Local Vancouverites now have first crack at new home pre-construction sales, the latest effort to improve affordability for those who actually call the city home. The motion was passed by City Council in a 7 – 2 vote, meaning developers must first market new project pre-sales exclusively to locals for a 30-day time frame, and then extend marketing to Metro Vancouver for a total of 60 days.

To qualify, a buyer must prove they dwell within the city (regardless of citizenship), and that they intend to live within their unit and not sell it on assignment for profit. Bulk purchases of units will also be regulated.

The new measures will help ensure that Vancouverites have access to affordable housing types such as condos before they’re snapped up by investors and out-of-country buyers; that developments have been marketed overseas and in forums for foreign buyers before locals have the chance to buy has been sharply criticized as a contributor to skyrocketing prices in Vancouver. It’s estimated that out-of-region purchasing activity effectively drives home prices and rents 5 – 10% higher in the city, according to a UBC Saunder School of Business study.

Other measures to improve local affordability include the aggressive taxing of empty homes and an increased focus on gentle density infill – such as townhomes and basement suites – in existing residential neighbourhoods.

However, residents feel the city has been slow to address housing affordability, costing Vision Vancouver – the municipality’s current governing party – a seat in the latest by-election.

“Our city faces real challenges. Vancouverites are frustrated – particularly around housing affordability – and they expect more from us,” stated Mayor Gregor Robertson in response to Non-Partisan Association member Hector Bremner’s recent city council seat victory. “We’re working harder to deliver solutions, but tonight’s results show us there’s much more work to do.”

Bremner is acquiring the seat left by Vision Vancouver member Geoff Meggs, who left city council to become Chief of Staff for the provincial NDP government.

Vancouverites Get Dibs on New Development Pre-Sales by Penelope Graham | Zoocasa