Focus on Burnaby - October 2005
Burnaby Demographic Trends
According to City of Burnaby projections and census figures, the population of Burnaby will increase by 39%, by about 85,401 people, between 1976 and 2006. The growth in the five-year period between 2001 and 2006 will be from 193,954 to 217,000 an, 11.9% increase.
1976 |
131,599 |
|
1981 |
136,550 |
3.80% |
1986 |
145,160 |
6.30% |
1991 |
158,858 |
9.40% |
1996 |
179,209 |
12.80% |
2001 |
193,954 |
8.20% |
2006 |
217,000 |
11.90% |
According to the latest census, the City of Burnaby had 76,212 dwelling units in 2001. The City of Burnaby projects this number to increase to 85,500 or by 12.2% by 2006. The average annual growth rates for the five years between 2001 and 2006 were at 2.44%, above the projected growth rate for the population at 2.38%.
1976 |
46,015 |
|
1981 |
52,600 |
14.30% |
1986 |
58,300 |
10.80% |
1991 |
62,755 |
7.60% |
1996 |
69,055 |
10.00% |
2001 |
76,212 |
10.40% |
2006 |
85,500 |
12.20% |
Single and two-family dwellings represent 48.1% of the City of Burnaby housing. Multi-family housing in townhouse, low rise apartment and high-rise formats now make up over 50% of the housing stock. In 1991, 52.2% of homes in Burnaby were single or two-family; this number has since decreased to 48.1%.
Single and Two Family |
32,760 |
52.20% |
34,180 |
49.50% |
35,580 |
48.10% |
Townhouse |
3,895 |
6.20% |
5,387 |
7.80% |
6,170 |
8.30% |
Low Rise Apartments |
16,535 |
26.40% |
18,210 |
26.40% |
19,490 |
26.30% |
High Rise |
9,540 |
15.20% |
11,278 |
16.30% |
12,755 |
17.30% |
Total |
62,730 |
100.00% |
69,055 |
100.00% |
74,000 |
100.00% |
Before the 1990s, Burnaby consisted mainly of low density development. The construction of the SkyTrain and the increase in the number of higher density development areas around the SkyTrain stations have aided in the population growth. Rising prices and the central location of Burnaby has created high demand for multi-family homes, met largely by new developments in the high density nodes such as Metrotown and Brentwood.
Burnaby Multiple Family Sale Indicators
2004 Sales Under $1,000,000
|
|
|
|
|
7471 Kingsway |
Mar-04 |
$600,500 |
7 |
$85,786 |
6661 Marlborough Avenue |
Jan-04 |
$775,000 |
9 |
$86,111 |
6735 Arcola Street |
Feb-04 |
$775,000 |
9 |
$86,111 |
6680 Sussex Avenue |
Feb-04 |
$800,000 |
8 |
$100,000 |
6788 Arcola Street |
Aug-04 |
$825,000 |
11 |
$75,000 |
3845-3847 Kingsway |
Jun-04 |
$955,000 |
6 |
$159,167 |
6813 Arcola Street |
May-04 |
$978,000 |
9 |
$108,667 |
|
|
|
|
|
Minimum |
|
$600,500 |
6 |
$75,000 |
Median |
|
$800,000 |
9 |
$86,111 |
Average |
|
$815,500 |
8 |
$100,120 |
Maximum |
|
$978,000 |
11 |
$159,167 |
The buildings summarized above range in size from six to 11 units and sold at rates between $75,000 and $159,167 per unit. The properties had expense ratios between 35% and 42% and indicated overall rates between 5.1% and 6.9%. The effective gross income multipliers ranged from 9.4 to 12.1.
2005 Sales Under $1,000,000
|
|
|
|
|
6709 Sussex Avenue |
Mar-05 |
$885,000 |
9 |
$98,333 |
6735 Arcola Street |
Apr-05 |
$950,000 |
9 |
$105,556 |
6730 Sussex Avenue |
May-05 |
$950,000 |
10 |
$95,000 |
6735 Arcola Street |
May-05 |
$950,000 |
9 |
$105,556 |
6712 Marlborough Avenue |
Jun-05 |
$930,000 |
9 |
$103,333 |
6508 Telford Avenue |
Jun-05 |
$995,000 |
10 |
$99,500 |
3856 Sunset Street |
Oct-05 |
$987,000 |
10 |
$98,700 |
|
|
|
|
|
Minimum |
|
$885,000 |
9 |
$95,000 |
Median |
|
$950,000 |
9 |
$99,500 |
Average |
|
$949,571 |
9 |
$100,854 |
Maximum |
|
$995,000 |
10 |
$105,556 |
The buildings summarized in the above table range in size from nine to 10 units and sold at rates between $95,000 and $105,556 per unit. The properties had expense ratios between 30% and 44% and indicated overall rates between 4.5% and 6%. The average overall rate in 2005 was 0.5% lower than 2004. The effective gross income multipliers ranged from 11.7 to 13.2, with the average up by 0.4%.
