Carney admits he did poor job rolling out $1.45 billion B.C. program panned as 'condo bailout'

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Or sign-in if you have an account.Prime Minister Mark Carney in the River District in Vancouver, on Thursday, June 18, 2026. Photo by Phillip Chin /PostmediaOTTAWA — Prime Minister Mark Carney admitted he and his government did a poor job rolling out a controversial federal-provincial program to acquire unsold B.C. condo units and panned by critics as a “condo bailout.”Enjoy the latest local, national and international news.Exclusive articles by Conrad Black, Barbara Kay and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events.Unlimited online access to National Post.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles including the New York Times Crossword.Support local journalism.Enjoy the latest local, national and international news.Exclusive articles by Conrad Black, Barbara Kay and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events.Unlimited online access to National Post.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles including the New York Times Crossword.Support local journalism.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe prime minister made the rare admission during a 45-minute press conference with reporters Thursday to mark the end of the parliamentary session.In this case, the error was doing a poor job explaining part of a $3.2 billion suite of measures for the B.C. housing market that would see Build Canada Homes and BC Housing partner up to “convert” 2,200 unsold condo units into affordable housing.“I want to say up front: I don’t think we’ve done, myself included, a particularly good job of rolling this out and explaining exactly what it is,” Carney said of the program announced with B.C. Premier David Eby last week. “I think it’s important to say a few words of what this is and what this isn’t.”At the time, the announcement lacked any detail on whether these condos would be acquired at market price or a discounted rate and what the total cost of the measure would be. There was also no clarity on what “innovative financing tools” would be used in the endeavour.There was also much confusion as to how much either government was earmarking for the acquisitions. The lack of clarity had critics up in arms about the program, with one mortgage specialist telling National Post this week the program appeared to be a “moral hazard” that is “socializing losses while the profits flow to developers”.Asked to explain the program, Carney quickly obliged while admitting the government’s poor communications around the program.He said the total acquisition budget is $1.45 billion, with the federal government’s portion tagged at 10 per cent, or $145 million, of that. He also said the government was targeting “distressed condos” and buying them at a discount.“The province of British Columbia, which initiated the idea, sees an opportunity, potentially given what’s happening in that market, to convert some of these condos that are lying unsold to affordable housing, particularly rent-to-buy affordable housing… people who don’t have money for a down payment but can build that equity over time,” Carney explained.“So, buying them at a discount at the right time, financing, terming that out, setting up a rent-to-own structure for truly affordable housing,” he added.He told reporters that he had not been lobbied “directly” by developers for the program and argued that it wasn’t designed for the benefit of developers either.The Greater Vancouver Area condo market is currently experiencing a correction. A report by the Toronto-Dominion Bank published earlier this month, forecasts roughly 15 per cent peak-to-trough decline from the 2023 high by mid-2027, marking the deepest correction on record since 2005.There are currently over 4,000 unsold condo units in Vancouver.National Post, with files from Jordan Gowling.cnardi@postmedia.comOur website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark nationalpost.com and sign up for our politics newsletter, First Reading, here. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.