Whether you’re a soccer/football fan or simply someone who loves seeing the country rally around a shared moment, Saturday’s Team Canada win was one to celebrate as they now advance to the Round of 16. Newsfeeds from coast-to-coast-to-coast showed Canadians erupting in celebration as the match ended with the final score of 1-to-nil. There is something powerful about watching communities come together behind a team.
The federal-provincial partnership to accelerate homebuilding, lower costs, and build new local infrastructure; however, was not met with the same enthusiasm. While the announcement introduced several significant housing initiatives, with few implementation details, it is the proposed condo conversion program that has dominated the discussion and, in many ways, overshadowed the broader package.
As mentioned in last week’s Monday Briefing, what began as a federal-provincial announcement focused on infrastructure funding and Development Cost Charge (DCC) relief quickly became a debate over the proposed Canada-British Columbia Partnership on Condo Conversion.
On June 18, Prime Minister Mark Carney and Premier David Eby announced a new partnership that includes more than $5 billion in funding for housing-enabling infrastructure and measures intended to reduce the cost of delivering new housing in British Columbia. While the announcement contained several initiatives aimed at improving housing delivery, public attention quickly shifted to one proposal: a partnership between Build Canada Homes and BC Housing to purchase more than 2,200 vacant condominium units for affordable housing.
Almost immediately, critics labelled the proposal a “developer bailout” funded by taxpayers. Industry had neither advocated for a condo buyback program nor been consulted on the proposal before it was announced. Prime Minister Mark Carney has since clarified that the proposal originated with government, not as a request from industry.
Last week, I joined Brad Jones of Wesgroup Developments on CBC’s The Early Edition with Stephen Quinn to discuss the public reaction to the proposal on whether this was a ‘developer bailout’ and to comment on what the agreement could mean for housing in British Columbia. Much of the discussion focused on whether the proposal addressed the underlying housing challenge or simply responded to today’s market conditions. Since then, several HAVAN members have also shared their perspectives through local and national media, offering commentary based on the little to no information currently available while awaiting further details from government.
One of the challenges in this discussion is that housing markets respond to government policy, economic conditions, population growth, and consumer demand. The homes being completed today were planned, financed, and in many cases built on land acquired several years ago under very different market conditions and at significantly higher land values.
Since then, immigration targets have been reduced, interest rates have remained elevated, financing conditions have tightened, and consumer confidence has weakened. Those changes have affected demand while many projects were already well underway.
Housing responds to demand. It doesn’t create it. Yet the residential construction industry often finds itself criticized regardless of market conditions: for not building enough when demand outpaces supply, and then for building too much when government policy shifts and demand softens.
That broader context is important when considering the current debate around the proposed condo conversion program.
While HAVAN has not advocated for a condo buyback program, we have consistently supported CHBA’s advocacy efforts to encourage governments to address both the supply and demand sides of the housing equation, including expanding GST relief to all buyers of new homes.
As part of CHBA’s federal advocacy, including Day on the Hill meetings in Ottawa this past February, HAVAN joined Home Builders’ Associations from across the country in encouraging the federal government to broaden GST relief beyond first-time home buyers, extend those incentives to renovations that create new housing such as secondary suites and additional dwelling units, and work with provinces and municipalities to reduce development-related charges that affect housing affordability and project viability.
The recently announced DCC relief reflects part of that advocacy work. Although the details have yet to be released, reducing government-imposed costs is an important step toward improving project viability and supporting housing supply.
The condo conversion proposal, however, raises a different set of policy questions.
If governments are seeking to create affordable housing quickly, utilizing completed homes could provide a faster pathway to housing than waiting years for new projects to move through approvals and construction. Recent comments from both the Province and the federal government also suggest the program may include a homeownership component through a rent-to-own model, creating a potential pathway into homeownership rather than further expanding rental housing.
But the question remains — what are the details?
- How will units be valued?
- Will purchases occur at market value?
- Which projects will qualify?
- How will buyers or tenants be selected?
- What will the rent-to-own model look like?
- How will government ensure the program complements rather than distorts the private housing market?
Premier David Eby has since commented that the proposed condo conversion program would likely not benefit Vancouver-area developers because the economics do not work. He also noted that if British Columbians “hate it,” the Province is not obligated to proceed.
This Saturday’s edition of HAVAN’s Government Relations Update (GRU) tracked the discussion, highlighting the Union of BC Municipalities’ concerns regarding the proposed funding model, Prime Minister Carney’s response to criticism that the program amounted to a developer bailout, and the ongoing discussion surrounding the Province’s role in developing the proposal.
British Columbia needs more housing, more attainable pathways into homeownership, and policies that support the financial viability of delivering new homes. Whether this proposal ultimately becomes part of that solution will depend on how it is designed and implemented.
As governments continue working through the debate, the priority now needs to shift from announcements to implementation. Housing delivery depends on clear program details, timely decisions, and meaningful engagement with the industry responsible for delivering the homes these policies are intended to support.
HELP GUIDE ADVOCACY EFFORTS VIA LOCAL MUNICIPAL CANDIDATES
Five Minutes | Online Survey | Together, Our Voice is Stronger
Municipal elections take place October 17, 2026, and the decisions made by local governments will directly impact housing delivery across Metro Vancouver. As part of HAVAN’s Municipal Election Outreach Campaign, we are asking members to complete a brief survey to identify the policies, fees, regulations, and approval challenges affecting housing supply. Your feedback will help shape HAVAN’s recommendations, municipal housing fact sheets, and resources shared with candidates. This survey takes approximately five minutes to complete and is available HERE. Your opinion counts. Thank you.
CALL FOR NOMINATIONS: 2026-2027 HAVAN BOARD OF DIRECTORS
HAVAN is now accepting nominations for its 2026–2027 Board of Directors.
The Board is responsible for providing strategic direction, governance, policy oversight, and long-term vision for the Association. Working collectively, Directors help guide HAVAN’s priorities and ensure the organization continues to serve the residential construction industry across Metro Vancouver.
Members in good standing who are interested in serving on the Board are encouraged to download the nomination form and submit their application by Friday, July 10, 2026.
HAVAN continues to work with CHBA BC and CHBA to advocate for all levels of government to work together tress the challenges of the housing industry including zoning restrictions, density limits, and NIMBYism.
Looking to stay up-to-date on Metro Vancouver’s residential housing industry? Sign up for Wendy’s weekly Monday Briefing and other HAVAN emails here.
