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Carney and Eby announce $3.2B developer subsidy; plan to buy unsold B.C. condos (web.archive.org)

submitted 9 hours ago* (last edited 9 hours ago) by No_Eponym@lemmy.ca to c/britishcolumbia@lemmy.ca

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Through Build Canada Homes and BC Housing, the senior governments will "convert more than 2,200 vacant condo units in priority growth areas into affordable homes," the Prime Minister's Office said in a statement.

So, they are going to buy more than half of the current absorbed condo market in the Vancouver CMA?! Average cost of these unabsorbed condos is $2.2M. That's a 4.48 billion dollar bailout to developers, or double the cost of the new skytrain routes! All paid for with YOUR taxes. This is insane!

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[–] Jhex@lemmy.world 3 points 7 hours ago

that's not true… if the "market" is to be believed, many people would buy those condos, just not at the current price

if the current bag holder (some company) takes a bath of these, so be it… the entire market would not collapse and I guarantee you the rest of the bag holders will adjust, if only temporarily

what seems to be happening here is that we buy these overpriced condos to sell them at a loss … the greedy companies keep fattening and we eat the market correction