December 11, 2025
Major Affordable Housing Milestone: 670 Homes Coming to False Creek North with Concord Pacific Contributing its Lands
Canada’s housing landscape is undergoing its most significant wave of coordinated action in years, with all levels of government accelerating efforts to deliver meaningful affordability in major cities. To this end Concord Pacific, The City of Vancouver, Province of BC and The Federal government are working together to deliver affordable homes in Concord Pacific Place on the former Expo Lands on False Creek North in Vancouver.
Prime Minister Mark Carney has made housing affordability a defining priority of his new government with the launch of a dedicated federal agency, Build Canada Homes, aimed at accelerating construction of affordable homes across Canada: “We’re in a housing crisis… And it’s going to take all hands on deck to get us out of it.” The agency, backed by significant federal investment, plans to build affordable homes at scale in partnership with municipalities, provinces, and the development sector.
This national direction is echoed at the provincial level. B.C. Premier David Eby has emphasized the scale of the challenge within the province, stating: “There is an urgent need for more homes British Columbians can actually afford…finding affordable housing in a desirable community has become one of the toughest issues in B.C.”
Affordable Homes Taking Shape in False Creek North
This coordinated leadership is translating into real progress locally. In Northeast False Creek, the City of Vancouver, working with provincial and federal partners, has advanced transformative housing projects that will deliver more than 670 affordable rental homes across three sites.
A key milestone was achieved when the City finalized a land transfer agreement with Concord Pacific to enable non-market housing and community amenities on former Concord sites. This initiative is backed by significant multi-level government investment.
According to federal and provincial announcements, the federal government $195.9 million in combined funding to help build 390 secure, rental homes at two projects in Vancouver. 450 Pacific Street, will provide 91 homes in the Yaletown neighbourhood. The homes will serve low-to moderate-income families, women, and gender-diverse individuals, as well as youth, seniors, people with disabilities and women-led single-parent households from equity-deserving groups. Entre Nous Femmes Housing Society will own and operate the seven-storey building with Hogan’s Alley Society as an operating partner to manage 30 homes dedicated to Black individuals and families. Funding for 450 Pacific Street includes $45.6 million through the Affordable Housing Fund, $14.4 million from the Province, through the Community Housing Fund and $2.2 million land contribution from Concord Pacific and $2.6 million in DCC waivers from the City of Vancouver. Construction at 450 Pacific has begun and is expected to be completed in 2028.
Also announced was funding for 1010 Expo Boulevard bringing 299 homes to the Yaletown neighbourhood with a 29-storey, concrete building. The project is designed to support a diverse range of household types for low-to moderate-income levels. Funding for 1010 Expo Boulevard includes $150.2 million through the Affordable Housing Fund, $47.3 million from the Province, through the Community Housing Fund, $3.2 million contribution from Concord Pacific and $2.3 million in DCC waivers from the City of Vancouver. Construction has begun and is expected to be completed in 2029.
Concord Pacific’s partnership has been instrumental in this progress. By dedicating land and contributing significant value to the agreement, Concord has helped unlock opportunities for housing providers to build a mix of social and rent-geared-to-income homes — particularly in neighbourhoods where affordability is most needed.
Earlier this month, construction officially began on a new 28-storey mixed-use building at 95 Nelson Street, which will deliver 283 non-market homes alongside essential community infrastructure including a 44-space childcare centre and a modern firehall. This project is part of the broader affordable housing pipeline in Northeast False Creek and reflects the strength of public-private collaboration.
Concord Pacific’s Commitment to Community
In cooperation with all three levels of government, Concord Pacific is proud to support one of downtown Vancouver’s largest affordable housing initiatives by contributing land that will deliver 670 affordable homes to False Creek. Beyond the $11M land contribution for these affordable housing sites, Concord contributed $110M cash to the City of Vancouver. We are pleased that the City chose to allocate our $110M contribution for the removal of viaducts and subsequent infrastructure reconfiguration in the False Creek North neighbourhood.
These projects are located at Concord Pacific Place in downtown Vancouver and are on part of the 50% of Concord Pacific’s lands that have been set aside for public and community use.
Concord’s long-standing commitment to its community legacy continues to help enable impactful housing solutions in the heart of the city — setting a strong example of how industry leadership, when paired with government ambition, can help meet one of Canada’s most pressing challenges.
Sources
City of Vancouver. “Affordable Homes and Childcare Coming to False Creek North.” December 2025.
https://vancouver.ca/news-calendar/affordable-homes-childcare-false-creek-dec-2025.aspx
City of Vancouver. “Plans for Affordable Homes in False Creek Take Step Forward.” April 2025.
https://vancouver.ca/news-calendar/plans-for-affordable-homes-in-false-creek-take-step-forward-april-30.aspx
City of Vancouver. “New Housing Agreement Would Deliver More Than 650 Affordable Homes in False Creek North.”
https://vancouver.ca/news-calendar/new-housing-agreement-would-deliver-more-than-650-affordable-homes-in-false-creek-north.aspx
Reuters. “Canada Announces New Federal Agency to Build Affordable Housing.”
https://www.reuters.com/world/americas/canada-announces-new-federal-agency-build-affordable-housing-2025-09-14
Connect Canada CRE. “Long-awaited Vancouver Affordable Housing Project Breaks Ground.”
https://www.connectcre.ca/stories/long-awaited-vancouver-affordable-housing-project-breaks-ground/
Government of Canada – CMHC
https://www.cmhc-schl.gc.ca/media-newsroom/news-releases/2025/canada-bc-announce-funding-390-homes-vancouver
