Project Update: The City of Burnaby is pleased to announce that the final program for the Housing Choices initiative was approved by Council on June 19th, 2023
Earlier we published articles about laneway homes. Please read Part 1, Part 2, Part 3, and Part 4.
The Housing Choices Program, led by the City of Burnaby, aims to diversify the city’s neighborhoods by introducing a variety of housing types. This program seeks to address the shortage of housing options by considering different forms of housing, often referred to as the “missing middle,” such as laneway homes, triplexes, fourplexes, rowhomes, and other small-scale housing types.
Phased Approach: The implementation of the Housing Choices Program is divided into phases to ensure a systematic and effective approach.
Phase 1a:
Introduction of laneway homes and suites in semi-detached homes (“suites in semis”) on properties with lanes.
Phase 1b:
Expansion of laneway homes and suites in semi-detached homes to properties without lanes.
Introduction of other housing forms, including 3 or 4 units on single- and two-family lots.
Phase 2:
Implementation of higher forms of missing middle housing, in conjunction with the Official Community Plan update.
Housing Choices Program Phases. Picture source: City of Burnaby
Housing Choices Program Phases. Picture source: City of Burnaby
Project Update: The City of Burnaby is pleased to announce that the final program for the Housing Choices initiative was approved by Council on June 19th, 2023. To support the program, necessary changes to City bylaws, policies, and processes will be made throughout the summer. The City anticipates accepting building permits for laneway homes and suites in semi-detached homes in the fall, pending the approval of the bylaw amendments.
Further Information: For detailed information on Phase 1a, please refer to the following resources:
The City of Burnaby is currently preparing additional information to assist with the application process, which will be made available in September.
What’s Happening Now: As the City of Burnaby moves forward, preparations are being made for Phase 1b of the program. This phase will expand the regulations for laneway homes and suites in semi-detached homes to include properties without lanes. Additionally, the City will explore other avenues to incorporate 3 or 4 units into single- and two-family properties, such as homes with 2 suites, triplexes, fourplexes, and cottage courts (small detached units around a central courtyard).
Stay tuned for a survey on Phase 1b, which will be released later this summer. Your input is valuable in shaping the future of housing options in Burnaby’s neighborhoods.
For more information about Housing Choices Program in Burnaby call Geoff Jarman at 604-313-7280
Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver1 increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269).
“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June. The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.”
Andrew Lis, REBGV director of economics and data analytics
There were 5,348 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2023. This represents a 1.3 per cent increase compared to the 5,278 homes listed in June 2022. This was 3.1 per cent below the 10-year seasonal average (5,518).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,990, a 7.9 per cent decrease compared to June 2022 (10,842). This was 17.4 per cent below the 10-year seasonal average (12,091).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2023 is 31.4 per cent. By property type, the ratio is 20.9 per cent for detached homes, 38.5 per cent for townhomes, and 39.4 per cent for apartments.
Picture source: REBGV
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Despite elevated borrowing costs, there continues to be too little resale inventory available relative to the pool of buyers in Metro Vancouver. This is the fundamental reason we continue to see prices increase month over month across all segments,” Lis said. “With the benchmark price for apartments now standing at $767,000, we repeat our call to the provincial government to adjust the $525,000 threshold exempting first-time home buyers from the Property Transfer Tax, to better reflect the price of entry-level homes in our region. This is a simple policy adjustment that could help more first-time buyers afford a home right now.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,000. This represents a 2.4 per cent decrease over June 2022 and a 1.3 per cent increase compared to May 2023.
Sales of detached homes in June 2023 reached 848, a 28.3 per cent increase from the 661 detached sales recorded in June 2022. The benchmark price for a detached home is $1,991,300. This represents a 3.2 per cent decrease from June 2022 and a 1.9 per cent increase compared to May 2023.
Sales of apartment homes reached 1,573 in June 2023, an 18.6 per cent increase compared to the 1,326 sales in June 2022. The benchmark price of an apartment home is $767,000. This represents a 0.5 per cent increase from June 2022 and a 0.8 per cent increase compared to May 2023.
Attached home sales in June 2023 totalled 547, a 17.6 per cent increase compared to the 465 sales in June 2022. The benchmark price of an attached home is $1,098,900. This represents a one per cent decrease from June 2022 and a 1.5 per cent increase compared to May 2023.
1 Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
2 REBGV is now including multifamily and land sales and listings in this monthly report. Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.
Tags: real estate Vancouver, Vancouver real estate, Vancouver realestate, home sales, Vancouver homes sale, house prices, housing prices, house buying, real estate vancouver market, Vancouver market, real estate agent Vancouver, Burnaby realtor, Geoff Jarman, Geoff Jarman top Burnaby realtor, 2023 market news, Vancouver Multifamily Market, June 2023 market news, housing market
