Two Burnaby sites are getting money from the province to build new affordable housing.
The province announced a partnership with Metro Vancouver Regional District on April 12 that will fund the construction of about 2,000 affordable homes in the region over the next 10 years.
The first phase of the projects will include about 660 homes over five sites, 296 of which will be in Burnaby.
The province is investing $158 million in that first phase for the five sites over the next three years.
At 7730 Sixth St. in South Burnaby next to Eastburn Park, Metro Vancouver Housing Corp. will redevelop 30 townhouses into a six-storey non-market rental building with 174 new affordable homes.
According to a capital project update from MVHC, the redevelopment has an approved capital budget of $63.8 million and an estimated total project cost of $73.5 million.
The development went to public hearing in March and is expected to begin construction next year. The project is anticipated to be complete in the first quarter of 2026.
The second site is a City of Burnaby-owned property at 7388 Southwynde Ave. in South Burnaby, operated by MVHC, which will be developed into about 122 new homes and include a non-profit child-care centre with 37 spots.
The development has an approved capital budget from MVHC of $45.4 million and an estimated project cost of $64.5 million, according to the MVHC update.
The Southwynde site, to be called the Steller, is in the design stage and is expected to be completed in 2027.
MVHC and BC Housing are working together “to determine specific (financial) allocations to each project,” Metro Vancouver told the NOW in a statement.
“All sites will be 100 per cent below market with a mix of units with rents geared to tenant’s income and other units provided at low end of market rents. Metro Vancouver Housing is working with BC Housing to further determine the specific level of affordability that can be offered through each project.”
“The new units created through this partnership with Metro Vancouver will help create more affordable, sustainable and safer communities,” said housing minister Ravi Kahlon.
Metro Vancouver is contributing land and equity valued at more than $217 million across all the regional sites over the next 10 years and is working to get federal funding, according to the press release.
More funding will be announced for the additional sites at a later date.
“Our region is mired in a worsening housing crisis, and Metro Vancouver is working to significantly expand our housing portfolio so we can continue to support healthy, inclusive communities,” said chair of Metro Vancouver’s board of directors George Harvie in the release.
The first phase of the partnership between BC Housing and Metro Vancouver to build 660 homes includes sites at:
- 7730 Sixth St., Burnaby
- 7388 Southwynde Ave., Burnaby
- 1144 Inlet St., Coquitlam
- 19085-119B Ave., Pitt Meadows
- 788 West 13th Ave., Vancouver
The province also invested almost $8 million in a 63-unit MVCH-owned development in Port Coquitlam.