2004 Sales Over $1,000,000
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|
|
|
|
6665 Royal Oak Avenue |
Jan-04 |
$1,391,761 |
18 |
$77,320 |
3848 Pender Street |
Feb-04 |
$2,775,000 |
36 |
$77,083 |
4466 Pender Street |
Mar-04 |
$1,660,000 |
18 |
$92,222 |
6821 Arcola Street |
Apr-04 |
$1,150,000 |
13 |
$88,462 |
6660 Marlborough Avenue |
Jun-04 |
$1,850,000 |
22 |
$84,091 |
6616 - 6618 Nelson Avenue |
Sep-04 |
$1,380,000 |
18 |
$76,667 |
7110 Linden Avenue |
Nov-04 |
$2,128,500 |
30 |
$70,950 |
|
|
|
|
|
Minimum |
|
$1,150,000 |
13 |
$70,950 |
Median |
|
$1,660,000 |
18 |
$77,320 |
Average |
|
$1,762,180 |
22 |
$80,971 |
Maximum |
|
$2,775,000 |
36 |
$92,222 |
The buildings summarized in the above table range in size from 13 to 36 units and sold at rates between $70,950 and $92,222 per unit. The properties had expense ratios between 32% and 47% and indicated overall rates between 5.2% and 7%. The effective gross income multipliers ranged from 9.0 to 12.2.
2005 Sales Over $1,000,000
|
|
|
|
|
3846 Sunset Street |
Jan-05 |
$1,393,000 |
14 |
$99,500 |
3962 Pender Street |
Jan-05 |
$1,650,000 |
14 |
$117,857 |
7177-7179 Linden Avenue |
Apr-05 |
$1,752,000 |
20 |
$87,600 |
5710-5720 Smith Avenue |
May-05 |
$1,150,000 |
9 |
$127,778 |
5095 Newton Street |
Jun-05 |
$3,300,000 |
39 |
$84,615 |
4105 Albert Street |
Jul-05 |
$2,650,000 |
26 |
$101,923 |
|
|
|
|
|
Minimum |
|
$1,150,000 |
9 |
$84,615 |
Median |
|
$1,701,000 |
17 |
$100,712 |
Average |
|
$1,982,500 |
20 |
$103,212 |
Maximum |
|
$3,300,000 |
39 |
$127,778 |
The buildings summarized in the above table range in size from nine to 39 units and sold at rates between $84,615 and $127,778 per unit. The properties had expense ratios between 18% and 45% and indicated overall rates between 4.2% and 5.9%. The average overall rate in 2005 was 0.5% lower than 2004. The effective gross income multipliers ranged from 10.9 to 16.1, with the average up 2.4 from the 2004 figure.
Summary
The year to date in 2005 exhibited much higher unit values than 2004. Sales figures, from our database, indicate the sales volume as of September 2005 was over $18,500,000 on thirteen sales; this is approximately $500,000 more than 2004 on one less sale. The higher value is due to increasing sale prices per suite and a decline in overall rates as is evident in the above tables.
“Aggressive buyers, high prices, low cap rates and virtually limitless sources of capital continue to characterize the investment side of the commercial real estate industry,” Peter Korpacz, director, PricewaterhouseCoopers’ Global Strategic Real Estate Research Practice.
Starts, Absorptions, Inventory and Supply
In 2004, there were 2,362 housing starts (all housing forms) in Burnaby. This represents a 50% increase and is more than for any other year and close to double most years since 2001.
1991 |
1,242 |
|
1992 |
1,560 |
20.4% |
1993 |
1,373 |
-13.6% |
1994 |
1,507 |
8.9% |
1995 |
1,127 |
-33.7% |
1996 |
814 |
-38.5% |
1997 |
1,058 |
23.1% |
1998 |
1,337 |
20.9% |
1999 |
483 |
-176.8% |
2000 |
537 |
10.1% |
2001 |
881 |
39.0% |
2002 |
983 |
10.4% |
2003 |
1,161 |
15.3% |
2004 |
2,326 |
50.1% |
These starts are split between single-family, two-family, row and apartment housing types. For the City of Burnaby, the starts for the year 2003 reflect the growth in the multi-family sector, with the single-family sector accounting from only 22% of new starts.
|
|
|
|
|
2003 |
250 (22%) |
258 (22%) |
143 (12%) |
510 (44%) |
1,161 |
According to the Greater Vancouver Real Estate Board, the number of total sales for attached and apartment homes have increased at a steady rate since the start of 2005. The total number of listings has decreased since a peak in November 2004 for attached and in April 2005 for apartments but appear relatively stable. Overall, it appears the market absorbs the inventory.
