British Columbia and First Nations Strike Agreement to Offer 2,600 Condos at 60% of Market Value
An agreement between the First Nations and the British Columbia government will make thousands of homes in Vancouver available at 40% below market price.
Premier David Eby described the deal as a “remarkable” collaboration between the province and the Musqueam, Squamish, and Tsleil-Waututh First Nations. The agreement involves selling approximately 2,600 homes for 60% of their market value in one of the world’s most expensive real estate markets.
The homes, ranging from one- to three-bedroom units, will be offered through a 99-year lease on First Nations land. The government will finance the remaining 40% of the value, with repayment required when the unit is sold or after 25 years.
To prevent speculation, buyers will undergo screening and must meet specific eligibility criteria, including household income limits of $131,950 or less for studios and one-bedroom units. Buyers will also need to pre-qualify for a mortgage and make a minimum 5% deposit.
Prospective buyers can begin registering and confirming eligibility by next spring for units located on Vancouver’s west side, at Heather Lands. Eligible buyers will be selected through a randomized process, with priority given to first-time homeowners.
Eby expressed enthusiasm for expanding similar initiatives across British Columbia and noted that housing would be a major focus of the NDP’s upcoming election platform.
A studio unit is expected to be priced at approximately $372,000, a one-bedroom at $510,000, and a two-bedroom at $780,000. About 540 of the condos will be designated as social housing.
“The dream of home ownership has been out of reach for too many, for too long, especially here in Vancouver,” Eby said at the announcement on Thursday.
The premier emphasized that the plan will enable thousands of middle-class families to enter the housing market while ensuring the government recoups its investment.
“This means more families can put down roots and contribute to addressing labor challenges and boosting our economy,” Eby added.
The province’s financial contribution to the project is estimated at around $670 million in loans.
