Overview
- The federal and British Columbia governments announced a plan to convert roughly 2,200 completed, unsold condo units into affordable homes using Build Canada Homes and B.C. Housing as operational vehicles.
- Prime Minister Mark Carney said the program’s total potential cost is about $1.45 billion and that the federal government would provide approximately 10 percent, or about $145 million, toward financing.
- Governments described a rent‑to‑own or rent‑to‑buy model as the likely path for tenants to build equity, but officials stressed there are no specific transactions yet and that valuation, eligibility and affordability rules remain to be set.
- Critics across parties called the initiative a taxpayer bailout for developers if units are bought near full price, while proponents argue bulk purchases and discounts could quickly put units into use for people who cannot afford down payments.
- The proposal sits against data showing thousands of unabsorbed condos in B.C. and Metro Vancouver, follows Ontario’s earlier $300‑million public support for bulk condo buys, and includes a paired matched $1.6‑billion program to cut development charges over 10 years.