The City of Burnaby continues to be a leader among municipalities in the creation of new rental housing and is on track to achieve its rental housing needs ahead of schedule, according to the latest Rental Housing Summary report provided to City Council.
A total of 349 new units of rental housing were completed in Burnaby between April 3, 2023 and December 31, 2023. Of these, 112 are non-market units, which means they will be offered at below-market rates.
Also, a total of 1,417 units were under construction during this same period. There are currently over 19,000 rental units across all stages of the development process in Burnaby, of which 16,500 are net new units. “Net new” means new units, minus units being replaced due to redevelopment.
According to the Burnaby Housing Needs Report, Burnaby has an estimated need for 5,680 units of additional rental housing by 2030 to accommodate anticipated growth. The City is on track to meet anticipated need ahead of schedule. Since 2018, a total of 1,621 net new rental units have been completed.
Housing affordability is a region-wide crisis. Burnaby’s unique approach is generating results and helping to ensure that those who live here can afford to stay here.
Learn more: Rental Housing Summary (as of December 31, 2023)