Vancouver City Council has approved a motion to give Metro Vancouver residents priority in pre-sale home purchases in the city.
The motion, proposed by Mayor Gregor Robertson, was approved by Council members in a regular meeting on Tuesday.
It was approved in a 7-2 vote, with both NPA councillors George Affleck and Melissa De Genova opposed.
The motion asks City staff to create a framework for new development applications that gives people who live and work in Metro Vancouver the first chance to buy new pre-sale homes here.
In a release announcing the proposal earlier this month, Robertson said anyone living and working in the region would be eligible for priority purchase, regardless of citizenship.
At the time, Robertson said his priority as Mayor is to deliver new housing supply for the people who live and work in Vancouver, first and foremost.
The new policy could follow the example of a program previously used in West Vancouver, where officials struck a deal with Westbank developers for a development in Horseshoe Bay.
That deal stipulated:
- Pre-sales could only be marketed to locals during the first 30 days, and then to residents of Metro Vancouver for the next 60 days
- Pre-sale buyers would have to sign a statutory declaration to show their intention to live in the building and not flip their unit for profit
- Bulk purchases of units would be restricted