21
700,000 is "Affordable?" ??????
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.
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"?
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.
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.
see that is scary given where the person may or may not be in 25 years.
this post was submitted on 19 Sep 2024
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