Andrey Pavlov - where to start?

1. "Taxpayer liability". How is this program a potential taxpayer liability if the homeowner defaults on their mortgage? In BC, defaults lead to foreclosure and sale of property. Owners are not entitled to any gains in that situation, which would go to the mortgage providers.

2.  "The program adds more debt". That is a falsehood, it merely advances in time the decisions of prospective purchasers to acquire a home. Does UBC School of Business not understand the time value of money? I.e. buy property now instead of next year when it has gone up more than 2.5% in value.

The second half of your piece regarding supply makes much more sense. However a firmer grasp of how finance works would benefit your arguments.