Editor:
I was once a realtor, and I’ve watched the cost of home ownership rise over the years. At one time it was a slow but relatively steady rise, but now it is moving much, much faster.
The so-called experts and politicians spread the blame to every possible cause except one: Greed!
No one ever investigates just how much money has been falling into the developers’ pockets. There are land costs, building costs and borrowing costs researched, but never profit margins. Nor is there any mention as to exactly who the profits are going to. Is it offshore money?
Risk is sometimes mentioned, but never in-depth. Risk is why each development uses a separate company for each building, so that when something goes drastically wrong, only one part of the umbrella company is endangered. Hence the limited liability and the maintenance of the profit margin. Our investigative media no longer investigates; they are an arm of advertising.
Rod McRae
📢 SOUND OFF: What can be done about the skyrocketing cost of housing? Or should governments leave well enough alone? If you have ideas about the cost of buying real estate in the region, share your thoughts — send us a letter.
