PC Urban and Fiera are proceeding with plans to develop a 141-unit multi-family real estate project in southeast Vancouver.

The companies indicated in a news release that they decided to proceed partly because Ottawa has scrapped the G.S.T. on new rental-housing projects. Vancouver city council granted rezoning approval for the project in July.

PC Urban and Fiera are now awaiting a development permit from the city.

“Thanks in part to the new GST exemption, and in conjunction with stabilizing construction costs, this project will now be moving forward,” said the companies in the news release.

Currently, six single-family homes sit on the development site, which is located at East 41st Avenue and Wales Street in a predominantly working-class area of the city that attracts many immigrants, who have strong demand for rental housing. PC Urban and Fiera plan to provide a combination of studio apartments and one-, two- and three-bedroom suites, including 12 townhomes.

Approximately 35% of the units will be family-oriented homes with two or three bedrooms.