Quote:
Originally Posted by blankall
I think maybe the "interest" he is referring to is just the increase in value of the home when it sells? No actual interest on the government portion. You'd only be paying 60% of the mortgage payment, but then have to give up 40% of the sale price when you sell?
From this reading, it sounds like the government is just finding a way for people to qualify for much higher mortgages. Without more supply, this seems like its just going to increase prices.
I'm having Deja Vu here. The article is dated a couple of days ago, but didn't we already discuss this plan?
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That's my interpretation of it too.
And your Deja Vu feelings are warranted:
Christy Clark proposed something similar in 2016:
https://news.gov.bc.ca/releases/2016PREM0154-002782
And the Federal government had a deposit matching/equity sharing program which got little tractino and was discontinued this year:
https://www.cmhc-schl.gc.ca/consumer...uyer-incentive
I know times are desperate, but I don't like the idea of any program where the government is an investment partner with you.
After vilifying landlords and individual investors all the time, they're basically saying we know pricing is only going up, so we're getting in on the investment/speculation instead.