Former BC Housing CEO joins Squamish Nation's economic development arm

Former BC Housing CEO Shayne Ramsay (left) and an artistic rendering of Senakw. (BC Housing/Squamish Nation)

Shayne Ramsay has joined the economic development arm of the Squamish First Nation in a role that focuses on the nation’s growing real estate portfolio.

He is now the executive vice president of real estate and development for the Nch’ḵay̓ Development Corporation, which is the Squamish First Nation’s entity for carrying out the major Senakw rental housing development on the reserve at the south end of Burrard Bridge.

Up until early this month, after 22 years, Ramsay was the CEO of provincial crown corporation BC Housing.

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“I am excited to welcome Shayne to our executive team, where his deep experience, knowledge and understanding of the real estate sector will only serve to strengthen the experience of our executive team,” said Mindy Wight, CEO, of Nch’ḵay̓ Development Corporation, in a statement.

“With a key part of our strategic focus on real estate and development, we will be better positioned to meet the challenges with Shayne on our team.”

Nch’ḵay̓ Development Corporation is organized as a private company wholly owned by the First Nation, with its activities and businesses generating revenue to suppSquamish members’ needsSquamish, including building affordable housing and supporting the cost of social services.

Over the lifespan of the Senakw buildings, the development, primarily composed of market rental housing, is expected to generate about $10 billion for the First Nation under the 50-50 partnership with local developer Westbank.

“I am looking forward to working with the team at Nch’ḵay̓ and the Nation to find real solutions and opportunities to build wealth and economic prosperity for the Squamish Nation and its citizens through the real estate portfolio, with the added goal of building homes for its citizens and British Columbians,” said Ramsay.

“I felt that I had contributed all I could to BC Housing but not to the community, I am energized at the opportunity to do this important work.”

The groundbreaking ceremony for Senakw was held earlier this month, with Prime Minister Justin Trudeau presiding and offering $1.4 billion in federal construction financing for the project’s first two phases — about 3,000 rental homes.

The first phase will reach completion in 2025/2026, and the final phase will be ready by 2033.

A total of 11 towers up to 59 storeys will generate 6,000 secured purpose-built rental homes, with about 4,800 market rental units and approximately 1,200 below-market rental units.

The Squamish Nation is also a co-owner of the separate MST Development Corporation, a partnership with the Musqueam and Tsleil-Waututh First Nations. MST is behind projects such as the Heather Lands and Jericho Lands redevelopments in Vancouver.

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