Limit federal condo acquisitions
Petitioners ask the Government to refrain from using federal funds to buy or finance unsold B.C. condominiums unless purchases are publicly disclosed, independently appraised, priced well below market, and permanently placed in non‑market ownership.
Why we would sign this petition
- Prevents public funds from bailing out private market losses and directs housing dollars toward permanently affordable homes.
- Independent appraisal and below‑market pricing reduce the risk of overpaying and ensure acquisitions reflect true market or post‑receivership values.
- Permanent non‑market covenants and transfer to public/non‑profit/co‑operative/Indigenous owners lock in long‑term affordability and community ownership.
Why we wouldn’t sign this petition
- Strict disclosure, appraisal and deep‑discount requirements could delay or block timely acquisitions needed to convert vacant units into affordable housing.
- Requiring purchases to be priced well below market or post‑receivership may make deals infeasible, leaving units unsold and limiting available options.
- Mandating permanent non‑market transfer may restrict private‑sector participation, raise costs or limit scale, potentially reducing the overall number of affordable units created.
The summary and both sets of reasons are AI-generated from the petition and given equal weight. Claims are the petitioners’ own; 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.