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Council approves motion to give Vancouver locals first shot at presale homes

Last Updated Oct 17, 2017 at 5:00 pm PDT

(iStock, Photo)

VANCOUVER (NEWS 1130) – People living and working in Metro Vancouver will soon get first dibs on pre-sale homes in the city. In a blow for developers exclusively marketing Vancouver real estate to foreigners, a proposal from Vancouver Mayor Gregor Robertson has been approved by council. It’ll also see  clamp down on investors buying units in bulk.

Gregor Robertson added new language to his motion to clamp down on bulk buying. His plan was initially to set up policies so people who live and work in Metro Vancouver would have the first go at buying presale homes in the city, but it didn’t outline anything about restricting the practice of buying units in bulk for investment purposes.

Mayor Robertson expanded his proposal.

“That will look into ways to prevent bulk purchasing and flipping. We’re in discussions with the province on what steps they can take on that front too, as they regulate the real estate industry.”

“There have been lots of concerns with the real estate industry with assignment and flipping and speculation and bulk purchases. The province has a primary role in that, in regulating the real estate industry. The City, we may have some tools we can use, certainly in partnership with the province.”

Robertson says this particular motion is mainly about giving locals priority access to the presale market, not necessarily about improving affordability.

“We need to look at the new tools on the more low- to middle- income side with the province. That will be the big work ahead.”