The project will be located on an 8.5-hectare lot at the Heather Lands, a parcel of land between West 33rd and West 37th avenues on Heather Street. The land is owned by a partnership between the Musqueam, Squamish and Tsleil-Wauthuth Nations and the Canada Lands Company.Story continues below advertisement
Under the agreement, first-time homebuyers will be able to buy and finance studio, one-, two- and three-bedroom units at 60 per cent of the market price as 99-year strata leaseholds.The province will finance the remaining 40 per cent, which it will recoup either when the home is sold or after 25 years of ownership.
“It involves the City of Vancouver fast-tracking the permitting and zoning so we can get built quickly on the site reducing the holding costs,” Premier David Eby said on Thursday.“It wasn’t easy to get here, but we got here,” said Sxwixwtn, Wilson Williams, Sḵwx̱wú7mesh Úxwumixw spokesperson and council member.
The Ministry of Housing said people buying units in the project will need to be Canadian citizens or permanent residents.Tattoo inks recalled in Canada over contamination concerns‘Exceptional’ mortgage rates spotted in Canada after U.S. Fed rate cut