Eby compares condo conversion plan to liquidation
British Columbia condo plan turns unsold units into affordable housing Eby and Carney say market distress could create lower-cost homes for families
British Columbia Premier David Eby defended a federalprovincial plan to buy unsold condominiums and turn them into affordable housing, saying the idea is more like shopping during a liquidation sale than bailing out developers.
Eby and Prime Minister Mark Carney discussed the proposal in Vancouver on Thursday while announcing a larger package of energy, resource, and transportation investments. The condo plan has drawn criticism from opponents who say it would help developers unload units they have not been able to sell.
Carney said the goal is to use market distress to secure housing for families at a lower cost than building new units, but he added that purchases would only happen where the numbers make sense. The plan, announced last month, would fund the conversion of more than 2,000 unsold condos into rentals or affordable housing through a renttobuy scheme.