Restrict federal condo acquisitions

AI summary

Petitioners ask the government to withhold federal purchases under the Canada–B.C. partnership unless unsold condos are disclosed, appraised and bought well below market, permanently covenanted for non‑market affordability, and placed in public or non‑profit ownership.

AI summaries describe petitioners’ requests and claims. Consult the official record for the full text.

Official petition

Petition to the Government of Canada The federal government has announced the Canada–British Columbia Partnership on Condo Conversion, through Build Canada Homes and BC Housing, to use federal support and financing tools to convert more than 2,200 vacant condominium units in priority growth areas in British Columbia into affordable homes; Federal tax dollars are paid by Canadians across the country and should not be used to protect Vancouver-area condominium developers, investors, or lenders from losses created by speculative overbuilding, inflated land values, weak demand, or failed market assumptions; Metro Vancouver has record levels of completed and unabsorbed condominium inventory, and unsold units should be allowed to fall to prices that households can afford through open-market discounts, creditor losses, or receivership before public acquisition is considered; and Condominium developers and landowners have benefited for decades from rising land values, public infrastructure, favourable planning decisions, and strong private returns, and should not shift downside risk onto taxpayers when market conditions change. We, the undersigned, citizens and residents of Canada, call upon the Government of Canada to refrain from using federal funds, guarantees, loans, or other financial supports to purchase or finance unsold condominium units in British Columbia unless all acquisitions are publicly disclosed, independently appraised, priced materially below current market comparables or based on post-receivership valuations, protected by permanent non-market affordability covenants and transferred to public, non-profit, co-operative, or Indigenous housing ownership, so that federal housing funds create permanent affordable homes rather than bailing out private market losses.

Government response

No government response is available yet.