada, Mexico was just a, a full bully tactic just to see what happened, just to see what he could get.100%. So okay, what are the, you have, you have the charts and graphs about like what industries are going to be the most affected. I know that the auto industry has taken a massive hit on this too obviously but there's quite a few industries I think we got the supply chain management obviously resources obvious, the oil, gas.

[Daniel Fosh]

Energy, yeah Cars, pharmaceutical are the biggest. And I think Trump said he's gonna put like 100% tax on, on cars from, or tariff on cars from Canada. So Canada's auto sector is toast. So if you want to buy. And Canada's steel sector too. Like again if we're thinking about like the knock on effects of creating investment opportunities. There's, there are cities built around the auto sector in Canada are built around aluminum in Quebec. Right. Like the Quebec market's probably going to be pretty vulnerable to aluminum. The Hamilton, Ontario is, is literally nicknamed Steel City. Right. You know you can, you know Oshawa, Ontario is gm right? Like there's a lot of these areas that, that there's probably, you know, if. If what? If he does what he just said and you're gonna see a significant decrease in the workforces in those. Those which small.

[Dave Hutchinson]

I wonder if, I wonder what the turn. Like we talked about this on the last episode too, but I think if they are doing this and all these jobs and cities are compromised in order to keep the, the real estate or the economy afloat. I, I have to agree with you on what you said on the last episode of them. Potentially in Canada, lifting the foreign buyer ban. Because if we're losing jobs, people can't afford to buy anything. Houses are going up in price. They're gonna have to do something. Right?

[Daniel Fosh]

For sure. Yeah, that or like a UBI probably. Like, I wouldn't surprise me to see like a UBI or some sort of.

[Dave Hutchinson]

Like, you're gonna have to tell us what the UBI is, my guy.

[Daniel Fosh]

UBI is universal basic income. So basically, like where they just give you money for existing. Right.

[Dave Hutchinson]

Obviously, UBI is universal. What'd you say it was?

[Daniel Fosh]

Basic income. So it's like, you know, like the. They've already talked about like Covid level of relief measures. So to me, that's also, I mean, we saw what, what that did in Covid. Right. So that's also pretty inflationary. If they just start throwing helicopter money at people again, right, because they lost their jobs, but then you have the deflationary forces of job losses and, you know, household consumption shrinking, et cetera.

[Dave Hutchinson]

So should we. I'm curious. I want to cover arguments in favor for tariffs and what that does for Americans and the impact on the US Housing market. And then maybe we can cover arguments against tariffs since we're kind of on that topic anyways. For Americans and the impact on the housing market. Yeah, sure. Yeah. Okay, so arguments in favor of tariffs. So for Americans, they're saying job protection and creation tariffs can protect domestic industries. That was the word I was looking for. Industries. Domestic industries this morning. We don't have Starbucks in Tulum. Well, we do, but I don't think it's real. So we got just a shout out to GoMart, actually a gas station in Tulum with a high tech coffee machine. It is 10 out of 10 coffee. I'm not even. My God. It's pure gasoline. My hands are dripping with sweat right now. I'm like, I've got 16 screens open. It's nuts.

[Daniel Fosh]

Just drinking charts.

[Dave Hutchinson]

It's just. It's all in here, baby. Okay, let me Continue. Because I was off topic there. So tariffs can tech. This is arguments.

[Daniel Fosh]

You're just doing our. That was our sponsored segment for the episode of Gor.

[Dave Hutchinson]

If go. It's 30 pesos of coffee. 30 pesos is. Is what, like 2 bucks? And it's a big one. It's got dose shots of espresso. Yeah, yeah. It's no joke, man. That would be a $7 in Canada. That's inflation. Okay. This is another reason why you should buy in Mexico if you're American. American, okay. Tariffs can protect domestic industries from foreign competition, which can lead to job preservation or creation in manufacturing sectors like steel, aluminum, and automotive. Maybe I'm crazy. I'm not a big economy. I'm not like, I'm no Daniel Fosh here, but that doesn't make sense to me that, like, I mean, it's not like they can just create these jobs overnight, you know?

[Daniel Fosh]

Yeah. Like, so for like a steel company to move to or like, let's say auto parts manufacturer, because that's like an easier one to think about. So if you make parts, you're magna, you're a Canadian auto parts manufacturer or a Mexican auto parts manufacturer. From that city that you mentioned, the one that you like saying the name of, was it Guadalajara? Yeah. So, you know, if those, those places have factories that make just a small auto part, like a mirror or something that you put on a car that's made in the US So they make the auto part, they send it to the US Those lines can be recreated in other countries. I've heard this from people who run these types of companies. You know, if they had the industrial space, they could do it in like seven weeks. Okay. So it's not a huge switching cost and so they've probably already started doing it. So that one's a bit easier.

[Dave Hutchinson]

Okay.

[Daniel Fosh]

The harder one is like, you know, there's a handful of cars that are made in Canada and Mexico and we can go through the list. Like the Lexus.

