In the realm of Metro Vancouver’s bustling real estate market, the spotlight is on an emerging submarket that’s heating up. In this blog post, we delve into the developments that are poised to make waves in Burnaby, an area that’s been relatively quiet on the launch front recently.
Several factors, including market depth, construction costs, and price appreciation, have contributed to the subdued launch activity in many major submarkets over the past year. However, sources suggest that Burnaby is about to experience a surge in activity this fall, with six concrete towers in the pipeline from reputable developers.
These developments include:
1. Reign by Wesgroup
Height: 35 stories
Target Price: Approximately $1,300 per square foot
Recently started sales with a strong initial response
The benefit of Anthem’s reputation and first-mover advantage in the Burnaby market
Presale developments in Burnaby
While the sheer volume of units (approximately 1,800) across these six towers might raise questions about market depth, it’s important to note that not all these projects will hit the market simultaneously. Some may choose to delay their launches until spring, and many will opt for limited releases rather than full tower launches to manage supply and demand dynamics.
Additionally, positive economic news and buyer sentiment will play a significant role in the market’s performance. Each developer has its unique buyer pool and strategies, which will impact their success in this competitive landscape. Established developers like Bosa and Concord have loyal followings, while others may face different challenges.
As these launches unfold, they are expected to have a ripple effect on neighboring submarkets, benefiting areas like West Coquitlam and Surrey City. The increased competition in Burnaby is likely to drive values in surrounding regions, making it an exciting time for the broader Fraser Valley market.
Keep an eye on these Burnaby developments, as they could set the tone for real estate trends in the region.
For more information about presales in Burnaby call Geoff Jarman at 604-313-7280
Housing Choices Program phases. Source: City of Burnaby
The City of Burnaby initiated the acceptance of applications for laneway homes and secondary suites in semi-detached homes earlier in September, starting on September 18. These novel housing options, introduced for the first time in Burnaby, expand choices for homeowners and renters without fundamentally changing the city’s residential neighborhoods’ character.
Notably, laneway homes and semi-detached home suites cannot be stratified or sold separately from the main dwelling. City officials anticipate that many of these units will be constructed as intergenerational housing, providing separate homes for parents or children on family-owned lots.
Mayor Mike Hurley of Burnaby remarked, “This represents a significant stride in our efforts to enhance housing options in Burnaby, all while preserving the cherished character of our single-family neighborhoods.”
Details regarding the application process can be found on the City’s website.
These innovative housing options were approved as part of the initial phase of Burnaby’s Housing Choices program. This city initiative seeks to introduce versatile and innovative housing forms into residential neighborhoods.
Over the span of a year, Burnaby meticulously refined its regulations and guidelines for these housing types, beginning in the spring of 2022. During this period, city officials engaged extensively with various stakeholders affected by the proposed changes. This included residents residing in single/two-family home neighborhoods, housing advocacy groups, prospective builders, and transportation organizations.
To ascertain the preferences of these stakeholders regarding Burnaby’s regulations and guidelines for laneway homes (including aspects like parking, green space, home size, and lot eligibility), the City of Burnaby conducted public surveys, hosted open houses, and organized resident workshops.
The bylaw amendments implemented today reflect the feedback gathered during this process and aim to strike a balance between preserving the existing character of single and two-family neighborhoods and addressing the demand for additional housing.
Phasing
The Housing Choices program is being introduced in phases.
Phase 1a:
Laneway homes and suites in semi-detached homes (“suites in semis”) on properties with lanes
Phase 1b:
Laneway homes and suites in semis on properties without lanes
Other forms of housing with 3 or 4 units on single- and two-family lots
Phase 2:
High-density forms of missing middle housing, in conjunction with the Official Community Plan update
Timeline for the Housing Choices program. Source: City of Burnaby
