Jake Silverman

I don't want taxes on stuff, anything really, but especially houses.

So I like the removal of taxes on housing.

And if it stopped there, it would have been what I would call probably pretty good housing policy.

And hopefully in the process of removing taxes to stimulate economic activity, the government realizes that removing taxes stimulates economic activity.

um you know then you get a couple of these vulture funds like steve's describing coming in uh high art capital and just a group out of montreal uh with commitments to purchase a large number of these units at deep discounts to capture that new hst reduction and these guys are buying at like 750 a foot your resale market is right now at like

850 to 900 so they're getting a pretty deep discount right 10 15 below market value um and in toronto yeah like and right like i think that that's that's um not a bad outcome and in toronto there are also builders who maybe don't want to sell to these people or didn't or needed the capital more urgently or whatever who were blowing out inventory at 675 a foot

So there are, at least in my market, adequate opportunities for the private sector to capture some of this.

The private sector is elected not to because the most likely purchasers for this are very afraid of the asset class.

It doesn't even really have anything to do with pricing.

You can't price it well enough for enough people to become a market maker, to take back the marginal buyer control from the government, let's say, in this situation to

liquidate all of these properties.

Wait a second.

Yeah, you're right.

I think we're still early in the market to decide whether or not this will be an exclusive outcome that belongs to them.

And in Vancouver, their purchases are much more of a percentage of the total market.

How many unsold units do you guys have in Vancouver, Steve?

They'd be buying half of them, right?

Yeah.

Yeah, that's huge for sure.

And it puts them in a market-making position.