Vancouver residents could get first rights to condos in 2018

by Steve Randall10 Oct 2017
The Mayor of Vancouver wants to bring forward a policy that would give locals a ‘fast-pass’ on buying new homes in multi-family developments.

Gregor Robertson’s motion is for the council to introduce the policy by the end of the year and would benefit ‘local residents’ – defined as anyone whose permanent address and place of work is in the region, irrespective of citizenship.

“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. 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,” Mayor Robertson said.

He added that the city’s Housing Vancouver strategy needs to ensure that the right type of housing sees increased supply, those homes that are affordable for local residents.

“We want young people and families to put down roots in the city. 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,” the Mayor concluded.

More market update:

Industry news

Submit a press release


Do you do commercial deals?