Despite widespread development slowdowns across Metro Vancouver, Grosvenor has officially broken ground on its $1.5 billion Brentwood Block project in Burnaby, positioning itself as a rare bright spot amid real estate market uncertainty.
A $1.5 Billion Commitment in Uncertain Times
Grosvenor, a global real estate powerhouse with over 70 years of North American experience, has defied market headwinds by commencing excavation for the Brentwood Block in early June 2025. This 7.9-acre master-planned community will deliver 3,500 new homes, including 2,450 rental units, over multiple phases. The first phase includes:
- A 41-storey condo tower, The Residences
- Two rental towers, including Western Canada’s tallest all-rental high-rise at 60 storeys
- A 100,000 sq ft community centre
- 160,000 sq ft of commercial space
Successful Pre-Sales Fuel Confidence
The project’s momentum is largely driven by strong pre-sale performance. Launched in late 2024, the condo tower sold over 135 units within months, representing 30% of its total inventory. These early successes allowed Grosvenor to secure financing and begin construction—unlike many developers struggling to meet lender pre-sale thresholds in today’s cautious market.
Marc Josephson, Grosvenor’s SVP of Development, acknowledged 2025’s slower start: “The uncertainty seen earlier this year is real, but we view it as short-term.” Their long-term vision and secure backing reflect strong confidence in Vancouver’s housing fundamentals.
Market Conditions: Why Brentwood Block Stands Out
Construction Downturn
Vancouver’s overall real estate market tells a different story. Housing starts have plummeted in 2025, with March registering just 1,423 starts—down 58.8% year-over-year. The pre-sale condo market has fared even worse: only 816 new condos were sold in Q1 2025, compared to 5,250 in Q1 2022. Several developers have canceled or scaled down projects due to poor sales and rising construction costs.
Supply and Inventory Pressure
There are now over 2,000 unsold condos sitting vacant across Metro Vancouver. Projections suggest this figure may rise to 3,500 by the end of 2025, adding further pressure on already cautious developers. The Canadian Home Builders’ Association reports builder sentiment near historic lows, citing surging input costs and regulatory delays.
Burnaby: A Development Outlier
While most of Greater Vancouver pulls back, Burnaby continues its building boom—especially around the Brentwood SkyTrain station.
Other Major Projects Nearby:
- Concord Brentwood Phase 3: Over 2,000 homes approved, including a below-market 27-storey rental tower
- The Amazing Brentwood: Shape Properties’ mega-project expanding to over 12 million sq ft of residential and commercial space
- Regional Outlook: Over 70 high-rise towers are approved or in planning between Holdom and Gilmore, with capacity for 32,000+ homes
These projects underscore Burnaby’s transit-oriented success story. Between 1996 and 2021, the city saw high-rise stock grow from 18% to 29%, while homeownership also increased—bucking BC’s renting trend.
Current Market Snapshot (June 2025)
- Sales Volume: 2,228 transactions in May 2025 (↓18.5% YoY)
- Active Listings: 17,094 (↑25.7% YoY)
- Sales-to-Listings Ratio: 13.4% overall; 10.2% for detached homes
- Benchmark Price: $1,177,100 (↓2.9% YoY)
- Average Home Price: $1,266,441 (↓5.9% YoY)
The sales-to-listings ratio suggests a buyer’s market, particularly for detached properties. Still, long-term demand remains supported by supply shortages, especially in rental and affordable housing.
Developer Spotlight: Grosvenor’s Vancouver Legacy
With projects like Grosvenor Ambleside and The RISE on Cambie, Grosvenor has earned a reputation for high-quality development in Metro Vancouver. In October 2024, it secured $1.5 billion through a joint venture with a Canadian pension fund and Westerkirk Capital, enabling Brentwood Block’s first phase to move forward.
Why It Matters for Buyers and Investors
The Brentwood Block offers a case study in how well-capitalized, mixed-use developments can succeed—even in uncertain conditions. Key strategic advantages include:
- Diversified income streams from residential, rental, and commercial units
- Civic integration via the public community centre
- Location directly adjacent to SkyTrain infrastructure
- Long-term construction timeline through 2030, allowing for market recovery
For buyers and investors, this project signals confidence in Burnaby’s long-term appeal and may serve as a leading indicator of recovery in Metro Vancouver’s development cycle.
<References>
https://vancouversun.com/news/at-a-time-when-large-residential-construction-has-stalled-this-developer-is-pushing-forward-with-big-burnaby-project
https://www.renx.ca/grosvenor-starts-construction-on-towering-brentwood-block-in-burnaby<br>https://vancouversun.com/homes/first-phase-of-brentwood-block-community-in-burnaby-set-to-rise<br>https://brentwoodblock.com/first-phase-of-brentwood-block-community-in-burnaby-set-to-rise/