{"id":71155,"date":"2026-06-02T12:32:10","date_gmt":"2026-06-02T12:32:10","guid":{"rendered":"https:\/\/www.europesays.com\/canada\/71155\/"},"modified":"2026-06-02T12:32:10","modified_gmt":"2026-06-02T12:32:10","slug":"new-rental-buildings-in-vancouver-mark-fresh-start-for-squamish-nation-and-might-be-what-the-market-needs","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/canada\/71155\/","title":{"rendered":"New rental buildings in Vancouver mark fresh start for Squamish Nation \u2013 and might be what the market needs"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

A member of the Squamish Nation listens during a blessing ceremony for the first tower at the Senakw development in Vancouver on May 8.DARRYL DYCK\/The Canadian Press<\/p>\n

When Squamish Nation chair Wilson Williams talks about the towering new rental buildings his nation has erected close to downtown Vancouver, his mind goes to his 19-year-old daughter. <\/p>\n

Her aspirations of attending the nearby University of British Columbia have been plagued by a major question: \u201cCan we afford it?\u201d<\/p>\n

The development, named Sen\u00e1kw after a Squamish village that sat on these very lands until the early 1900s, will have, among thousands of planned apartments, hundreds of subsidized units for Indigenous people. Eleven buildings will eventually sit on 10 acres of prime waterfront real estate in the city\u2019s Kitsilano neighbourhood, a short commute from UBC and a quick walk to one of the city\u2019s most well-known beaches. Mr. Williams\u2019s daughter has applied for one of the subsidized units there.<\/p>\n

\u201cEveryone has a common issue of a housing crisis, and affordability in Vancouver is what people need,\u201d he said.<\/p>\n

His nation of roughly 4,000 people is relatively young in age and housing insecurity is a major concern \u2013 especially when their ancestral territory sits in some of the most expensive real estate markets in Canada.<\/p>\n

The sky\u2019s the limit: The Squamish project that\u2019s reshaping Vancouver<\/a><\/p>\n

That\u2019s why Sen\u00e1kw, a housing development taller than any other building in the neighbourhood, was built so densely. It\u2019s also why it\u2019s entirely comprised of purpose-built rentals, which will provide a larger stock of stable apartments for renters that typically rely on individual landlords.<\/p>\n

The project is the largest Indigenous-built housing project in Canada, and it will be put to the test this summer when the first three towers become available, at a time when rent is tumbling in Vancouver\u2019s weakened housing market. Experts agree that the number of units that Sen\u00e1kw is delivering are badly needed to maintain affordability and a healthy level of vacancy in Vancouver\u2019s housing market. But they also say the project\u2019s massive injection of supply, especially in smaller one-bedroom and studio units, could prove challenging to fill at a time when population growth has faltered, the economy is weak and demand has plummeted.<\/p>\n

The project\u2019s first three towers will add 1,400 rental units \u2013 more than half of the number of purpose-built rentals that hit the market in Vancouver in 2025. The site will eventually house 6,000 units.<\/p>\n

Open this photo in gallery:<\/a><\/p>\n

Construction workers on the outside of the third tower.DARRYL DYCK\/The Canadian Press<\/p>\n

The first three towers were completed just four years after the nation received project funding. That\u2019s faster than some projects in Vancouver that can get bogged down in red tape, because it isn\u2019t on Vancouver land at all. Instead, Sen\u00e1kw is on reserve land that was returned to the nation after a decades-long legal battle ending in 2003. Because of that the project is unencumbered by city bylaws, which allowed them to build denser than anything else in the neighbourhood, and shielded against NIMBYs in the area who wanted to stop them. It also meant they could avoid delays involving permits from the municipal and provincial governments.<\/p>\n

The Squamish Nation is one of multiple First Nations in the area aiming to build tall, high-density developments. Mr. Williams said they share an existential goal with Vancouverites searching for stability in Canada\u2019s most expensive region: They want affordable housing.<\/p>\n

\u201cWe need that to sustain the vibrancy of that city, to retain services in the city like health and emergency services, and everything that makes our city the most beautiful city in the world,\u201d Mr. Williams said.<\/p>\n

