British Columbia Premier David Eby has sharply criticized a proposed condo-purchase plan, comparing it to a 'liquidation' that would sell units below construction costs. Speaking at a meeting of western premiers in Kananaskis, Alberta, on May 25, 2026, Eby argued that the plan would undermine the housing market and fail to deliver affordable homes.
Premier's Strong Rebuke
Eby stated that the proposal effectively amounts to selling condos at a loss, which he described as 'liquidation' pricing. 'This is not a sustainable approach to housing,' Eby said. 'It devalues existing properties and creates a false market that cannot be maintained.' The premier did not specify which plan he was referencing but emphasized that any strategy must align with construction realities.
Market and Economic Concerns
The premier's comments come amid ongoing debates over housing affordability in British Columbia. According to recent data, average condo construction costs in Vancouver have risen to over $800 per square foot, while some proposed sale prices fall below that threshold. Eby warned that such pricing could lead to financial losses for developers and discourage future investment. 'We need solutions that build homes, not destroy value,' he added.
Reactions and Implications
Housing advocates have expressed mixed reactions, with some supporting Eby's focus on cost recovery while others argue that deeper subsidies are needed to address affordability. The Canadian Press reported that the premier's remarks signal a tougher stance on market interventions. No official response from the plan's proponents has been issued yet.
