A new housing project on the lands of the xʷməθkʷəy̓əm (Musqueam), Sḵwx̱wú7mesh (Squamish), and səlilwətaɬ (Tsleil-Waututh) Nations will create 2,600 new affordable homes.
The homes will be at Heather Lands, an 8.5-hectare (21-acre) lot between West 33rd and West 37th avenues on Heather Street, just east of Queen Elizabeth Park.
The province says buyers will be able to purchase the homes at 60 per cent of market value — with 40 per cent of the cost covered by provincial financing.
In an announcement Thursday, Premier David Eby explained the financing agreement isn’t a grant or a subsidy, it’s a loan from the province.
“The 40 per cent is repaid at the end of 25 years, or when the owner sells. … What we have created here, together, is a financing tool that protects taxpayers, that minimizes impact on public budgets, and yet, at the same time, delivers affordable housing now,” Eby explained.
“And when the loan is paid back by the homeowner, [it] protects affordability in the future,” he added.
Eby shared that the homes will be sold as 99-year leases, strata-leasehold with Musqueam, Squamish, and Tsleil-Waututh Nations.
“The unit prices will be determined at the time they actually go up for sake, but if they were for sale today, under current market conditions, a studio apartment on the site would sell for $620,000. Under this program we’re announcing today, that same studio apartment will sell for $370,000,” he said.
“On this site today, the market price for a two-bedroom condo is $1.3 million. Under this program that we’re announcing today, that will be $780,000.”
Eby added that priority will be given to first homebuyers, while there will be “strict” criteria around income and asset ceilings for would-be buyers.
“I want to assure you that we will have strict rules and screening measures in place, and anyone who thinks that they can game the system when we detect that, there will be serious consequences.”
More to come.