Poilievre kritisiert den Plan der Bundesregierung von British Columbia, leerstehende Eigentumswohnungen zu kaufen, und nennt ihn eine „Rettungsaktion“ für Bauträger
https://www.cbc.ca/news/politics/poilievre-carney-eby-bc-condos-bailout-metro-vancouver-9.7243786
45 Kommentare
I mean, without knowing the price point, it totally is a bailout.
But, if these units are being sold at much below market such that the developers can live to see another day, but eat quite a bit of the costs themselves, its not as much of a bailout.
It would also reduce homlessness if there is more social housing.
Because it is. The government is heavily invested in making sure urban boomers don’t lose their property values either.
>Poilievre said the true „innovative financial tool“ is simply waiting for the price to lower until someone can afford to purchase or rent the condo and that ultimately, developers took on the risk of building properties in a better housing market.
„They decided they wanted to build those condos at a time when we were in a housing bubble,“ Poilievre said. „But now they’re selling those homes at a time when the housing bubble has burst. So the risk did not pay off.“
Poilievre said the prime minister „wants to privatize the profit and socialize the losses. In other words, make you pay the price…. There’s no free lunch here. Someone has to pay for the loss.“
*[On a side note](https://x.com/mario4thenorth/status/2068313821442183286):
>The “condo king”, organized a $25,000 per plate lunch, with Greg Robertson, who is now the Liberal Minister of Housing
The same “condo king” that benefits from the $3.2 billion bailout Carney just gave to wealthy condo developers
I didn’t even vote for the conservatives and I can’t agree more.
Like, some developer and bank gambled on the value of the completed property, it’s now worth less than they invested, and the Canadian tax payer is to pay full expected price, only to have it then sold to other tax payers for much less money?
This is just the tax payer subdividing losses. Let the banks and developers eat their loss and be forced to sell them directly to the tax payer a loss.
Agreed, this is a bailout.
I’m just surprised it took the Liberals this long to intervene and bail them out.
Bribery to get BC to work with Alberta on a pipeline.
If I’m not mistaken, Toronto is also in a condo crisis.
This is the only thing pp has said that I actually agree with
For once I agree with PP
I don’t like the term „slams“ but in this case I think the practice of bailing out developers when the market is trying to right itself deserves to be „slammed“.
Try upping the vacant property tax so it becomes more costly for the developer to let them sit empty than to sell at a lower price.
Also to me it’s unclear if the Government would maintain ownership and rent them at affordable rates thereby being able to recoup the cost over a long period of time of 50-80 years or if they buy them and sell them. They did sell affordable houses in BC before only for people to abuse it to make money
[https://www.cbc.ca/news/canada/british-columbia/affordable-housing-vivid-condos-1.7134822](https://www.cbc.ca/news/canada/british-columbia/affordable-housing-vivid-condos-1.7134822)
If this is used as an actual longterm source of affordable housing, okay. Don’t love it but it’d better than more empty useless units in the near term.
Of course, bailing out developers just emboldens them towards expecting future bailouts. So… We’ll see.
Whether you like him or hate him, he is not wrong. This is a bailout.
I want my timeshare if the Feds help them. I just need to know when to book the holidays and which property ill be staying in.
Poilievre actually made a good point this time. The Libs need to stay out of this. It’s not a Canada problem.
People who read past headlines, say it with me please:
CAN WE GET SOME NUMBERS PLEASE
Is the government getting a discount? How big? So many unknowns here.
„technical“ bailout 😛
A day I did not expect. I actually agree with PP on something. Huh, interesting.
This is the first time in a long time that I agree with Poilivere. Let the market sell them at what people are willing to pay, or wait for the bankruptcy sale, and buy for pennies on the dollar.
Not letting the prices fall to affordability helps who?
I’m not opposed to the concept of buying out the condos, but we should pay them way below market. Get the condos onto the market faster but still let the developers feel the loses
Absolutely, taxes should not bail out developers.
