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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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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.

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.

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. 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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