[Dave Hutchinson]

Let's go through the list, dude.

[Daniel Fosh]

Yeah. So like the Lexus, like the small that the. Or the LX. Right. A couple of GMs. I'll. I'll get the list in a second. But those lines, that'll take like six months, like seven months to like. And also they're huge manufacturing demands. Like there's not a ton of space in the US for that kind of stuff. You know what I mean? So it, you know, you might have to actually purpose build a, an industrial facility to do. To do that as well put condos on top? Well, yeah, I mean, it doesn't really work like that, but I like the innovative development thinking there. It's like classic Realtor. It's like we can get. I just buy this. You can put like an. You can put an aluminum plant and with like, you know, just. Yeah, zoning, man.

[Dave Hutchinson]

Zoning. What's. What is a permit? Okay. It mentions here, it says, this is particularly argued for sectors where there's a perceived unfair trade practice from other countries. What's an example? Maybe I'm putting on the spot here, but what would an example of a unfair trade practice be from other countries?

[Daniel Fosh]

So an actual example would be like China, like, stealing technology from the U.S. so, like, you know, like, they basically just take. I'm trying to think of an example, but something that's like copyrighted or patent protected in, in America, you know, I don't know. I can't. Can't think of an example right now.

[Dave Hutchinson]

I don't know, man.

[Daniel Fosh]

Yeah, no, that's not a good exact. Is like, whatever. It's open sourced. Right. But like, I don't know, like a certain type of, you know, like, new invention. Right. Even drugs, right? Drugs have patents as an example, like some new invention. And basically only the company who owns that patent can manufacture it. And China just kind of throws that out the window and they just make it because they don't give a shit, and then they sell it to America and whoever else and you can't sue them. And you know what I mean?

[Dave Hutchinson]

It's like unfair.

[Daniel Fosh]

That's. That would be considered unfair, right? I think. I don't know. Would you not. You would think so, right?

[Dave Hutchinson]

Yeah, I mean, you got me. Yeah, you lost me for a second there. But you brought it back home and it got. You got me at the end.

[Daniel Fosh]

Yeah, I really got tripped up when I couldn't think of an example. That's where I was just, you know.

[Dave Hutchinson]

No, I was putting you on the spot. It's not on script.

[Daniel Fosh]

I took it off there. So you know what, what would be an example of what, what Donald Trump thinks is an unfair practice is that the US Buys more stuff from Canada than Canada buys from the US and so he calls that trade deficit. Like, that's just a trade deficit. Like we're allowed to do that. It's not like, illegal. Right. Like. Right. You know, you could, you could. You can have imbalances. He calls that a subsidy. Right? So that's. That would be an example of something that I think is being interpreted as unfair, which is just like a trade imbalance that I would call probably fair and unfair.

[Dave Hutchinson]

I got some stats for you on Grok if you want me to riddle these off for you.

[Daniel Fosh]

Yes, I'm there. Let's go.

[Dave Hutchinson]

Okay. And I quote, you know what? Okay. Canadian dairy tariffs Background. Canada maintains a supply management system for dairy, poultry and eggs which includes high tariffs on import to protect domestic producers from foreign competition. The system was largely retained even after NAFTA was enacted with only small quotas for the US Dairy products. Terror free unfair practice. This issue escalated when Canada implemented what the US perceived as a new trade barrier under the guise. The guise of complying with the usmca. Instead of opening up their market to more. Sorry. Instead of opening up their market more to American dairy, Canada introduced new classifications and quotas for dairy products which effectively limited the US access to the Canadian market. Class 7 pricing. Canada introduced Class 7 pricing for milk ingredients like skim milk powder, milk protein concentrate, which significantly reduced the price Canadian processors paid for these products domestically. This made Canadian dairy products cheaper, giving them an advantage in both domestic and export markets, including the U.S. there you go.

[Daniel Fosh]

There you go.

[Dave Hutchinson]

Dude, get. You guys are welcome.

[Daniel Fosh]

That was good.

[Dave Hutchinson]

I know what unfair. That's why they're.

[Daniel Fosh]

That's why I would consider that to be. Yeah, I mean that's probably not why but like, I mean the why is that I think Donald Trump is sincerely wants to Canada to become the first state of the. Of the US for sure. Which would, you know. I mean, I don't know. I don't like it just feels like one of those things. It's not possible. But who knows. Stranger things have happened in our lifetime.

[Dave Hutchinson]

It's what a world, what a time to be alive. The world.

