Prime Minister Mark Carney says a proposal to convert unsold condo units in British Columbia into affordable housing is about supporting Canadians, not distressed developers.
Carney says the program laid out in Vancouver last week to “potentially” help finance the purchase of 2,200 vacant condos wasn’t explained well at the outset.
He says the federal government would put up 10 per cent of roughly $1.45 billion in total potential spending to convert the units, with the B.C. government footing the rest of the bill.
Carney says these vacant units would be offered to Canadians under a rent-to-own framework.
Related:
Critics, including Conservative Leader Pierre Poilievre, have accused the Liberal government of offering a bailout to developers who built too many condos and are now facing the prospect of steep losses if they’re forced to sell in a slow market.
Carney says no developer asked him for the proposal, which he says is meant to support aspiring homebuyers who struggle to save for a down payment in one of Canada’s most expensive housing markets.
This report by The Canadian Press was first published June 25, 2026.
Craig Lord, The Canadian Press