The following table summarizes Burnaby sales by unit types form the months of January and August 2005. This number annualized exceeds the 2004 starts by close to 40%.
|
|
|
|
|
|
Jan-05 to Aug-05 |
1,089 |
712 |
1,601 |
58 |
3,460 |
Annualized |
1,634 |
1,068 |
2,402 |
87 |
5,190 |
Upcoming Projects
The following table summarizes the upcoming multi-family residential projects in the City of Burnaby. The projects are at various stages of the development process but are expected to come online between one month and two years.
High-rise and Mid-rise Apartments
RZ #05-47 Qualex-Landmark Development
Development: 2200 and 2244 Douglas Road.
One highrise apartment tower, one mid-rise
apartment building, street fronting townhouses or live/work spaces. (no unit count)
Status: Application received.
Mixed-use Commercial/Residential
RZ #05-41 Buttjes Architecture Inc.
Development: 4411 Lougheed Highway at Rosser.
Highrise residential tower, mid-rise office building, street-level retail and street fronting townhouses (no unit count)
Status: Rezoning Initiated
Mixed-use Commercial/Residential
RZ #04-54 Axxia
Development: 5695 Lougheed Highway at Holdom Avenue.
Low-rise mixed-use with
commercial at grade and residential above (no unit count)
Status: Rezoning Initiated
Mixed-use Commercial/Residential
RZ #04-41
Development: 3807 to 3825 Hastings Street at Ingleton Avenue (67 units)
Status: Under Construction
High-rise Mixed-use
RZ #04-26 Millennium
Development: 4270 Dawson Street.
Mixed-use commercial at-grade with residential
above along Dawson St. and one apartment tower (155 units) with townhouses behind (18 units).
Status: Received Second Reading
Ground-oriented Townhouses
RZ #04-20 Listraor Developments Inc.
Development: 474 MacDonald Avenue, 4045-4063 Pender St., ground-oriented townhouses. (38 units)
Status: Under Construction
High-Rise Apartments
RZ #04-19 Polygon
Development: 2150 Beta Avenue (Trailmobile).
High-rise residential tower with low-rise apartments (364 units)
Status: Received Third Reading
Multiple-Family Residential
RZ #03-69 Ledingham McAllister
Development: 4709 Lougheed Highway between Beta Avenue and Delta Avenue, Multiple-Family Residential (665 units).
(City land sale component)
Status: Received Second Reading
Townhouses
RZ #03-63 Domo Construction Ltd.
Development: 3898 Albert Street,4 ground-oriented townhouses at CD (RM6). (4 units total)
Status: Final Adoption 2005 August 15
High-rise Mixed-use
RZ # 03-38 Embassy Development
Development: 5650 Lougheed Highway, mixed-use development.
Two high-rise residential towers with commercial/townhouse podium (331 units total). Includes 10,000
sq.ft. community amenity space, 10,000 sq.ft. commercial and 7,000 sq.ft. live/work space
Status: Final Adoption 2005 July 25
Ground-Oriented Multi-family
RZ #03-24
Development: 490-514 Grove Avenue, 6-unit low-rise Ground-Oriented Multiple-family
residential development (Apartment Study Area C).
Status: Final Adoption 2005 July 25
Low-Rise Apartments/Commercial
RZ # 03-23
Development: 5544 Hastings Street, 14-unit low-rise apartment building with ground oriented commercial(Apartment Study Area B).
Status: Rezoning Initiated
Mixed-Use Development
RZ # 03-07 Lawrence Doyle Architect Inc. / Anthem
Development: 4180 Dawson Street, mixed-use commercial at-grade with residential
above along Dawson Street and one 17 storey tower on the remainder of the site.
23 townhouse units and 118 residential tower units (141 units total)
(Related to RZ# 02-24)
Status: Final Adoption 2005 July 25
High Rise Apartments
RZ # 02-38 Lawrence Doyle Architect Inc./Millennium
Development: 2345 Madison Avenue, 24 townhouse units and 306 units in two 30 storey residential towers (330 units total).
