Whether it’s locally grown food or mom and pop shops trying to compete with big box stores, it seems we as consumers are always being reminded it’s best to buy local. But when it comes to the real estate business, selling local is a relatively new concept.
As we reported this week, Westbank’s condo project in Horseshoe Bay has brought its “locals first” marketing campaign to an end. According to the developer, about half of the units sold to buyers from within the Lower Mainland before they started soliciting interest in the units in Hong Kong.
But without knowing more details about who the buyers are and what the selling price of the units was, the jury is still out on whether the locals first campaign was a real success. The pledge that the buyer or a family member intends to live in the unit, not to flip it quickly for profit, is just one in a sheaf of documents typically signed in a real estate transaction. Except the pledge is totally unenforceable.
So too is the jury out on impacts of the province’s 15 per cent foreign buyers tax, as sales prices continue to climb.
Official community plans in all municipalities set out guidelines council should follow when it comes to rezoning with the goals of achieving a particular community vision. None of them strive to become a citadel of the rich.
We’ll call this locals-first approach a good first attempt. Hopefully we can learn from this and start asking for the legislative tools that will help ensure that when such pledges get signed and promises made, everyone’s as good as their word.
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