cross-posted from: /c/britishcolumbia

“For too long, the idea of home ownership has been out of reach for way too many people — people who earn a decent income, who are priced out of the market and do not see any path to home ownership,” said Premier David Eby, speaking at the project unveiling on Thursday.

    • @[email protected]
      2•2 hours ago

      I’m not up with the play but I’m on the opposite side of the world to Vancouver and I distinctly remember it being used as an example of where house prices are utterly insane. It’s basically the poster child of the housing market being fucked.

  • @sbvEnglish
    1•4 hours ago

    Eby said the 40 per cent from the province is not a grant or ongoing subsidy, but financing that is to be repaid at the end of 25 years, or when the owner sells.

    Is that an exclusive or an inclusive “or”?

    • HubertManne
      1•3 hours ago

      yeah sorta needs a whichever comes later in which case I would take that deal. Sorta funny though. Like bundling a mortgage and reverse mortgage at the same time.

      • @[email protected]
        1•12 minutes ago

        It sounds more like a "whichever comes first, which I’d argue makes a lot more sense. The mortgage on the 60% would be paid off by 25 years and if you sell early you’d basically use any appreciation/the full value to pay back the 40%. In your scenario you could just immediately sell it and pocket the 40% for the next 24 years.