Live-in buyers offered Victoria condos at discount prices

Will discount-priced condos for households earning up to $150,000 help improve local residents' access to home ownership inVictoria's pricey housing market?

That's the idea behind a unique condo offering in downtown Victoria with support from B.C. Housing.

Byron Chard, the chief financial officer for Victoria-based Chard Development, said 135 units in the Vividat the Yates building will be priced eight per cent below market prices, but buyers must have incomes under $150,000 and commit to live in the condo for two years.

"We're giving priority to people with incomes below $125,000," Chard said. The condo prices start at $275,000.

Earlier this week, Vancouver city council votedto explore developing a policy to give currentMetro Vancouver residents and workers the first opportunity for purchasing new presale homes.

B.C. Housing is aCrown corporation whichdevelops, manages and administers subsidized housing across the province, with the stated objective of supporting those in greatest need of affordable housing.

The developer's partnership withB.C. Housing means the Crowncorpwill provide100 per cent of construction financing for the buildingat a lower interest rate than what's commercially available.

"We are passing that savings along to the end user to offer the units at eightper cent below market," Chard said.

"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."

Previous developments attracted investors

Chard said in the company's previous condo developments in Victoria, about40 per cent of buyers were investors many of whomplanned to put their suites up for rent.

Dean Fortin, the executive director of social housing provider Pacifica Housing, called Chard's discount-condo offer "fundamentally a good thing."

Fortin,a former Victoria mayor, said it represents an opportunity for people to obtain their first home ownership and begin to accumulate an asset and the ability to borrow against equity.

"It's an opportunity that's being closed to the average family." he said.