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2,600 new homes to be sold at 60% market value in Vancouver (www.cbc.ca)
submitted 19 hours ago by [email protected] to c/[email protected]
6 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 โ€” 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] 1 points 14 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 points 12 hours ago* (last edited 12 hours 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.

[-] [email protected] 1 points 4 hours ago

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

this post was submitted on 19 Sep 2024
22 points (100.0% liked)

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