Carney says B.C. condo buyout proposal is about affordability, not bailouts
The plan would turn more than 2,200 unsold units into affordable homes and pair $1.6 billion in federal funding with provincial matching funds.
- On Thursday, Prime Minister Mark Carney and Premier David Eby announced a federal-provincial partnership to acquire and convert roughly 2,200 vacant condominiums in British Columbia into affordable rent-to-own homes.
- Recent Canada Mortgage and Housing Corporation data revealed 4,376 completed condos sitting empty in Metro Vancouver, a 76 per cent year-over-year increase that prompted the government to prioritize purchasing existing units.
- Conservative Leader Pierre Poilievre criticized the plan as a "bailout" for developers, though Wesgroup Properties chief development officer Brad Jones countered the industry did not seek this, stating, "if the industry wanted a bailout we would have asked for it."
- Missing Middle Initiative founding director Mike Moffatt noted the public lacks critical details regarding acquisition costs and potential discount levels, leaving the program open to skepticism over its true affordability impact.
- Housing Minister Gregor Robertson described the condo-conversion plan as one tool in the "broader toolkit," while City Lab director Andy Yan advocated for "surgical responses" to housing affordability rather than broad-brush approaches.
50 Articles
50 Articles
Premier says condo-buy program will offer tenants a rent-to-own opportunity
After days of questions, Premier David Eby and Prime Minister Mark Carney provided more details Thursday on a new program to buy up empty condos and use them as affordable housing. But some experts say it is still unclear how the program will work.
More details emerge on plans to turn unsold B.C. condos into rent-to-own housing - Creston Valley Advance
The prime minister and premier revealed new details on Thursday about a joint federal and provincial scheme to buy up more than 2,200 unsold condos in B.C and turn them into affordable housing. The plan would be to make those condos rent-to-own, with government forking over a small portion and financing covering the balance. Prime Minister Mark Carney first floated the idea during a June 18 visit to Vancouver. But he included so few specifics th…
More details emerge on plans to turn unsold B.C. condos into rent-to-own housing - Fort St. James Caledonia Courier
The prime minister and premier revealed new details on Thursday about a joint federal and provincial scheme to buy up more than 2,200 unsold condos in B.C and turn them into affordable housing. The plan would be to make those condos rent-to-own, with government forking over a small portion and financing covering the balance. Prime Minister Mark Carney first floated the idea during a June 18 visit to Vancouver. But he included so few specifics th…
More details emerge on plans to turn unsold B.C. condos into rent-to-own housing - Grand Forks Gazette
The prime minister and premier revealed new details on Thursday about a joint federal and provincial scheme to buy up more than 2,200 unsold condos in B.C and turn them into affordable housing. The plan would be to make those condos rent-to-own, with government forking over a small portion and financing covering the balance. Prime Minister Mark Carney first floated the idea during a June 18 visit to Vancouver. But he included so few specifics th…
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