Eby says 'absence of details' to blame for 'condo bailout' backlash

Premier David Eby has pushed back on claims that a joint federal-provincial plan to buy up unsold units to turn into affordable housing is a "bailout" for developers.

He argued that an "absence of details" was to blame for backlash to the initiative, and assured British Columbians more would be available soon.

"The federal government was enthusiastic about us announcing this before all the details were out, but in the absence of the details, the plot has been lost a little bit here," Eby said during a press conference on Thursday.

He took aim at the primary criticism, claiming that, "if you are a condo developer that took a bet on the high end of the market and you’re facing significant potential loss of profits, what we’re proposing will not assist you."

"The government of BC has been very clear — I've been very clear that we're seeking to make housing more affordable for people, and that includes inevitable corrections in the market," Eby continued. "What we see is an opportunity right now is the chance to buy products below the cost of construction, below the cost of what government can buy them for, and make them available through a rent-to-own program."

He said the program would be focused not in Vancouver, but in the Fraser Valley, the Island, and the Okanagan.

"The goal here is to get people into homes," Eby declared.

CTF calls on BC govt to cancel ‘condo bailout,’ says move ‘sends the wrong message’ to developers

“Politicians are playing a reverse Robin Hood with taxpayers’ money,” said CTF BC Director Carson Binda.

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Earlier Thursday, the Canadian Taxpayers Federation called on the BC government to scrap the plan, suggesting it "sends the wrong message to developers" looking to avoid losses on unsold condos.