A pilot program that makes it easier for first-time buyers to own a home in Vancouver was approved by City Council on Wednesday night.
Following other models elsewhere, the Affordable Home Ownership program will see units priced below market value and sold to eligible buyers with limits on ownership and resale.
The units are typically created by non-profits, social housing organizations, or the government.
According to a release from Mayor Gregor Robertson, the program will be open to first-time buyers who have lived and worked in Vancouver for the last five years.
At least one buyer must work in Vancouver and can’t have owned property before.
The eligible household income for the program will range from $67,540/year for single people and couples, up to $96,170/year for households with children.
The aim is to ensure households spend no more than 35% of their income on housing.
“With rapidly rising housing costs and a shortage of family-sized units, too many families are struggling to find homes in Vancouver,” said Robertson in the release.
“I’m proud to move forward with this program to help ensure Vancouver remains a place everyone can call home.”
The new program could be just a drop in the ocean though.
The city says they are aiming to create 300 units – meanwhile, Statistics Canada says more than 30,000 households will be eligible for the program.