In Burnaby, tenants are returning to refurbished buildings at their original rents rates for the first time, marking the successful implementation of replacement rental units under Burnaby’s innovative Rental Use Zoning Policy.
“We made a promise to Burnaby tenants five years ago to ensure they were not displaced or priced out of their neighbourhoods as a result of redevelopment,” said Mayor Mike Hurley. “Today, I’m thrilled to see the first wave of tenants return to beautiful homes in a fantastic new building in Burnaby and I’m thankful for the partners who have helped make this program such a success.”
The project is at 6521 Telford Ave, and was built by Intracorp Homes BC, is a six-story, wood-frame building. It has 59 below-market and 7 market units. Out of the 49 tenants who were eligible for replacement units, 32 are coming back to the new building next month. The other non-market units will be rented out at 20% below the CMHC median market rents to individuals and families. The rental use zoning policy makes sure tenants can come back to the new building at the same rent. The Telford on the Walk project shows the importance of partnerships in making housing affordable. The project got support from different places, including $14.9 million from the federal government, $12.5 million in low-interest loans, and $2.4 million from the Affordable Housing Fund. Intracorp Homes BC gave $5.4 million, and the City gave a $460,000 grant. The new building is owned and run by Catalyst Community Developments, a non-profit society.
In 2019, Burnaby took the lead in B.C. by becoming the first city to protect and enhance rental housing. It did this by requiring a 1-to-1 replacement of all rental units in multi-family buildings (with five or more units) lost through redevelopment. Displaced tenants must also be offered a unit in the new building, with the same number of bedrooms and at the same rent they paid before the redevelopment. For units without a returning tenant, rents must be set to 20% below the CMHC market median rents.
Evan Allegretto, President, Intracorp Homes BC “Intracorp Homes is honoured to be a part of the collective effort addressing our region’s housing crisis. Our partnership with both Federal and local governments has culminated in Telford on the Walk—an achievement as the first development completed under the City of Burnaby’s new housing policy. This project exemplifies the power of collaboration between the public and private sectors. I’m proud of our role in fostering communities where every individual can find a safe, affordable place to call home.”
Luke Harrison, President, Catalyst Community Developments “Catalyst is grateful to have partners like Intracorp, CMHC, and the City of Burnaby to help in our work to create housing that is affordable to the people who make our communities work. Though the individual contributions are significant, it is in collaboration that we can develop solutions that meet and exceed the community’s needs.”
The Honourable Terry Beech, Minister of Citizens’ Services and Member of Parliament for Burnaby North—Seymour on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities “Every Canadian deserves a safe and affordable place to call home. That’s why our government is taking action right here in Burnaby to increase the supply of new rental developments that are located near good jobs, transit, and important services and amenities. Thank you to the city of Burnaby and our development partners for their leadership.”
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Actively listed homes for sale on the MLS® in Metro Vancouver1 continued climbing in April, up 42 per cent year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020.
Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled 2,831 in April 2024, a 3.3 per cent increase from the 2,741 sales recorded in April 2023. This was 12.2 per cent below the 10-year seasonal average (3,223).
“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data. The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.”
Andrew Lis, REBGV director of economics and data analytics
There were 7,092 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2024. This represents a 64.7 per cent increase compared to the 4,307 properties listed in April 2023.
This was 25.8 per cent above the 10-year seasonal average (5,637).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,491, a 42.1 per cent increase compared to April 2023 (8,790).
This is 16.7 per cent above the 10-year seasonal average (10,704).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2024 is 23.5 per cent. By property type, the ratio is 17.6 per cent for detached homes, 31.0 per cent for attached, and 26.0 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
Source: GVR
“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over-month,” Lis said.
“The one segment that didn’t see an uptick in prices in April were apartments, which saw a 0.1 per cent decline month-over-month. This moderation is likely due to a confluence of factors impacting this more affordability sensitive segment of the market, particularly the impact of higher mortgage rates and the recent boost to inventory levels, tempering competition somewhat.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,205,800. This represents a 2.8 per cent increase over April 2023 and a 0.8 per cent increase compared to March 2024.
Sales of detached homes in April 2024 reached 814, a 0.7 per cent increase from the 808 detached sales recorded in April 2023. The benchmark price for a detached home is $2,040,000. This represents a 6.3 per cent increase from April 2023 and a 1.6 per cent increase compared to March 2024.
Sales of apartment homes reached 1,416 in April 2024, a 0.2 per cent increase compared to the 1,413 sales in April 2023. The benchmark price of an apartment home is $776,500. This represents a 3.2 per cent increase from April 2023 and a 0.1 per cent decrease compared to March 2024.
Attached home sales in April 2024 totalled 580, a 16 per cent increase compared to the 500 sales in April 2023. The benchmark price of a townhouse3 is $1,127,200. This represents a 4.3 per cent increase from April 2023 and a 1.3 per cent increase compared to March 2024.
1 Areas covered by the Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
2 On February 12, 2024, The Real Estate Board of Greater Vancouver changed its organizational name to the Greater Vancouver REALTORS®.
3 In calculating the MLS® HPI, Altus Group uses a narrower definition of “attached” properties than is used by GVR in our “attached” statistics, preferring to use “townhouse” as their benchmark property.
