Burnaby wants to reduce parking minimums to meet its climate targets, but developers say it could cost them millions — and hike housing prices.
Developers aren’t happy with a City of Burnaby proposal that would charge them $40,000 per parking stall they don’t have to build.The proposal is part of an interim plan to reduce parking requirements within 800 metres of a SkyTrain station.
City staff and Pinnacle agreed building the current required minimum “would have significant impacts upon housing affordability” and the city’s climate goals, according to a staff report. He added that, along with rising interest rates, the fee for reduced parking would place a “significant financial burden on Pinnacle and will ultimately cause housing prices to go up and not down as suggested in the report.”
Canderel, which is developing two towers of condos and rentals at 3965 North Rd. right beside the Pinnacle development, said it is “very concerned” about the policy and asked for the city to remove the parking payment in lieu. “The market will deliver more affordable units with a lower parking ratio and no parking in lieu payment. This is a market fact.”
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