282 stacked-town rental homes in nine 3-storey buildings on a 12,703.69 m² former school site in Vanier. The site plan is APPROVED (stamped 2026-08-11) and the file shows mobilization: a construction package issued in May, Building 9 to permit in June. Every verified figure below is read off the approved plan or the register.
| value | where it comes from | |
|---|---|---|
| Site · park dedicated | 12,703.69 m² · 1,270.36 m² | the approved plan |
| Homes | 282 in 9 buildings (36/36/24/24/36/36/18/36/36) | the approved plan |
| Built form | 3-storey stacked towns, 10 m; 39% coverage, FAR 1.16 | the approved plan |
| Parking | 71 surface stalls for 282 homes | exception 2761: 0.2/unit after the first 12 — a proforma gift |
| Gross floor area | 14,703 m² (modelled: footprint × 3) | plan footprint 4,986 m² |
| Net rentable | 12,792 m² · avg 45 m²/home | 87% efficiency, no corridors (assumed) |
| owner basis (land sunk) | buying the land today | |
|---|---|---|
| NOI | $3.96M/yr | $3.96M/yr |
| Value @ 4.75% | $83.4M | $83.4M |
| All-in cost | $52.6M ($186,470/home) | $64.9M |
| Yield on cost | 7.53% · +278 bps | 6.10% · +135 bps |
| Value created | $30.8M (+59%) | $18.5M (+28%) |
Rent input: $38/m²/mo — held at our cross-study figure even though Vanier 1-beds ask a median $1,999 (Zumper, Aug 2026) which computes ~$40 on a typical 1-bed; the model leans conservative. On the owner's basis, rents can fall 37% before the spread reaches zero — the cushion is the story, and it is why the pivot survives a bad leasing year.
| Gross sellout (92 × $675k asking, assumed) | $62.1M |
| Net after 5% selling costs | $59.0M |
| All-in cost | $51.3M |
| One-time profit | $7.7M (+15%) |
A real one-time profit — but it ends. The rental keeps $83.4M of asset, three times the density on the same dirt, and the land. On these inputs the pivot was the right call, and this table is the page that proves it to a lender.
Building 9 (36 homes, permit filed June 2026) is ~13% of the scheme: ~$6.7M to build, ~$505,607/yr of NOI, ~$10.6M of value. It proves Vanier rents on 36 doors before the other 246 commit — and each subsequent building reprices on evidence, not forecast.
14 verified · 2 modelled · 16 assumed inputs — every one carries its source in the run file. The big assumptions: the $2,350/m² stacked-town build rate (replace from the Altus low-rise page), the $2.5M site-works allowance (Novatech's approved servicing set supports a real take-off), the 87% efficiency (the elevations support a unit-schedule count), his land basis (his number, not ours). Nothing here is advice; it is analysis of public records, built to be checked.
Post Mundane · generated by tools/lead-gen/bridges/baribeau_run.py · engine: journey_feasibility (same model as the 287 Loretta study and the 638-lot register scan)