British Columbia Premier David Eby says a joint federal-provincial plan to convert unsold condominiums into affordable housing would be like buying something “on liquidation.”
Eby and Prime Minister Mark Carney were in Vancouver Thursday announcing a multibillion-dollar agreement on energy, resources and transportation investments, but they also defended their plan to buy empty condos that has been roundly criticized.
The premier says he would like the opportunity to launch the program so people can see the plan in action, which would address the criticism of a bailout for developers who can’t sell their units.
Eby notes that buying on liquidation from a store isn’t viewed as a bailout and there are no plans to purchase the units in Vancouver because “the numbers just don’t work” to convert them to affordable housing.
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Carney says it is taking advantage of distress in some developers for the purposes of securing affordable housing for families.
Carney and Eby announced the plan last month to fund the purchase of more than 2,000 unsold condos with the intention of converting them to rentals or affordable housing under a rent-to-buy scheme.
Opponents have described it as a bailout for developers, a description Eby says doesn’t fit.
“You’re hearing directly from developers that this is not what they asked for and it is not from their perspective a bailout,” he says. “When you buy something that’s on liquidation, you don’t say to yourself, ‘I’m supporting a bailout for the store.’
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“This is an opportunity for us to recognize the reality that people can’t wait for housing. We can buy housing at below our construction cost and make it available affordably, and if we don’t do it, someone else will do it.”
Carney says buying unsold condos under the plan will only take place if it makes sense.
“If those opportunities present themselves — we’ve created the flexibility in order to get affordable housing to people at a cheaper price than could be built — we’ll do it.
“If the market shifts, if the opportunity doesn’t present itself, then it won’t happen.”
The plan on conversion of unsold condos in B.C. was part of $5-billion infrastructure spending announcement the federal and provincial governments announced last month that will be implemented over the next decade.
It is market manipulation.
Yes please !! Raise my taxes only paying 43% to help others . Seems right. No one helped my buy my house.! Elbows up and bend over!
What’s the likelihood the bailout money will go right into the pockets of Brookfield AKA Chairman Mark Mao Carnage’s offshore accounts?
Austin is right on. No tax dollars for condo purchase. Let the market dictate itself. Government interference is wrong.
Carney only goes through with his bad ideas
its a bailout to prop up the developers. If its such a steal why arent people buying them? its because they are tiny investment apartments that no one wants to live in
corrupt to the core
The saddest part is that there are people stupid enough to beleive him
Still not mentioning the ” joint venture” between Concert properties, largest developers in Vancouver, and Brookfield, 2 weeks before announcement….
What could go wrong?
Basically everything.
The Carney/Eby clown show continues
This from a provincial gov’t that bought hotels for 3X asking and let them get wrecked by “tenants” – so what could possibly go wrong with this new plan?
Carney and Eby sure are pulling out all the stops trying to sugar coat this mess. I’m going with Carny’s original statement of bailing out the developers.
It doesn’t really matter what Eby says. The Nazl Conservatives will whine and cry about it like a bunch of little girls. Hey look here’s a bunch of them now 🤣🤣
Ben doesn’t have a head or a brain for that matter !!!
Taxpayers mean nothing to the far-left. Alberta out!
Cmon Ben do you really think they are going to put a bunch of homeless crazy drug addicts in these luxury condos that were built. You are dreaming man. Get your head out of the sand.
Great news that governments can house the homeless at a very much reduced cost. Poilievre and the conservatives demanded and carped about more housing, well here it is. Stop complaining and be grateful our government has done something.
David Eby you have got to go. You can keep telling everyone it’s not a bail out but it absolutely IS a bailout. Good lord man stop wasting tax payers money and stop bailing out your buddies who stand to gain from this. No one cares if the rich developers who built these buildings lose money. It’s the market. No one can afford them so let the price go down until people can and then they will buy them. And guess what…the developer will lose some money and life goes on. Stop artificially inflating condo prices and don’t you dare spend tax payers money bailing out your buds you left wing activist wing nut.
David Eby says, convert unsold condominiums into affordable housing would be like buying something “on liquidation.” into affordable housing would be like buying something “on liquidation.” hahaha, the majority of condominiums are foreign investors, give for cheap rent for seniors and low wage earners what about that scumbag Eby!
He’s lying AGAIN !!!