Metro Vancouver’s Development Cycle is Clearly in a Different Phase Now

Source: Storeys
There’s a noticeable shift happening across Metro Vancouver’s real estate landscape. Construction cranes are still up, yes, but the pace feels different now. Slower. More cautious.

After years of rapid growth, the development cycle has tightened. Higher construction costs, tariffs, interest rates, and shifting buyer confidence have all played their part. Many of the projects finishing this year are the ones that broke ground before the market cooled – the final wave of that earlier momentum.

In 2025, completions leaned heavily toward condominium towers. 2026 still has a strong condo presence, but looking ahead, the pipeline narrows. In the coming years, purpose-built rental is expected to dominate the completion lists.
For now, here are 10 major developments scheduled to complete construction in 2026, based on developer confirmations and project updates.

Frame

Developer: Peterson
Location: 2751 Kingsway (5189 Earles Street), Vancouver
Frame marks an important chapter in Vancouver’s recent development history. After Coromandel Properties filed for creditor protection in early 2023, several projects were restructured and taken over by partners. Frame is the first of those to reach completion.
Located in Norquay Village, this mixed-use project is now nearing the finish line — a reminder of how quickly market conditions can change, and how resilient experienced developers must be to move projects forward.

908 Raymur

Developer: Beedie
Location: 908 Raymur Avenue, Vancouver
Industrial projects don’t usually capture mainstream attention — but this one likely will.
The 120,000 sq. ft., two-storey facility in Strathcona is expected to become Tesla’s largest facility in North America. The space will handle servicing, vehicle preparation, delivery, and include a showroom component.
Beedie also confirms its 45-storey Slate tower in Burnaby is scheduled for completion in 2026.

Sen̓áḵw – Phase One

Developer: Nch’ḵay̓ Development Corporation + OPTrust
Location: South end of Burrard Bridge, Vancouver
Few projects have generated as much attention as Sen̓áḵw.
Developed by the Squamish Nation, Phase One consists of three rental towers ranging from 26 to 39 storeys, delivering more than 1,400 homes. The project secured the largest CMHC loan in Canadian history in 2022, a milestone in itself.
Originally partnered with Westbank, the development stake was later acquired by OPTrust. Completion of Phase One also includes several community amenities.

Oakridge Park (Retail)

Developer: QuadReal Property Group + Westbank
Location: 650 W 41st Avenue, Vancouver
Oakridge Park has been years in the making. Construction began in 2019, and while timelines shifted, major portions are now set to open in 2026.
The first half of the year is expected to bring the Time Out Market dining hall, retail spaces, and a substantial public park. Residential towers and office components are scheduled to follow later in the year.
As Vancouver’s largest mall redevelopment, this project will significantly reshape the Cambie corridor.

Cascades

Developer: Chard Development
Location: 622 Southwest Marine Drive, Vancouver
Cascades continues the growing cluster of high-density development in South Vancouver.
The project includes two purpose-built rental towers (29 and 32 storeys) totaling 573 units, with 20% designated as below-market rentals. Retail space, a daycare, and a public plaza round out the development.
Rental construction remains one of the few segments showing sustained momentum.

Perla

Developer: Polygon Homes
Location: 5938 Olive Avenue, Burnaby
Burnaby’s skyline continues to evolve — especially around Central Park. Perla, a 38-storey tower, is Polygon’s latest addition to the area and the first of two planned towers (Onyx will follow).
The project received rezoning approval in 2023 and now moves into completion, joining several other recent high-rise additions in the neighbourhood.

Concord Metrotown – Phase One

Developer: Concord Pacific
Location: 4754 Kingsway, Burnaby
While full completion may extend into early 2027, Phase One will reach substantial completion in 2026.
This phase includes three towers — 65, 45, and 33 storeys — totaling nearly 1,400 condos. A defining feature is the 66,000 sq. ft. “Sky Park,” a rooftop amenity space connecting the podium and towers with outdoor recreation areas and a running loop.
Transit proximity and scale make this one of Burnaby’s largest ongoing developments.

Myriad

Developer: Concert Properties
Location: 567 Emerson Street, Coquitlam
The 50-storey Myriad tower is approaching completion, with final inspections underway.
The project concludes Concert’s Heart of Burquitlam master plan, which also delivered the 32-storey 55One rental building (in partnership with BC Housing and CMHC) and the Bettie Allard YMCA.
It represents one of the most cohesive multi-phase communities completed in recent years.

SOCO – Phase Two

Developer: Anthem Properties
Location: 311 Alderson Avenue, Coquitlam
SOCO, short for South Coquitlam, continues its rollout.
Phase Two includes a 28-storey condo tower and a low-rise rental building, completing this month. Anthem also recently delivered Nuvo in Burnaby and has additional projects underway in Surrey and Vancouver.
Master-planned communities remain a core strategy for larger developers navigating uncertain cycles.

Tether at King George Hub

Developer: PCI Developments
Location: 13740 Fraser Highway, Surrey
King George Hub has unfolded in multiple phases over several years. The final chapter is Tether — a 40-storey rental tower with 406 units, expected to complete in Fall 2026.
The broader hub already includes office buildings, condo towers, and retail. Additional retailers opening this year include Breka Bakery & Café, Big Way Hot Pot, Anytime Fitness, Sandbox VR, and Body Energy Club.
Transit-oriented development continues to define Surrey’s rapid transformation.

What This Means For Metro Vancouver Real Estate

2026 is shaping up as a transitional year. Many of these completions are carryovers from the previous cycle: projects launched before financing tightened and buyer demand cooled.
Looking ahead, expect fewer condominium completions and a stronger tilt toward rental housing. Developers are adjusting. Lenders are more selective. Buyers are cautious.
The skyline will keep changing, just at a different rhythm.

Key Takeaways:

• 2026 will see several large-scale condo and rental completions across Metro Vancouver
• Many projects began before the market slowdown
• Purpose-built rental is expected to dominate future completion lists
• Transit-oriented and master-planned communities remain central to regional growth
• Burnaby, Coquitlam, Surrey, and Vancouver continue to anchor development activity
• If 2025 reflected momentum from the past cycle, 2026 feels like the bridge to what comes next.

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