B.C. and First Nations reach deal to sell 2,600 condos at 60% of market value
The agreement would sell one-, two- and three-bedroom units in a 99-year-lease
VANCOUVER — An agreement between First Nations and the British Columbia government will see thousands of homes made available in Vancouver at 40-per-cent below cost.
tap here to see other videos from our team.
B.C. and First Nations reach deal to sell 2,600 condos at 60% of market value Back to video
tap here to see other videos from our team.
Premier David Eby calls it a “remarkable” accomplishment between the province and the Musqueam, Squamish and Tsleil-Waututh First Nations, which would see about 2,600 homes sold for 60 per cent of the value in one of the most expensive real estate markets in the world.
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
Sign In or Create an Account
The agreement would sell one-, two- and three-bedroom units in a 99-year-lease on First Nations land with the government financing the other 40 per cent of the value to be paid back when the unit is sold or 25 years after the purchase date.
There will be screening to stop speculators, while buyers must have a total annual household income of under $131,950 along with a series of other eligibility rules, including pre-qualifying for a mortgage and a minimum deposit of five per cent.
Prospective buyers would be able to register and confirm their eligibility as early as next spring for a unit on the Heather Lands on the west side of Vancouver, followed by a randomized selection of eligible buyers with priority for first-time owners.
Eby says he’s excited about scaling up similar ideas across B.C., adding there will be a strong emphasis on housing in the NDP’s upcoming election platform.
A studio unit is expected to sell for a about $372,000, while the one-bedroom would be sold for $510,000 and a two-bedroom condo would go for $780,000. About 540 of the condos would be social housing.
“The dream of home ownership has been out of reach for too many, for too long, especially here in Vancouver, ” Eby said Thursday at the announcement.
The plan will help thousands of middle-class people break into the housing market, he said, while allowing the government to recover its financial contribution.
“This means more families living and working here can put down roots, while also addressing labour challenges and driving our economy forward,” the premier said.
Eby says the province’s contribution is estimated to be about $670 million in loans.
