Howard is a Staff Writer based in Burnaby who covers real estate and commercial real estate, with a focus on housing policy and the development industry.
During Monday night's meeting, Burnaby City Council granted a first, second, and third reading to its new development cost charges update and introduction of amenity cost charges bylaws, setting the stage for Burnaby to become one of the first municipal governments in British Columbia to introduce ACCs.
The Province has also made the use of ACCs optional, so not every municipality may decide to utilize them, although many are expected to. The City of Burnaby signalled last month that it was going to use the tool, releasing a. Following Monday evening's meeting, the associated bylaws will now be forwarded to the Provincial Inspector of Municipalities, after which the City of Burnaby can grant final adoption.
Blackwell notes that the current cost of building a one-bedroom, 550-sq. ft home in Burnaby is $678,056, which would be increased to $716,897 following the change. The cost of building an 825-sq. ft, two-bedroom unit would increase from $1,017,084 to $1,055,925 and a 1,025-sq. ft, three-bedroom unit would increase from $1,118,275 to $1,157,116.
"It already does not work and by adding more costs to the overall equation, the City of Burnaby will see the number of home starts decline because projects are not economical and can not be financed any longer," he concluded. "With less supply, the cost of housing in the City of Burnaby will increase even more and become more unaffordable.
Jenkins and Margetts also included a chart in their letter, showing that the fees for the aforementioned project would balloon from $30,324,930 to $63,001,321 after the new changes and also factoring in theThe letters from all three developers were dated March 15 and were follow-ups to a consultation meeting the City had with the development industry.
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