[Daniel Fosh]

Like how would that actually take place? Right? Like I feel like Alberta and like Alberta would probably leave. I don't know if Quebec would want to join, but Quebec doesn't want to be part of Canada. Like you're more likely to see like Canada just like dissolve than you know. But I don't think all of them would go like BC is certainly not joining the US Alberta would probably join. I think all the Prairies you've got like Alberta, Saskatchewan, Manitoba probably Ontario might just because of like dependency, like economic dependency. But I think that there's like enough sufficient liberalism to like probably prevent it referendum from getting by there. Quebec probably same thing. So okay, so you've got basically you've got Ontario and Quebec left and then probably the whole east coast wouldn't join the U.S. maybe they would. I don't know. Like, future, I think if you. Like there was this. There was this guy on, on Fox News, and they were talking about, like, oh, what would the actual offer be? Right? Like, it's like, you know, to me, like, talk is cheap. Like, if you're going to do this, Donnie, like, make an offer, right? Like, because then you. I think you'd see the tides shift a little bit. And the guy was saying it was like $9 trillion or something. And so he was like, buy Canada for $9 trillion. I think Donnie just wants to die doing, like, the biggest real estate deal ever in history.

[Dave Hutchinson]

Bought a country.

[Daniel Fosh]

Yeah, yeah, for sure. True. Real Estate Without Borders guy right there.

[Dave Hutchinson]

Yeah, he's, he's, he's going after the deals.

[Daniel Fosh]

Yeah, I really get that feeling. And he's such a deal. I mean, even, like, you talk about, like, like what he was talking about with, like, the Gaza Strip, it's like, bro, like, it's. Come on, like, read the room. And he's like, oh, yeah, let's just develop it. It's like, you don't have to just develop everything. Develop Canada. Yeah, buy it. We're just gonna buy it and then we'll.

[Dave Hutchinson]

A couple Trump Towers up there casinos, and it's good to go.

[Daniel Fosh]

So it seems to be his, like, his, his solution for everything is just to figure out how to buy the land, right? So I would say that. That, that is like, it seems like that's. He's just gonna keep trying to hurt us economically until a lot of people say he's just screaming enough. But anyway, so. So if you actually do the math on that, 9 billion, 9 trillion. Every Canadian would get, like, $220,000. I feel like that would change. I feel like that would probably change the game a little bit. Like, you know what I mean? If you told, if you. Yeah, exactly. If you told. If you told every Canadian that they were going to get $220,000 to. To join the U.S. i think it would be like. I think. I think I would. I think it would actually probably get like 75% in a referendum easily.

[Dave Hutchinson]

I know 100% of the realtors would say yes to that. What are we getting taxed, though?

[Daniel Fosh]

Canadians are so broke. Right.

[Dave Hutchinson]

So big time.

[Daniel Fosh]

You see, like, that's a big windfall, man.

[Dave Hutchinson]

Is that how to work?

[Daniel Fosh]

I don't know. But, you know, for, you know, as a thought experiment, it could like, that people are talking about it who are smarter than me are talking about it as if it would work that way. And so I'm just Assuming it could work that way.

[Dave Hutchinson]

You know, honestly, it kind of sounds like a pretty sweet offer, I'm not gonna lie.

[Daniel Fosh]

Two. Yeah. 200. 200K. And you don't have to do your passport when you fly to Florida or whatever, right?

[Dave Hutchinson]

Yeah. And you can relocate.

[Daniel Fosh]

Snowbirds are drooling over that, man.

[Dave Hutchinson]

That's right. That's crazy.

[Daniel Fosh]

Don't have to shovel, dude. I literally have spent a combined, like, eight hours shoveling my driveway in the past two days. Okay, great. Great workout. All right. Like, just love it. Next year, probably gonna get it. Gonna hire somebody to plow it. Keep telling myself, it's good for me. I'm gonna do it. It's like, you know, blower or. No, I did, but I blew it up two days ago, so.

[Dave Hutchinson]

Terrible. What a good time for that.

[Daniel Fosh]

Yeah.

[Dave Hutchinson]

And I'm guessing they're. They're sold out at old Home Depot.

[Daniel Fosh]

Haven't. Haven't made it there. Too much snow, dude. It's been shoveling and recording podcasts, so. But, you know, like, that's another thing. Like, a lot. Not. Not everyone wants to live in a frozen wasteland. But, you know, 12 months of the year, Canadians have proven that by going south. And now, like, you know, so if you made that easier. I think that. I do really think that. Like, I think it. It's one of those things. Like, you see, you'll see politicians of a lot of either side of the aisle do this. They'll kind of, like. They'll throw a crazy idea out there, right? Like, defund the police. It's like, okay, yeah, but. And then it's like, but they. They actually want something that's, like, a little bit less than that. But you have to start with this, like, really extreme message to kind of, like, get to that result. I think that that's where he's like, that's why he's doing this. That's the vibe I'm getting. Right. Eventually.

[Dave Hutchinson]

A poll of people. It was a poll. Let's see. I think the thing.

[Daniel Fosh]

Young people, 45, wasn't it?

[Dave Hutchinson]

That's it. Young people. But I think the. Let's see here. January 2025, 15 of Canadian support. I don't believe that. I don't believe this one either.

[Daniel Fosh]

4. Four in ten young Canadians want to join the US Toronto Star article says.

[Dave Hutchinson]

I get why, right now more than ever in my entire. I think most of our generation, the politics was never exciting or interesting for the most part. And I think over the last few.

