Senakw rental project facing criticism over penthouse rents exceeding $9,000 monthly
The closely watched Squamish Nation housing project is leasing Tower 1 units with market rents ranging up to $12,500 for four-bedroom penthouses.
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Senakw, the most closely watched new purpose-built rental housing project in Metro Vancouver, is facing scrutiny over rental rates after market pricing was published in late June, with penthouse units commanding rents exceeding $9,000 monthly.
The 27-storey Tower 1 at the Squamish Nation reserve development near the Burrard Street Bridge contains 333 market rental homes and 67 below-market units prioritized for First Nation members. Initial floor plans and pricing revealed penthouse rates of $12,500 per month for four-bedroom units and $9,070 for three-bedroom units, sparking backlash on social media.
Nch'ḵay̓ Development Corporation, the Squamish Nation's economic development company overseeing Senakw, said that those details had been inputted and published prematurely before being finalized. The information was taken down briefly, then republished with modifications, including removal of the most expensive four-bedroom penthouse listing.
When Tower 2 and Tower 3 are ready later in 2026, the first phase will contain roughly 1,400 purpose-built rental homes total, including about 280 below-market units for lower-income First Nation members and about 1,100 market units available to anyone with eligible income.
The project has drawn ongoing debate since its initial design announcement before the pandemic, with particular concern from Kitsilano residents over density and height on the 10.5-acre reserve land. The development follows a combination of provincial and municipal code regulations through a services agreement between Vancouver and the Squamish Nation.
