British Columbia Premier David Eby has defended a joint federal-provincial initiative to purchase unsold condominium units for affordable housing, arguing the plan is comparable to buying products "on liquidation" rather than providing a bailout to struggling developers.

Speaking alongside Prime Minister Mark Carney in Vancouver, Eby said the proposed program is designed to make use of vacant housing units while increasing the supply of affordable homes across the province.

The announcement came as the federal and British Columbia governments unveiled a multibillion-dollar partnership focused on investments in energy, natural resources, and transportation infrastructure. The affordable housing initiative formed part of the broader discussions.

Responding to criticism that the proposal would effectively rescue developers unable to sell their properties, Eby rejected the characterization. He said purchasing unsold units at reduced prices is no different from consumers taking advantage of liquidation sales, where assets are acquired below market value.

Eby emphasized that the government intends to secure good value for taxpayers while expanding affordable housing options for residents. He also said he hopes the program will be given an opportunity to demonstrate its effectiveness before being judged.

The premier noted that there are currently no plans to purchase condominium units in Vancouver, explaining that market conditions and pricing mean "the numbers just don't work" in the city.

Supporters argue the initiative could help address housing shortages by bringing vacant units into the affordable housing market more quickly. Critics, however, continue to question whether the plan could indirectly benefit developers and whether public funds should be used to acquire private housing inventory.

The government is expected to release additional details on eligibility, pricing, and implementation as the affordable housing program moves forward.