Vancouver developer pivots to rental housing with new Mosaic Living division

April 2022 construction progress on the Lakewood rental housing building at 368 Lakewood Drive, Vancouver. (Google Maps)

Mosaic Homes has strategically launched a new rental division to help meet the growing demand for market rental housing in Metro Vancouver.

The Vancouver-based, mid-sized developer is known for its condominium projects, but for years, it has been moving to pivot itself into an expanded rental housing portfolio through Mosaic Living.

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Its new-built rental portfolio includes Parker at 10590 139 Street near Surrey City Centre, Gardner apartments and townhomes at 2842 Livingstone Avenue in Abbotsford, and Lakewood at 368 Lakewood Drive (on Hastings Street just east of Victoria Drive, replacing the former Dairy Queen) in East Vancouver.

The apartments in Gardner are now under wait list, while the Lakewood property is nearing completion.

Rents for Parker are as low as $1,605 monthly for a one-bedroom unit.

The units in these properties vary in size, with one-, two-, and three-bedroom units, and are pet friendly.

There are over 520 purpose-built secured rental homes in all of these initial properties combined, with the developer working with Canada Mortgage and Housing Corporation and BC Housing to realize these rental properties for moderate income households.

The Mosaic Living portfolio will further grow in 2023 with the added properties of Lynn in North Vancouver and Williams in Richmond.

“Housing supply is top of mind for those living in the Lower Mainland or considering relocating to the region. Purpose-built Mosaic Living rental homes add needed supply to the housing market while offering residents A Better Rental Experience — brand-new and professionally managed homes that are pet friendly and located in great neighbourhoods,” said Geoff Duyker, senior vice president of marketing for Mosaic Homes, in a statement.

“Each community in our Mosaic Living portfolio stands close to key transportation hubs, giving residents easy access and connectivity to work, school, and amenities.”

Rents across the region have been pushing upwards, with heightened competition amongst prospective renters amidst a market with very limited supply and soaring demand from the return of students, high immigration volumes, high employment rates, and strong economic activity.

Furthermore, the Bank of Canada’s consecutive interest rate hikes, now reaching 3.25% as of today, are pushing more prospective homebuyers into the rental market, until more favourable interest rate and mortgage conditions return. More interest rate hikes are expected before the end of this year.

Almost exactly a year ago, local developer Rize Alliance also launched its own rental housing division called Comma Properties, which focuses on building and operating co-living rentals.

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