Ottawa and B.C. plan to buy over 2,200 unsold condos for affordable housing amid market slowdown
By
Rachelle Younglai
Summary
The federal and British Columbia governments are developing a program to purchase more than 2,200 unsold condos in B.C. to convert them into affordable housing. Nearly 4,000 newly built condos are sitting empty in the Vancouver region as investors shy away from unprofitable real estate. Prime Minister Mark Carney's government is seeking ways to unfreeze condo markets in B.C. and the Greater Toronto Area, though the financial mechanism for the acquisitions remains undetermined.
Source
bskyOttawa and B.C. plan to buy over 2,200 unsold condos for affordable housing amid market slowdowntheglobeandmail.comKey quotes
· 3 pulledThe federal and British Columbia governments are developing a program to purchase more than 2,200 condos in B.C. to turn into affordable housing, though the financial mechanism that will be used to make the acquisitions is still up in the air.
Nearly 4,000 newly built condos are sitting empty in the Vancouver region, according to data from Zonda Urban, as investors shy away from buying real estate that has become increasingly unprofitable.
Prime Minister Mark Carney's government is looking for ways to unfreeze the condo markets in B.C. and in the Greater Toronto Area
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