With rental vacancy rates near historic lows, shifting economic conditions and major planning initiatives like the Broadway Plan transforming neighbourhoods, it’s clear that Vancouver’s housing landscape is at a turning point.
The team at Tera Development is working to bring greater stability and long-term rental options to communities across Vancouver and Richmond.
Founded in 2018, Tera’s business model had historically centred on strata development for ownership, but the company has recently shifted to full rental communities to meet the region’s pressing needs.
It’s a pivot that reflects Vancouver’s housing crisis, as rental vacancy rates sit at a mere 1%, while median one-bedroom rents have surpassed $2,700.
“Strata pre-sales have slowed amid challenging market conditions, while tenants continue to face instability when units are reclaimed by new owners,” explains Tom Huang, managing director of Tera Development. “The need for secure, long-term rentals is urgent – and this is the moment to deliver housing that prioritizes resident security and community longevity.”
Enter Tera Development’s newest project at Granville Street and 41st Avenue, one that will help tenants looking to put down roots in Vancouver’s west side find secure housing options while simultaneously offering the development partnership group stable and predictable returns.
And because the site falls under Vancouver’s Secured Rental Policy (SRP), Tera Development has designed the project to align with the policy’s requirements—removing rezoning uncertainty and significantly accelerating the approval timeline.
It’s a plan that ultimately gives the rental community much-needed peace of mind, offering greater confidence that new rental units will be available in the near future and ensuring stability without the fear of evictions due to owners reclaiming units.
“At Granville and 41st, we’re targeting high-quality, long-term tenants like UBC staff, downtown commuters and families valuing transit and schools,” Huang explains. “Our core demographic includes working professionals, young families and retirees — Vancouverites earning moderate to middle incomes ($50,000 to $120,000 annually) who need stable, affordable housing options where they live and work.”
Meanwhile, the project also offers a compelling case for stable and predictable returns for the developer and its equity partners amid Vancouver’s housing crisis and turbulent pre-sale environment.
With close to 100% occupancy rates city-wide, these 66 units promise consistent rental income over decades, bolstered by the SRP’s streamlined rezoning process.
The curated mixed-use retail components – including a cafe or gym – add value to the process of drawing tenants and supporting local vibrancy.
Tera Development’s shift into the rental market also supports both the province’s Homes for People Plan and the city’s Housing Vancouver Strategy, which prioritize rental options for families and targets 72,000 new homes for completion by 2033.
“At Granville and 41st, more than a third of the 66 units are two- and three-bedroom homes, offering families priced out of ownership a secure alternative near top schools and transit,” Huang says.
Learn how Tera Development is creating long-term rental solutions and stable investment opportunities at www.teradevelopment.com, and stay updated by following them on Instagram @teradevelopment and Facebook @teradevelopmentca.
