British Columbia Premier David Eby has defended a joint federal-provincial initiative aimed at purchasing unsold condominiums and converting them into affordable housing, describing the approach as similar to buying goods on “liquidation.

” The program, announced alongside Prime Minister Mark Carney, is intended to acquire more than 2,000 unsold condo units that can be transformed into rental housing or made available under a rent-to-own scheme.

The initiative is part of a broader multi-billion-dollar infrastructure agreement focused on housing, energy, resources, and transportation investments over the coming decade.The proposal has drawn criticism from opponents who argue that it effectively amounts to a bailout for developers struggling to sell units.

Eby rejected that characterization, saying that purchasing distressed inventory at reduced prices is a standard market practice rather than financial support for developers.

He also noted that, in some markets such as Vancouver, the economics may not work for converting condos into affordable housing, meaning the government may not participate in those areas.

Prime Minister Carney supported the plan, stating that it aims to take advantage of market conditions where developers are facing unsold inventory, allowing governments to secure housing units at below construction costs.He emphasized that participation would depend on whether suitable opportunities arise and whether the transactions make financial sense.

The federal government has framed the initiative as a flexible tool to increase housing supply affordability, rather than a guaranteed purchase program.Both leaders stressed that the plan will only proceed where conditions are favourable and where it can deliver cost-effective housing solutions.

Supporters argue it could help address housing shortages, while critics remain concerned about potential market distortions and unintended subsidies to the development industry.