Mark Carney Vancouver housing scheme
by Jolyon: Mark Carney
Canada's Prime Minister Mark Carney has launched a new program that effectively subsidizes an oversupply of real estate in Vancouver. Rather than allowing the market to adjust prices naturally, the government plans to purchase vacant condos and convert them into what they're calling "affordable housing." Critics are calling it a bailout for developers and investors.
Transcript (en)
Too many completed condos sitting empty. Metro Vancouver alone, around 2,500 finished units are standing vacant with no buyers. With higher interest rates, weaker investment demand, developers are stuck. They don't want to sell at a loss. They can't afford to hold those empty units indefinitely. We will convert vacant condos into affordable housing. Condos that have been built, that are unoccupied, that are going to sit there, potentially for another couple of years, we're going to go use the right financing mechanisms, convert those into affordable housing so people can move in and use that.
