British Columbia Premier David Eby says a planned federal-provincial initiative to buy unsold condos would be priced similarly to an “on liquidation” sale rather than functioning as a bailout. The proposal was announced last month by Eby and federal officials, including Carney, and would fund the purchase of more than 2,000 unsold condominium units. The intent is to convert the properties into rental and/or affordable housing, potentially through a “rent-to-buy” structure.
The plan faces criticism from opponents who characterize it as a way to support condo developers by purchasing their unsold inventory. Eby rejects that framing, arguing the government is targeting below-construction-cost pricing and that the program’s purpose is to increase housing supply by repurposing existing units. The reports describe a dispute over whether the measure primarily benefits developers or delivers affordable housing outcomes. Both sides also frame the issue in terms of cost and public value, with the premier emphasizing the acquisition terms while critics focus on the nature of buying unsold projects.
