The Libranos: Call The Bookkeeper

Chinada It's Probably Nothing New Governor 38 Comments

It’s a 3B$ bailout of BC developers, and even the CBC is mad about it.

B.C. is facing a glut of empty condos. Thousands of Metro Vancouver units are sitting empty and some developers are facing insolvency.

Now, some housing experts are questioning a plan by the federal and provincial governments to buy some of those vacant units and turn them into affordable housing.

They say it amounts to a multi-billion dollar bail out for developers who refuse to lower prices to reflect a sluggish real estate market.[…]

Yan has a lot of questions about the plan by Mark Carney and David Eby to spend up to $3 billion to buy vacant condos in “priority growth areas” and turn them into affordable housing.

Recent data from the Canada Mortgage and Housing Corporation shows that as of last month, there were 4,376 completed condos sitting empty in Metro Vancouver, a 76 per cent increase from the year before.

Yan has crunched the numbers, with his analysis showing that a third of all condos without owners in Metro Vancouver cost over $1 million.

He questions how deep a discount the governments can get to make those units truly affordable.

Wrong question.

38 Replies to “The Libranos: Call The Bookkeeper”

  1. This is a defacto cutting a $3 BILLION check to very wealthy people or Chinese supporters.
    Maybe they are having Brookfield take them over to manage.
    Can you imaging paying $1.2Million for a unit only for the government to come by and turn a couple of units on your floor into affordable housing? What do they mean, who can move in. Are they managed rentals or sold?

  2. If the CBC is “mad”, it’s only because it (CBC) views this as a diversion of funding it is entitled to.

  3. To qualify for Vancouver’s new affordable condo housing, do you have to be BIPOC? Does immigration status matter? That wouldn’t matter in our Blue states.

  4. America thanks Canada for its two best exports: Gad Saad and Jordan Peterson who now live in the US driven out by Canada’s insane Leftist governments.

    Saad has to pay an “exit tax” to leave Quebec and Canada.

    I’m not that familiar with other potential intelligent Canadians who wish to leave but keep sending them our way.
    We do appreciate it.

  5. Bails out Chinese drug money launderers who are using BC real estate and casinos to wash their drug profits.

  6. I’m confused – didn’t the capitalist marketplace already turn those units into “affordable” housing? Why does fedgov need to do anything at all?

    RNrn

    1. Indeed.

      I’m old enough to remember when I couldn’t afford the nicest, newest, apartments in my local town. So I needed a roommate, and rented half of a tired old shitty 1940’s duplex. THAT was MY affordable housing. My expectations were aligned to my wages.

      And the government was never involved.

  7. So 40k off of 1 mill makes it affordable. Honey, start the car, we’re moving to Vancouver! More liberal miracle math.

    1. This reminds me of a story I just read about fans getting into the England-Croatia World Cup match for FREE by jumping the barricades …
      https://www.wionews.com/sports/fifa-2026-england-fans-says-ticketless-people-entered-dallas-stadium-in-match-vs-croatia-1781757241821

      It seems the fans who $PAID$ thousands for their tickets were NOT amused that fans were getting in for FREE.

      I wonder how the residents who paid full fare $millions for their condos … feel … about their new low-income neighbors?

  8. They have overbuilt junk in pretty much all large cities where they allowed city wide rezoning. They are garbage and the developers were riding the surf and now it is hitting the beach.

    1. “They are garbage”

      Definitely built that way….the shoddy construction is even visible from outside on many of the buildings, if you know what to look for. Built by the low bidders, every time.

    1. Maybe I missed this part of ECON101*, but if there are 4000+ condos sitting empty and 4000++ potential owners milling about looking for a place to live, shouldn’t the sellers just lower the price enough that the buyers can afford them? Why does the government need to get involved at all?

      * probably because I also missed the lecture on “Government Corruption And How Votes Get Bought”

      1. so that the people who built the condos don’t lose money. It is not a free-market.

    1. Brookfield, Vanguard, Blackrock, State Street will all be happy to let you live in one of their stakeholder capitalism homes as long as you promise to be happy, get your vaxes, don’t wander more than a 15 min walk away from your home, and spend your UBI CBDC as directed.

      RNrn

  11. Im so old I remember when developers were allowed to go bust, and the “homes” went off to auction. Hmmmm, doesn’t THAT make the units “affordable housing”, letting the market run as it should?
    This is so grotesque, on so many levels.
    A REAL banker would never, ever, support a rotten deal like this, but we all know that Marxist Carnage is not a bankster, he’s a globohomo puppet for the Chinese.

    https://x.com/ronmortgageguy/status/2067982475981136201?s=61

    2. Wrong Buddy, that’s you and me – TAXPAYERS! doing the sucking! We’re expected to pay for the follies of our “Betters” in their high and lofty offices.

      1. Our Western nations are being LOOTED … plain and simple. Robbery. Burglary. Money Laundering. Call it whatever you want … but our nations are being DESTROYED.

        Yes. We CAN be collapsed in on ourselves.

  15. Buying million dollar condos for low income housing? Carnage is an effing moron detached from real life. When they fill these luxury condos with a dozen or two illiterates from the shithole world, what is it going to do to the neighborhood? What is it going to do to resale price. Looking after their rich friends. Must be Liberals.

  16. Crony capitalism, IOW the extension of mercantilism into Marxism, like China. Bailed in, bailed out, on our dime.
    As we head for third world status, as opined on Michael Campbell, pay me now or pay me later becomes pay now.

  17. Why can’t the owners simply rent them out?
    And if they can’t rent them then why is Cornhole Carney going to buy them and rent them out?

    1. I would bet your left ball that it has to do with the banks. The banks lent the money to keep the Ponzi going, now they need the government to transfer that “asset” into public debt. This lets the bank off the hook and the developer gets to reload.

  18. Sounds like the 2008 housing crisis in the US. They subsidized the foreclosing banks instead of subsidizing homeowners with upside down mortgages so they could stay in their homes. One thing about this case is everyone involved is rich but are being subsidized by poor taxpayers.

  20. Liberals backdated the deadline for opposition to introduce amendments:

    This week (mid-June 2026), the Carney Liberal government used its majority to pass motions in the House of Commons regarding two key bills:Bill C-30 (implements parts of the spring economic update)
    Bill C-22 (lawful access bill)
    These motions set retroactive (backdated) deadlines for submitting amendments in committee.
    Result: Opposition MPs (especially Conservatives) were effectively shut out from introducing new amendments after the cutoff had already passed. This allowed the government to control the amendment process more tightly and push the bills forward quickly before the summer break

    https://x.com/Tablesalt13/status/2068039088389718379

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