[Daniel Fosh]

Years, it never impacted us as well. Right. Like it never mattered.

[Dave Hutchinson]

Yeah, you're right. Fair enough. I guess when I was like 20, 25, I could care a lot. I didn't know what I was doing. I was just trying to figure out.

[Daniel Fosh]

Also, we never saw inflation. Right. We never had rights taken away from us. Right. Like, now all of a sudden you get. You get Covid, where you have, like, significant restrictions on your life and how you can conduct your business. Right. We have inflation. We're marginalized out of the housing market. And this is not just a Canada thing. This is the entire Western world. People feel this way in Europe and the US And Canada. Everywhere, man.

[Dave Hutchinson]

Yeah.

[Daniel Fosh]

So now all of a sudden, people are politically aware. Morgan Housel talks about this in his book the Psychology of Money. Excellent book.

[Dave Hutchinson]

Great book.

[Daniel Fosh]

And, yeah, and. And he talks about how, like, you know, we never care. People never cared about inflation. And then all of a sudden, one day they did. It's like, boom, instantly. Right now it's like a key issue. Housing affordability. Same thing.

[Dave Hutchinson]

Is the poll.

[Daniel Fosh]

Yeah. There's no charts, though. Come on.

[Dave Hutchinson]

Oh, that's terrible.

[Daniel Fosh]

I know, I know the charts you're talking about, but, but, yeah, so I.

[Dave Hutchinson]

Think it's like 40, 45 or something like that of young, young people, young Canadians were on board or in favor of becoming the 51st state.

[Daniel Fosh]

Yeah. But, you know, ask it now. Redo the pool with 220 grand USD in your pocket.

[Dave Hutchinson]

That's what I want.

[Daniel Fosh]

That's what I want to see. I think.

[Dave Hutchinson]

Twitter poll.

[Daniel Fosh]

That's got to be. That's statistically significant.

[Dave Hutchinson]

Dude, I, I'm going to run. I'm going to do a. I'll get the Tik Tok side. You get Twitter.

[Daniel Fosh]

Sure. Done.

[Dave Hutchinson]

Okay. We were in the middle of. Sorry, we got off topic, but I think that's.

[Daniel Fosh]

I think this is a good. That's a good topic. I found the charts, too. It's on Ipsos. I got it.

[Dave Hutchinson]

Pull it up.

[Daniel Fosh]

Yeah. So it's four in 10 Canadians aged 18 to 34 would vote to be American if citizenship. If citizenship and conversion of assets to USD was guaranteed. So that's. That's kind of a pretty significant caveat.

[Dave Hutchinson]

That's a big win, too.

[Daniel Fosh]

Yeah, well, yeah, you get like 30, 40% ROI instantly.

[Dave Hutchinson]

I just told you yesterday, the other day, I had a call. It was yesterday. I had a call with a couple from the U.S. they got their. They're in the middle of getting their pr. They should get their PR this week. They earn USD and they're in Canada and They said their budget was about 900 Canadian, which is about 630, 000 US dollars. So you can buy a 900, 000 house for 634, 000. Crazy.

[Daniel Fosh]

Yeah, crazy.

[Dave Hutchinson]

And they're just, they're, they're winning, you know, they're just like crew. They're on cruise control. They're like, this is great. I don't.

[Daniel Fosh]

For sure. For sure. And, and us. I think US Capital is going to feel that way for the next like five years probably like anywhere in the world.

[Dave Hutchinson]

We made the podcast. Right?

[Daniel Fosh]

Right.

[Dave Hutchinson]

We're circling back here. We sometimes, sometimes we get off topic and then we bring it home. That's what we do.

[Daniel Fosh]

It allows people to get to know us like, you know, beyond just our, our charts.

[Dave Hutchinson]

Besides me talking to Grok mid episode. Oh, what do we got here?

[Daniel Fosh]

This is, these are your, this is the Ipsos poll. So the majority said I would never vote for Canada to become part of the United States. I saw it is interesting though.

[Dave Hutchinson]

Yeah, I think it's the, the older generation because I saw an article on Twitter, on Twitter about this. Do we call it Twitter or X? That's why I get that. Right.

[Daniel Fosh]

I call it X now. I'm, I'm trying to appease the billionaire overlords who now run the world, apparently.

[Dave Hutchinson]

World. Okay, X. I saw an article. It's like a lot of the elder or the older community within Canada, they've already like, made their money. You know, they bought their house for 150. They don't care. You know, they're retiring, they're good, they have their pensions, they're good to go. They've made their money. It's the younger generation that's feeling the squeeze and they're the ones that are looking for opportunities.

