Port Moody’s city council is considering a new measure to make it easier for Metro Vancouver residents to buy homes in new condo and townhouse developments in Port Moody.
The idea would be to give locals the first option to buy in new Port Moody developments before units are offered for sale to buyers from elsewhere. The measure was suggested by Councillor Barbara Junker, who hopes it can help downsizers and first-time buyers to purchase presale units.
At the moment, the council is investigating the legal and financial impact of such a policy. Lawmakers in Vancouver are also studying the potential impact of a similar policy.