New emerging homeownership option is leading to more accessible homes in Metro Vancouver
Dreaming of owning a home in Metro Vancouver but not sure which opportunity is right for you? A growing number of buyers are turning to leasehold ownership: a surging trend that’s making homeownership more attainable in some of the city’s most desirable locations.
Over the past few years, there’s been a surge of popular leasehold communities developed across Metro Vancouver, including Boardwalk in Tsawwassen, Seymour Village in North Vancouver, and university neighbourhoods near UBC and SFU.
What sets leasehold ownership apart from the traditional homeownership structure? And why are so many homebuyers opting for it? To break it all down, we spoke with Ryan Wyse, market intelligence manager and lead analyst at rennie.
Leasehold properties 101
RDNE Stock project / Pexels
Through partnerships with First Nations and other landowners, developers are creating opportunities in locations that were once out of reach for many buyers. The ownership structure of a leasehold property is pretty simple and not dissimilar from freehold homeownership — with one key difference.
“[You still own] the home,” Wyse tells Daily Hive. “But with respect to the land, they are buying the legal right to occupy the land for the term of the lease.”
The lease terms are typically established through a partnership between the landowner groups and the developer — with most popular leasehold agreements set for up to 99 years.
Living with confidence as a homeowner
kʷasən Village
Leasehold properties often appear in top-tier locations where freehold land is scarce or prohibitively expensive, and this is by design. These communities offer residents access to sought-after neighbourhoods like UBC’s Endowment Lands, Deep Cove, and Point Grey, without the steep entry point typically associated with freehold ownership. That makes leasehold not only a financially savvy choice, but a lifestyle-forward one.
“Leasehold owners have the same rights [as freehold homeowners], like renovating and renting, and responsibilities like paying property taxes and strata fees. [You] just pay a lower price in exchange for leasing the underlying land,” Wyse explains.
Wyse assures that leasehold ownership is a secure prospect, because you’re securing the long-term right to live on the property. “If a buyer is purchasing a leasehold home on a 99-year lease, they have a legal right to that home for 99 years.”
And while 99 years may seem distant, many leases include provisions for renewal or resale strategies. In the meantime, the security of a long-term lease provides peace of mind for homeowners.
Bringing homeownership within reach in Vancouver
kʷasən Village
With home affordability on the minds of many Canadians, leasehold properties are a great way to break into the Metro Vancouver market, without breaking the bank.
“Leasehold properties generally cost between 10 to 20 per cent less than comparable freehold properties. Additionally, as more leasehold properties are being developed, it has become more commonplace in Metro Vancouver and buyers have greater familiarity with the ownership structure than they previously had.”
But what about resale? Wyse points to freehold properties as a good comparison to see how leasehold properties hold up — which is to say, well.
“An analysis of leasehold and comparable freehold sales in neighbourhoods across Metro Vancouver shows that leasehold properties appreciate at a similar rate to comparable freehold properties, so homeowners can expect a similar rate of return on their leasehold homes to that of freehold.”
Every year, more than 1,000 leasehold homes are bought and sold across the Lower Mainland, a number that continues to rise as new communities are developed. This consistent market activity reflects both growing buyer confidence and long-term demand.
kĘ·asÉ™n Village: A community built for what’s next
kʷasən Village
Metro Vancouver’s latest project, kĘ·asÉ™n Village, captures what makes leasehold ownership such a unique opportunity for today’s buyers. Shaped by the xĘ·məθkĘ·É™yĚ“É™m (Musqueam) and sÉ™lilwÉ™taɬ (Tsleil-Waututh) Nations and built by Aquilini Development, the project opens doors to homeownership in a prime urban location.
With construction underway, kʷasən Village is the largest masterplan community in Central Burnaby, nestled between Metrotown and Brentwood, and sits directly across from BCIT. The location offers exceptional connectivity, citywide access, and proximity to education, retail, and transit, all while keeping prices accessible.
The location offers exceptional connectivity, citywide access, and proximity to education, retail, and transit, all while keeping prices accessible.
Spanning 40 acres, the master-planned community will include 21 residential towers, over three acres of green space and parks, and 125,000 sq. ft of commercial space, including cafes, shops, a grocery store, and other everyday essentials — a thoughtful 15-minute neighbourhood design that brings everything you need within walking distance.
Homes are starting at just $399,000, offering a compelling entry point for first-time buyers and those upgrading to a newer, larger home.
Just like in freehold homes, leasehold buyers at kʷasən Village will enjoy full autonomy over their unit, including the freedom to renovate, rent, or resell on their terms. The only difference is that they’re paying significantly less, while still enjoying the same long-term ownership rights.
Wyse suggests curious buyers simply get more information if they’re on the fence about leasehold properties. “You can see how home values have evolved in those communities, and the discount relative to neighbouring freehold properties,” Wyse explains. “You can also see leasehold properties being bought and sold on MLS just like freehold.”
The kʷasən Village Discovery Centre is now open, so if you’re interested in leasehold ownership, now’s a great time to book a tour and visit the kʷasən Village website to learn more.
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