I start this article highlighting the condo deal masquerading as ‘affordable home ownership for the poor’, is how it bills itself, whereby the prospective buyer is given 15% of their down-payment for giving up the capital gains on that real estate purchase (article). The intangible benefits are that they own their home and that gives them a place to raise their family and when they are finished paying their mortgage their equity is the price they paid. When they finish paying down their mortgage, years from the time they purchase, any capital gains goes to the condo. I don’t think a poor buyer can get around this deal. I think about Tony Vu, that real estate investor I watched on television and I feel that the poor consumer is being taken advantage of. Is there any deal whereby for a little help in buying an investment, you give up the gains in your investment, just to enjoy the benefits of having it but not the appreciation in value of it?
I want to quote the biggest issues that the middle class consumer deals with off the Consumer Protection website. “Consumer Protection against Bad Contractors in Ontario” (webpage). These are not poor consumer issues, they are middle class consumer issues. But I think Consumer Protection ought to chime in on this condo deal that sounds quasi-Government endorsed because of the high-brow words regarding affordable housing and such grand vision.
Personally, I think nefarious money has withdrawn itself from the Toronto economy. These shell companies that were once here have inflated expectations but not prices, such that the groups that bought into that bubble must face a city no richer than it was during the recession but much more crowded with new Canadians and young families with poor backgrounds, who are dealing with a slippery slope because of the type of misinformation pushed to them.