Metro Vancouver residents get priority for pre-sale homes under Mayor's proposal
Metro Vancouver residents could get priority when it comes to buying a pre-sale home in the city, under a new motion to be proposed by Mayor Gregor Robertson.
According to a release, Robertson will ask staff to bring forward such a policy by the end of the year, as part of the City’s new 10-year housing strategy.
Under the new policy, anyone living and working in Metro Vancouver would be considered eligible for priority purchase, regardless of citizenship.
Robertson said his priority as Mayor is to deliver new housing supply for the people who live and work in Vancouver, first and foremost.
“In Vancouver’s red-hot housing market, local employers are crunched to retain talent, whether they’re doctors, tech workers, retailers, firefighters, teachers or nurses,” he said.
“I regularly hear stories about people who work in Vancouver but are forced to move elsewhere in the region because they can’t find a place to live.
“At a time when we are seeing record levels of housing construction, local residents should be able to get the first shot at purchasing a home in new developments.”
The new policy could follow the example of a program previously used in West Vancouver, where officials struck a deal with Westbank developers:
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
“We want young people and families to put down roots in the city,” said Robertson.
“This motion will support that by helping make sure people who live and work here get the first opportunity to buy into new developments in Vancouver.”