Ron Butler
Founder & Principal Broker | Butler Mortgage | Host of the Angry Mortgage Podcast
"Blunt, data-driven commentary on the Canadian housing downturn and mortgage rates — and the case that Toronto condos are a poor investment."
Biography
Ron Butler is the founder and principal broker of Butler Mortgage and the host of the Angry Mortgage Podcast — one of the most quoted voices on Canadian housing and interest rates. He is not a mining or commodities analyst, and readers should know that up front. His relevance to resource investors is macro context: he makes a blunt, data-backed case that Canadian residential real estate has become a poor risk-adjusted investment, which frames the allocation question many Canadian investors face when weighing housing against resource equities.
Butler has spent more than three decades in Canadian mortgage brokerage; he marked 31 years in the business during an August 2026 interview. Butler Mortgage, his Ontario-based firm, says more than 100,000 Canadians have used it to obtain lower rates, and it positions itself as one of the province's highest-volume brokerages. Since 2023 he has hosted the Angry Mortgage Podcast, and he comments regularly for BNN Bloomberg, CTV, The Globe and Mail, and CBC. His August 2026 conversation with Jimmy Connor on Bloor Street Capital, a channel aimed largely at resource investors, drew more than 110,000 views.
Butler argues from public data rather than narrative: housing starts, new rental supply, condo maintenance fees, rents, bond yields, and Bank of Canada decisions. In the Bloor Street interview he cited Greater Toronto Area (GTA) condo units clearing at roughly 50% below 2021 pre-construction prices, 19 straight months of falling starting rents, and an average first-time buyer age of 40 as evidence that Canadian housing no longer clears the bar as an investment. His advice to young Canadians was direct: rent, negotiate lease renewals hard, and be skeptical of condo investing.
For a mining investor, Butler's commentary is a running read on the Canadian macro backdrop — household leverage, a multi-year housing downturn, stagnant wage growth, and a federal pivot toward energy and deregulation — that shapes domestic sentiment and capital flows. Follow him as @ronmortgageguy on X, Instagram, or TikTok, or through the Angry Mortgage Podcast.
Key Quotes
"You buy condos to rent out in the GTA over the next two or three years? I would suggest to you that there's probably more fun ways to light your money on fire."
— Interview with Jimmy Connor, Bloor Street Capital, 'Don't Buy Real Estate in Canada,' August 2026
"The two largest provinces in Canada, Ontario and British Columbia, combined they represent 53% of the population of the country. And they are both in a severe real estate downturn."
— On the state of Canadian housing, Bloor Street Capital interview, August 2026
"High long-term bond yields across the Western world is not a good thing for Canadians who are borrowing money through fixed rates. It's a bad omen."
— On the direction of interest rates, Bloor Street Capital interview, August 2026
"The key advantage of mortgage brokerage is choice. That's been the key since I came into the business 31 years ago, and it's still the key today."
— On brokers versus the big banks, Bloor Street Capital interview, August 2026
Key Works
Interview on Bloor Street Capital covering the GTA condo downturn, falling rents, and why Canadian housing no longer works as an investment.
Butler's podcast on Canadian mortgage rates, Bank of Canada decisions, and housing policy.
Disclaimer: Ron Butler has NOT endorsed this platform and is not affiliated with Pixys in any way.