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 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. 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.