Recently released figures from the City of Burnaby indicate 2020 saw the second-highest value of building permits ever issued in the city, totalling $1.45 billion by the end of December. That’s still well shy of the $1.69-billion valuation of all building permits issued in 2018, but more than $200 million over the valuation of permits issued in 2019.
Burnaby’s construction increases come despite a significant drop in the overall number of building permits issued over the last several years. At least as far back as 2011, the number of building permits issued by the city had hovered around the 1,700s, while total values hadn’t reached the billions until 2017.
In 2018, the permits issued dropped to 1,520, falling further to 1,116 in 2019. This past year, only 1,007 building permits were issued.
The last few years’ increased values appear to come, at least in part, from larger projects, as the city develops its town centres.
In 2020, a total of 203 building permits were issued for new residential builds, including 23 multi-family buildings with a total value of $725 million. This is expected to create 3,560 new housing units, including 2,609 strata units in buildings of more than four storeys.
That’s a 19% increase over the 2,987 total new housing units approved in 2019, which saw 214 permits issued for new residential buildings, including 37 multi-family buildings. It’s also a massive drop – 67% – from 2018 and about on par with 2017. In 2014, however, only about 1,800 new units were built.
The past two years, however, have seen a greater increase on residential rentals, with more than 700 units approved for construction in 2020, following more than 500 in 2019.
By comparison, rentals made up only 23 of the 5,551 units approved for construction in 2018, while the previous years saw anywhere between 50 and 120 rental units approved for construction.
The city also saw the overall valuation of industrial and commercial projects double year-over-year in 2020.
(Graph below best viewed on computer.)
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