For the first time in Burnaby, tenants are returning to a redeveloped building at the same rent they were paying before, as the first project to include replacement rental units under Burnaby’s innovative Rental Use Zoning Policy reaches completion.
“We made a promise to Burnaby tenants five years ago to ensure they were not displaced or priced out of their neighbourhoods as a result of redevelopment,” said Mayor Mike Hurley. “Today, I’m thrilled to see the first wave of tenants return to beautiful homes in a fantastic new building in Burnaby and I’m thankful for the partners who have helped make this program such a success.”
Located at 6521 Telford Avenue, this project built by Intracorp Homes BC is a six-storey, wood-frame building featuring 59 below-market and 7 market units. Of the 49 tenants eligible for replacement units, 32 have chosen to return to the new building and are expected to move in next month. The remaining non-market units will be rented at 20% below CMHC median market rents for the area to individuals and families who have incomes not exceeding housing income limits set by BC Housing.
The rental use zoning policy provides for tenants’ right to return to the redeveloped building at the same rent (plus any Residential Tenancy Act rent increases) in a unit with the same number of bedrooms.
The success of the Telford on the Walk project demonstrates the importance of partnerships in creating the housing residents need and can afford. The project was supported by $14.9 million from the federal government; $12.5 million in fully repayable, low-interest loans through the Apartment Construction Loan Program and $2.4 million through the Affordable Housing Fund, a contribution of $5.4 million from Intracorp Homes BC, as well as a $460,000 grant from the City. Catalyst Community Developments, a non-profit society, owns and operates the new building.
About Rental Use Zoning in Burnaby
In 2019, the City of Burnaby became the first city in B.C. to protect and enhance rental housing by requiring 1-to-1 replacement of all rental units in multi-family buildings (with five or more units) lost through redevelopment. Tenants displaced must also be offered a unit in the new building, with the same number of bedrooms and at the same rent they paid prior to redevelopment. For units without a returning tenant, rents must be set to 20% below CMHC market median rents.
Learn More: Rental Use Zoning Policy
Quotes:
Evan Allegretto, President, Intracorp Homes BC
"Intracorp Homes is honoured to be a part of the collective effort addressing our region's housing crisis. Our partnership with both Federal and local governments has culminated in Telford on the Walk—an achievement as the first development completed under the City of Burnaby’s new housing policy. This project exemplifies the power of collaboration between the public and private sectors. I'm proud of our role in fostering communities where every individual can find a safe, affordable place to call home."
Luke Harrison, President, Catalyst Community Developments
“Catalyst is grateful to have partners like Intracorp, CMHC, and the City of Burnaby to help in our work to create housing that is affordable to the people who make our communities work. Though the individual contributions are significant, it is in collaboration that we can develop solutions that meet and exceed the community's needs."
The Honourable Terry Beech, Minister of Citizens’ Services and Member of Parliament for Burnaby North—Seymour on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
“Every Canadian deserves a safe and affordable place to call home. That’s why our government is taking action right here in Burnaby to increase the supply of new rental developments that are located near good jobs, transit, and important services and amenities. Thank you to the city of Burnaby and our development partners for their leadership.”