The federal government is providing a $1.4-billion loan to the Squamish First Nation to build 3,000 homes on traditional lands in Vancouver’s Kitsilano neighbourhood.

The project is the largest economic partnership between a First Nation and the federal government, and the largest loan from the Canada Mortgage and Housing Corporation (CMHC) in Canadian history.

In total, the Sen̓áḵw development project will create 6,000 homes when complete. The Government of Canada has committed to financing the first two of the four phases. The on-reserve residential and commercial development will be built at the head of Vancouver’s False Creek, land that was returned to the nation by the courts in 2003.

“Everyone should have a safe and affordable place to call home,” said Prime Minister Justin Trudeau. “Today we’re building more homes for Vancouverites and we’re partnering with the Squamish First Nation on its path to economic independence.”

When complete, the Sen̓áḵw development project will feature striking Coast Salish architecture and design across a ten-acre site, over half of which will be publicly accessible, with green spaces, parks, and plazas.

The development aims to be the largest net-zero residential project in the country. In addition to thousands of rental units, including affordable units, the project is expected to create hundreds of good jobs and long-term economic opportunities for Sḵwx̱wú7mesh Úxwumixw (Squamish Nation).

The Sen̓áḵw development project was proposed by Sḵwx̱wú7mesh Úxwumixw (Squamish Nation), Westbank Corporation, and OP Trust, under a joint venture, working with the Government of Canada.

Construction is already underway, with the first residents expected to move in in 2025. The development will reach full completion by 2033.