At a time when the Canada Revenue Agency is taking developers to court for information identifying pre-sale condo buyers who assigned their purchase contracts before completion, the City of Vancouver is taking steps to make it easier for locals to get in on home pre-sales.
According to Global News, Mayor Gregor Robertson is launching an initiative similar to one in West Vancouver where projects would be marketed exclusively to local residents for the first 30 days, then to Metro Vancouverites for the next 60 days.
Buyers would sign an agreement that they will live in the units and not flip them. Bulk purchases would be restricted but details on how restricted have not been disclosed at this time.
“We have to be careful about how we draw the lines here, and they should have nothing to do with citizenship or race or any of that business. I think it’s just making it fair, and making sure that locals can access the market, who are living and working here already,” Robertson told CKNW.
“We’ll have to figure out the details, how we actually, you know, how that’s enforced. How we go through the details of it, that’s for another day.”
Last modified: October 7, 2017