“With the long-term commitment to market rental and walkable commercial space, this new project will meet the housing needs of our growing community and bring a refreshed streetscape to Uptown. “The City of New Westminster is pleased to support PC Urban and the first major new residential development in Uptown in a decade,” said New West Mayor Patrick Johnstone in a release. With a 7.6 per cent annual local population growth rate, Sawchyn is expecting strong demand. That’s despite New Westminster having the highest percentage of renters in Metro Vancouver and the lowest vacancy rates in the region – currently below one per cent. The Uptown neighbourhood has had fewer than 100 rental units added in the past 10 years, according to PC Urban. The IBI Group-designed building is now under construction with completion and occupancy expected in Q4 2025. Development plans include four levels of underground parking with 271 stalls. The tower will be located a short walk from the Massey Theatre, Queens Park, the library, playing fields and the Royal Centre Mall. In addition to street-level retail, the development will offer 500 square feet of below-market commercial space to a charitable organization and will have 10,442 square feet of total commercial space. The tower will also include 10 units of affordable housing operated by the Seniors Services Society of BC. It’s a 29-storey, concrete tower with 338 rental homes in the Uptown neighbourhood at 616-640 Sixth Str. The move toward Urban Flats comes as PC Urban broke ground in mid-April at its first purpose-built rental tower in New Westminster. Owning a home in Metro Vancouver has become particularly unattainable so more people are settling in as long-term or permanent renters, Sawchyn said PC Urban's New Westminster tower That’s a mindset that should change, but it requires more continuity among rental home builders, he said. "There's that mindset within Canada that rental housing is a good form of transitionary housing until you can afford a place to buy,” Sawchyn said. The CMHC says a strong outlook for rental demand, due to rising immigration and homeownership being increasingly unattainable, is making rental development more attractive. Meanwhile, government incentives and favourable financing for rental projects have become more readily available in the rising interest rate environment. The report says higher mortgage interest rates have slashed the purchasing power of potential homebuyers, leading to softer market conditions for presale condos. Meanwhile, condo starts slumped 25 per cent to 9,917 units, a pace similar to that of 2015. Starts of PBR climbed 49 per cent in 2022 to 9,369 units in Metro Vancouver, the highest annual total in over three decades. Developers are showing a growing interest in rental apartment construction, according to a national housing report by the CMHC. However, the tide appears to be changing. “Everyone started piling on condominiums." Trend back toward rental apartment construction The developer also broke ground in April on a rental tower in New Westminster.Ĭanadian builders have moved away from PBR specialization since the federal government pulled back on supporting the development of permanent rental homes, beginning in 1980, Sawchyn said. "We've seen more rental projects come forward over the last couple of years through the development community, but often they seem to be a little bit of an afterthought,” PC Urban CEO Brent Sawchyn said in an interview. who plan to rent long-term, but still expect homes and amenities that serve all of their needs and tastes. Vancouver-based developer PC Urban Properties is launching a spin-off brand focused on building purpose-built rental (PBR) homes in Metro Vancouver, Victoria and Kelowna.Ĭalled Urban Flats, the new arm of the organization aims to develop permanent rental communities catering to residents in B.C. From left: Paul Minhas, New Westminster councillor New Westminster mayor Patrick Johnstone Brent Sawchyn, CEO of PC Urban and Steve Forrest, COO of PC Urban, attend the official groundbreaking for a purpose-built rental tower on Sixth Street in the Metro Vancouver city.
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