A proposal to bring forward rules on selling condos in Vancouver that would require them to be offered to local residents first is not the right policy according to the Urban Development Institute.

Its president and CEO Anne McMullin says that UDI members already sell over 90% of new multi-family units to locals already as is often required by lenders of construction financing along with the discouragement of bulk purchase of units.

She added that developers have nine months to achieve its project pre-sale requirements for financing depending on their bank’s prerequisite, although this is not to sell-out completely.

The UDI leader says there is a different policy it would like the City of Vancouver to implement.

“While the city’s new policy framework may have public appeal, UDI recommends the City increase supply through density bonuses, reduced fees or expedited building approvals, all of which would improve affordability for locals and working professionals,” said Ms. McMullin.

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