B.C. First-Time New Home Buyers’ Bonus is a Stupid Idea
A few days ago the B.C. government announced a new $10,000 bonus for new home buyers. Not only is this a stupid waste of money that could have been diverted to many more important things, it may not actually do anything to improve affordability as housing prices will surely go up accordingly. Even Cameron Muir, who is generally wrong about everything, is probably correct when he says "That should induce additional sales activity, as well as later on we’ll likely see housing starts rebound as a result of that demand . . ." It's reminds me of when the federal government allowed people to carry 30, then 35, then 40 year mortgages in order to help people afford a home. This back-fired and caused housing prices to sky-rocket even further than the already were.