Dozens of low-rise rental apartments in Burnaby BC have been bought by investors, and torn down to make way for hig-rise condos. Here and artist conceptA rendering of the first phase of the Brentwood mall redevelopment showin the SkyTrain transit station.
Photo Credit: Shape Properties

Offshore investors in Burnaby land rush

Business Vancouver is noting a land rush by Chinese speculators in Canada’s west coast city of Burnaby BC.  The city adjoins the major urban port city of Vancouver, one of the hottest real estate markets in Canada.

The website reports that prices have been driven up as low-rise rental properties are bought up, razed, and high-rise condo towers built in their place.

At least three dozen apartment buildings have been bought out in the last year.

Business Vancouver site points out that last year Burnab issued 419 demolition permits, and so far this year has been averaging 34 per month.

Ben Williams, a real-estate broker based in Burnaby was quoted saying, ““At least 95% of recent [new] condominium sales in Metrotown are by buyers of Chinese descent”.

Williams works in collaboration with Bill Goold, principal of Re/Max Bill Goold Realty. Goold says nearly all his recent Burnaby land development sales are to investors from mainland China adding. “One buyer from China flew over here and paid $40 million cash for a Metrotown site,” Goold said.

“Where are we to go?”  T.Nowak (renter)

Quoted in Burnaby Now in August last year, Burnaby renter Tisa Nowak said, “This area has always been predominantly rentals, and now they’re taking that away” She pointed out that several high rises have gone up since she moved into the low-rise rental building nine years ago. It is now one of four, which was set to be torn down and rezoned for a high rise

“You’ve got a mother and father with two children in a one-bedroom because they can’t afford something more,” she said. “There’s not sufficient, affordable rental (housing) as it is, and now you’re displacing 200 to 300 additional people.

“I’m one of them – where are we going to go?”

Burnaby, unlike neighbouring Vancouver, has no restrictions on tearing down low-cost rental apartments to make way for high-rise condominiums of 50 -70 stories in their place.  The only restriction is that development occur in four areas, Brentwood, Metrotown, Edmonds and Lougheed, which have been designated as town centres by the city plan, and which have SkyTrain transit stations.  The land must have at least 37,000 sq ft (3,437 sq m.) to qualify for maximum density building on the site. If the particular site is too small the realtors will negotiate with neighbours to creat a land assembly.

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