The condo market is crashing

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It’s official: Prime Minister Mark Carney and the Liberal government are in the housing business. Last week, Carney unveiled Build Canada Homes, a $13 billion development scheme that will help fund the construction of 4,000 modular homes on six sites across the country starting next year, and “scale” up to 45,000. The agency will “fight homelessness by building transitional and supportive housing…  build deeply affordable and community housing for low-income households, and partner with private market developers to build affordable homes for the Canadian middle class.”

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Sounds grand. But its mandate is at odds with its method. And the same middle-class taxpayer that is supposed to benefit from this boondoggle will end up footing its deeply unaffordable bill.

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