East Vancouver cohousing project lays out options for affordable homeownership in perpetuity
As of June this year, a typical East Vancouver condo unit cost $573,800.
Now imagine getting a 35-percent discount, or $200,830 off. The condo can now be bought for $372,970.
It’s a bargain, and this illustrates how the math is meant to work out all the time for three of the 12 units in a new Vancouver cohousing development.
At the future Tomo House, three units are proposed to be priced 35 percent below market value in perpetuity.
The project is at the southwest corner of Main Street and Ontario Place. Vancouver city planners like the idea of having three affordable homeownership units as a public benefit from the 3.5-storey building.