[Daniel Fosh]

This is like this, this is, and this is how you get a quiet revolution happening. Right? Like, I think this is, I think what, how Trump won the election. Like, you get all of these, like, boomer elite, like people who have all the equity have just benefited from the time, who are so detached from the plight of a regular human being that, you know, like, they're, oh, like they'll literally gaslight you. Oh, the economy's fine. Like, you know, it's like GDP's growing. My house is worth more than ever. I don't owe anything on my mortgage. Like, who cares if interest rates are 6%? Well, I know like a lot of wealthy people in Canada and the U.S. like, who. I would consider that like, you know, five years ago even just five years ago would have been like, rich, you know, like lived a freaking dope life. Like, you know, and, and Maybe they make 250k, 300k a year now. Like, like, literally, I know people household income is like 250, 300, 400 grand, 500 grand. And like, it's like, where, where's their money? You know? Like, I don't, I have no money.

[Dave Hutchinson]

It's true.

[Daniel Fosh]

And so even.

[Dave Hutchinson]

That's why I moved to Mexico.

[Daniel Fosh]

And those are your upper middle class people now. Now that. Now let's think about your lower middle class, right? Like, or, or your, or just your middle class period. They just got completely inflated away for sure.

[Dave Hutchinson]

That's why I'm in Mexico. Look, I moved to Mexico for that reason. Like, my, the cost of living for me right now is a fraction of what it would be in Toronto. Like a fraction, you know, not saying everyone's gonna move to Mexico, but even when you come here for like a month or two, it's like you see the difference and you're like, oh, whoa, Interesting. Okay. In favor of tariffs, we kind of covered being in favor of tariffs. We talked about, you know, bringing the industries back and saving us from foreign competition. We talked about reducing reliance on imports from critical goods. Tariffs can enhance national security revenue generation. Tariffs can increase government revenue, which can be used to fund public service to reduce deficits, potentially. Tariffs serve as a tool to negotiate better trade terms. I don't know about that. And the impact on the housing market. We've covered, We've covered that. You know, if terrorists, I think we.

[Daniel Fosh]

Covered, we definitely covered the impact in the US Housing market. We maybe haven't in. In economies outside of the U.S. right. So, so let's go back to kind of those. Like, let's look at what. So we have that map, right? Every state's top import and the country that it comes from.

[Dave Hutchinson]

I got to get fired up. How many tabs you got open right now?

[Daniel Fosh]

Too many, dude. It's actually crazy. Like, I got to get pro. You have to get the pro in this game, man.

[Dave Hutchinson]

I have the pro, but I, I guess I need to. I was ordering the new one, but the problem is, here's something you might not know when you're in. Mexico has a different Alphabet. Spanish is a different Alphabet than English. So I can't. If I go to this apple, Mexico, which they're hard to find. My keyboard's different, so I can't, I can't get it. I have to wait.

[Daniel Fosh]

Yeah, just wait till you get Home.

[Dave Hutchinson]

That's it. We're cruising.

[Daniel Fosh]

Yeah, you'll buy it off some. Like everyone's gonna be broken. Canada will be liquidating all their stuff. So honestly, dude, like we're in rough shape. So. Okay, so, so main import partners of all the different states. A lot of Canada there, right? A lot, A lot of Canada. New York is Switzerland, which is like, what are y'all buy, like Rolexes? Is that what that is? It's just like all the Rolexes going to Manhattan there. Like what are they? What is going on? All the Rolexes and expensive cheese and chocolate.

[Dave Hutchinson]

Just New York City sounds pretty on par.

[Daniel Fosh]

That is so weird. It's the only one that's Switzerland.

[Dave Hutchinson]

Switzerland, yeah. Let me, let me pull up Grok and see what the biggest import is they've got.

[Daniel Fosh]

Germany is like North Carolina, South Carolina is Germany. So it's basically majority China except for Texas, Arizona, Utah. Kentucky is all Mexico.

[Dave Hutchinson]

Is that just due to proximity though?

[Daniel Fosh]

Well, not for, for like, not for, you know, your Kentucky or like is that Michigan? Yeah, I guess Michigan would be all the auto parts. Some of I, I, it probably is proximity. But then like, but look at California, it's all China, right? Like that's probably mostly consumer goods though, realistically if we're thinking about it. It's like that's like Walmart and Target, basically.

[Dave Hutchinson]

Right? That's true. Kentucky seems like the place. I got some information on as to why New York, the biggest importer of Switzerland.

[Daniel Fosh]

Tell me. I'm excited.

[Dave Hutchinson]

Honestly. It's the third part. The New York financial hub status. New York is a major global financial center, much like Zurich or Geneva. These effects attract high value imports, particularly in sectors where Switzerland excels like precious metals and gems. Rolexes, Switzerland's leading refiner of gold and significant exporter of diamonds. New York with its diamond district. Okay. And financial institutions dealing with precious metals. That is a natural destination for these goods and luxury goods. Yeah. New York's affluent market demands luxury items like Swiss watches, which are among the most prestigious. And then pharmaceuticals and biotechnology. That's all that really matters. Crazy.

[Daniel Fosh]

So it looks like eight. Oh wait, 19, maybe 19 of the states. Their largest trading partner is Canada.

[Dave Hutchinson]

So how is it. Okay, so okay, let's talk about that. How is that going to affect the, the Canadian real estate market?

