Premier David Eby and Prime Minister Mark Carney provided new details Thursday on a joint federal-provincial program to purchase empty condominiums and convert them into affordable rent-to-own housing, though experts say key questions remain unanswered. The $1.45 billion initiative will focus on areas outside Vancouver, including the Fraser Valley, Vancouver Island, and the Okanagan, where Eby said the numbers work better than in the city core.
Program Funding and Scope
According to Eby and Carney, both the province of British Columbia and the federal government will contribute $145 million each, with the remaining $1.16 billion coming through unspecified financing. Neither official provided details on how that financing would be secured. Carney described the target as “distressed condos” that could be bought at a discount, below construction costs.
“What we see as an opportunity right now is the chance to buy condos below the cost of construction, below the cost of what government can build it for, and make them available through a rent-to-own program for British Columbians,” said Eby during the announcement on June 25, 2026.
Rent-to-Own Mechanics Unclear
The program aims to place purchased units into a rent-to-own model, where tenants’ monthly payments contribute toward a future down payment on a mortgage. However, no specifics have been released on how this concept will be implemented. Burnaby Mayor Mike Hurley called the plan a potential bailout, though he noted that acquiring condos at 70 cents on the dollar “might make it a bit more palatable.”
Eby acknowledged that more details should have been worked out before the initial announcement with Carney the previous week. He pushed back against critics, including the opposition B.C. Conservatives and housing experts, who have labeled the program a bailout for developers stuck with unsold inventory in Vancouver.
Developer Bailout or Market Correction?
“The proposal being advanced by the developers themselves is that we eliminate the GST on people who already own homes that are seeking to buy another home, and that’s just not our priority. That would be a bailout,” said Eby. “The market is going to correct in Vancouver. This program will not assist Vancouver developers.”
Carney clarified that the program was initiated by British Columbia, not the federal government, and was not lobbied for by developers. “The province of British Columbia, which initiated the idea, sees an opportunity, potentially given what’s happening in that market, to convert some of these condos that are lying unsold to affordable housing, particularly rent-to-buy affordable housing … people who don’t have money for a down payment but can build that equity over time,” said Carney.
Expert Skepticism
Andy Yan, director of the City Program at Simon Fraser University, highlighted ongoing uncertainties. “There remain many unanswered questions about how the rent-to-own program will actually work,” Yan said, noting that details on eligibility, pricing, and tenant protections are still absent.
Eby said the program will not extend to Vancouver proper, where condo prices remain high, but could apply to other parts of Metro Vancouver. The focus will be on regions like the Fraser Valley, Vancouver Island, and the Okanagan, where market conditions are more favorable for discounted purchases.
