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.
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?
If the CBC is “mad”, it’s only because it (CBC) views this as a diversion of funding it is entitled to.
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.
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.
Bails out Chinese drug money launderers who are using BC real estate and casinos to wash their drug profits.
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
So 40k off of 1 mill makes it affordable. Honey, start the car, we’re moving to Vancouver! More liberal miracle math.
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.
Should be contingent on approving pipelines. Only paid out at construction start.
It is part of Carney’s WEF plan: you will own nothing and be happy.
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
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
Bailout?
Wrong word
It’s money laundering.