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The Burnaby Mayor, Derek Corrigan, gave his annual State of the City address at the Hilton Vancouver Metrotown on April 13. He covered several interesting topics including current and future plans for Burnaby in terms of social housing, commercial property developments, and residential property developments.

One concept that was mentioned over and over again in the address was that of Burnaby as a "Creative City". This refers to the focus on the development of lively, diverse "streetscapes" and public places, and tying all this in with residential real estate projects in development and being planned--including the proposed "Metroplace" development at the Metrotown SkyTrain station, and Sovereign, the 45-tier development which features 202 residential units on 26 tiers, 169 hotel rooms over 13 levels and a three-tier retail podium.

When Sovereign went on the market last month, all 202 residential units sold out in a single day. This event surpassed the single-day record for Burnaby real estate sales and is a great market indicator for future real estate development projects in Burnaby.

Other Burnaby residential property developments of note which were initiated or partially/fully completed in 2010 include:

  • The Empress - a 45-tier mixed use property development with a hotel and 202 residential units at Willingdon Avenue and Kingsway.
  • The Jewel II - a 21-tier residential property development with 98 units at Beresford Avenue and Wilson.
  • The Concord-Pacific Development - a 21-tier residential apartment tower on Nelson Avenue.
  • Polygon Development - a residential high-rise with townhouses (245 units) located between Bennett St. and Nelson Avenue.

Burnaby's current and future real estate projects can be seen on the Burnaby City website. Among its residential goals, the City tries to balance the housing needs of the city with social responsibility:

"Burnaby, through its land use designation function, has the ability to influence the location of housing and provide for various types of neighbourhoods. These actions have encouraged a broad range of choice in residential environments including single and two family areas and town- house and apartment areas that meet the housing needs of differing households."

The four goals for housing as laid out on the Burnaby City website are:

  • To provide a varied range and choice of living opportunities within the City.
  • To establish increased opportunities for ground-oriented housing.
  • To maintain and improve neighbourhood livability and stability.
  • To help ensure that the needs of people with special and affordable housing requirements are met.

What can be taken from the annual State of the City address is that Burnaby cares about well planned residential real estate projects. If you are thinking of buying real estate in Burnaby, you can be assured that amenities, transport, and social services are all well catered for.