Close X
Sunday, November 10, 2024
ADVT 
National

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

Darpan News Desk The Canadian Press, 19 Sep, 2024 11:28 AM
  • B.C. and First Nations reach deal to sell 2,600 condos at 60% of market value

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. 

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. 

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. 

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.

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. 

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.

"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.

The plan will help thousands of middle-class people break into the housing market, he said, while allowing the government to recover its financial contribution. 

"This means more families living and working here can put down roots, while also addressing labour challenges and driving our economy forward," the premier said. 

Eby says the province's contribution is estimated to be about $670 million in loans. 

MORE National ARTICLES

How much microplastic is in your coffee? New device by UBC researchers could tell you

How much microplastic is in your coffee? New device by UBC researchers could tell you
Researchers at the University of British Columbia say they've come up with a portable device that can cheaply detect the amount of microplastics in drinks and other liquids. Microplastic particles can be created when things such as plastic cups or utensils degrade, releasing the material into food or drink that could then be ingested or absorbed into the body.

How much microplastic is in your coffee? New device by UBC researchers could tell you

Cabinet set to focus on Canada-U.S. trade relations on third and final day of retreat

Cabinet set to focus on Canada-U.S. trade relations on third and final day of retreat
With more than three million Canadian jobs — about one in six — reliant on exports, and three-quarters of Canadian exports going to the United States, the trade relationship with the U.S. is critical in all corners of this country.

Cabinet set to focus on Canada-U.S. trade relations on third and final day of retreat

China slams Canada over decision to introduce electric vehicle tariffs

China slams Canada over decision to introduce electric vehicle tariffs
China is slamming Canada's decision to impose a 100 per cent import tariff on Chinese electric vehicles, promising there will be retaliation. Prime Minister Justin Trudeau announced the move at the federal cabinet retreat in Halifax on Monday, four months after U.S. President Joe Biden announced similar plans.

China slams Canada over decision to introduce electric vehicle tariffs

Consul-general to New York set to testify about government purchase of residence

Consul-general to New York set to testify about government purchase of residence
Canada's consul-general in New York has been given a new opportunity to testify before a House committee about his official residence, which the government recently purchased for $9 million. Tom Clark has been called to appear at the government operations committee either on Sept. 12 or a later date that month.

Consul-general to New York set to testify about government purchase of residence

Bye-bye to Banff pedestrian zone after Labour Day long weekend

Bye-bye to Banff pedestrian zone after Labour Day long weekend
It'll be one last hurrah for a pedestrian zone along the main downtown drag of Banff, Alta., this long weekend. The Rocky Mountain tourist town is telling businesses to take down outdoor patios or retail displays on the Banff Avenue roadway after Labour Day. 

Bye-bye to Banff pedestrian zone after Labour Day long weekend

Sharp rise in whooping cough cases reported in several provinces

Sharp rise in whooping cough cases reported in several provinces
Whooping cough cases are on the rise in Canada, with some provinces reporting sharp increases compared to pre-pandemic averages. More than 11,670 cases have been reported in Quebec so far this year, a significant jump from the annual average of 562 cases between 2015 and 2019. 

Sharp rise in whooping cough cases reported in several provinces