B.C. premier details rent-to-own condo plan for first-time buyers

B.C. Premier David Eby outlined details Thursday on a joint federal-provincial plan to acquire up to 2,200 unsold condominium units across the province and turn them into affordable rent-to-own housing for first-time homebuyers.

The scheme targets "distressed" condos purchased at below-market rates. Eby said the federal government would provide about 10 per cent of financing, with B.C. matching that contribution and the remainder coming through mortgages. The overall value of condos would be roughly $1.45 billion, with the federal government providing about $145 million, according to Prime Minister Mark Carney.

The rent-to-own model aims at renters who can afford monthly housing costs but lack a down payment — a key barrier many face when trying to transition from renting to homeownership. "The reality is for many people in the province, especially young people, is that they are renting, and their rent is more than enough to cover a mortgage payment and strata fee, but they don't have the down payment," Eby said.

The plan is aimed at areas outside Vancouver proper, such as the Fraser Valley, Okanagan, and Vancouver Island, because "the numbers don't work out in the city itself," Eby said. He acknowledged the announcement last week drew criticism because details were sparse. "The federal government was enthusiastic about us announcing this before all the details were out. But in the absence of the details, the plot has been lost a little bit here," he said. More details are still forthcoming, and Eby said nothing is set in stone yet.