This may not feel like it impacts you directly but it is a hot topic and what is happening in the Vancouver market certainly has trickle-down effects here.
There are different opinions but the prevailing feeling is that the government is adding housing and, maybe more importantly, firming up the “bottom of the market” to keep developers from fire-selling condos which could have a long lasting impact on values.
I thought this was an interesting article and it gave me a new perspective.
| Buyout or bailout? Plus, the New Homes Market dipped again. The recent announcement by the Federal and BC Provincial Governments that they will buy some of the completed but unsold newly built condos in BC has ignited much debate. While some welcome the news, others say it’s a bailout and the market should be left to correct itself. To analyze the situation, Manraj Dosanjh, PREC at Dexter Realty, took a dive into the details to argue it’s less of a bailout and more of a strategic move at an opportune time in the market. Plus, the New Homes market dipped again slightly in June, but not dramatically. Read on for all the details! |
| It’s a strategic choice at an opportune time, says Manraj Dosanjh. |
| The BC condo buyout is not a bailout, says Manraj Dosanjh, PREC at Dexter Realty. Rather, he argues that this is a strategic choice to bring much-needed inventory online using a targeted approach, with rent-to-own components and selection criteria ensuring the program will assist those most in need of affordable housing. |
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