Carney defends $1.45B plan to convert unbought B.C. condos to affordable rent-to-own
Posted on: Jun 26, 2026 01:11 IST | Posted by: Cbc
ground government minister german mark Carney says the provincial and union soldier governments feature done a poor job of explaining their plan to buy unsold, vacant condos in British Columbia and turn them into affordable housing.
"I don't think we've done — myself included — a particularly good job of rolling this out," Carney said at a news conference in Ottawa Thursday.
Carney and B.C. Premier David Eby announced the plan last week, saying they would leverage "innovative financing tools" to turn more than 2,200 vacant condo units into affordable homes.
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Opposition Leader Pierre Poilievre has called the plan a "bailout" for big developers and "a transfer of wealth from the have-nots to the have-yachts."
On Thursday, Carney defended the plan, which he said will help young families and people who don't have money for a down payment "build in" equity over time through a rent-to-buy program.
'We haven't done a good job' explaining plan to buy unsold Vancouver condos, Carney says
He said 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.
And that's who came up with the idea, Carney said: the province of B.C.
"No developer asked for this from me directly," he said.
He said the plan would include buying the homes at a discount "at the right time."
But he did not expand on whether all the homes would be rent-to-own.
Carney said the plan is a "more effective way of getting affordable housing immediately into people's hands" than building anew.
"If and when there are transactions, then judge those transactions on the basis of the economics of that, not on the concept."
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