Close X
Sunday, November 24, 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

Patrols for fare evading transit riders

Patrols for fare evading transit riders
TransLink says it's boosting patrols for fare-evading transit riders.  The transit operator says it's begun a blitz to deter riders from freeloading on the transit system, aimed at lessening fare evasion by five-million-dollars a year. 

Patrols for fare evading transit riders

B.C. wildfires holding under 370 with 30 per cent classified as 'out of control'

B.C. wildfires holding under 370 with 30 per cent classified as 'out of control'
The Calcite Creek fire in British Columbia's southern Interior is no longer considered a "wildfire of note," leaving three such blazes throughout the province. The BC Wildfire Service says two of those fires are classified as "being held," meaning they're expected to stay within their current or predetermined perimeters.

B.C. wildfires holding under 370 with 30 per cent classified as 'out of control'

Police allege Calgary man ran $1.3M Ponzi scheme centred on purported wine purchases

Police allege Calgary man ran $1.3M Ponzi scheme centred on purported wine purchases
Police in Calgary have accused a man of running a Ponzi scheme involving purported wine purchases. They say seven complainants have come forward reporting a total of $1.3 million in losses.

Police allege Calgary man ran $1.3M Ponzi scheme centred on purported wine purchases

As hate-crime landscape evolves, a reminder — online behaviour exists in real life

As hate-crime landscape evolves, a reminder — online behaviour exists in real life
A lawyer with the British Columbia Civil Liberties Association says it's wise to remember that even though charges over offensive social media activity are rare, online posts exist in real life and involve real people. Laws prohibit the willful promotion of hatred or public incitement of hatred against a specific group as well as the promotion of genocide.

As hate-crime landscape evolves, a reminder — online behaviour exists in real life

B.C. landslide 'dramatically' impacts salmon spawn but conditions improve: task force

B.C. landslide 'dramatically' impacts salmon spawn but conditions improve: task force
The Tsilhqot'in National Government says river conditions are "slowly improving" after the massive landslide that temporarily dammed the Chilcotin River last month, but salmon spawning activity is being delayed. An update from the Tsilhqot'in emergency salmon task force says debris and sediment from the slide are "dramatically" impacting sockeye and Chinook salmon spawning runs.

B.C. landslide 'dramatically' impacts salmon spawn but conditions improve: task force

Homicide investigators called in after two women die in balcony fall

Homicide investigators called in after two women die in balcony fall
Police in North Vancouver say homicide investigators have been called in after two women died from falling off the balcony of an apartment building. RCMP say officers responded to reports that two people who had fallen from the building on Esplanade Avenue in the city's Shipyards area at 4:30 a.m. Tuesday.

Homicide investigators called in after two women die in balcony fall