Premier David Eby says B.C.’s condo purchase plan will help more people own homes, not rescue Vancouver developers, as details continue to emerge.
Eby Pushes Back Against Bailout Claims
British Columbia Premier David Eby says the province’s proposed condo purchase program is designed to help people enter the housing market—not rescue struggling developers.
The plan, announced with Prime Minister Mark Carney last week, would allow the federal and provincial governments to support the purchase of up to 2,200 unsold condominiums across B.C. Those homes would then be offered through a rent-to-own program.
However, the announcement quickly sparked criticism. Opposition parties at both the provincial and federal levels argued that the proposal amounts to a financial lifeline for developers left with unsold inventory.
Vancouver Not the Focus, Says Eby
Eby rejected those claims during a news conference in Victoria. He explained that the program is unlikely to include Vancouver because prices remain too high.
“The numbers don’t work there,” he said.
Instead, he pointed to communities south of the Fraser River, along with Vancouver Island and the Okanagan, as places where the government could purchase vacant homes below the cost of building new ones.
As a result, the program could create more affordable paths to homeownership while making better use of existing housing.
Government Admits Announcement Came Too Soon
Eby also acknowledged that the rollout happened before all of the details were ready.
He said the federal government was eager to announce the initiative. Consequently, public discussion shifted toward speculation instead of the program’s intended benefits.
“In hindsight, we should have waited until all the details were available,” Eby said.
Even so, he believes the proposal could give many British Columbians a chance to own a home when they otherwise could not.
Bulk Purchases Could Lower Costs
Critics questioned how the government could claim it would buy homes below market value when many of the units remain unsold.
Eby responded by saying governments have access to opportunities that individual buyers do not. For example, they can negotiate bulk purchases or acquire entire buildings during bankruptcy proceedings. Therefore, the province expects to secure prices well below construction costs.
He also stressed that developers would likely absorb financial losses rather than receive extra profits through the program.
Plan Could Still Change
Although Eby defended the proposal, he made it clear that the government is not committed to moving ahead if public support fades.
“If people hate it, that’s OK,” he said. “We don’t have to do it.”
Nevertheless, he remains confident the approach could expand homeownership without increasing costs for taxpayers because the mortgages would become public assets.
Eby Rejects Tax Break Alternative
The premier also argued that developers favour a different solution altogether.
He pointed to an open letter from the Urban Development Institute calling for the removal of the GST on new homes.
According to Eby, that proposal would represent a genuine bailout because it would improve developers’ profits through tax relief. By contrast, he said the condo purchase plan requires developers to accept lower returns while helping more people buy homes.
Federal and Provincial Funding Explained
Prime Minister Mark Carney later shared more financial details about the initiative.
Under the proposal, the federal government would contribute roughly $145 million, representing 10 per cent of the estimated $1.45-billion program. British Columbia would provide a matching contribution of nearly $145 million. The remaining funding would come through financing.
Eby confirmed those figures during Thursday’s announcement.
Meanwhile, B.C.’s Housing Ministry said discussions with federal officials and industry stakeholders are continuing. More information will be released once the final structure of the program is complete.
What’s Next?
The proposed condo purchase program remains under development, and several key details still need to be finalized. Meanwhile, debate continues over whether the initiative will improve housing affordability or create unnecessary government involvement in the housing market.
For now, Eby insists the goal is simple: help more British Columbians become homeowners while ensuring taxpayers receive long-term value from the investment.