Status: Under Construction
Mixed Use Development
RZ #02-24 Lawrence Doyle Architect Inc.
Development: 4140 Dawson Street. Mixed-use commercial at-grade with residential
above along Dawson Street and two 20 storey towers on the remainder of the
site. 20 Townhouse units and 286 residential tower units (306 units total).
Status: 2nd Tower Under Construction
Rosser/Madison High Rise Apartments
RZ #02-03 Embassy Developments
Development: 4336 Lougheed Hwy, two high-rise towers with street front townhousing (380 units total).
Status: Second Tower Under Construction.
Low-rise Apartments/Commercial
RZ # 46/97
Development: 5698 Hastings Street, 14-unit low-rise apartments with ground oriented
commercial (Apartment Study Area B).
Status: Received Second Reading.
Halifax Residential Tower
RZ #21-97 Onni Group
Development: 4132 Halifax Street, one 24 storey tower with ground oriented townhousing (183 units total).
Status: Under Construction
Townhouses
RZ #04-18 Polygon
Development: 9080-9180 Halston Ct., 9125-9630
Sandalwood Cr. and 9085-9205 Glenwood Dr., townhousing and low-rise apartments.
(Existing 216 units replaced by proposed 380 units)
Status: Under construction
SFU - Burnaby Mountain Community
Phase I
RZ #04-74
Development: 9191 University Cr. Multi-family residential building (60 units)
Status: Received Final Adoption 2005 July 12 RZ #04-23 Polygon
Development: 9266 University Cr. 11-storey apartment (103 units)
Status: PPA issued. Excavation underway.
RZ #04-22 Polygon
Development: 9229 University Cr. Townhouses (132 units)
Status: Under Construction
PPA 04-151 Intergulf
Development: 9232 University Crescent. High-rise & townhouse development (175 units) Status: Under Construction.
PPA 03-94 Millennium - The Peak
Development: 9388 University Crescent, mid-rise residential. (113 units)
Status: Under Construction.
Mixed-Use Commercial Residential
RZ #03-68 Ledingham McAllister
Development: 3495 North Road at Cameron Street, mixed use residential commercial development. Two residential towers with two storey commercial podium (510 units).
Status: Public Hearing 2005 October 25
Townhouses
RZ #05-48 Sunrise Development Inc.
Development: 4509 Kingsway. Two-storey retail/commercial and supportive housing (no unit count)
Status: Rezoning initiated
Townhouses
RZ #05-42 Bima Holdings Ltd.
Development: 7438 and 7462 Royal Oak. Townhouse development (no unit count)
Status: Rezoning initiated
Townhouses
RZ #05-38 DCM Projects Ltd.
Development: 6556, 6538 and 6524 Elgin Avenue. 24-unit townhouse development
Status: Rezoning initiated
Townhouses
RZ #05-11 Springbank Development
Development: 6490 Elgin Avenue. 15-unit townhouse development
Status: Received Second Reading
Low-rise Apartments & Heritage Preservation
RZ #05-10
Development: 5575 Jersey Street. 4-storey apartment and preservation of heritage house (32 units total)
Status: Received Second Reading
Townhouses and Low-Rise Apartment
RZ #05-05
Development: 7325 MacPherson Avenue. Ground-oriented townhouses and apartment (113 units)
Status: Public Hearing 2005 October 25
Townhouses
RZ #04-64
Development: 3853/75/76/91/92 Norfolk. (38-units)
(City land sale component)
Status: Received Second Reading
Mixed Use Commercial/Residential
RZ #04-53
Development: 5289 Grimmer Street. Main floor commercial & 3 floors seniors residences over new Legion canteen and offices (no unit count)
Status: Rezoning Initiated
Mixed Use Commercial/Residential
RZ #04-35
Development: 7641 Royal Oak Avenue. Commercial/residential development in 2 phases at Village Centre (101 residential units total)
Status: Rezoning tabled and in abeyance
Mixed Use Commercial/Residential
RZ #04-34
Development: 6586 Royal Oak Avenue. Commercial at grade and low-rise apartments above (C9a). (39 units)
Status: Received Second Reading
Ground-Oriented Multi-family
RZ #04-03
Development: 6409 & 6429 Elgin Avenue, multiple-family development. (12 units)
Status: Under Construction
Stacked Townhouses
RZ #03-65 Springbank Development Inc.
Development: 5525 Halley Avenue, 12-unit stacked townhouse development.
Status: Under Construction
Multiple-Family Residential
RZ #03-46 Boffo Bros. Development Inc.
