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 LimpRimble@lemmy.ca to c/canada@lemmy.ca
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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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[–] HubertManne@moist.catsweat.com 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.

[–] Someone@lemmy.ca 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.

[–] HubertManne@moist.catsweat.com 2 points 1 month ago

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