Senakw Tower 1 Leasing at $9,070 for Penthouse Units: One-Third Rented in Weeks Despite Market Softening

Senakw’s Tower 1 began welcoming tenants on June 1, 2026, with leasing activity accelerating rapidly despite public backlash over premium pricing. As of June 26, approximately 100 of the 27-storey tower’s 400 units—nearly one-third of the inventory—had been leased, according to Nch’ḵay̓ Development Corporation, the Squamish Nation’s economic development arm overseeing the project. The market rental component includes 333 units with asking rents ranging from $1,735 for a 365-square-foot studio to $9,070 for a three-bedroom penthouse spanning 1,290 square feet on the 25th level. A four-bedroom unit initially listed at $12,500 was temporarily removed from the website after the pricing was published prematurely, though the development team confirmed strong interest in these "Signature" units from prospective long-term tenants, including those in the film and television production sector.

The project sits on 10.5 acres of Squamish Nation reserve land at the south foot of the Burrard Street Bridge, exempting it from Vancouver municipal zoning and bylaws while operating under a services agreement with the City for utilities and infrastructure. This represents the first phase of a massive four-phase development that will ultimately deliver over 6,000 rental homes with fewer than 900 vehicle parking stalls total. Financed in part by a $1.4-billion federal CMHC loan—the largest such loan in Canadian history—the development was conceived as a for-profit economic engine for the First Nation rather than subsidized affordable housing. While 67 units in Tower 1 are reserved for Squamish Nation members at below-market rates, the remaining inventory targets market-rate tenants with household incomes at least 2.5 times the monthly rent, translating to annual requirements of roughly $52,000 for studios and $114,000 for two-bedroom units.