Taller, Denser, Rental
North Vancouver’s skyline is evolving, and if you’ve noticed more rental development proposals than condo projects, you’re not imagining it. This shift reflects a big change in how housing is being planned and built on the North Shore. As a hyper-local realtor, I’ve been following this trend closely, and it’s clear that government policies, limited land availability, and the needs of our community are all playing a role in the rise of rental developments.
This isn’t just about adding more housing—it’s about creating spaces that address affordability and provide stability for those who live and work here. Whether you’re considering a pre-sale investment, searching for your next rental, or simply trying to stay informed about local real estate trends, understanding why rentals are taking center stage can help you navigate the market with confidence.
Let’s take a closer look at what’s behind this shift and what it means for North Vancouver’s future.
Why the Focus on Rentals?
In North Vancouver, the push for rental housing comes down to a mix of factors that are unique to the area:
1. Limited Land Supply
Between the mountains to the north and the ocean to the south, North Vancouver faces many limitations in opportunities for growth and expansion. With land in short supply, municipal governments have been prioritizing projects that address the most urgent housing needs. Rentals, especially purpose-built developments, are seen as a way to provide stable, long-term housing for residents without using up additional land for sprawling developments.
2. Government Incentives and Policies
The City and District of North Vancouver have been leading the way in encouraging rental projects. Policies like density bonuses (allowing taller or denser buildings) and faster approval processes make it more attractive for developers to build rentals. These incentives aren’t as readily available for condo developments, which are often seen as catering to investors rather than solving local housing challenges.
Case In Point: We've seen two different pre-sale projects on the North Shore deviate from market condos to rental buildings - thanks to smoother approvals and increased density (additional stories + more homes).
3. Affordability Pressures
Housing affordability continues to be a major issue across Greater Vancouver, and North Vancouver is no exception. Rental developments are often more affordable than owning, and they fill a crucial gap for people who want to live and work on the North Shore but can’t afford to buy a home. This includes young professionals, families, and even retirees looking to downsize. Considering the high percentage of work-force travelling to and from the North Shore on a daily basis, easing stress on our transit corridors could be a long-term benefit of an injection of rental buildings.
4. Community Support
Let’s face it—market condo developments can be controversial. Concerns about foreign investment, speculation, and unaffordable units often spark pushback from local residents. Rental projects, on the other hand, tend to gain more community support, especially when they include affordable housing or units geared toward local workers.
Where Are These Rentals Being Built?
All across the North Shore (well - almost). If you’ve been driving along Marine Drive or near the Lonsdale corridor, you’ve probably seen some of these new rental towers going up - and North Vancouver isn't the only community subject to such changes. West Vancouver's Gateway Residences at Park Royal injected 121 market rental units spread across two towers - a mixture of 1- 2- and 3-bedroom units. Key areas like Lynn Creek and Maplewood are hotspots for these developments, as these neighborhoods are transit-friendly and already have some infrastructure in place to support higher-density living. A stroll around Phibbs Exchange and you'll notice a handful of new rental developments, including purpose-built homes focusing on below-market rental rates and supported living.
What happens to these buildings after they're built? Once purpose-built rental buildings are completed, their ownership typically follows one of two paths. The developer might retain ownership, managing the property as a long-term investment. For example, Origin by Anthem in Central Lonsdale is a prominent case of this. Alternatively, ownership often transfers to institutional investors, such as real estate investment trusts (REITs) or pension plans. A recent example is the 64-unit Axir Apartments in Upper Lonsdale, initially developed by Cascadia Green Developments and later acquired by CAPREIT (Canadian Apartment Properties).
What Does This Mean for Buyers and Renters?
For renters, this is good news. More rental housing means more options, and purpose-built rentals often come with better amenities and long-term stability compared to secondary suites or basement apartments.
For buyers, the shift doesn’t mean condos are disappearing—it just means the market is balancing out. Pre-sale opportunities still exist, but they may be fewer and farther between, as developers focus on rentals to meet demand and align with policy incentives.
Matt's Take
North Vancouver’s shift toward more rental developments is part of a wider movement across the Lower Mainland to address housing needs in a smart, sustainable way. All municipalities are working to grow their communities while keeping the things that make places like the North Shore so special—its character and livability. With skyrocketing development costs and an affordability gap that’s tough to bridge, rentals are becoming a more attractive option. Plus, with government incentives, economies of scale, and a cooling pre-sale market, it looks like rental projects will continue to lead the way in the coming years.
One of the best models I've seen is the integration of rental units within new developments. Over the past few years, this approach has become more common, and it's clear it’s not going anywhere anytime soon. For example, in West Vancouver, the Sentinel tower has 48 rental apartments in the first nine stories, with market condos on the upper levels. On the other hand, projects like Anthem's Baden Park and Mosaic’s Parkside at Lynn integrate an entirely purpose-built rental building amongst the market condos and townhomes.
This mix of housing types helps create more diverse, accessible communities—making them more vibrant and successful in the long run. It’s a model that’s definitely working, and it’s one we’ll likely see more of moving forward.
Whether you’re looking to buy pre-sale, find a rental, or simply stay informed about the housing trends shaping North Vancouver, keeping an eye on these changes is essential. As someone who’s passionate about helping people navigate the local real estate market, I’m always here to share insights and guide you through the opportunities that make sense for you.
Have questions or want to learn more about pre-sales or rentals on the North Shore? Let’s connect—I’m happy to help!
