Locals-First Approach – Vivid at the Yates
On October 19, Vancouver city council voted to ensure ‘locals’ receive the first opportunity to purchase during pre-sales as concerns rise about housing affordability. The idea is to give community residents and workers the first opportunity to purchase a new home. However, this isn’t a new thing and recently launched – Vivid at the Yates – is already taking steps through a partnership with BC Housing to open homeownership doors.
“We recognize the need for housing diversity. Vivid at the Yates is targeted to those entry level purchasers to help them move up the housing continuum.” Spoken by Byron Chard as he was interviewed during CBC Drive Time about the city’s decision.
With 135 units in the Vivid at the Yates will be priced eight per cent below appraised market prices, but buyers must have incomes under $150,000 and commit to live in the condo for two years. It is through the BC Housing partnership that Chard can pass along savings to the end users.
To learn more about Vivid at the Yates, visit www.vividattheyates.com.