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BC real estate: Burnaby developments at July public hearing – Burnaby Now

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There’s a variety of rental projects up for discussion at the City of Burnaby’s next public hearing.

You can share your thoughts with city council and staff on Tuesday, July 25 about the developments proposed for various neighbourhoods.

Members of the public can attend in-person at Burnaby City Hall (4949 Canada Way) at 5 p.m. or online.

This month’s hearing will include a 42-storey condo tower and two different six-storey rental buildings. BCIT’s signage is also up on the docket.

Read on to find out about this month’s developments. For more information on how to engage in public hearings, see the city’s website.

A rendering of the 43-storey condo tower near Holdom SkyTrain station. Boffo Developments

Bassano Master Plan Phase 1: Tower

  • Address: 2210 Springer Ave. and portions of 2160 Springer Ave. and 5334 Lougheed Hwy.
  • Purpose: to allow construction of a 43-storey highrise condo building with street-front retail and underground parking as part of Phase 1 of the Bassano master plan
  • Developer: Boffo Developments
  • Neighbourhood: Brentwood Town Centre
  • First brought to council: Dec. 6, 2021; Bassano master plan approved July 25, 2022

Details

  • Currently on the site are industrial buildings
  • 318 strata condo units total
  • 124 one-bedroom units (between 626 and 677 sq. ft.); 158 two-bedrooms (between 898 and 986 sq. ft.) and 42 three-bedrooms (between 1,096 and 1,732 sq. ft.)
  • 462 parking spaces (the number of parking spots exceeds Burnaby’s minimum requirements by 110 stalls.) The development is about 500 metres from Holdom SkyTrain station, a six-minute walk.)
  • Bike parking: 636 secured residential (double lockers) and 110 visitor spaces (bike racks)
  • The retail space at ground level will be given to a café, restaurant, outdoor produce shop, child-care facility, or retail store “catering to the day-to-day shopping needs” of neighbourhood residents
  • Amenities include work lounges, multi-purpose rooms, fitness facilities, guest suites, music rooms, public art and a “sky lounge.”
  • The developer will provide a two-zone transit pass for 15 per cent of the units for two years, a car-share subsidy for a two-year car-share membership for each unit

Burnaby requires 20 per cent of multifamily developments to be below-market rental apartments in the same building.

But for this development, council has allowed the required rental units to be built on another property in the Royal Oak neighbourhood at 5650 Beresford St. (see next development for details).

A rendering of the six-storey rental building at 5650 Beresford St. in Burnaby. Boffo Developments

Beresford rental building “swing site”

  • Address: 5650 Beresford St. 
  • Purpose: to allow construction of a six-storey rental building and underground parking
  • Developer: Boffo Developments
  • Neighbourhood: Royal Oak
  • First brought to council: Dec. 6, 2021; council approved transferring the required rental component to Beresford on Oct. 4, 2021

The Beresford site will initially be interim housing (the city calls it a “swing site”) for tenants displaced by Metrotown redevelopment. Burnaby’s tenant assistance policy requires developers build replacement rental units for tenants whose older rental apartments are demolished to make way for new construction. Tenants live in interim housing until the replacement units are built.

The swing site rental apartments on Beresford will be rented at the rates tenants paid in their demolished building.

When Phase 3 of the Bassano master plan is complete, the Beresford units will be rented at 20 per cent below CMHC median rates for Southeast Burnaby.

The city expects Phase 3 to be complete “within 10 years,” but notes market factors can delay construction.

The city proposes including a “sunset clause” that could “terminate” the swing site from operating as interim tenant housing 10 years after the building gains occupancy, at the city’s discretion.

Beresford development details

  • 104 rental apartments total
  • 12 studio apartments (between 351 and 499 sq. ft.); 48 one-bedrooms (between 538 and 575 sq. ft.); 38 two-bedrooms (between 700 and 762 sq. ft.); six three bedrooms (899 sq. ft.)
  • 59 parking spaces
  • Bike parking: 215 secured residential (double lockers) and 21 visitor spaces (bike racks)
  • Amenities include a multi-purpose room, lawn area, garden plots, communal barbecue and dining area
  • A city-owned lane adjacent to the property will be closed and consolidated with the development site
A rendering of the rental development at 4701 and 4705 Hastings St. Vittori Developments

Six-storey rental building in the Heights

  • Address: 4701 and 4705 Hastings St.
  • Purpose: To allow construction of a six-storey multi-family rental building with commercial retail uses at ground level and underground parking
  • Developer: Vittori Developments
  • Neighbourhood: Burnaby Heights
  • First brought to council: Dec. 7, 2020

Details

  • Currently on the site are two lowrise commercial buildings
  • 50 total rental units proposed (42 units rented at market rates; four units rented at 80 per cent of median rental rates; four units rented at the median rate)
  • Units include 11 studios (492 sq. ft.), 31 one-bedrooms (between 539 and 687 sq. ft.), eight two-bedrooms (between 700 and 821 sq. ft.)
  • 63 vehicle parking spaces
  • 57 bike spaces
  • Amenities include a rooftop with barbecue and seating areas
BCIT’s master sign plan will set out the rules for signage across the school’s campus. BCIT

Master Sign Plan at BCIT:

  • Address: 3700 Willingdon Ave. and 4355 Mathissi Pl.
  • Purpose: to establish a master plan for signage throughout the BCIT campus which would replace the current comprehensive signage plan and will set out the rules for signs across BCIT including large school identity signs, wayfinding signs and building signage
  • BCIT is applying for this rezoning
  • Neighbourhood: Discovery Place/BCIT

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

The Canadian Press. All rights reserved.

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Here are some facts about British Columbia’s housing market

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Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

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