For this to be true, would the government not need to buy 80-100% of the supply in order to create an excess demand scenario?
We have over 5 years of supply at current absorption.
If the government is buying 10-30% of the supply at below market value, and the market is still in excess supply and basically no-bid demand, do they not just become a buyer at a much lower market value, pulling the market down further?
Poilievre asks Parliament to probe B.C. 'condo bailout,' says it's blocking 'a price correction'
https://t.co/pQrtd3gClz
🚨 The condo bailout is headed to the Ethics Committee.
Now find out:
Who authorized it?
Who lobbied for it?
Who benefits?
Canadians deserve transparency before billions of taxpayer dollars are committed.
BREAKING: I’ve written to the Ethics Committee Chair calling for an urgent investigation into Carney’s condo bailout.
Who lobbied to force people who can’t afford groceries to bail out billionaire Liberal donors and powerbrokers?
We are fighting to stop the Liberal Club from getting richer by making you poorer.
Mark Carney promised to build homes.
Instead, his latest Liberal scheme would put taxpayers on the hook to bail out developers and banks by buying more than 2,200 vacant condos in B.C.
Carney’s plan doesn’t build new homes. It uses your money to buy units that already exist.
First they called it a conspiracy.
Then they called it “affordable housing.”
Now even Mark Carney admits the rollout of the $1.45B BC condo program was botched.
The problem wasn't the messaging.
The problem was asking taxpayers to rescue a market that should have been allowed to reset.
You don't fix a housing crisis by bailing out unsold condos. 🇨🇦🏗️
The difference between an intelligent Leader vs Opportunistic Scum who taxes the working poor to pay off his wealthy real estate development buddies, using taxpayer’s monies!
You still support @MarkJCarney and his @liberal_party after this? How many more examples do you need, before your brain kicks in to realize you are nothing more than an USEFUL IDIOT to @MarkJCarney?
“To be clear, the industry is not “stuck.” They could sell these units, but they would have to lower the price to do so.
Of course, selling at a loss would be a bad outcome for the developers. From a business point of view, they would prefer not to.
But how does an unwillingness to do so become the government’s problem?
By stepping in, the government is allowing what is sometimes criticized as “privatizing profits and socializing losses.”
Instead of bailing out developers unwilling to sell at a loss, the Liberals should let the market do its job.”
YES, THIS CRONY CAPITALISM MUST END!
Canadians shouldn't be forced to pay the price for Liberal failures and bad bets made by Liberal insiders.
Sign to stop the Carney Condo Bailout: https://t.co/992qSKpC2S
Bailouts for Liberal friends and big developers.
More costs and higher taxes for everyone else.
Mark Carney is just another Liberal.
Stop the Carney Condo Bailout: https://t.co/992qSKpC2S
Developers overbuilt condos for speculators. Now, the Liberals have sent taxpayers a bill for a bailout.
Handouts for wealthy developers don’t solve the housing crisis; they interfere with the very market mechanisms necessary to bring prices down.
A shockingly misguided and economically illiterate policy. Conservatives are calling on the Liberals to scrap it.
Who came up with the plan to spend Canadians’ tax dollars buying thousands of unsold condos in the Lower Mainland?
The Prime Minister says developers didn’t ask him for it. So who did?
Today I wrote to Housing Minister Gregor Robertson demanding transparency. Canadians deserve to know who’s responsible for a plan that risks keeping housing prices higher instead of making homeownership more affordable.
Here’s the scoop- condo developer wants full price for condos but the market dictates a lower price. Instead of being willing to lower his price, the developer is getting bailed out by the Liberal government using YOUR tax dollars.
Now that details have come to light, nobody wants their fingerprints on this $3.2 billion condo bailout boondoggle!
Carney and Premier Eby are pointing fingers at one another instead of giving straight answers.
Canadians deserve to know who came up with this taxpayer-funded bailout. If developers didn’t approach Carney directly, did they approach his office or Housing Minister Gregor Robertson?
Families can’t afford a home, but taxpayers are being told to rescue developers and banks from unsold condos.
That’s not a housing plan, it’s a bailout— and they know it.
David Eby and Marc Carney are squabbling over who orchestrated the condo bailout fiasco.
Policies this bad just need to be scrapped. Leadership needs to own this failure, apologize and move on to ideas that will actually help British Columbians.
CBC REPORTER: "A third of the condos you're targeting for 'affordable housing' opportunities cost more than a million dollars. Who, exactly, is this program supposed to benefit?"
BC NDP HOUSING MINISTER: "These are the details we are working on."
Wait. What?
Who is getting subsidized here?
Developers?
Middle class families rich enough to afford rent?
Why not spend the money to get homeless people off the street? Or create jobs for the 6.6% unemployed?
Why is any of my tax money going to people who are not poor?
🚨 TOTAL MELTDOWN 🚨
David Eby just HUMILIATED Mark Carney.
Carney wanted taxpayers to help prop up struggling condo projects.
Eby’s response?
NO.
“We will not help rich developers avoid losing profits. We will let the market correct.”
British Columbia just walked away from Carney’s housing plan.
When your own political allies won’t back you… that’s a crisis.
The cracks are getting impossible to ignore.
Developers took the risk. Now, Mark Carney wants taxpayers to take the loss.
If a condo project makes money, developers keep the profits. But if it fails? Carney thinks families should foot the bill.
Canadians need affordable homes, not taxpayer-funded Liberal bailouts for wealthy developers.