Fuck this. I don't work my ass off to bail out irresponsible, money hoarding investors who use housing as a money venture.
Canadians went broke paying over-inflated rent costs. These assholes can go broke for making bad decisions. They can pull themselves up by the bootstraps
I’m not okay with the Government buying these condos. Most likely people lost their deposits that the developers pocketed only to have the Government pay them again??? Let the developers go bankrupt, have the bank seize them, and then buy the condos from the bank at rock bottom prices. Why are we rewarding greedy Developers??
Genuinely nothing more "Canada in full, likely irreversible decline" than Quebec joining the rest of the country in having stupid fucked-over housing markets that demand average rent be 75% of the median income
Only in Canada can you wait decades trying to save money for a down payment to buy a small starter home, artificially propped up housing prices start to come down…but your own Government now competes against you & buys condos, bailouts developers & makes you a renter for life 🤡
Canadians: “Inflation crushed us. Interest rates sent our mortgage payments through the roof. Housing became unaffordable.”
Carney: “That’s the market.”
Vancouver developers: “We’re losing money.”
Carney: “Don’t worry. Taxpayers will bail you out.”
Canadians: “Wait… so we absorb our losses, but developers get bailed out?”
Make it make sense.
"Developers are stuck. They don't want sell at a loss." - @MarkJCarney
Developers have options:
▪️Keep empty
▪️Convert to rental
▪️Lower prices
And so what if they sell at a loss? That's the game.
Why should Canadian taxpayers bail out homebuilders?
Here is what should happen: the developers of these unwanted condos lower the price to what people are willing to pay.
The purchasers now have an affordable home, or a place they rent for cheap.
The developers lose money, sending the market signal that you shouldn't build that type of housing unless you can do it much cheaper.
The developers lose money. They might even go bankrupt. That sucks, but that is business.
Future developments are more suited to what people want and are willing to pay.
The taxpayer doesn't pay for any of it.
This is what the market is good at, and the government absolutely sucks at. Let the market do its job.
In Canada, a person can receive up to 5 years in prison for producing and distributing non-consensual sexual imagery.
CEOs should be held accountable for the actions of the companies they oversee.
“Last year’s investigation found that over 80 major grocery stores across Canada had been weighing meat with packaging, increasing the price by as much as 11% — an illegal practice that has reportedly been going on at major grocery chains for years.” https://t.co/Ulb1og1tGY
“Last year’s investigation found that over 80 major grocery stores across Canada had been weighing meat with packaging, increasing the price by as much as 11% — an illegal practice that has reportedly been going on at major grocery chains for years.” https://t.co/Ulb1og1tGY
Think of the data they’ve collected over the years. Peak demand times for baby formula, food staples. And elected officials in Canada are defending this. Unconscionable
Everything is $1000 now.
The mattress I got 5 years ago for under $500 is $1000 now.
Office chair that doesn’t hurt your back? $1000.
Something from the dentist? $1000.
Everything is $1000.