Rising Investment Potential in Burnaby’s Edmonds, Royal Oak, and Cascade Heights Neighborhoods

Sources: MLA Canada, City of Burnaby

Once seen as a quieter backdrop to Vancouver’s urban vibrancy, Burnaby is undergoing a transformation. Inspired by the success of Metrotown, Burnaby is extending its community planning prowess to three burgeoning neighborhoods: Edmonds, Royal Oak, and Cascade Heights. Fueled by ambitious urban planning and community integration, the city is unmistakably steering toward urbanization. This growth trajectory has seized the attention of investors and homebuyers, as the region’s history points to a promising future.

The Metrotown Transformation and Downtown Plan Triumph

Propelled by the 2017 Downtown Plan, Metrotown experienced a remarkable surge in development and property values. The statistics underscore the success story: the average price per square foot for new concrete condos surged from $600 in 2014 to an impressive $1,250 today, with standout projects like Concord Metrotown setting new benchmarks above $1,400. By 2024, MLA Advisory’s analysis projects this figure to reach between $1,350 and $1,400, fueled by escalating land and construction costs. Moreover, the average presale unit price jumped from $450,000 in 2014 to a staggering $900,000 today. Despite units shrinking in size — in line with broader trends — from an average of 780-800 square feet in 2014 to around 750 square feet today, the premium on space has surged. Metrotown’s transformative journey, marked by soaring prices and flourishing development, offers a glimpse into the vast potential awaiting Edmonds, Royal Oak, and Cascade Heights as they position themselves to be Burnaby’s next thriving hubs for growth and investment.

Burnaby’s Plans for Edmonds, Royal Oak, and Cascade Heights

Burnaby has unveiled ambitious community plans for Edmonds, Royal Oak, and Cascade Heights, signifying a bold vision for transformation. With these plans now in the public consultation phase, the community’s involvement is pivotal in shaping the trajectory of these neighborhoods. These master plans chart a course for the future of each area, encompassing housing, transportation, park spaces, business growth, and climate action.

Edmonds Town Centre, sprawling across 908 acres and Burnaby’s largest town center, boasts a storied history as the city’s first downtown and a vibrant hub. Burnaby envisions a ‘contemporary’ tri-node development for Edmonds: the Town Centre Node near Kingsway and Edmonds Street, potentially soaring over 50 stories; the Station Area Node around the Edmonds SkyTrain station, with building heights ranging from 20 to 40 stories; and the Southgate Village Node in the southeast, reaching heights of mid 40 stories. These nodes are projected to feature high-density residential and mixed-use buildings, while the Kingsway corridor is anticipated to host medium-density, mid-rise structures.

Royal Oak Urban Village, positioned between Metrotown and Edmonds town centers, encompasses 554 acres. Its primary nodes include the Station Area Node around the Royal Oak SkyTrain station and the Village Centre Node at Kingsway and Royal Oak Avenue. As Burnaby embraces the 15-minute city concept, this neighborhood is poised for small-scale services and businesses along its main thoroughfares. The plans for Royal Oak place a clear emphasis on non-profit housing, cultural inclusivity, and heritage preservation.

Cascade Heights, primarily composed of single and dual-family homes, is on the verge of its inaugural comprehensive community plan. The city envisions higher-density mid-rise buildings, particularly along Sunset Street, with potential heights of up to six stories. Prioritizing its proximity to Burnaby Hospital, the plans underscore medical offices, daycare spaces, and specialized housing for hospital staff.

Fluid Community Plans and Investment Potential

While these community plans delineate boundaries and pivotal development zones, they remain adaptable. Much like Metrotown’s success story, Burnaby’s trajectory parallels, and industry stakeholders can anticipate noteworthy growth and investment opportunities in these burgeoning neighborhoods.

Investment Prospects in Burnaby’s Emerging Gems

By 2050, Greater Vancouver is projected to welcome a million new residents, with approximately one-tenth of this growth anticipated in Burnaby. With an expected addition of nearly 100,000 residents to its existing population of approximately 250,000, Burnaby presents an enticing investment landscape, particularly in the upcoming areas of Edmonds, Royal Oak, and Cascade Heights. The Metrotown model, from planning to realized residential and commercial projects, underscores the city’s growth potential and signals a similar path for the three upcoming neighborhoods. Ambitious transit developments, such as the Transport 2050 plan and the potential North Shore Connects SkyTrain route, are set to enhance accessibility and appeal in these neighborhoods. Taking inspiration from Metrotown and fortified by robust community plans, incorporating expansive housing, transit enhancements, and commercial initiatives, these three neighborhoods emerge as compelling options for homebuyers and investors alike. As Burnaby solidifies its reputation as one of Canada’s fastest-growing cities, Edmonds, Royal Oak, and Cascade Heights emerge as promising nuclei for development and investment within the region.

“Historically, Burnaby’s densification centered on Brentwood and Metrotown due to their services, amenities, and ambitious mall projects,” said Garde Macdonald, Director of Advisory at MLA Canada. “With housing supply at the forefront for all stakeholders, transit-based density becomes paramount; developers are already crafting new communities ready for growth and future investment.”

An Era of Promise for Burnaby

Metrotown’s transformation isn’t just a chapter of triumph; it’s a blueprint for the future of Royal Oak, Edmonds, and Cascade Heights. As these communities evolve, they grow more attractive to investors and residents. Metrotown’s journey demonstrated the fruitful partnership of growth and community, and these upcoming neighborhoods promise the same dynamic urban evolution.

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