Thisyear, we’re diving into Burnaby’s housing landscape: what’s changing, what’savailable, and what’s actually worth paying attention to. We’ve analyzed thelatest updates from the Burnaby Beacon and the City of Burnaby’s website tobreak it all down for you.
Burnabyisn’t just approving developments. It’s guiding growth through incentives thataim to improve neighborhoods, not just add density. Developers looking to buildlarger projects must include community benefits such as parks, affordablehousing, and cultural spaces. While homeowners simply renovating theirproperties won’t be affected, these policies could shape the future of theirneighborhoods. When implemented well, they enhance livability and create a morebalanced urban environment.
Oneof Burnaby’s key programs, the Community Benefit Bonus Affordable HousingReserve (CBB AHR), is designed to support affordable rental housing. The cityis currently reviewing potential updates to this program. If approved, thesechanges will impact grant amounts per unit, with proposed caps like $7,000 forstudios, $10,000 for one-bedrooms, and up to $20,000 for larger shelter-rateunits. For middle-income rental projects under the Rent-Geared-to-Income (RGI)model, grant amounts would be slightly lower.
However,this funding is only a partial solution. Grants would cover up to 10% of aproject’s total cost. Additionally, projects benefiting from other cityprograms wouldn’t be eligible for this grant. Burnaby’s housing fund currentlyholds about $200 million, but with half allocated to the Burnaby HousingAuthority (BHA) and some already committed, available funds are limited. Highdemand for these grants could strain the budget, so careful allocation iscrucial.
Likemany Metro Vancouver cities, Burnaby faces a housing shortage, particularly foraffordable rentals. Programs like the CBB AHR help ensure that new developmentsinclude affordable housing options. Without these incentives, developers mayprioritize high-end projects, making affordability an even bigger challenge.The city is balancing its funds to ensure long-term sustainability while stillsupporting necessary development.
Ifyou’re a homeowner looking to improve energy efficiency, Burnaby doesn’t haveits own rebate programs, but it does direct residents to provincial and federaloptions:
Forthose considering upgrades like heat pumps, these programs can reduce costswhile improving comfort and lowering energy bills.
Thekey question now is how Burnaby will allocate its remaining housing funds in2025. If you want the latest figures, checking the city’s budget documents isthe best way to stay informed. With various funding options available fordevelopment, upgrades, and sustainability, it’s important to researcheligibility and apply early before funds run out.
That’sit for today! If you want more updates like this, stay tuned for futureinsights on construction and housing news.
