Maclean's: Carney’s Condo Bailout Is a Band-Aid Solution

The biggest policy failures often start with a faulty diagnosis. Prime Minister Mark Carney and B.C. Premier David Eby’s plan to convert thousands of vacant condo units into rent-to-own housing treats a symptom of Canada’s housing crisis instead of its underlying disease. According to the Canada Mortgage and Housing Corporation, there were 5,849 new and unsold apartments across B.C. in May, with roughly 75 per cent in Metro Vancouver. This is the highest it’s been since the CMHC started recording data 36 years ago.

The basic shape of Carney’s program, announced in Vancouver last month, involved the federal and provincial governments acquiring more than 2,200 of these units through Build Canada Homes and BC Housing. Buying up the surplus and handing it to people who need housing sounded like a common-sense, straightforward solution.

It didn’t take long for the criticism to arrive from every direction. It was a strange moment when parties that disagree about almost everything in housing policy found themselves united in criticizing the same intervention. Federal Conservative Leader Pierre Poilievre called it a “transfer of wealth from the have-nots to the have-yachts.” The NDP came to much the same conclusion from the opposite direction. Housing critic Jenny Kwan questioned why governments were spending public money to acquire distressed condominiums after B.C. had suspended its Community Housing Fund, a program to build affordable housing, and argued the proposal lacked clear affordability targets or meaningful safeguards to ensure taxpayers were getting lasting public value. 

A week after the announcement, Carney clarified the plan, admitting that the government hadn’t done a good job explaining it. He has insisted, repeatedly, that no specific transaction is on the table yet and that the government would only buy “distressed” units at a discount, not at prices close to what developers originally wanted. Eby has gone further, insisting the program won’t apply to city of Vancouver developers at all. He said it’s aimed instead at regions like the Fraser Valley, the Okanagan and Vancouver Island, and that units will be acquired at a price below the cost of construction.

*Click image or link to read the full article - https://macleans.ca/economy/realestateeconomy/carneys-condo-bailout-is-a-band-aid-solution/

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For six years, Rajesh Sharma has watched his parents grow older from half a world away.

The Vancouver area small businessman came to Canada from India, built a career, bought a home and met the income requirements to sponsor his mother and father.

His father’s health is failing. His mother now struggles to manage their home alone. Sharma spends his evenings arranging medical appointments from Canada and wondering how many more birthdays and family milestones they will miss.

Ottawa’s recent decision to suspend new applications for the Parent and Grandparent Program (PGP) until further notice has turned that uncertainty into something more final.

For Sharma and thousands of other immigrants, there is now no application date, no place in the queue and no assurance their aging parents will ever be able to join them permanently in Canada.

NDP immigration critic Jenny Kwan said the decision leaves Canadians and permanent residents with no date to apply, no guarantee the program will reopen and little hope of reuniting with aging parents caught outside the country.

“The government has shamefully once again suspended new intakes to the Parent and Grandparent sponsorship program,” she said.

“At this rate, it will take decades to clear the backlog. Families cannot afford to wait decades to be reunited with their parents and grandparents.”

Immigration, Refugees and Citizenship Canada announced July 15 that it will stop accepting new interest-to-sponsor forms and will not invite more potential sponsors to submit applications until further notice.

The department said it will continue processing applications already in the system and plans to approve up to 15,000 parents and grandparents for permanent residence in 2026.

The department currently has about 60,500 permanent residence applications under the Parents and Grandparents Program in progress.

Processing times are approximately 33 months outside Quebec and can reach 66 months in Quebec. About 54,000 expressions of interest from the original 2020 pool were still outstanding as of September 2025.

Kwan said the government is managing the backlog by restricting access rather than fixing a system that has kept families waiting for years.

“It has remained closed since 2020, shattering dreams of family reunification for thousands of Canadians and permanent residents,” she said.

“Families who have been eagerly waiting for the application system to reopen are once again being told by the Liberals that they are out of luck. It is a slap in the face of families who have waited so long to reunite with their loved ones.”

The suspension comes as Ottawa sharply reduces the number of parents and grandparents it plans to admit.

Under the 2026-2028 Immigration Levels Plan, the federal government has set a target of 15,000 admissions through the program in each of the next three years.

The previous plan had called for 21,500 admissions in 2026, meaning the new target represents a reduction of about 30 per cent.

*Click image or link to read the full news article - https://asianpacificpost.com/article/10670-%E2%80%9Chow-many-more-years-must-i-wait%E2%80%9D.html

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