The Empty Condos Saga – Epilogue: Who Gets the Bailout?
For years, we were told the market would solve everything.
Build more luxury condos. Foreign investment is good. Prices will keep rising. Developers know best.
Meanwhile, ordinary people watched housing become less affordable every year. Empty condos became symbols of speculation while homelessness grew, renters struggled, and young people wondered if they would ever own a home.
Now the market has changed.
Developers are slowing projects. Condo sales have cooled. Investors are nervous. And suddenly governments are talking about helping the development industry.
Many people are asking an uncomfortable question:
Where was this urgency when renters, seniors, people with disabilities, working families, and people experiencing homelessness needed help?
This isn't a simple issue. If developers stop building completely, future housing supply could shrink even further. Governments worry about construction jobs disappearing and projects being abandoned.
But many people feel frustrated because it seems like help arrives quickly when large financial interests are affected, while ordinary people often wait years for meaningful action.
At the same time, I recently had a hopeful conversation with a young Indigenous man from the Squamish Nation. Although he grew up in Eastern Canada, he is returning to attend UBC. Through his Nation he has access to housing, and he'll pay about $1,400 for a one-bedroom apartment.
That's still expensive, but it reminded me that there are different ways to approach housing. Indigenous governments, co-operatives, non-profits, municipalities, and private builders all have roles to play. The question is whether they can work together instead of pulling in different directions.
Right now, everyone seems to be fighting.
Politicians blame each other. Developers blame government. Governments blame the market. The public blames everyone.
Meanwhile, people still need somewhere to live.
Housing should never become just another financial product. It is the foundation of health, education, family life, and community.
Perhaps the next chapter isn't about empty condos at all.
Perhaps it's about finally building a housing system designed for people instead of speculation.
Because if we don't learn from the Empty Condos Saga, we'll simply repeat it under a different name.
Reflective Questions
1. Should housing be treated primarily as a human right or as an investment?
2. What responsibility do governments have when housing markets fail ordinary people?
3. Is it appropriate to provide financial support to developers if it leads to more housing, or should public funds be directed elsewhere?
4. How can Canada encourage new housing construction while ensuring homes remain affordable?
5. What lessons should Vancouver learn from the Empty Condos Saga?
6. What role can Indigenous housing initiatives, co-operatives, and community-led projects play in addressing the housing crisis?
7. How can citizens hold governments and the development industry accountable for housing outcomes?
8. What would a housing system designed for people, rather than speculation, look like?
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