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2 months agoOh I’m not saying they should be bailed out or anything, just that I wouldn’t call developers ‘parasites’ as they actually are building homes.
Oh I’m not saying they should be bailed out or anything, just that I wouldn’t call developers ‘parasites’ as they actually are building homes.
Would you rather that no one builds any condos?
I’m going to be more sympathetic for the developers which is that they likely spent a ton of money for the land already when prices were high and after expensive building costs they’re struggling to not lose money.
I’m not sure that math works? They earned $460M in profit for Q1, so that’s about $1.84B in profit over a year. Divide that by 39 million people in Canada and you have $47 per person, which is nowhere near $300 per person plus $1B.
Still obscene profit margins, but let’s do the math correctly.
Many condo projects take years to complete. Are you suggesting that years ago, when housing prices reached their peak, condo developers should have stopped development?