BC provincial funding approval for a total of 232 units will offer rental housing solutions for Indigenous, low-income families, and seniors in Burnaby.
Recently, the province approved three affordable housing projects in Burnaby aimed at providing more rental options for local seniors, Indigenous communities, and low-income families.
The British Columbia government announced 17 projects as part of its third intake of the Building BC: Community Housing Fund (CHF), which will collectively create almost 2,000 new rental units.
Among Burnaby’s approved projects are three applications totaling 232 rental units, developed in collaboration with the following nonprofit organizations:
The New Vista Society
Providing 118 residences for individuals, families, and seniors
“The housing crisis is hitting people with low and moderate incomes especially hard”,
stated Burnaby North MLA Janet Routledge in a press release.
The funding announcement occurred on Tuesday, March 19th.
“These new rental homes will make a difference to people in Burnaby, helping more people to find a decent home in the community they love.”
The CHF, a $3.3 billion investment, has facilitated the construction of 12,500 rental homes throughout British Columbia since 2018.
The objective is to construct over 20,000 residences for individuals with moderate and low incomes by 2031-32.
Through the program, occupants of 70 percent of the units pay rent based on their income.
“The Community Housing Fund is a key part of the action we’re taking to deliver affordable housing faster,”
added Anne Kang, MLA for Burnaby-Deer Lake.
“These 232 new rental homes mean more people will benefit from affordable housing right here in Burnaby.”
As per the province, the most recent projects were greenlit based on criteria such as “prioritized populations” and the project’s broader impact on the community.
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The number of Metro Vancouver1 homes listed for sale on the MLS® rose nearly 23 per cent year-over-year, providing more opportunity for buyers looking for a home this spring.
The Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled 2,415 in March 2024, a 4.7 per cent decrease from the 2,535 sales recorded in March 2023. This was 31.2 per cent below the 10-year seasonal average (3,512).
“If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer. Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties.”
Andrew Lis, GVR director of economics and data analytics
There were 5,002 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2024. This represents a 15.9 per cent increase compared to the 4,317 properties listed in March 2023. This was 9.5 per cent below the 10-year seasonal average (5,524).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,552, a 22.5 per cent increase compared to March 2023 (8,617). This is 6.3 per cent above the 10-year seasonal average (9,923).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2024 is 23.8 per cent. By property type, the ratio is 18.2 per cent for detached homes, 31.3 per cent for attached, and 25.8 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.
Picture source: GVR
“Even though the market isn’t quite as hot as it was last year, we’re still seeing modest month-over-month price gains of one to two per cent happening at the aggregate level, which is an interesting dynamic given that borrowing costs remain elevated,”
Lis said.
“With the latest inflation numbers trending in the right direction, it remains likely that we’ll see at least one or two modest cuts to the Bank of Canada’s policy rate in 2024, but even if these cuts come, they may not provide the boost to affordability many had been hoping for. As a result, we expect constrained borrowing power to remain a challenging headwind as we move into the summer months.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,800. This represents a 4.5 per cent increase over March 2023 and a 1.1 per cent increase compared to February 2024.
Sales of detached homes in March 2024 reached 694, a 5.4 per cent decrease from the 734 detached sales recorded in March 2023. The benchmark price for a detached home is $2,007,900. This represents a 7.4 per cent increase from March 2023 and a 1.8 per cent increase compared to February 2024.
Sales of apartment homes reached 1,207 in March 2024, a 7.9 per cent decrease compared to the 1,311 sales in March 2023. The benchmark price of an apartment home is $777,500. This represents a 5.7 per cent increase from March 2023 and a 0.9 per cent increase compared to February 2024.
Attached home sales in March 2024 totalled 495, a 6.2 per cent increase compared to the 466 sales in March 2023. The benchmark price of a townhouse is $1,112,800. This represents a 5 per cent increase from March 2023 and a 1.7 per cent increase compared to February 2024.
1 Areas covered by 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 GVR is now including multifamily and land sales and listings in this monthly report. Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.
