Carney says B.C. condo buyout proposal is about affordability, not bailouts

Converting British Columbia's glut of unsold condos into affordable housing is about supporting Canadians, not distressed developers, Prime Minister Mark Carney said Thursday in defence of his government's proposal.

Speaking to reporters at a press conference in Ottawa, Carney acknowledged the Liberal government had done a poor job of explaining the program laid out in Vancouver a week earlier.

A press release from the Prime Minister's Office sent June 18 said Ottawa and the B.C. government plan to "leverage innovative financing tools to convert more than 2,200 vacant condo units in priority growth areas into affordable homes."

Carney said Thursday 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.

These vacant units would be offered to Canadians under a rent-to-own framework.

Carney used the word "potentially" multiple times to describe the proposal and stressed that no specific transaction is yet on the table.

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 said no developer asked him for the proposal, which he said was "initiated" by the B.C. government.

He said the idea is meant to support aspiring homebuyers who struggle to save for a down payment in one of Canada's most expensive housing markets.

"We don't care about the developer. We care about the person, the family that can potentially move in to the home," Carney said.

The condo conversion proposal was announced alongside a plan for the federal government to invest more than $5 billion in B.C. infrastructure over the next 10 years, a portion of which is contingent on municipalities slashing development charges.

This report by The Canadian Press was first published June 25, 2026.

By Craig Lord | Copyright 2026, The Canadian Press. All rights reserved.