Senakw leasing well underway, but rents of up to over $9,000 draw criticism | Daily Hive

Spring 2026 construction progress on the first phase of Senakw. (Westbank)

The most closely watched new purpose-built rental housing project in Metro Vancouver is facing its fiercest wave of scrutiny yet — this time over how much it actually costs to live there.

Ever since the initial design scope of Senakw was first announced before the pandemic, there have been ample debates over its significant density and height on its tight 10.5-acre land area within the reserve of the Squamish Nation at the south end of the Burrard Street Bridge, especially among Kitsilano neighbourhood residents and some more traditional voices in Vancouver’s urban planning circles accustomed to older growth styles.

Some also questioned Senakw’s highly limited vehicle parking for residents and its relationship with the City of Vancouver, given that its location on a reserve exempts it from municipal regulatory approvals and bylaws. But in the end, it does follow some of Vancouver’s municipal government considerations through the services agreement between the City and First Nation, which establishes the utilities, infrastructure, and municipal service requirements of the substantial housing project. The design of the project also follows a combination of provincial and municipal code regulations.

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In late May, Nch’ḵay̓ Development Corporation — the economic development company of the Squamish Nation overseeing Senakw — provided media with a tour of some of the unit configurations and an initial breakdown of the starting monthly rents for the 27-storey Tower 1, the first building to reach completion under the project’s first phase.

Tower 1 — the smallest of the first three towers, located on the westernmost footprint — contains 333 market rental homes and 67 below-market rental homes, which are prioritized for the First Nation’s members. When Tower 2 and Tower 3 are also ready later in 2026, the first phase will have a combined total of roughly 1,400 purpose-built rental homes, including about 280 below-market rental homes for lower-income First Nation members and about 1,100 market rental homes for anyone with an eligible income level.

But in late June, some of the first publicly surfaced floor plans and full range of market rental prices for Tower 1 triggered a frenzy and major backlash on social media, especially over the rents for the penthouse units — including $12,500 per month for a four-bedroom unit and $9,070 per month for a three-bedroom unit.

Tower 1 of Senakw, as seen on May 26, 2026. (Kenneth Chan)

Tower 1 of Senakw, as seen on May 26, 2026. (Kenneth Chan)

Tower 1 of Senakw, as seen on May 26, 2026. (Kenneth Chan)

Tower 1 of Senakw, as seen on May 26, 2026. (Kenneth Chan)

Upon inquiry, a spokesperson for Nch’ḵay̓ told Daily Hive Urbanized on Friday, June 26, that those details and visuals published on Senakw’s updated website were not 100 per cent ready, and had been inputted and published prematurely. The information was taken down briefly, before being republished at the end of that week with some changes, including the notable removal of the most expensive unit type — the four-bedroom penthouse.

They said there has been high interest in such “Signature” units, as well as strong interest in the overall range of units in the tower. As of June 26, a total of 100 homes — almost one-third of the entire tower — had been leased, with new leases being signed daily. The first residents began moving into the tower on June 1.

The spokesperson noted that local real estate marketing firm Rennie is handling the project’s leasing, and that based on the company’s expertise, Senakw’s Tower 1 is “doing way better than average” amid the current weak market conditions for rental housing, especially considering the leasing process had only recently begun for this project.

“If we continue at this rate, we’ll be in very good shape by the end of the summer,” they told Daily Hive Urbanized, adding this will then directly transition into leasing activities for Tower Two, which will reach completion in September 2026, and Tower Three, which will reach completion in December 2026.

As of June 26, there were 107 studio units available, with starting monthly rents of $1,735 for 365 sq. ft. to 380 sq. ft. on a lower floor, reaching up to $2,025 for 345 sq. ft. on a higher floor, based on the website last week. There were also 153 one-bedroom units available, with listed rents last week ranging from $2,400 for 490 sq. ft. to 520 sq. ft., up to $3,365 for 505 sq. ft. to 595 sq. ft.

A total of 70 two-bedroom units were also available as of late last week, with the current range of prices spanning from $3,815 for 815 sq. ft. to 850 sq. ft. with a second bathroom on the fifth level, to $4,510 for 715 sq. ft. to 735 sq. ft. with one bathroom on the 20th level.

