Burnaby sees new staggering record of over $2 billion in building permits before year's end

Nov 18 2022, 2:15 am

The building boom currently underway within the City of Burnaby has driven a new all-time record for the value of building permits approved by the municipal government — accomplished before the year is even over.

With still well over a month before the end of the year, the municipal government reported that as of November 15, it has already recorded $2.105 billion worth of approved building permits in 2022. A total of 1,133 building permits have been approved as of this past Tuesday.

This figure is more than double the $1.02 billion recorded for all of 2021, and is higher than the $1.45 billion in 2020, $1.22 billion in 2019, the previous record of $1.69 billion in 2018, and $1.05 billion in 2017, which was the first time Burnaby exceeded the billion dollar mark.

The municipal government credits its housing policies, including specifically rental housing policies, for catalyzing 12,000 units of rental housing. More specifically, just before the pandemic, Burnaby put into motion an inclusionary rental housing policy of requiring new condominium projects to top up their buildings with an added rental housing tenure component.

According to the city, more non-market rental units are now being built than market rental units for the first time Burnaby’s history.

“During the COVID-19 pandemic when much of the world went on pause, our staff worked hard to continue to process permits and applications, carry out inspections, and establish the master plans that will guide Burnaby’s future development,” said Burnaby mayor Mike Hurley in a statement.

“This report shows that our approach is generating real results – we’re building much-needed new homes and helping to drive economic growth in Burnaby.”

The City of Burnaby’s building permit value figure for 2022 is comparable to the record $2.29 billion figure achieved by the City of Surrey — a significantly larger jurisdiction in terms of both population and land area — in 2019.

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