This move is part of the ongoing balance sheet normalization policy.
Global Economic Outlook:
The global economy is projected to grow annually by about 3% through 2026.
Inflation remains above central bank targets in most advanced economies but is expected to decrease gradually.
The US is experiencing an economic slowdown with moderated consumption growth and a resumed decline in inflation.
The euro area shows signs of growth after a weak 2023.
China’s economy is growing modestly, with strong exports balancing weak domestic demand.
Global financial conditions have eased with lower bond yields, buoyant equity prices, and robust corporate debt issuance.
The Canadian dollar remains stable, and oil prices are at levels projected in April’s Monetary Policy Report (MPR).
Canadian Economic Outlook:
Economic growth is estimated at about 1.5% for the first half of this year.
With a population growth of about 3%, the economy’s potential output is outpacing GDP growth, increasing excess supply.
Household spending, including consumer purchases and housing, remains weak.
Signs of slack in the labor market include a rise in the unemployment rate to 6.4% and slower employment growth.
Wage growth shows signs of moderation but remains high.
Forecast:
GDP growth is expected to increase in the second half of 2024 and through 2025, driven by stronger exports and a recovery in household spending and business investment.
Residential investment is projected to grow robustly.
New government limits on non-permanent resident admissions should slow population growth in 2025.
The Bank forecasts GDP growth of 1.2% in 2024, 2.1% in 2025, and 2.4% in 2026, with the economy gradually absorbing excess supply.
Inflation:
CPI inflation moderated to 2.7% in June, with broad inflationary pressures easing.
Core inflation measures have been below 3% for several months.
Shelter price inflation remains high, driven by rent and mortgage interest costs.
Inflation in wage-sensitive services, such as restaurants and personal care, remains elevated.
Core inflation is expected to slow to about 2.5% in the second half of 2024 and ease through 2025.
CPI inflation is anticipated to settle around the 2% target next year.
Monetary Policy:
The Bank has reduced the policy interest rate by 25 basis points to address ongoing excess supply and easing inflationary pressures.
Price pressures in some sectors, notably shelter and certain services, continue to hold inflation up.
The Governing Council will guide monetary policy decisions based on incoming information and its assessment of inflation outlook implications.
The Bank of Canada remains committed to restoring price stability for Canadians.
Information Note: The next announcement for the overnight rate target is scheduled for September 4, 2024, and the next full economic and inflation outlook, including risk assessments, will be published in the MPR on October 23, 2024.
As of July 1, 2024, Burnaby will implement an amended Zoning Bylaw allowing higher residential densities on lots currently zoned for single- or two-family homes. This change permits up to three or four units of small-scale multi-unit housing (SSMUH) depending on lot size. Additionally, lots near frequent transit services can now accommodate up to six units. This amendment is part of new provincial housing legislation aimed at addressing housing affordability by increasing the housing supply. The updated Zoning Bylaw consolidates the 12 existing R-Districts into a single new R1 SSMUH District.
SSMUH encompasses various housing options that are ground-oriented and harmonize with existing single- and two-family neighborhoods. Examples include:
Single-family homes (including laneway homes)
Duplexes
Multiplexes (buildings with three or more primary units)
Cottage courts or cottage clusters (multiple single-family homes on the same lot)
Rowhouses
These housing units can also contain a secondary suite, which counts toward the total number of units allowed per lot.
Zoning Bylaw Rewrite: About the Project
Burnaby is updating its Zoning Bylaw to modernize and simplify development regulations for all zoning districts, aligning with new provincial legislation and City plans. The Zoning Bylaw regulates land use, detailing technical requirements for use, density, and development locations in Burnaby. While the bylaw is periodically updated, this comprehensive review is the first in nearly 60 years since its adoption in 1965.
Project Phases
The Zoning Bylaw Rewrite project is being implemented in four phases, with the goal of presenting a new bylaw to the Council by the end of 2025. The project will coordinate with key City projects and provincial initiatives, including the Burnaby 2050 Official Community Plan (OCP) update.