Late last month, there were also two of the $9,070 three-bedroom units available. Last week, there was at least one such unit, located on the 25th level, with 1,290 sq. ft. and a second bathroom. When asked about the type of tenants who could live in the expensive Signature units, they emphasized that they are seeking long-term tenants, but did not entirely dismiss the idea that such units could serve as ideal longer-term accommodations for the local film and television production industry.

For prospective tenants of the market rental homes, they qualify to apply to rent at Senakw if they have a household income of at least 2.5 times more than the market rent for the unit they are seeking.

For example, for eligibility, a studio unit with a monthly market rent of $1,735 would require a monthly household income of at least $4,338 or an annual income of at least $52,056, while a two-bedroom unit with a monthly market rent of $3,815 would require a monthly household income of at least $9,538 or an annual income of at least $114,456.

June 2026 floor plan and asking rent. (Senakw)

Senakw’s spokesperson asserted that prospective renters are being offered fair and competitive market value, given that it is a new quality build in a highly attractive location with park, city, water, and mountain views, close proximity to the seawall, Downtown Vancouver and Granville Island, and a wide range of amenities provided to residents.

Tower 1 has indoor and outdoor amenity space on the rooftop, including lounge, BBQ, and entertainment areas. There are also shared co-working spaces and pet washing stations in the building, along with complimentary virtual healthcare. The other two towers in the first phase reaching completion later this year will have similar in-building amenities.

Moreover, the largest amenity component shared between residents of all three towers in the first phase currently remains under construction: a three-storey, 25,000 sq. ft. wellness pavilion, including an indoor swimming pool, hot tub, sauna, steam room, cold plunge, and 10,000-sq.-ft. fitness gym, as well as co-working areas. Altogether, phase one offers over 36,000 sq. ft. of shared indoor and outdoor amenity facilities.

When it comes to vehicle parking, there are only enough stalls for a small fraction of the residents, but ample secured bike parking is provided for everyone. Upon the full buildout of all four phases, Senakw will have over 6,000 rental homes and just under 900 vehicle parking stalls for up to 9,000 residents.

There will also be a total of 100,000 sq. ft. of commercial retail/restaurant uses and about 45,000 sq. ft. of office space, with a Vancity Credit Union branch being the first commercial tenant of the complex in Fall 2026.

Tower 1 of Senakw, as seen on May 26, 2026. (Kenneth Chan)

Tower 1 of Senakw, as seen on May 26, 2026. (Kenneth Chan)

Tower 1 of Senakw, as seen on May 26, 2026. (Kenneth Chan)

Concept of the wellness pavilion of Senakw’s first phase. (Senakw project team)

Concept of the wellness pavilion of Senakw’s first phase. (Senakw project team)

Concept of the wellness pavilion of Senakw’s first phase. (Senakw project team)

In 2022, when construction first began on the first phase, the First Nation received a $1.4-billion federal low-interest loan to support the construction of the 3,000 rental homes in the first two phases — described by the federal government at the time as the largest loan ever from Canada Mortgage and Housing Corporation (CMHC), as well as the largest First Nations economic partnership in Canadian history.

However, the project was never planned as traditional “affordable housing” in its literal definition, but rather as a for-profit economic development strategy for the Squamish Nation, providing a major long-term revenue source for the First Nation and their members. From the outset, the intention was always to set aside a small proportion of the homes for First Nation members at below-market rents, with the overwhelming majority of the units offered at market rents.

Prior to the pandemic, it was shared that Senakw could generate over $20 billion in rental income over the entire lifespan of the buildings, with OPTrust — which later fully acquired Westbank’s stake in the project — and the First Nation each owning a 50 per cent stake in the overall first and second phases, and the First Nation owning 100 per cent of the future third and fourth phases.

