British Columbia Premier David Eby compares a joint federal-provincial plan to convert unsold condominiums into affordable housing to “liquidation,” saying it would involve buying properties for less than their construction costs. The plan was announced as part of a broader $5-billion federal-provincial infrastructure spending package last month.
Under the proposal, governments fund the purchase of more than 2,000 unsold condos in British Columbia, with the goal of converting them into rental units or affordable housing. Coverage of the announcement describes the approach as involving a rent-to-buy or similar rent-based pathway tied to eventual conversion.
Eby argues the initiative is not a bailout for developers, responding to criticism from opponents who characterize the plan as developer support. The sources agree the federal and provincial governments jointly introduce and fund the condominium purchase program and that Eby’s “liquidation” analogy is intended to emphasize the purchasing terms rather than developer assistance.
