{"id":7299,"date":"2017-11-17T15:15:04","date_gmt":"2017-11-17T23:15:04","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7299"},"modified":"2017-11-02T12:20:42","modified_gmt":"2017-11-02T19:20:42","slug":"vancouverites-get-pre-sale-priority","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/11\/vancouverites-get-pre-sale-priority\/","title":{"rendered":"Vancouverites Get Pre-Sale Priority"},"content":{"rendered":"

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 \u2013 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.<\/p>\n

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.<\/p>\n

The new measures will help ensure that Vancouverites have access to affordable housing types such as condos before they\u2019re 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\u2019s estimated that out-of-region purchasing activity effectively drives home prices and rents 5 \u2013 10% higher in the city, according to a UBC Saunder School of Business study.<\/p>\n

Other measures to improve local affordability include the aggressive taxing of empty homes and an increased focus on gentle density infill \u2013 such as townhomes and basement suites \u2013 in existing residential neighbourhoods.<\/p>\n

However, residents feel the city has been slow to address housing affordability, costing Vision Vancouver \u2013 the municipality\u2019s current governing party \u2013 a seat in the latest by-election.<\/p>\n

\u201cOur city faces real challenges. Vancouverites are frustrated \u2013 particularly around housing affordability \u2013 and they expect more from us,\u201d stated Mayor Gregor Robertson in response to Non-Partisan Association member Hector Bremner\u2019s recent city council seat victory. \u201cWe\u2019re working harder to deliver solutions, but tonight\u2019s results show us there\u2019s much more work to do.\u201d<\/p>\n

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.<\/p>\n

Vancouverites Get Dibs on New Development Pre-Sales<\/a> by Penelope Graham | Zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"

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 … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-7299","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nVancouverites Get Pre-Sale Priority • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/11\/vancouverites-get-pre-sale-priority\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouverites Get Pre-Sale Priority • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"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. 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