In a letter to The Vancouver Sun, reader John Shepherd of Richmond argues that governments should not pay a dollar more for condos than any other buyer would, and that developers who cannot sell units should face bankruptcy like any other business.
Bailout or smart purchase?
Shepherd’s letter responds to the B.C. and Ottawa plan to snap up vacant condos as a path to affordable housing. He states that the answer to whether it is a feasible path or a developer bailout is that it is a “bailout” unless the taxpayer gets an extremely good deal.
“If a developer cannot sell units, the business should be allowed to go bankrupt, like any other business,” Shepherd writes. He adds that unsold units indicate prices above current market values or poor design for the local market.
Real estate development risks
Shepherd notes that until recently, real estate development was incredibly profitable, especially in a rising market with good locations and low costs. “If a developer loses millions on a project, that is a business risk,” he says, comparing it to any other venture where profits and losses occur.
He suggests that if developments go bankrupt, governments could bid for buildings at distress values for social housing. However, “governments should not pay a dollar more than other buyers would pay given market conditions.” All such purchases, he insists, should be subject to value-for-money audits and public disclosure.
No subsidies for developers
Another reader, Jim Bayles of Vancouver, echoes the sentiment. “It is too bad this program has been made public before all the details have been fully worked out,” Bayles writes. “My belief is the developers need to feel some real pain and should in no way be subsidized by the Canadian taxpayer.”
Bayles points to Singapore as a model, noting it has one of the highest home ownership percentages among developed countries, with clear restrictions on purchase requirements and resale conditions.
Other letters in the edition
The June 26, 2026, edition also includes a letter from Larry Emrick of Vancouver praising Nick Procaylo’s front-page photo of fans heading to B.C. Place for Canada’s first World Cup victory. Silvia Dyck of Chilliwack congratulates columnist Vaughn Palmer on receiving the 2026 Michener-Baxter award, calling his commentary a key reason for subscribing to The Vancouver Sun. Another letter from a Fraser Street resident celebrates the area as a dining and shopping destination.
