Will Vancouver's New Pre-Sale Policy Improve Housing Affordability? | Jovi Realty
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News | 10-17-17

Will Vancouver’s New Pre-Sale Policy Improve Housing Affordability?

Author Ray Wang

Vancouver city council will vote on Tuesday, October 17th, 2017 on a motion by Major Gregor Robertson to discuss creating policy that gives “residents who live and work in Metro Vancouver the first opportunity to purchase new pre-sale homes in Vancouver.”

While the policy may seem to combat housing affordability on paper, many questions the net impact of the policy.

Raymond Louie, Vancouver Council, says that the policy ”[is] giving first opportunity for people that live and work in Metro Vancouver to purchase the product first. We’ve heard a lot of people concerned about having access to the market. The motion put forward by the mayor should help in terms of providing additional access. [However], constraining some of the activities of foreign investment … will perhaps give some relief. But what we’re focusing on right now is to ensure that those that live and work in the region get the first chance at purchasing within our city. If you were born here, if you grew up here in Vancouver, the way the motion is currently written is you will not be able to move back and purchase a pre-sale condo and be on the top of the list if you have left Vancouver”

What are your thoughts on the new policy? Are you for or against it? Let us know via email at info@jovirealty.com.