[Daniel Fosh]

Well, it's going to be in trouble, I mean, because you, you have significant sectors of the Canadian economy that are going to about to get carved out. And I mean you look at, what.

[Dave Hutchinson]

Do you mean carved out? Like what, what signi what sectors are going to get carved out? Like, what do you mean?

[Daniel Fosh]

So like steel and aluminum was. Was around one of the tariffs. Right. So I mean, like, you look at.

[Dave Hutchinson]

It, going to import less steel. Aluminum.

[Daniel Fosh]

Yeah.

[Dave Hutchinson]

Which one lose jobs? Right, Right.

[Daniel Fosh]

Yeah. And then you. You lose jobs because Canada can only consume so much steel of their own, steel and aluminum. So you have to downsize the workforce to. To or Right. Size the workforce. Now you might still see us. US Companies just buying from Canada even though the cost went up. Well, you probably will, to be honest. So.

[Dave Hutchinson]

Right.

[Daniel Fosh]

They're gonna buy less. Yeah. Right. Sizing.

[Dave Hutchinson]

Is that an. Is it like a.

[Daniel Fosh]

That's like a big. It's like the big office thing right now. Like when office. Like with the return to work, like all the offices are. Right. Sizing their. Their, Their offices.

[Dave Hutchinson]

That's a new one for me. I'm gonna take that.

[Daniel Fosh]

Yeah. I'm just trying to teach you stuff. That's what this podcast is all about. It's called Dave Learns Podcast.

[Dave Hutchinson]

This is just for me to. You guys are welcome. I'm just asking the questions you guys feel too silly to ask. That's okay.

[Daniel Fosh]

I love that. No, that's the best, man. That's like. I mean, Nick and I have that on the Canadian real estate investor podcast as well. Right. Like, he just like, it's like, you know, you remember like those Lemony Snicket books when like they say like a big word and then they define it. You just need that every.

[Dave Hutchinson]

Now that's. That's it. That's what I'm here for. Okay. Right. You have to. Right size. The. The steel and aluminum industry. Got it.

[Daniel Fosh]

Yeah. Which, which would mean that your jobs.

[Dave Hutchinson]

Will, you know, how is that going to affect the real estate market in particular?

[Daniel Fosh]

Well, when people don't have jobs, they can't pay their mortgages and so typically they'll sell their houses, which means that you probably will see a lot more distressed supply over the next 12 months, 24 months then you would without those things. Yeah.

[Dave Hutchinson]

So I'm. I'm gonna have a busy year upcoming then.

[Daniel Fosh]

Well, yeah, you might have a lot of listings. Who knows whether or not how many transact. Right. I don't know. I mean, it seems like the market's kind of moving some supply, like stuff's getting absorbed. But yeah, I don't like. Look, the reason Canada's real estate market. Like, if you compare Canada's real estate market to the US Just as an example, or many in the western world, the countries that have already Seen like a huge blow off in price. They're recovering, right? Because when prices drop, like one of the easiest ways to make housing affordable again is for prices to go down. And so in Canada that happened. In the US it hasn't really happened. It came down a little bit kind of from the COVID peak. So nobody's buying houses in the US because they're expensive. In Canada, people are buying houses again because they can afford to, because rates are down and prices are down. And that's what, that's how your real estate market recovers. As buyers start to re enter because they want to and can afford to buy houses. Houses. Then they will. What, what would stop that is they don't feel like they have job security. Right. Maybe they, maybe they lose their job and they're like, oh, I guess I'm not buying a house. Maybe rent or downsize my household expenses.

[Dave Hutchinson]

Or whatever I'm trying to look up. I think another thing too is our, our first time home buyers are significantly more involved in the real estate market in Canada.

[Daniel Fosh]

Yeah, I think I, I put a tweet out on that. Right. Like so, so in Canada. So in the US right now 27. We went through this on the percent of our, of the, of the market in the US is, is for some home buyers right now. It's like the lowest it's been in, in decades. In Canada, 50% of the market is first time home buyers. And it's not hard to imagine first time home buyers dominating the market because like people who already own a home don't need to buy a home. Right? So like first time home buyers should be the biggest part of the market but in the US they're not because they have the lowest ability to afford houses. And this is why you're actually seeing like you sent me that article, the Florida one, right? Florida banning the corporate ownership.

[Dave Hutchinson]

You're welcome.

[Daniel Fosh]

It's crazy because I consider Florida like pretty conservative. But like this is one of the things that, that like your right and left seem to agree on is they don't want corporations owning homes.

