Sen̓áḵw (Squamish Nation) | 11 Towers | 171m | 58fl | 4M sqft | U/C

[jollyburger]

Move ins for T1 starts in June

“Our expectations in terms of the pricing of the homes as well as the operating costs are consistent with where we projected them a few years ago,” she said. “We underwrote and started construction in 2021/2022, and we’re still performing to where we expected the market to be.”

While the schedule of market rents has yet to be finalized, it will be geared to income. Tenants must have a monthly household income equivalent to 2.5 times their rent. “For example, if the rent is $2,200 per month, your household income must be a minimum of $5,500 per month,” according to an information package.

Affordable, non-market rents (available to Sḵwx̱wú7mesh people, Indigenous residents and non-Indigenous residents who meet income eligibility requirements) begin at $1,618 a month for a single-occupancy studio and rise to $2,585 for a three-bedroom unit accommodating three to five people.

Goodman says he’s been approached by buyers who would like to do wholesale purchases, potentially with CMHC financing if the units are designated as rentals for five to 10 years.

“If that happens, … that’s going to add more supply,” he said. “Or the developers are just going to rent them out themselves, because they don’t want take a loss but they want to wait out the storm.”

But it also means the boom times aren’t coming back any time soon, especially with the BC NDP planning to boost taxes on architectural and engineering services as well as other disincentives.

“I can’t imagine there’s going to be any catalyst that’s going to supercharge the multi-family market for years to come,” Goodman said.

This is where the long-term view Nch’ḵay̓ is able to take as part of the Squamish Nation gives it a unique perspective on the current market.

“This is a really short moment in time in terms of the completion of inventory,” Podmore Russell said. “We’re in a year and a market where we have seen some softening. But it certainly isn’t a reflection of a challenged market, it’s a reflection of a market where consumers have choice.”

Underscoring Nch’ḵay̓’s confidence in the rental market is a plan to have all units on the site revert to rental at the end of the long-term leases underpinning the initial construction agreements with Westbank Corp. and Peak Construction Group.

https://www.westerninvestor.com/british-...ced-conditions-as-supply-builds-11922385