The Squamish Nation is looking at developing other urban parcels of reserve land, including in North Vancouver near the Lions Gate Bridge. Meanwhile, other First Nations such as the Musqueam and Tsleil-Waututh are also involved in projects throughout Vancouver, which are not necessarily on reserve land but on land purchased from the city.<\/p>\n

\u201cWe don\u2019t have to abide by certain policies and permits that everyone else has to in regards to building in the city,\u201d said Mr. Williams. \u201cWe\u2019re 60 storeys high, and we\u2019re building 6,000 units, but we\u2019re doing it in a way that\u2019s fast-tracked compared to any other entity.\u201d<\/p>\n

Canada has a housing problem. First Nations plan to fix it<\/a><\/p>\n

Jenn Podmore Russell, chief development officer for Nch\u2019ka\u00fd Development Corporation \u2013 the Squamish Nation\u2019s development arm that is building Sen\u00e1kw \u2013 said the nation\u2019s sovereignty didn\u2019t mean that they cut corners or started completely from scratch. Instead, it allowed them to streamline the permit process and reduced administrative burden, while following standards similar to other projects in the city.<\/p>\n

For renters, the timing couldn\u2019t be better. Giacomo Ladas, a spokesperson for Rentals.ca, said Sen\u00e1kw\u2019s opening this summer comes as rents have already fallen by 14 per cent in the past three years. <\/p>\n

\u201cThey\u2019re adding supply in a softer market which in theory could bring rents down more,\u201d Mr. Ladas said. <\/p>\n

It may beg the question of why more supply is needed, but Mr. Ladas said the current average rental price of just under $2,700 is anything but affordable. <\/p>\n

Andrey Pavlov, a finance professor at Simon Fraser University, said Vancouver managed to add just 2,300 purpose-built rental units last year, which the city boasted as the highest in four decades. <\/p>\n

It was \u201ccelebrated like a huge number\u201d but was \u201cabsolutely nothing,\u201d Mr. Pavlov said, noting Seattle once built just under 18,000 rental units in 2018 in comparison. <\/p>\n

\u201cWe need not 2,300 but 23,000 to catch up with the demand that\u2019s out there,\u201d he said.<\/p>\n

Open this photo in gallery:<\/a><\/p>\n

Then-prime minister Justin Trudeau takes part in a groundbreaking ceremony with Squamish Nation councillors Wilson Williams, back centre, and Khelsilem, right, at the Senakw housing development site on Sept. 6, 2022.DARRYL DYCK\/The Canadian Press<\/p>\n

Ms. Podmore Russell said the city\u2019s vacancy rate is still too low.<\/p>\n

Sen\u00e1kw\u2019s unsubsidized apartments will be more upmarket with modern finishings and amenities such as a gym, spa and pool. But Ms. Podmore Russell said the introduction of 6,000 rental units in the coming years will free up cheaper homes that might have been occupied by high-income renters because they didn\u2019t have choices like Sen\u00e1kw.<\/p>\n

She added Sen\u00e1kw will also be able to weather the current downturn in Vancouver\u2019s market because the project was underwritten in 2021 and 2022, and average rents are still above that level today.<\/p>\n

The starting rates for apartments are similar to Vancouver\u2019s current average. One-bedroom apartments will start at $2,275 (a few dollars below the average), while two-bedroom units will go for $3,505 (slightly above average), but rates will get more expensive from there.<\/p>\n

\u201cWe are generating more demand for rental on an annualized basis in Canada than we have inventory to support,\u201d Ms. Podmore Russell said.<\/p>\n

The project also sits on prime real estate, offering expansive views of Vancouver\u2019s waterfront, with beaches and Kitsilano\u2019s high streets nearby. It\u2019s a short walk, bike or bus ride from downtown.<\/p>\n

The era of the shoebox condo is over<\/a><\/p>\n

But Sen\u00e1kw isn\u2019t immune to market forces. Westbank, a major stakeholder, pulled out of the project as it dealt with the downturn in Canadian real estate. OPTrust, one of Canada\u2019s largest pension funds, was able to buy out the shares, giving it a 50-per-cent stake in the first two phases of the project.<\/p>\n

There\u2019s also an emphasis on studio and one-bedroom units \u2013 a segment of the market that has been dropping fast as renters steer clear of cramped apartments. <\/p>\n

