Government Buys Thousands Of Condos

Today we’re looking at a very interesting policy announcement out of British Columbia. The federal government, working with the province, has announced a plan to purchase more than 2,000 unsold condo units from developers in the Vancouver market and convert them into affordable housing. The reported scale is roughly 2,200 units, with a broader financing package in the billions of dollars. This follows a similar Ontario announcement, where 2,200 condo units are to be converted into rental apartments, including 550 affordable rental homes.

At first glance, this looks elegant. Developers have newly built inventory that is not selling. At the same time, households are struggling to find housing they can afford. So why not match the two problems and turn them into one solution?

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