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

submitted 2 months ago* (last edited 2 months 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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