Carney announces $3.2B to buy B.C. condos developers can't sell
Funding from both the federal and provincial governments will be derived from general taxation revenue and Ottawa’s new Build Communities Strong Fund.
Prime Minister Mark Carney is set to commit $3.2 billion in combined federal-provincial funding to effectively absorb unsold condo units in British Columbia, as governments step in to buy up housing that developers have been unable to sell in a cooling real estate market.
Prime Minister Mark Carney announced $1.6 billion in funding for B.C. over the decade to lower development cost charges for multi-unit housing by up to 50 per cent, or as much as $40,000 per unit in “priority communities.”
He made the announcement alongside B.C. Premier David Eby in Vancouver on Thursday as a means to “unfreeze” the province’s real estate market.
