Why Buyers in the Fraser Valley Should Pay Attention to the Government Condo Conversion Plan

The federal and provincial governments just made a move that could quietly reshape your options in the Fraser Valley housing market.

Prime Minister Mark Carney recently announced a $1.45-billion partnership with B.C. to acquire more than 2,200 unsold condo units and convert them into rent-to-own housing. The federal government would contribute roughly 10 per cent of the total, with the B.C. government covering the remainder through a combination of direct funding and debt financing. Premier Eby has specifically pointed to markets like the Fraser Valley as areas where the program could have the most impact, noting that the numbers do not work in Vancouver but that the program could apply to less expensive areas like the Fraser Valley and the Okanagan. (CBC News, The Globe and Mail)

What does this mean for buyers sitting on the sidelines in Surrey and Langley?

When governments begin acquiring inventory from the open market, that supply is effectively removed from buyers like you. CMHC data shows 5,849 unabsorbed apartments across B.C. as of May 2026, with 4,376 of those in Metro Vancouver alone. A large portion of that inventory, including units in the Fraser Valley, could transition out of the open market entirely under this program. (National Newswatch)

At the same time, the current market downturn has already driven away investors and stalled new project launches, reducing the supply of preconstruction condos planned to come to market. Fewer new projects moving forward today means fewer completions in the years ahead. The combination of government acquisition and a slower construction pipeline points in one direction: less choice for future buyers in Surrey and Langley. (The Globe and Mail)

Today’s market is a different story. Buyers currently have access to a strong selection of new homes in the Fraser Valley, meaningful incentives, and real negotiating power. That is not a permanent condition.

History has consistently shown that the most advantageous time to buy is before supply tightens. The window that exists right now, with more inventory, more flexibility, and more purchasing power, will not last.

If you have been waiting for the right moment, that moment is now.

Ready to Buy Before the Window Closes?

Visit our sales centres today. With government programs targeting unsold inventory across the Fraser Valley, the selection you see now may not be available for long.

Atlin at Clayton Crest — West Clayton, Surrey
Studio, 2 and 3 bedroom condos | Estimated completion Spring 2028

Bute at Clayton Crest — West Clayton, Surrey
1, 2 and 3 bedroom condos | Estimated completion Summer 2028

Eden — Willoughby, Langley
Studio, 1 and 2 bedroom condos | Estimated completion Summer/Fall 2028

Solana — Willoughby, Langley
Studio, 1 and 2 bedroom condos | Estimated completion Spring 2027

City Corners — Surrey City Centre
Studio, 1 and 2 bedroom condos | Move in now

Explore all communities at zenterra.ca →

Frequently Asked Questions

Will the federal condo conversion plan affect home prices in the Fraser Valley?
It could. By removing unsold inventory from the open market, the program may reduce available supply in areas like Surrey and Langley, which typically puts upward pressure on prices over time.

Are there condos for sale in Surrey and Langley right now?
Yes. Today’s Fraser Valley market offers strong selection, buyer incentives, and real negotiating power. Zenterra currently has move-in-ready homes at City Corners in Surrey City Centre, and presale opportunities at Atlin, Bute, Eden, and Solana in West Clayton and Willoughby.

What is the Canada-B.C. condo conversion program?
A $1.45-billion federal and provincial partnership to purchase more than 2,200 unsold condo units across B.C. and convert them into rent-to-own affordable housing, with the Fraser Valley identified as a priority area.

When is the best time to buy a condo in the Fraser Valley?
Before supply tightens. With government acquisition reducing open-market inventory and fewer new projects launching, buyers who act now have access to greater selection, stronger incentives, and more negotiating power than future buyers may.

How do I learn more about Zenterra’s available homes?
Visit any of our Fraser Valley sales centres or explore all communities at zenterra.ca. Our team can walk you through available homes, current pricing, and deposit structures across all active projects.

Explore all communities at zenterra.ca →