Convert empty office space into housing Share As the demand for retail and office space has changed due to COVID-19, some landlords, particularly in major urban cores, are facing higher vacancies. This is an opportunity for property owners and communities to explore converting excess space into rental housing, enhancing the livability and affordability of urban communities. We will also double our existing Budget 2021 commitment to $600 million to support the conversion of empty office and retail space into market-based housing. We’ll convert space in the federal portfolio, but commercial buildings as well. We will also work with municipalities to create a fast track system for permits to allow faster conversion of existing buildings, helping maintain the vibrancy of urban communities. Unlock Home OwnershipHelp renters become ownersAfford a downpayment, fasterMore flexible First-Time Home Buyer IncentiveSave on your closing costs of buying a homeReduce your monthly mortgage costs when you need it mostBuild More HomesGive cities the tools to speed up housing constructionBuild and repair more affordable housingConvert empty office space into housingHelp different generations of a family live togetherSupport Indigenous HousingEnd chronic homelessnessProtect Your RightsIntroduce a Home Buyers’ Bill of RightsCurb unproductive foreign ownershipStop Excessive Profits in the Financialization of HousingStrengthen federal oversight of the housing marketReduce incentives for speculation and house flipping
