BC and Federal Governments Plan to Turn Empty Condos into Affordable Housing
If you live in Metro Vancouver and struggle with high rent or home prices, this news could matter to you. The federal and BC governments have announced a plan to convert more than 2,200 vacant condo units into affordable housing. This is part of a larger 10-year agreement under the Build Communities Strong Fund, worth over $5 billion for housing, transit, and infrastructure in BC.
The key impact? More affordable units could become available, potentially lowering costs for renters and buyers. But the success depends on how the plan is executed.
What is happening?
- The governments will spend over $5 billion over 10 years on housing, transit, and infrastructure in BC.
- More than 2,200 empty condo units in Metro Vancouver will be turned into affordable housing.
- This comes as completed but unsold condos in the region hit 6,149 in May 2026 — a 76% increase from the previous year.
- Most of these unsold units are in Richmond and the Tri-Cities (Coquitlam, Port Coquitlam, Port Moody).
The idea is to quickly increase housing supply by buying up empty units that developers cannot sell. These would then be offered as affordable rentals or for purchase at lower prices.
Who is affected?
- Renters in Metro Vancouver — You may see more affordable rental options if the units are offered at below-market rates.
- First-time homebuyers — If units are sold at discounted prices, you could have a better chance of buying.
- Developers — They get to offload unsold inventory, which critics call a bailout.
- Taxpayers — Your money is being used to buy these units. If the government pays too much, it could be a waste of public funds.
What critics say
Conservative Leader Pierre Poilievre calls this a bailout for developers stuck with unsold inventory. He argues the government is using taxpayer money to rescue companies that built too many expensive condos.
Experts say the plan will only work if the government buys units at a significant discount. If they pay market prices, the public gets little value, and the housing crisis may not ease.
What you should do
- Stay informed — Watch for announcements from BC Housing and your local municipality about how these units will be priced and allocated.
- Check eligibility — If you are looking for affordable housing, contact your local housing authority to learn about application processes.
- Be patient — This is a 10-year plan. Changes will not happen overnight.
- Consider other options — While this plan may help, do not rely on it alone. Explore other affordable housing programs in BC.
Bottom line
This plan could increase the supply of affordable housing in BC, potentially lowering rent and purchase costs. But its success depends on whether the government buys units at a discount and makes them truly affordable. If done well, it could ease the housing crisis. If not, it may only help developers and lenders. For now, stay tuned for more details and keep an eye on local housing authorities for application opportunities.