The federal government is providing a $1.4-billion loan to a Vancouver First Nation to build 3,000 homes on land that was once an ancient village that was burned and expropriated a century ago.
The Squamish Nation says the development is the largest Indigenous-led housing and retail development in the history of Canada.
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.
Prime Minister Justin Trudeau says the development’s additional supply of rental units has the potential to change both pricing and availability for housing in Vancouver.
When complete, the Senakw development with create 6,000 homes and the federal government has committed to finance the first two of four phases.
The prime minister made the announcement before heading into a three-day cabinet retreat in Vancouver as the Liberal government prepares for the next sitting of Parliament.