Ontario is underwriting a similar program. But only a quarter of the units they purchase will be for affordable housing
https://www.deeded.ca/blog/a-1-3-billion-fund-is-buying-up-unsold-gta-condos-heres-what-developers-need-to-know
Those who are wealthy enough to buy investment properties do not need bailing out
I don’t disagree with that statement. As public money should never be used to bail out greed or very poor senior management.
We went from „building projects at speed never seen before“ to „bailing out developers“.
Man you gotta love Carney. He will be on the plane the next day talking about „new world order“ and redditors will just love it. And we move on to the next announcement.
Liberals doing liberal things 🤷♂️
Let’s keep voting for them see how worse this country will get
It is a bailout.
The market will correct itself by building homes that sell.
The consumer will determine what they want, not some cookie cutter condos everywhere.
It’s an awful approach to urban housing.
Let the price tank! We will not return to livable housing prices if the government keeps bailing out their friends in the real estate industry!
You all voted for this to happen
It’s funny watching Liberals be like „Broken clock“ or „PP gives me brain tumours but I agree with him this time“ when they literally support a PM who copied so many ideas from the CPC. Bro our supergenius galaxybrained economist banker PM himself thought PP had great ideas so you can just say you agree with PP without having to preface it with a dorky disclaimer.
As much I dislike Poilievre, I have to agree with him on this one. No developer bailout.
Take that same money and build actual affordable homes. Don’t reward the people that pushed prices ever higher.
Yeah they shouldn’t be bailing out developers, especially when regular every day folks don’t get bailed out when they can’t afford their homes.
At what point we will start letting investors fail when they become too greedy in their businesses?! We give tax breaks to them when they succeed and bailout when they fail. They had over 30 years of profits but can’t handle 3 years of lower demand
Don’t forget the Housing Minister floating his trial balloon couple of months ago ago about reopening the market to foreign buyers. The second shoe dropping could be the government buying a ton of condos then reselling their bulk purchase to another developer at a reduced price, to get it off the books and getting them out of the property management business. Voila in two short strokes rhe developers are saved and the properties are selling again on the market at the previous overinflated values.
It’s another backroom dirty liberal deal to bail out party faithful. Just like the foreign worker programs – use the public purse to line the pockets of a select few big corporations.
Will I get a government handout if the value of my RSP fails?
This is corruption. Love having my tax dollars go to bail out condo developers in BC.
Didn’t he sell off nearly a million government owned houses to developers? Might’ve been a contributing factor to houses rising in price by 70% during those particular years.
Why are the liberals doing this, I don’t get it. They are trying to stop a recession by all means necessary.
Instead of „bailing“ them out on their investments using taxpayer money (which is clearly a favour the liberal government is giving to them) they should be left to eat the cost like every other Canadian is right now. But I guess unless your attending formal dinners and lobbying MP’s under the table you aren’t going to get a bail out.
Again, the rich escapes while the middle class/poor are left with the bill; because yet again, the politcians are just middle men.
And again, they sell it like it’s going to „help“ Canadians, when in reality it’s just more subsidization for small little shoeboxes that they will load up with „newcomers“ while the Canadians born in the country are left (yet again) with higher taxes and more inflation.
If they aren’t willing to sell their investments on a loss, too bad. Eventually the market will dictate the price, and eventually they will be forced to sell at cheaper prices and take the L like everyone else over-leveraged in the market, and like everyone else who bought high and are in the negative right now.
By intervening the government is (yet again) reinforcing bad behavior and trying to sell it like a „win“ to Canadians for „cheaper“ housing; which is disingenuous and far from the actual intention.
What a joke
Why can’t they price new condos fairly ?
I’m sure the asking price is way higher that actual input cost.
But who’ll beard the lion in his den.
Bailout everyday people losing jobs left and right due to Tariffs,
I agree. If the business fails, that’s on them.
Again, this is what people voted for so let’s just pat ourselves on the back and say Elbows Up!
One of the major developers for Vancouver Oakridge literally talked about Gregor Robinson and a plan to do this back in December…..
I thought the developer was pulling at straws for the government to buy empty condos and use it as subsidized housing…..apparently I was wrong