September 23, 2024
Vancouver’s Host Nations have partnered with the Province to build 2,600 leasehold condos that will be (initially) sold at 40 percent below market rate prices to first-time homebuyers. The leases for these units – in the Heather Lands on Vancouver’s Heather Street between West 33rd and West 37th avenues – will run for 99 years.
Buyers will be required to pay an initial 5 percent deposit on 60 percent of the initial market purchase price. The Province will initially finance the other 40 percent, which must be repaid to the Province when the owner sells the unit or after 25 years from the purchase date, whichever comes first.