Vancouver’s neighbour also appears to be making some big gains in catalyzing new rental housing supply, according to a new report by the City of Burnaby.
Based on data compiled as of the end of July, there were almost 4,600 new rental homes in the proposal stage being reviewed by the municipal government, including about 1,730 non-market units and approximately 2,830 market units. In addition, a total of 1,800 rental homes are under construction or recently completed.
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Of the 27 non-market rental developments newly completed, under construction, or currently in the review process, 11 projects are located on city-owned lands.
Additionally, 527 non-market rental homes were recently constructed, and another 367 non-market rental units are currently under construction.
Examples of upcoming non-market rental housing projects that are underway — either approved or under construction — include the 240-unit New Vista Complex Care Facility replacement at 7332 New Vista Place, the 145-unit Fair Haven United Church redevelopment at 4341 Rumble Avenue, and the 128-unit second phase of Cedar Place at 7121 14th Avenue.
When it comes to market rental housing in progress, 496 units are under construction and 407 units were recently completed. Completed projects include the 300 rental homes within Tower One of The Amazing Brentwood, while major projects currently being built include the 237 rental homes within Tower Four of the first phase of the City of Lougheed, and the 238 rental homes within Parkview Towers/Sussex at 6050 Sussex Avenue.
For proposed projects, one at Lougheed Village, adding three new infill towers with 1,194 new market rental homes, accounts for 42% of the proposed market rental homes within Burnaby.
A year ago, the municipal government established new policies to catalyze new rental housing and protect existing rental supply by ensuring they are replaced in redevelopment. Additional density is offered to developers to accommodate new market and non-market rental housing into their developments.
Currently there are 11,610 units of purpose-built market rental homes within Burnaby, which has a vacancy rate of 1.3% — well below the healthy vacancy rate of between 3% and 5%.
Burnaby’s non-market housing supply stands at 6,000 units, and there are 26 housing cooperatives containing 1,900 units.
The municipal government will be producing rental housing supply updates every six months.