Development: 5625/5641 Chaffey Avenue, RM2 multiple family development. (12 units)
Status: Rezoning in abeyance.
Stacked Townhouses
RZ #03-41 Dalt Developments Ltd.
Development: 5887 Pioneer Avenue, 8-unit stacked townhouse development.
Status: Final Adoption 2005 July 25
Mixed-Use Commercial/Residential
RZ #03-40 Intracorp Developments
Development: McMurray Avenue and Kingsway, RM5/C3 mixed-use commercial/residential complex. (City land sale component) (225 units)
Status: Under Construction
Townhouses
RZ #02-54
Development: 4025-4092 Norfolk Street, 38 unit stacked townhouse development.
(City land sale component)
Status: Under Construction
Townhouses
RZ #02-49 Aragon Development Corporation.
Development: 7310 MacPherson Avenue, 170-unit townhouse development.
(City land sale component)
Status: Under Construction
Townhouses
RZ #05-33
Development: 6728/38/50 Arcola Street. 19-unit townhouse development
Status: PH 2005 September 19
Townhouses
RZ #05-15 Biring Brothers Construction
Development: 6905 Arcola Street. 4-unit infill townhousing.
Status: Rezoning initiated
Mixed-Use Development
RZ #05-13 Bosa Ventures Inc.
Development: 7038, 7060, 7076, 7094, 7114, 7134, 7150 Walker Avenue, 7301 Kingsway, 7321 Edmonds Street. Library, retail, high-rise residential.
Status: Rezoning initiated.
Townhouses
RZ #04-42 Polygon
Development: 6736 Southpoint Drive. 40 units.
Status: Final Adoption 2005 August 15
Townhouses
RZ #04-36 Springbank Development Corporation
Development: 7138 and 7144 Eighteenth Avenue. Townhouses with underground parking (17 units).
Status: Under Construction
High-rise Apartment
RZ #04-25 Millennium
Development: 6823 Station Hill Drive, high-rise residential tower. (114 units)
Status: Under Construction
Ground-Oriented Multi-family
RZ #04-17
Development: 6990 Arcola Street, townhousing (4 units)
Status: Under Construction
Stacked Townhouses
RZ #03-74
Development: 7471 Kingsway, 55-unit stacked townhouse development.
Status: Under construction
High-Rise Residential
RZ #03-73 Cressey Development Corporation
Development: 7007-7079 - 17th Avenue, & 7060 18th Avenue, high-rise residential development (214 units)
(City land sale component)
Status: Under Construction
Stacked Townhouses
RZ #03-49 Noort
Development: 7671 Griffiths Lane & 6870 Rumble Street, 25-unit stacked townhouse development.
(City land sale component)
Status: Final Adoption 2005 July 25
Edmonds Low-Rise Apartments/Townhouses
RZ #02-44 Canadian Catalyst Enterprises Ltd.
Development: 7356 Stride Avenue, 64-unit Low-rise apartment/townhouse development
located.
(City land sale component)
Status: Under Construction
Edmonds BC Hydro/Townhouse Site
RZ #02-26 Palladium Group
Development: 6850 Southpoint Drive, 5.42 acre BC Hydro site with 81 apartment units and 111 townhouse units.
Status: Under construction
Highgate Village - Phase I & Phase II
RZ#63-97 Lawrence Doyle Architect/Bosa Ventures
Development: (7155 Kingsway) Major mixed-use development with a redeveloped shopping centre, four residential towers, low-rise apartments, and a community police station. (887 residential units, 115,527 sq.ft. commercial/retail) Status: Phase I - Under Construction. Tower A 187 residential units. Shopping centre completed.
Phase II - Under construction. Tower B 179 residential units. Tower C 219 units. Six-storey Building E 82 units.
Townhouses & Heritage Preservation
RZ #05-50 Rob Allen Architect Inc.
Development: 4250 Marine Drive. 90 townhouse units & preservation of two heritage buildings
Status: Rezoning Initiated
Grover, Elliott & Co. Ltd. is an established real estate appraisal firm located in Vancouver, British Columbia. Our senior team of accredited real estate appraisers have extensive experience in all types of property valuation, new project analysis, consulting and forensic appraisal. See www.groverelliott.com for further information
Comments and enquiries are welcome, and may be directed to:
Larry Dybvig, AACI, P.App, MAI
President
ldybvig@groverelliott.com
|
Ryan Lucy, B.A, Editor
Telephone (604) 687 5443 rlucy@groverelliott.com
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