Rentals.ca data found that in April, Vancouver saw the largest dip in major Canadian markets for studio and one-bedroom units, with rents falling by 8 per cent to $2,068 for studios and by 7 per cent to $2,358 for one-bedroom units.<\/p>\n

\u201cWe\u2019re seeing demand is really low from young Canadians,\u201d Mr. Ladas said, noting they are often the renters that would go for one-bedroom and studio apartments.<\/p>\n

He said Vancouver is also seeing a surge of incentives such as multiple months of free rent, free internet and cash bonuses to draw in renters during the market downturn \u2013 something Sen\u00e1kw doesn\u2019t plan on offering.<\/p>\n

\u201cIf these guys are coming in and saying \u2018It\u2019s such a beautiful apartment and we don\u2019t need to offer anything because it devalues our brand,\u2019 it\u2019s not the market right now to do so,\u201d said Mr. Ladas.<\/p>\n

Open this photo in gallery:<\/a><\/p>\n

Members of the Squamish Nation participate in a cedar-brushing ceremony for the first tower.DARRYL DYCK\/The Canadian Press<\/p>\n

The first 1,400 units will also only have 107 parking spots \u2013 an early decision that fell short of minimum requirements under Vancouver bylaws at the time, in order to direct funds toward a transit hub and bike storage instead. (Vancouver no longer has minimum parking requirements.)<\/p>\n

Mr. Ladas said the lack of parking and incentives could create difficulties: \u201cI think it could be a lot of vacancies for the near future.\u201d <\/p>\n

Ms. Podmore Russell, however, is not worried. She said the long-term outlook for the market is strong.<\/p>\n

\u201cYou\u2019re already starting to see some of the foundation of stability to the market, and within 12 to 18 months I believe we\u2019re going to be having a conversation about needing more supply again, and at that point, we\u2019re going to be too late,\u201d she said. <\/p>\n

Despite the market downturn, Ms. Podmore Russell said as many as 300 people a day are registering for more information as the project continues.<\/p>\n

\u201cI\u2019ve been at this for over 20 years and I have never seen the level of interest,\u201d she said. Up to 30 registrations a day is more common for similar developments, she noted. <\/p>\n

Indigenous-led private credit fund Keewaywin secures backing to build affordable housing<\/a><\/p>\n

Other Indigenous housing projects in the city are also only being built as leasehold and rental properties because they could one day be set aside for their own members as their communities grow. The rental properties will also provide consistent cash flow to fund services in their communities.<\/p>\n

\u201cIt\u2019s taken us a hundred and some odd years to get these lands back, and we told both governments that our land\u2019s not for sale,\u201d said Chief Wayne Sparrow of the Musqueam Indian Band.<\/p>\n

The Musqueam Nation, alongside the Squamish and Tsleil-Waututh Nations, are working on a project called Jericho Lands to deliver 13,000 homes for 24,000 residents in Vancouver\u2019s West Point Grey \u2013 a neighbourhood that hasn\u2019t seen any population growth in 25 years.<\/a> <\/p>\n

All the homes will be rentals or leasehold condos on a long-term lease. Heather Lands is another project by the three nations that will deliver 2,600 leasehold units at 60 per cent of market value thanks to a partnership with the B.C. and Vancouver governments. <\/p>\n

Mr. Sparrow said that, to an extent, the positive reception that they\u2019ve had from governments to build densely is part of the reconciliation process.<\/p>\n

While the nations say they\u2019re building with their youth and future generations in mind, there is also an immense sense of pride from elders. Mr. Williams said he saw it firsthand when a elder in his 90s who attended every court hearing in the seventies, eighties and nineties came to tour the Sen\u00e1kw facility.<\/p>\n

\u201cHe didn\u2019t even have to say anything, he was just smiling and shaking his head,\u201d Mr. Williams said.<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: A member of the Squamish Nation listens during a blessing ceremony for the…\n","protected":false},"author":2,"featured_media":71156,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[12458,361,95],"class_list":["post-71155","post","type-post","status-publish","format-standard","has-post-thumbnail","category-vancouver","tag-pf-ca","tag-pleasemod","tag-vancouver"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/71155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/comments?post=71155"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/71155\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/71156"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=71155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=71155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=71155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}