Overview
- The federal and British Columbia governments announced a plan on June 18 to use innovative financing to convert more than 2,200 unsold condo units into affordable homes.
- Prime Minister Mark Carney said the federal government would cover about 10 percent of roughly $1.4 billion in potential financing and described options such as rent‑to‑own or bulk purchases.
- Conservative leader Pierre Poilievre sent a letter to the House ethics committee on June 28 asking for an investigation, calling the plan a “condo bailout” that would prop up prices and benefit developers, bankers and investors.
- Canada Mortgage and Housing Corporation data show 5,849 unabsorbed apartments in B.C. in May 2026, with about 4,376 in Metro Vancouver, which governments cite to justify intervention.
- A practical barrier to a committee probe is the reconstituted ethics panel’s Liberal 5‑4 voting majority and the summer sitting calendar, making an Opposition‑led investigation unlikely in the near term.