Vancouver’s downtown peninsula is poised for one of its most consequential affordable housing expansions in recent memory, as three long-planned developments in False Creek North move into active construction. Enabled by land contributions from Concord Pacific Developments and supported through a coordinated funding effort by all three levels of government, the projects represent a landmark effort to bring more than 670 non-market homes into one of Canada’s most desirable urban neighbourhoods.
Under the leadership of Concord Pacific CEO Terry Hui, Concord Pacific has contributed three key parcels at 990 Beatty Street, 1050 Expo Boulevard, and 450 Pacific Street to facilitate new social housing, a civic goal years in the making. Together, the buildings will deliver affordable homes for families, seniors, and residents with diverse housing needs.
The scale of this investment reflects a rare alignment of municipal, provincial, and federal resources. Nearly $196 million in federal funding from the Affordable Housing Fund, $109 million in provincial support through the Community Housing Fund, and over $10 million in municipal contributions via Development Cost Charge (DCC) waivers are all directed toward the False Creek North projects.
Through the land agreement, the City also received $110 million in cash contributions from Concord Pacific that were allocated by the City to fund the removal of the viaducts and the new street network planned for Northeast False Creek. Concord Pacific will also waive the City’s $11 million option price on the three sites, for a total value of $121 million in financial contributions.
The funding framework mirrors broader national efforts to increase housing supply and affordability. Prime Minister Mark Carney has stressed that his government is “relentlessly focused on bringing down housing costs” and that the key to that goal is “rapidly scaling up the supply of homes.”
At the provincial level, Premier David Eby has repeatedly emphasized his government’s commitment to expanding affordable housing stock and addressing the ongoing housing affordability crisis in British Columbia. In a recent rebuttal to criticisms of his sweeping housing plans by a coalition of municipal mayors, Eby defended his dedication to delivering more affordable housing across the province.
“The portfolio of housing interventions we’ve made is the reason why we’re seeing rents finally come down, why we’re seeing so many purpose-built rental buildings being built, why we’re seeing housing starts continue to happen, despite the big challenges in the condo market,” said Eby.
Concord Pacific CEO Terry Hui has often spoken about the company’s stance that successful urban development hinges on community integration and public benefit. He believes that thoughtfully designed housing and infrastructure can “connect people with the places they live in and the services they need.”
For Concord Pacific Developments, the False Creek North contributions reflect longstanding planning commitments tied to the original redevelopment agreements at the Concord Pacific Place masterplan. More than half of the 200+ acre site is public space. Beyond affordable housing, Concord Pacific helped shape False Creek North’s transition from industrial railway lands into a dense, diverse urban community centered around housing, mixed-use, amenities, seawall and pathways, parks, playgrounds, daycares, public art, and community spaces.
Each site takes a slightly different approach to deliver homes and services:
990 Beatty Street will rise 28 storeys and combine hundreds of social housing units with essential civic infrastructure, including a new Fire Hall No. 8 and an integrated childcare facility. Its location near transit, parks, and employment centers positions residents at the heart of Vancouver’s urban core.
1050 Expo Boulevard, a 29-storey tower adjacent to the Beatty site, continues the expansion of non-market housing in the area. Designed cohesively with its companion project, it supports shared amenities and coordinated construction to maximize efficiency and community value.
450 Pacific Street delivers a family-oriented, seven-storey mid-rise with ground-oriented units and shared indoor and outdoor spaces, underscoring the program’s diversity of housing types.
Set within a neighbourhood that has transformed into one of Vancouver’s most vibrant mixed-use communities, these buildings represent a major public-benefit milestone, especially in an area where land values rank among the highest in the country.
As construction continues through the latter half of this decade, the three False Creek North developments are a reminder of how multi-level collaboration, strategic private contributions, and long-range planning can produce meaningful outcomes for affordability and equity in urban centres.
While much work remains to address Vancouver’s broader housing challenges, the False Creek North projects mark a tangible step toward creating mixed-income, transit-connected, and community-oriented housing solutions in one of Canada’s most dynamic neighbourhoods.
