The B.C. government and a trio of Metro Vancouver First Nations have unveiled a plan to build thousands of housing units to be sold below market price.
The project will be located on an 8.5-hectare lot at the Heather Lands, a parcel of land between West 33rd and West 37th avenues on Heather Street. The land is owned by a partnership between the Musqueam, Squamish and Tsleil-Wauthuth (MST) Nations and the Canada Lands Company.
The proposal is to build 2,600 homes for sale to middle-income British Columbians.
Under the agreement, first-time homebuyers will be able to buy and finance studio, one-, two- and three-bedroom units at 60 per cent of the market price as 99-year strata leaseholds.
The province will finance the remaining 40 per cent, which it will recoup either when the home is sold or after 25 years of ownership.
“It involves the City of Vancouver fast-tracking the permitting and zoning so we can get built quickly on the site reducing the holding costs,” Premier David Eby said on Thursday.
“It involves the First Nations bringing the land to the table so we can do this work together.”
The plan was proposed by the trio of nations.
“It wasn’t easy to get here, but we got here,” said Sxwixwtn, Wilson Williams, Sḵwx̱wú7mesh Úxwumixw (Squamish Nation) spokesperson and council member.
“This attainable housing initiative is something that was conceived by our nations, it is truly an innovative and uniquely Indigenous approach to development and we were very pleased to find a partner in the provincial government.”
The Ministry of Housing said people buying units in the project will need to be Canadian citizens or permanent residents.
The agreement will also put a cap on household income based on the size of the unit.
Construction on the project is slated to begin in 2025.