Construction has begun on a new residential tower which will create 220 units of replacement rental housing, where displaced tenants will have the opportunity to return to new homes with the same rent and number of bedrooms as before (plus any Residential Tenancy Act rent increases).
“This project illustrates the importance of Burnaby’s Rental Use Zoning Policy and landmark Tenant Assistance Policy as our city continues to grow,” said Mayor Mike Hurley. “As we add new density in our town centres, policies like these are ensuring people can continue to live in their neighbourhood, and we’re creating even more affordable housing, giving folks the chance to thrive in our city.”
The Telford Avenue 2 tower project, led by Baydo, will include:
- 220 Replacement units
- 84 Non-market units rented at CMHC median market rates
- 84 Market rental units
Baydo hosted a groundbreaking ceremony for the new “Baydo Apartments” Telford Avenue 2 tower project, located at 6616 & 6638 Telford Avenue on February 6.
Under Burnaby’s Rental Use Zoning Policy, replacement units are a requirement for new developments that result in the displacement of existing tenants in purpose-built market rental housing. Burnaby’s Tenant Assistance Policy provides for further financial and other benefits to tenants impacted by redevelopment of purpose-built market rental housing, including:
- Help finding a new place to rent, if requested.
- A choice of financial compensation in the form of rent top-up payments or a lump sum payment, to bridge the gap between current rents and market rents,
- Financial support for moving and help with making arrangements, if requested.
- The right to return to the new building at the same rent (plus any Residential Tenancy Act rent increases) in a unit with the same number of bedrooms.
Quotes:
Sharmeen Punjwani – Vice President of Operations Baydo Group
Located near the vibrant Metrotown area in Burnaby, Baydo Apartments will offer an affordable yet high-quality lifestyle, providing tenants with both comfort and stability. With nine buildings under construction in the Lower Mainland, and 1,300 units in development in Metrotown, we’re proud to be playing an integral role in enhancing Burnaby’s local economy and helping to solve the housing crisis.