Market News · June 2026
Ottawa & B.C. Will Buy ~2,500 Unsold Condos: What the $3.2B Housing Plan Means for Tri-Cities Buyers
Prime Minister Mark Carney and Premier David Eby announced a joint federal–provincial housing plan in Vancouver this week, and it lands directly on the part of the market that has been the softest: brand-new condominiums. Two pieces matter most for anyone buying or selling in Coquitlam, Port Moody, or Port Coquitlam — a plan to buy roughly 2,500 unsold condo units and convert them to affordable housing, and $3.2 billion to cut the fees that make building new homes so expensive.
Here is what was actually announced — and, just as important, what was not. The $3.2 billion ($1.6B federal, matched by $1.6B from the province, over 10 years) is earmarked to reduce development cost charges by up to 50%, or as much as $40,000 per unit, in priority communities. Separately, Ottawa will use financing tools from its new housing agency, Build Canada Homes, to absorb about 2,500 newly built condos across B.C. that are sitting empty — a backlog created largely by investors stepping back as pre-sale math stopped working. Those units would be converted into affordable homes. The federal and provincial governments say the detailed “models” for how the purchases work will be released in the fall, so some specifics are still to come.
The big question
Will this push condo prices up?
This is the question I am getting most, so let me be straight rather than sell you a headline. Taking ~2,500 units off the market sounds dramatic, but it is a modest number against the tens of thousands of active listings across Metro Vancouver — and those condos are not being demolished, they are being converted to occupied housing. On its own, that is not enough to spike prices.
The more meaningful effect is on confidence and risk. For two years the new-condo and pre-sale market has been frozen by an overhang of unsold inventory — a cloud that spooked buyers, lenders, and the developers deciding whether to start the next project. A government willing to clear that backlog puts a floor under the new-construction market and removes a big chunk of downside risk. Pair that with a $40,000-per-unit cut to building costs and you have a credible case that the new-home pipeline stabilizes and, over time, prices firm up from here rather than drift lower. The honest near-term read: this reduces the chance of further softening more than it guarantees an immediate jump. For a buyer, a stabilizing market with motivated new-build sellers is often the best window — selection is still wide and negotiating room still exists.
See it for yourself
Every brand-new condo for sale in the Tri-Cities, right now
A live, always-current MLS® search of newly built (2024 or later) condos in Coquitlam, Port Moody, and Port Coquitlam — updated daily.
Browse brand-new Tri-Cities condos →Key takeaways
Government clearing ~2,500 unsold units removes the inventory overhang that has frozen the pre-sale and new-construction market — the single biggest drag on condo confidence since 2024.
Cutting development cost charges by up to $40,000 per unit lowers the cost of every new home. It signals governments are done letting the building pipeline stall — supportive for supply over time.
These condos become affordable housing, not vacant land. So the price effect is indirect: it works through restored confidence and reduced risk, not through a sudden supply shock. Beware anyone promising an overnight price spike.
If you have been waiting on a brand-new Tri-Cities condo, a stabilizing market with motivated new-build sellers is a genuine buying window — wide selection now, with prices more likely to firm than fall once this plan takes hold.
Frequently asked questions
Common questions answered
Will the $3.2B plan make condo prices go up in the Tri-Cities?
Not overnight. Buying ~2,500 units and converting them to affordable housing is modest against Metro Vancouver’s overall inventory, so it won’t trigger a sudden price spike. Its real impact is restoring confidence and putting a floor under the new-construction market, which makes further price softening less likely and supports firmer prices over time.
How many condos is the government buying, and how?
About 2,500 newly built but unsold condo units across B.C. Ottawa will use financing tools from its new housing agency, Build Canada Homes, to absorb them and convert them into affordable housing. Detailed ‘models’ for how the purchases work are expected in the fall of 2026.
What is the $3.2 billion actually for?
It is $1.6 billion from the federal government matched by $1.6 billion from B.C., over 10 years, to reduce development cost charges on multi-unit housing by up to 50% — as much as $40,000 per unit in priority communities. Lower building costs are meant to make new housing more viable to build.
Does this apply to Coquitlam, Port Moody, and Port Coquitlam?
The plan is province-wide and targets ‘priority communities’ for growth; the specific list hasn’t been published yet. The Tri-Cities have significant new-condo and transit-oriented development around SkyTrain, so the building-cost cuts are likely relevant locally. The unsold-unit purchases are concentrated where the backlog is largest, primarily Vancouver, Burnaby, and Surrey.
Is now a good time to buy a brand-new condo in the Tri-Cities?
For many buyers, yes. Selection of newly built condos is still wide, new-build sellers are motivated, and this announcement reduces the risk of further price drops. You can see every brand-new (built 2024 or later) condo currently for sale in Coquitlam, Port Moody, and Port Coquitlam on the live search below.
Sebastian Czarkowski
REALTOR® · Royal LePage Elite West · Coquitlam, BC
Thinking about a brand-new condo, or wondering what the plan means for your place? Let’s talk it through.
Sources: Government of Canada / Province of B.C. announcement, June 2026. For educational purposes only. Not intended as financial or legal advice.
Sebastian Czarkowski, REALTOR® | Royal LePage Elite West | sebastianrealestate.ca