Vancouver locals are about to get first crack at some new condo projects in the region, as developers are either being forced to comply with new regulations or they are voluntarily changing tactics as they face an increasingly irate public.
As the city’s real estate market continues to move out of reach for many local residents, reports of condo units being presold to foreign buyers have generated anger and concern.
So now at least three projects in Vancouver are moving to a locals-first strategy when preselling and more are to come, say marketers and city officials.
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One is a high-end tower downtown being built by Bosa Properties, which is the first to adopt a “locals-first” selling campaign just in advance of a new city policy.
One condition of the project’s approval at a public hearing this past week is that only people who live in British Columbia or work in the Vancouver region be eligible to buy for the first 30 days – if they can afford a luxury condo in the 42-storey tower.