this post was submitted on 19 Sep 2024
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2,600 new homes to be sold at 60% market value in Vancouver (www.cbc.ca)
submitted 1 month ago by [email protected] to c/[email protected]
10 comments fedilink hide all child comments
 

cross-posted from: /c/britishcolumbia

"For too long, the idea of home ownership has been out of reach for way too many people β€” 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.

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[–] [email protected] 2 points 1 month ago (2 children)

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"?

[–] [email protected] 1 points 1 month ago (1 children)

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] 2 points 1 month ago* (last edited 1 month ago) (1 children)

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.

[–] [email protected] 2 points 1 month ago

see that is scary given where the person may or may not be in 25 years.

[–] [email protected] 0 points 1 month ago

Exclusive or would mean that if the owner happens to sell at exactly 25 years, then there's no need to repay. It wouldn't make sense.

Based on the other comments, it sounds like you mean "and" rather than "xor"?