Years ago, before and just after construction began, Senakw was broadly billed as a general housing affordability measure in the sense that it would provide the Metro Vancouver market with much-needed new additional market rental housing supply — the market’s single largest infusion of new purpose-built rental housing supply to provide competition and the resulting impact of helping to stabilize asking rents. At the time, the market was extremely constrained and there were very few new rental housing projects to increase supply, with vacancy rates for secured purpose-built rental housing hovering at just under one per cent, according to CMHC. This led to very intense competition among prospective renters and rising rents that hindered overall housing affordability in the region.

Those previously constrained rental housing market conditions based on available supply not meeting demand — in both secured buildings and unsecured condominium/basement/detached suites — led to a historic surge in new secured purpose-built rental housing projects, including a large number of projects that pivoted from strata condominiums to secured purpose-built rental housing. This shift by developers was driven by sustained weakness in the condominium ownership market, while rental housing uses at the time presented an improved pro forma that strengthened the financial and economic feasibility of proceeding with their projects.

But now, in addition to the challenges facing condominium projects, rental housing projects are also under great pressure from growing construction costs, sustained high borrowing costs from traditional lenders, and the downward pressure on rents. That downward pressure is being driven by a combination of a new wave of major rental housing project completions that began in early 2025 and is expected to continue through 2027, including Senakw, along with the federal government’s immigration policy changes that have restricted the number of international students and temporary workers and slowed overall population growth. These pressures are further compounded by broader economic challenges specific to B.C. and Canada as a whole.

Tower 1 of Senakw, as seen on May 26, 2026. (Kenneth Chan)

Tower 1 of Senakw, as seen on May 26, 2026. (Kenneth Chan)

Tower 1 of Senakw, as seen on May 26, 2026. (Kenneth Chan)

Tower 1 of Senakw, as seen on May 26, 2026. (Kenneth Chan)

Beauregard Aubin, a real estate agent with Century 21 who specializes in Vancouver’s urban multifamily market, questions rents at levels seen at Senakw on that basis.

“B.C. has seen a pretty significant decline in immigration, and we’ve been losing a lot of people to Calgary. I’ve even encouraged lots of my friends to renegotiate their rent because of how much real estate prices have come down and the amount of apartment vacancies,” Aubin told Daily Hive Urbanized last week when asked.

“Lots of investment has left Vancouver, especially with the foreign buyer ban, and yes, locals can’t afford homes. I do see prices continuing to go down and rental prices following. I see these rental units sitting for quite some time until they finally reduce rent, but it’ll depend on what they have in their pro formas and what they’re willing to risk on rental income loss.”

According to last month’s Rentals.ca report, there has been a clear falling trend in local rents. The average asking rent for a one-bedroom unit in Vancouver reached $2,385 per month, down 6.3 per cent compared to May 2025. A two-bedroom unit now has an average asking price of $3,330 per month, down 0.8 per cent year-over-year. The average rent in Vancouver sits at $2,712.

Aubin also notes that the federal and B.C. governments’ new plan to buy 2,200 unsold newly-built strata market condominium homes for a significant affordable rent-to-own program — without any required down payment — could be another added major variable for Metro Vancouver’s rental market, including projects such as Senakw.

Provincial officials have noted that this strategy will look at buying newly built condominium properties across B.C., including in the Metro Vancouver region — but not necessarily within the city of Vancouver, where prices are highest. But interestingly, last month’s announcement for the plan was held at the River District in southeast Vancouver.

To further show its significance, the critical mass of buying 2,200 units would be equivalent to wiping out half of Metro Vancouver’s unsold condominium inventory, if the program’s entire focus were on Metro Vancouver.

“They’re saying it’s to create affordable housing, but I also think it’s to spur some development because of how impactful the development sector is on our labour force,” said Aubin, referring to what many critics have deemed a “bailout” for condominium developers.

When it comes to Senakw specifically, Aubin added, “Ultimately, I don’t think many renters will justify those prices when they have so many other alternatives. That’s not to say there will be none, but tenants actually have options now.”

He also agrees with some of the social media criticism the project has received over some of its inefficient floor plans.

Spring 2026 construction progress on the first phase of Senakw. (Westbank)

Spring 2026 construction progress on the first phase of Senakw. (Westbank)

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