[Dave Hutchinson]

Right. I think I did a Instagram thing about this or maybe it was a tick tock, to be honest, I don't remember. But I think the first time home, if you're dancing, it was dancing and pointing. I think the first time home buyers are less affected by like the economics and all these charts and graphs because they need a place to live, you know, and it's like a lot of the people, like I think one of the, I know some of Our listeners are from Canada, but for the listeners that are in, in the U.S. canada, like where, where people want to live for the most part within Canada. There's less cool places to live in Canada than there are in the U.S. so in Canada, if you're a successful younger person, I think you have like three options. Vancouver, Toronto, Montreal, maybe Calgary. Now because Calgary is kind of booming, but you only really have like limited space to live. So if you're employed in Toronto, live in Toronto and you're able to buy in Toronto, first time home buyers are like, okay, well interest rates have settled a little bit. Prices are still relatively down. So it's like not that bad of a time to get into the market. If you're a first time home buyer with the intention to hold, you know, and especially if you're an American, you have US Dollars, we're selling condos now for, for under a thousand a square foot, $1,000 per square foot, you know, 20, 22, you're seeing in, in the resale world, 1400 per square foot for these sales and then the Pre Con World, 1800 per square foot in some, in some, you know, cases. So it's like the first time home buyers are now like seeing the interest rates hover around a reasonable spot number allowing you to have more money in your account, more buying power essentially and the prices are still down. So it's like for first time home buyers and upsizers. Right? I talked about this too last time.

[Daniel Fosh]

But yeah, yeah, I think you see a lot of activity from upsizers because they're buying and selling in the same market. Right? Like, right. When people talk about like timing the market in quotes, it really only matters if you're entering the market or exiting the market. Right? Because then you, you care about timing because you're going into cash or out of cash and so you care about the positioning of cash relative to the real estate asset. But if you're, if you're a downsizer or an upsizer or whatever, then you're buying in the same market that you're selling in. And so if the market's high, you capitalize on the high sale price and, and the low or in the, and, but you have to pay the high purchase price. Whereas if the market's low, you capitalize on the low purchase price, but you have to accept the low sale price. Right. You can't really time the market to do both. Right. People tried that in, you know, at the peaks of the market and got absolutely smoked in, in Canada and the US Right So for sure. But yeah, I think that's why we.

[Dave Hutchinson]

We made the podcast, you know, like to let. To the, the real estate market and, and like, you know, you were just talking about in, in the economy in Canada maybe isn't going to do so well over the next little bit if you're in a, if you're a US buyer. Oh man. Oh, look. Okay, here we go.

[Daniel Fosh]

24%. I got it wrong. It's literally the lowest number of first time homebuyers in the US Ever.

[Dave Hutchinson]

It's because they can't on record the prices are high. Interest rates. Yeah, exactly. Interesting.

[Daniel Fosh]

Crazy. Crazy.

[Dave Hutchinson]

Did you want to cover like history of the tariffs? Because we could.

[Daniel Fosh]

I feel like we covered that pretty well though once when we were doing like we were talking about because like the Great Depression. I mean maybe, maybe examining its role in the Great Depression would be a decent.

[Dave Hutchinson]

Yeah, that's on you, buddy. I don't even know when the Great depression was. The 1900s, I'm assuming.

[Daniel Fosh]

1929, I think was Black Tuesday, as.

[Dave Hutchinson]

Far as I got back here on my notes is 1970s. Sorry, buddy.

[Daniel Fosh]

Man. It's eerie though, like the setup to the Great Depression was so similar to right now, other than maybe the war, but even then we have sufficient war going on around the world right now, just less directly evolved. But the US Is economically involved in a lot of those wars because they sell all of the jets and you know, munitions and whatever, a bunch of war. Go ahead.

[Dave Hutchinson]

I think it's just important for the listeners to understand that the reason I brought this up is because I think I wanted the listeners that maybe are from my following or my followers, not folks followers. You know, tariffs have been, tariffs have been around for a long time. They've been, they were introduced in Trump's last term. It's just I think where we were in our lives, I don't think we cared or wanted to know what these were. But like tariffs aren't something that just came into effect now. And I think most people don't know that, to be honest. I think because we weren't hearing about it, there was less for us, less of a reason for us to care where we were in our lives 10 years ago. And also on top of that, there was probably less ways for us to find out with social media and all that kind of stuff, you know.

[Daniel Fosh]

So I think also there was like there was a little bit of a recessionary dip during that period of time. Like if you'll remember, like a lot of the countries like you saw Interest rates getting cut, house prices dropped in Canada as an example. Like there were economic impacts but the monetary policy, like the tools that the government and the central bank had to fix the problem were a lot more effective during that period of time because it wasn't, when it wasn't after this pandemic when they'd already pumped so much money into the economy that you can't like there's so much inflation, right. There's so much more money supply. There's all you've had all these kids stuck at home basically just yoloing on meme stocks and shitcoins all the time. Right. I mean so, so like the pandemic really broke the, the ab for the leadership to, to play a, a role in, in certain things. Like you know, right now you're fighting like all of these like self proclaimed DGEN investors every time you try and drop the stock market or you know what I mean? Or try and make cryptocurrency less speculative or whatever. Like you're literally fighting people who think it's a joke to like, you know, like yolo hundreds of thousands of dollars into you know, zero days to expiry options. But, but like so you know, pre Covid your monetary policy and fiscal policy tools were like, worked a lot better. Tariffs as an example, you know, they, they were probably net deflationary then. Now I think they're going to be net inflationary because I think people have like talking, going, going back to housel psychology of money. People are like, I don't think they don't trust the financial system anymore. Like people don't really care. There's like so little accountability. Like the social contract of money is broken I think.

