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Burnaby Outpacing Vancouver in Tower Developments
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(Posted on Apr 29, 2016 at 11:04PM by Michelle Bogle)
Once content to be known as a bedroom community to Vancouver, drastic change is underway in Burnaby, B.C.Â
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Gone are the days of low-density rental housing and single-family homes – highrise residential builds are now being put in their place and transforming Burnaby into a dense urban community with towers rivalling those in Vancouver.
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With developments being targeted around major transit routes and shopping malls, like Metrotown, Brentwood, Lougheed and Edmonds, the number of builds is staggering.Â
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Developers currently have over 100 highrise residential buildings with more than 30,000 units proposed or under construction for Burnaby. Of those buildings, 47 are 40 storeys or more.
In comparison, Vancouver only has 68 highrises under development with just 13 of them 40 storeys or taller.
In comparison, Vancouver only has 68 highrises under development with just 13 of them 40 storeys or taller.
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But, why the push for Burnaby? It all boils down to two things – lack of available land to develop in Vancouver, as well as restrictive building policies and unclear density rules by the City of Vancouver.Â
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In Burnaby, planned developments are a huge part of the region’s growth strategy, which is welcomed by developers. The planning and approval processes, as well as clear rules on how extra density is awarded within Burnaby, is attracting the attention of big developers looking to break ground.
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And, breaking ground they are! Over the next 25 years, Burnaby is expected to outpace Vancouver in its quest for highrise residential towers, as Vancouver focuses its attention on growing office developments.
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At Marcus & Millichap Vancouver, our advisors are keeping a close eye on the commercial real estate market in Burnaby. For more information on investment opportunities, please contact us to speak with an advisor.
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