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

Harris, Walz understand the Canada-U.S. relationship, ambassador says

Harris, Walz understand the Canada-U.S. relationship, ambassador says
Canada’s ambassador to the United States says she's telling Americans about the important relationship between the neighbours as Democrats develop their foreign policy and build unity behind Vice-President Kamala Harris at the party's national convention. Kirsten Hillman says she is talking with Democrats about how Canada makes the U.S. more resilient, secure and prosperous. 

Harris, Walz understand the Canada-U.S. relationship, ambassador says

House committee meeting about purchase of New York City condo for consul general

House committee meeting about purchase of New York City condo for consul general
Senior public servants have been called to a House of Commons committee to explain the government's decision to buy a $9-million condo for the consul general in New York. Conservative MP Michael Barrett called the residence "excessive" and "opulent," and questioned why the procurement minister was not made aware of the purchase.

House committee meeting about purchase of New York City condo for consul general

Canada Border Services Agency says systems outage impacting airports

Canada Border Services Agency says systems outage impacting airports
The Canada Border Services Agency says a partial systems outage is impacting airports and that it is working to fix the issue. Toronto's Pearson airport says the outage is impacting customs kiosks in two terminals. The airport says travellers using those terminals may experience longer wait times at customs. 

Canada Border Services Agency says systems outage impacting airports

Canada's inflation rate falls to 2.5%, paving way for another interest rate cut

Canada's inflation rate falls to 2.5%, paving way for another interest rate cut
Canada’s annual inflation rate fell to 2.5 per cent last month, matching economists' forecasts and solidifying expectations for a third consecutive interest rate cut in September. Tuesday’s consumer price index report says prices for travel tours, passenger vehicles and electricity helped drive the headline figure lower.

Canada's inflation rate falls to 2.5%, paving way for another interest rate cut

Tories delete Canadian dream video featuring what Liberals say are Russian jets

Tories delete Canadian dream video featuring what Liberals say are Russian jets
The Conservative Party of Canada has deleted a video that was meant to promote its Canadian values but featured images of what the Defence Minister's office says are Russian fighter jets.  The party acknowledged on Monday that mistakes happen, while also pointing out that the Liberals have dealt with a stock image backlash in the past. 

Tories delete Canadian dream video featuring what Liberals say are Russian jets

Canadian rail strike looking

Canadian rail strike looking
A ban on all new cargo pickups at Canadian Pacific is coming tomorrow if a deal is not reached between two of Canada's major railways and its union. A phased shutdown of the networks is already underway as a potential work stoppage looms on Thursday.

Canadian rail strike looking