Burnaby, B.C. cites ‘building boom’ as development permits top $2B for first time
“They range anywhere from a single residential tower with townhouses to large mixed-use multi-family and commercial developments, multi-phased that can occur over a number of years.”Story continues below advertisement
The city says there are currently more than 12,000 units of rental housing in the pipeline, and that for the first time in the city’s history there are more non-market rentals than rentals being built. Despite the boom, real estate and rental prices across Metro Vancouver remain out of reach for many, the city says its population continues to grow by between two and five per cent per year — and faster in the town centres — meaning more units are always needed.
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