Poilievre asks Parliament to probe B.C. ‘condo bailout’ blocking ‘a price correction’

Conservative Leader Pierre Poilievre is calling on Parliament to probe Ottawa’s proposal to convert unsold condominium units in British Columbia into affordable housing.

In a letter to the House ethics committee, Poilievre says a program to possibly help finance the purchase of 2,200 vacant condos amounts to a “condo bailout” for developers, bankers and investors.

“Far from making housing more affordable, the bailout prevents a price correction from taking place, preserving high prices for developers rather than lowering them for buyers,” Poilievre wrote. “Taxpayers are being forced to intervene before developers lower prices.”

A price correction is when the value of inflated financial assets declines to market rates, and would mean cheaper housing in the Vancouver area, and possibly a drop in property values for those who already own their homes.

Prime Minister Mark Carney has faced a torrent of criticism since June 18, when he announced a plan to work with the B.C. government that he said would help homebuyers struggling to save for a down payment.

Carney has since said his government did not explain the program well.

A press release issued by the Prime Minister’s Office on June 18 said Ottawa and the B.C. government plan to “leverage innovative financing tools to convert more than 2,200 vacant condo units in priority growth areas into affordable homes.”

At the time, Carney noted that due to higher interest rates and weaker demand, developers “are stuck” and don’t want to sell at a loss.

This past Thursday, Carney said the federal government would put up 10 per cent of roughly $1.45 billion in total potential spending to convert the units, with the B.C. government footing the rest of the bill.

These vacant units would be offered to Canadians under a rent-to-own framework, Carney said, adding there is no specific transaction on the table yet.

In his letter Sunday, Poilievre said the Liberals are intervening in the market to help developers who built too many condos that didn’t fit demand.

He also argues there are inconsistencies in how the project came about, with Carney saying the idea came from the province and B.C. Premier David Eby saying Ottawa wanted the plan announced before all details had been finalized.

Poilievre argues developers are showing up to Liberal fundraisers and says Parliament should probe for any “undue benefit” in the new plan.

Federal Housing Minister Gregor Robertson’s office did not have an immediate comment on the letter.

Parliamentary committees can call for witnesses and documents in order to hold the government to account, though they rarely convene during the summer break unless the topic is an urgent matter.

Poilievre posted the letter online Sunday, though it is dated Friday. It is addressed to his own MP John Brassard, as the Conservatives chair the ethics committee, though the Liberals have the majority of the committee’s vote.

Figures from the Canada Mortgage and Housing Corporation show 5,849 unabsorbed apartments across B.C. in May 2026, with 4,376 unabsorbed apartments in Metro Vancouver, accounting for 75 per cent of all unsold units.

This past Thursday, Eby said the Vancouver condo market and its glut of unsold units would ultimately correct itself and the proposed program won’t assist developers in that city.

He added that bulk purchasing and buying entire buildings in bankruptcy proceedings presented opportunities unavailable to individual buyers.

He said his government sees the plan as a chance to purchase units below the cost of new builds and make them available to British Columbians who otherwise couldn’t afford to break into the housing market.

He said that the plan could be shelved, but argued it can be structured to not benefit developers, arguing that cutting taxes for developers is more akin to a bailout.

This report by The Canadian Press was first published June 28, 2026.

By Dylan Robertson | Copyright 2026, The Canadian Press. All rights reserved.