Real Estate

OPTrust acquires Westbank stake in Sen̓áḵw, joining Squamish Nation in landmark Vancouver project

One of Canada’s largest pension funds now co-owns half of the Squamish Nation’s flagship housing development, while future phases will remain fully Nation-controlled.

By Mihika Agarwal /

The ownership structure of Vancouver’s most closely watched housing project has shifted. OPTrust, one of Canada’s largest pension funds, has acquired Westbank Corp.’s entire stake in the Sen̓áḵw development, giving the fund a 50 percent ownership share of phases one and two. The other half remains with the Sḵwx̱wú7mesh Úxwumixw (Squamish Nation), through its development arm, Nch’ḵay̓ Development Corporation.

For future phases three and four, the nation will hold full ownership, underscoring its long-term goal of economic sovereignty and sustainable wealth generation.

“Today, we are celebrating OPTrust’s increased commitment to the Sen̓áḵw development, a project that represents a significant step in the return of Squamish People to our ancestral village,” says spokesperson and council member, Sxwíxwtn Wilson Williams in an official statment. “We are dedicated to ensuring that this development is not only sustainable but also rooted in the values and long-term vision of the Sḵwx̱wú7mesh Úxwumixw.”

For OPTrust, the move fits within its broader strategy of investing in long-term, mission-aligned projects. “Sen̓áḵw is a transformative development that supports the long-term retirement security of our members while delivering critical housing supply to the Vancouver community, including much-needed affordable housing units,” says OPTrust president and CEO, Peter Lindley.

Building momentum

Construction is already visible on the False Creek site, located next to the Burrard Bridge. Phase one’s three towers—27, 32 and 40 storeys—have topped out. Together, they will add more than 1,400 purpose-built rental homes when they open in 2026.

Amenities will include a three-storey pavilion with a gym, pool, wellness centre and social lounge, as well as retail, plazas and green spaces. The Squamish Nation’s traditional language, art and cultural motifs are planned throughout, ensuring the community reflects its Indigenous leadership.

Phase two excavation is expected to begin later this year, further accelerating what is already one of the largest non-resource Indigenous economic development projects in Canadian history.

Financing and sovereignty

The project’s first phase was made possible by a record $1.4-billion loan from Canada Mortgage and Housing Corporation (CMHC)—the largest in the agency’s history at the time. That financing allowed the Squamish Nation to avoid injecting its own capital into phases one and two. A short-term loan from Nch’ḵay̓ has since been repaid through OPTrust funding, strengthening the Nation’s financial position.

Nch’ḵay̓ CEO Mindy Wight said the transition provides more oversight for the nation, “Nch’ḵay̓ will have greater oversight related to certain aspects of construction and development while continuing to collaborate closely with the nation on all cultural, artistic and language elements,” Wight said in the statement. “This demonstrates the Squamish Nation’s continued commitment to managing real estate assets and property development on our lands.”

More than economics

Sen̓áḵw is not just another housing project. The land carries historic weight: once home to a Squamish village, its residents were forcibly evicted in 1913. After decades of advocacy, 10.5 acres were returned in 2003. In 2019, nation members voted to pursue development, positioning Sen̓áḵw as both an economic engine and an act of reclamation.

When complete, the project is expected to deliver over 6,000 rental units and 1,200 homes across 11 towers on 4.2 hectares of Squamish Nation land at Kits Point adjacent to Vanier Park. The project is envisioned as one of Canada’s pioneering large-scale net-zero carbon housing communities—and among only a handful worldwide.