Pay to turn offices into homes
Grants per unit or per square foot that make converting empty offices into apartments financially worth a developer's while. London already runs one; Calgary runs the country's biggest.
THE EVIDENCE, THE COSTS, WHO DECIDES▾
- In Calgary, developer demand beat the money: intake was paused in 2023 because applications outran the fund, and the program counts 21 projects, 2.68 million sq ft converting, and 2,667 homes in the pipeline. City of Calgary ↗
- The trend is national: a record seven conversion projects removed roughly 1.5 million sq ft of office space in Q1 2026 alone — including one London project. CBRE ↗
- London's program has real uptake: about $3.8M of its $10M committed across 109 approved units, including 195 Dufferin (94 units, 40% affordable), with the first completed conversion at 376 Richmond St. city release ↗
- The vacancy math is humbling: CBRE's own analysis found Calgary's downtown vacancy "would only be a percentage point higher if the program didn't exist" — after more than $200M of city money. CBRE's Alberta chair: "If you gauge... the success of the program today, no, it hasn't been good." CBC ↗
- Only a minority of buildings physically work: Gensler, after scoring 1,300-plus North American buildings, found only about 25% suitable for conversion. Cost overruns are real — one Calgary heritage conversion roughly doubled in cost, and three early projects pulled out. Gensler ↗
- London's own caveats: as of June 2025, none of the grant-funded units had opened; funded units are not required to be affordable; and downtown vacancy kept climbing after the program launched (27.3% to 31.5%). Whether the subsidy works is genuinely contested. CBC ↗
- Calgary: up to $75/sq ft (max $15M per property); over $200M of city money invested to date per the mayor — about $67,000–$70,000 of public money per pipeline home (derived: $200M ÷ ~3,000 homes). CBC ↗
- London: $35,000 per unit base (raised from $28,000 in July 2024), stackable to about $50,000 with a separate ~$45,000-per-affordable-unit incentive; the $10M pot is carved out of London's $74M federal Housing Accelerator money. city release ↗
London's current pot: $10M ÷ $35,000 per unit ≈ 285 units — the city's stated target. A Calgary-style program on all ~1.3 million vacant sq ft at $75/sq ft ≈ $97.5M; applying Gensler's 25%-convertible finding, ~325,000 sq ft × $75 ≈ $24.4M, yielding roughly 325 homes at Calgary's observed ~1,000 sq ft of office per home. Caveat: the vacant-square-footage figure dates from Q3 2024; nothing newer is published. city release ↗