[Dave Hutchinson]

Right, I agree, I agree.

[Daniel Fosh]

That's why I like hard assets man. Houses are always still going to be houses, right? Not like coins or you can't and like I'm, I'm bearish as the next guy but you know, you can't, you can't live in a coin. Right, right. I tried, I agree. I tried.

[Dave Hutchinson]

Didn't work out.

[Daniel Fosh]

Yeah, no, can't. Can't live in a Berkshire Hathaway stock. Right?

[Dave Hutchinson]

You also buy the Melania coin after, after Trump's went. I spent 45 minutes trying to buy it, couldn't figure it out. And by the time future of money man, I, by the time I, by the time I couldn't figure out how to buy it, it had dropped like $12. And I was like oh thank God because I was about to put some money in there.

[Daniel Fosh]

There you Go. They just. You just got saved by like how inefficient it is or how difficult it is to like buy cryptocurrencies unless you're like already at like a fully established dj.

[Dave Hutchinson]

I had like the Phantom app up on my phone trying to figure this out in different chain. And like I had four wallets up all. I probably got no money in my account anymore because I had, I'm just attaching my wallet. I'm just like. You want access to my RBC account for. Click here. Perfect.

[Daniel Fosh]

Yeah. Sin number. What do you want is my sin number and an approximate time I'll be walking in my car alone later? Sure.

[Dave Hutchinson]

Is my passport whatever you need. Are you guys going to let me have Trump coin or no?

[Daniel Fosh]

Send me a DNA sample? Give her Pretty much, yeah. But the other interesting part about this is in the US and Canada, this matters. In Mexico, I think it's a little bit different. But you know, in a lot of like the western world you have policies for the government where the government supports loans through the mortgage Backed Security program. So basically they, they buy mortgage bonds from banks. Where in the US you can buy like your FHA loan, you can buy like 2% down or 3% down or something like that, right? Canada, the same thing, 5% down, you can buy a house, right? Owner occupied much of Europe, same thing. If you're buying an owner occupied house, you can buy it with very little down payment. You also can't. So like that, that allows you 20x leverage, right? To be honest, like you're, it's technically infinite leverage because you have no equity in the house. Like, you know, in Canada, if you buy a house with 5% down, you pay a 4% CMHC insurance premium. So $500,000 house, you literally have a thousand dollars of equity in that house. If you have to sell the house, your lawyer fee is a thousand dollars. And that's not even accounting for realtor fees, right? So negative equity. So all of this to say that shitcoins stocks, that the one difference with assets like that is you can't give or you can't buy them with government insured hedge fund level leverage. You know what I mean? As a layperson, like I can't go to CMHC or HUD in the US or whatever, FHA in the US and.

[Dave Hutchinson]

Be like, yo, she is mortgage insurance.

[Daniel Fosh]

Yeah, but I can't go to like Fannie Mae in the US Freddie Mac and be like, yo, I got this really good idea. Freaking Melania Coin.

[Dave Hutchinson]

My account's already attached all you gotta do is click next.

[Daniel Fosh]

Yeah, Melania Coin. All right, I got five grand here. Okay. Just give me. Give me 500k to go along on Melania. Right? And this is the difference with housing, man. It's like the security. The government are okay to insure this stuff, and so lenders lend it. That, to me, is a very distinc difference of what makes a housing asset a harder asset than a lot of other things. A lot of people say, oh, bitcoin's the hardest asset in the world. It's like, is it really that hard if, like, you got Michael Sailor, like, levering it up and, like, putting, like, 50 freaking things on top of it, like 50 financial instruments on top of it, so Blackstone can buy the rest of it? And, like, I don't know. I'm not fully sold on that. I think a house is probably harder than that.

[Dave Hutchinson]

I agree. And that's why we made the podcast the Circle Home. To bring it home.

[Daniel Fosh]

Yeah, to help buy houses in other places.

[Dave Hutchinson]

For now, like you said, I think there's a. There's a window. And like you mentioned this earlier, I think you have a window right now where you have to. You have to step outside your comfort zone. Learn a little. Tune into our podcast. So you can learn here, but I think you have to step outside your comfort zone, look into it, educate yourself, and you can position yourself right now to make really good investments globally. As an American, in my opinion.

[Daniel Fosh]

Totally agree. Totally agree.

[Dave Hutchinson]

What do you think?

[Daniel Fosh]

So if you want to do that, give us a shout. Yeah, let's call it. If you want to do that, give us a shout. We'd love to help you find a deal somewhere around the world where we're legally allowed to sell it to you. And as always, like, comment, subscribe, send this to your mom, send it to your therapist, send it to your local politician who is going to help you fight in the battle against tariffs. And we'll see you next week or whenever we get around to releasing an episode again.