Brent Sawchyn gives the impression of being calm and at ease when discussing this period of instability and uncertainty in Vancouver’s development market. 

He’s seen troubles before: inflation in the early '90s; the dot-com crash; the Great Recession; the pandemic; and now this — a period of anti-globalization and economic confusion wrought by the administration of U.S. President Donald Trump. 

This one feels different though, he said in a recent interview with RENX.

In previous crises, "we knew what the issue was and therefore we worked over a period of time to solve it," he said. "This one, it seems like we’re just not sure when it's going to end because it seems like there's something else coming every week."

But Sawchyn, principal of PC Urban Properties, remains calm and optimistic enough, it seems, to launch a new residential rental project in Vancouver. 

The local developer, through its rental residential stream Urban Flats, recently achieved third reading from Vancouver council to approve two rental towers and a childcare centre at 13th Ave. and Willow St.

Rental towers can help house hospital staff

The proposed 354-unit rental buildings will transform six duplex lots into two, 22-storey towers, including 71 below-market rental homes and an 11,000-square-foot, two-storey childcare facility and rooftop amenities. CEFA Early Learning Schools will operate the new childcare space, serving approximately 100 children.

Among the apartments, there will be five fully accessible units for Vancouver Coast Health to serve those with significant mobility needs.

The development is located near the Vancouver General Hospital campus and within the Broadway Plan area. It will provide housing and childcare spaces that Sawchyn says are desperately needed in the city, and especially among the 12,000 hospital staff at VGH. 

The property is less than 500 metres from the new Laurel and Broadway station on the Broadway line that is expected to open in 2027.

Sawchyn says VGH is one of the city's largest employers, and one that continues to expand. 

He said the biggest challenge the hospital and local health authority face is finding housing for staff and medical professionals.

"Our application, prescriptive under the Broadway plan, will have 20 per cent affordable units," Sawchyn said. "The balance will be market housing. We will work with the hospital to provide units available to them on a first opportunity basis."

Company boosts rental pipeline

PC Urban, well known for its portfolio of industrial developments in B.C., has been increasingly active in purpose-built rental development, Sawchyn said. “(We’re) recognizing there is a crushing need for housing, not just in Vancouver, but in all major cities across Canada.”

As the pre-sale condo market has languished in Vancouver, developers continue to halt projects, or in some cases pivot to purpose-built rental.

"We've kept our eyes open for opportunities within the Broadway Plan, and then the site came available directly across from the hospital," he said. 

Urban Flats has over 900 rental homes under construction in Vancouver, the Lower Mainland, Kelowna and Vancouver Island, with 1,200 more rental homes to be delivered in the coming years.

The average rent for a two-bedroom home in Vancouver is $3,650, according to Zillow Rentals. That figure hasn't changed since last month, but is down $200 when compared to 2024, revealing some easing in the market as more developers produce rental homes. Zillow describes Vancouver's current rental market temperature as "warm."

Development obstacles, including bureaucratic policies, slow permissions and high costs still dog the purpose-built rental market here, so even though the inventory is increasing, it's probably not enough to broadly ease the housing crisis, Sawchyn said. 

He hopes the re-elected federal government will work closer with local and provincial governments to make it easier for developers to produce more housing that’s affordable.

Next on the to-do list for PC Urban is to secure the development permit for the two-tower project. The company hopes to break ground next year, Sawchyn said. Completion is anticipated in late 2028.

In all this uncertainty, Sawchyn said he remains focused on finding ways to work within this new environment.

"So much is out of your control. It's better to sit back, take a breath and think about solutions."