People in Metro Vancouver will soon get the first crack at part of Vancouver’s tough housing market.
A motion to limit pre-sales to people living and working in the region passed at a Tuesday city council meeting.
Mayor Gregor Robertson made his pitch for the idea in a video posted to social media to try to help young families buy a home.
— Van Mayor's Office (@VanMayorsOffice) October 17, 2017
According to the Canadian Mortgage and Housing Corporation, Metro Vancouver has a rental vacancy rate of 0.7 per cent, despite 16,452 housing starts between January and August of this year.
Staff are set to bring back a report to Vancouver council on how to implement the plan.