A home is not a home in Canada. It is a supply-managed good in a protected industry
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- Mark Carney and David Eby announced a $1.45-billion federal-provincial program on June 18 to convert 2,200 empty Vancouver-area condos into rental units, with Carney explicitly citing developers who "don't want to sell at a loss."
- TD Economics forecast a 15% decline in Greater Vancouver condo prices from a 2023 high by mid-2027 — what it called the deepest correction since 2005 — while BMO's Robert Kavcic said GTA condo sales are so slow it would take 20 years to clear inventory, with prices already down 25% from peak.
- Doug Ford's Ontario government launched a parallel Building Ontario Fund, providing a $300-million loan alongside $733 million from institutional investors, also targeting 2,200 unsold condos for conversion to rentals.
- Carney and Eby also unveiled a separate $3.2-billion proposal on June 18 to reduce development charges by up to $40,000 per unit in priority B.C. communities over the next decade.
- The U.S. House of Representatives passed a bipartisan bill on June 23 to cut homebuilding regulations and limit institutional investor purchases — a contrast the columnist draws to what he calls Canada's "warm embrace" of those same investors.
- Ontario extends its HST rebate on new home builds to institutional investors, leaving families to compete against well-capitalized investors for limited new-build supply as it hits the market.
Why it matters: Ottawa and Ontario are committing roughly $2.5 billion in taxpayer money to absorb unsold condos from developers, cushioning a correction that TD Economics and BMO say would deliver 15–25% price relief and dramatically improve affordability. The columnist argues the winners are developers, existing homeowners, and institutional investors — including those receiving HST rebates on new builds — while aspiring homeowners are asked to rent what they cannot afford to buy.