Phase 1: Key Amendments
A major component of Phase 1 is preparing two significant amendments to the existing Zoning Bylaw. The first amendment, adopted on June 10, 2024, introduces new housing types and creates a single new zoning district for all single- and two-family areas of Burnaby, in alignment with provincial legislation on SSMUH. The second amendment, expected this summer, will update existing multi-family residential districts (RM Districts) to provide a more transparent, user-friendly development framework that clarifies building height and form.
Source: City of Burnaby
Small-Scale Multi-Unit Housing: New R1 SSMUH District
In November 2023, the Province of BC introduced Bill 44 to address housing affordability by increasing supply. This legislation mandates that municipalities allow the construction of three to six dwelling units on all lots zoned for single- and two-family uses in the form of SSMUH.
To comply, Burnaby amended its Zoning Bylaw to consolidate 12 existing R-Districts into one new R1 SSMUH District. The new regulations were adopted by Council on June 10, 2024, effective July 1, 2024. Burnaby is now accepting development applications under these new regulations. More information on the application process for SSMUH can be found on Burnaby’s New Home Construction webpage. Development and amenity cost charges details are available on the Development Funding Program page.
Multi-Family Residential Districts
Burnaby is developing a new, simplified development framework for multi-family residential zoning districts with the following objectives:
Simplifying regulations and the development approval process
Providing more certainty regarding building height and form
Enhancing urban design standards
Increasing opportunities for affordable housing
Aligning with the OCP, new provincial legislation, and best practices in zoning
The new approach to multi-family residential districts will be presented to Council this summer, with the adoption of related zoning regulations anticipated shortly thereafter.
Questions and Answers
What are the objectives of rewriting the Zoning Bylaw?
Provide flexible and modern regulations: Develop more flexible regulations that support creative and innovative design opportunities while aligning with other City policies.
Make zoning accessible and easy to comprehend: Create a document that is easy to access and understand, including explanatory visuals.
Improve ease of use for applicants and City staff: Make the Zoning Bylaw more user-friendly for applicants, residents, design professionals, and City staff.
Implement and align with policies and programs: Ensure that recent provincial legislation and City plans, strategies, and programs are implemented.
What is small-scale multi-unit housing (SSMUH)?
SSMUH includes a range of buildings and dwelling unit configurations providing more affordable housing for middle-income families. The forms of SSMUH may include:
Single-family homes (including laneway homes)
Duplexes
Multiplexes (buildings with three or more primary units)
Cottage courts or cottage clusters (multiple single-family homes on the same lot)
Rowhouses
SSMUH offers ground-oriented housing options compatible with existing neighborhoods.
What are transit-oriented areas (TOAs)?
Introduced by new legislation in November 2023, TOAs are areas within 800 meters of SkyTrain stations and 400 meters of bus exchanges. The legislation mandates the following zoning changes:
Permitting residential building heights up to 8 to 20 stories within TOAs
Eliminating residential parking minimums on lots within TOAs
Burnaby will update multi-family residential (RM) zoning districts, including TOAs, to create a transparent, user-friendly development framework.
Building in the New R1 SSMUH District
As per provincial legislation, newly rezoned R1 SSMUH lots can accommodate up to three to six dwelling units based on lot area and proximity to a frequent transit network bus stop. The R1 SSMUH District allows for flexible housing forms and tenure to meet diverse household needs, including:
Single-family homes (including laneway homes)
Duplexes
Multiplexes
Cottage courts or clusters
Rowhouses
Subdivision and Stratification
R1 SSMUH lots with two or more primary dwelling units are eligible for stratification, although secondary suites must remain under the same title as the primary dwelling unit and cannot be stratified. Fee simple rowhouse lots are also not eligible for stratification, and existing purpose-built rental housing cannot be stratified except for duplexes or semi-detached dwellings.
Parking Requirements
Outside of Frequent Transit Network Areas (FTNAs) and transit-oriented areas (TOAs), lots require a minimum of 0.5 parking spaces per primary dwelling unit for lots with three or more primary units. No off-street parking is required for lots within FTNAs or TOAs. Additional parking can be optionally provided.
Conclusion
Burnaby’s amended Zoning Bylaw represents a significant shift towards increasing housing density and affordability by enabling more flexible, multi-unit residential development. This initiative aligns with provincial legislation and City plans to create a more inclusive and diverse housing landscape in Burnaby.
