en.Wedoany.com Reported - The British Columbia (B.C.) government's plan to purchase vacant apartments and convert them into affordable housing is viewed by urban planning experts as primarily aimed at stabilizing the financial industry, rather than addressing the housing issue. Andy Yan, Director of the City Program at Simon Fraser University, noted that the proposal may signal to developers and their financial backers that the government wants to stabilize a struggling industry.
The plan, involving the federal and B.C. governments, has drawn some criticism. Prime Minister Mark Carney stated that the plan would use "innovative financial tools" as the most effective way to increase housing supply. Carney said last week that the core approach is to "purchase at a certain price and then spread out the financing costs," but specific details—regarding whether these apartments will be rented or resold—will not be announced until the fall. Carney and B.C. Premier David Eby stated that the plan involves converting 2,200 unsold apartments as part of a larger housing initiative worth CAD 5 billion over the next decade.
Andy Yan said the announcement left many questions unanswered, including the purchase cost, which apartments will be bought, and why the government is acting now. He noted that the government did not take such action in the mid-1990s when unsold apartment levels were similar, but at that time, income and housing costs were more aligned. According to data from Canada Mortgage and Housing Corporation, there were 5,849 unsold apartments in B.C. in May 2026, with Metro Vancouver accounting for 4,376 units, or 75%. Yan pointed out that in December 1995, the figure was 3,331 units, and Metro Vancouver's population was smaller at that time. He believes that housing prices have since become decoupled from income.
At a press conference last week, Carney said that with rising interest rates and weakening demand, developers are "in trouble" and reluctant to sell at a loss. Meanwhile, B.C. Conservative housing critic Linda Hepner criticized the plan as "wasting taxpayer money on artificially supporting developers," arguing it will not solve the housing crisis. She believes market forces should have led to price declines, but government intervention may discourage developers from lowering prices.
The plan has also raised questions from the Union of British Columbia Municipalities. Councillor Jenna Stoner said that due to the lack of details provided, local governments are confused about how the plan will specifically operate. She also noted that the provincial government has backtracked on the Community Housing Fund created in 2018, retroactively canceling the latest funding call and indefinitely suspending future calls, which has frustrated local governments.
