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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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B.C. Premier David Eby calls the agreement a ‘remarkable’ accomplishment between the province and the Musqueam, Squamish and Tsleil-Waututh First Nations

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. 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.

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.

 

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