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B.C. and First Nations reach deal to sell 2,600 condos at 60% of market value

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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.

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.

There will be screening to stop speculators, while eligibility requirements for buyers include household income thresholds, set at $131,950 or less for studios and one-bedroom units, as well as pre-qualifying for a mortgage and a minimum deposit of five per cent. 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.

"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.

 

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B.C. and First Nations reach deal to sell 2,600 condos at 60% of market valueThere 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.
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B.C. and First Nations reach deal to sell 2,600 condos at 60% of market valueB.C. Premier David Eby calls the agreement a ‘remarkable’ accomplishment between the province and the Musqueam, Squamish and Tsleil-Waututh First Nations
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