Quote:
Originally Posted by Tapioca
It was an interesting program, but if the government is serious about making home ownership easier to people who actually live and work here, it should look into restrictive covenants which preclude the sale of new properties for a certain number of years. There are several developers in the Lower Mainland that have partnered with CMHC using no down payment programs that are income tested and contain a restrictive covenant that precludes the sale of a property for 2 years. This is precisely the type of program that discourages flipping and provides an opportunity for people who actually earn local incomes to get on the property ladder.
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That sounds stupid to me. People can intend to live and work here but then life situations change (transfer, layoff, etc) which require them to re-locate. Seems like those people would get fucked over here.