B.C., First Nations reach deal to sell below-market condos [Video]

An agreement between First Nations and the British Columbia government will see thousands of homes made available in Vancouver at 40-per-cent below cost.

Premier David Eby calls it a “remarkable” accomplishment between the province and the Musqueam, Squamish and Tsleil-Waututh First Nations, which would see about 2,600 homes sold for 60 per cent of the value in one of the most expensive real estate markets in the world.

The agreement would sell one-, two- and three-bedroom units in a 99-year-lease on First Nations land with the government financing the other 40 per cent of the value to be paid back when the unit is sold or 25 years after the purchase date.

There will be screening to stop speculators, while eligibility requirements for buyers include household income thresholds, set at $131,950 or less for studios and one-bedroom units, as well as pre-qualifying for a mortgage and a minimum deposit of …