Most of what I’ve heard of the budget has seemed relatively positive, but this just seems like an insane own goal.
Toronto’s condo market has collapsed (and hundreds of thousands of people are living in shitty conditions), because we have a massive oversupply of investor condos and nothing else.
So what does the federal government do? Incentivise the construction of investor condos.
What. The. Honest. Fuck.
Investors treating housing as an investment got us into this mess. Toronto, Vancouver, and every other big city has a tonne of investor-oriented condos that nobody wants to live in. Foreign investors were a small part of that, but they contributed nonetheless.
I understand that builders need money to finance large projects, and the government doesn’t want to use non-market measures to reduce housing costs.
But come on.