Burnaby's Multiplex Boom: 2025 Market Update

If you want to see the future of BC housing, look at Burnaby. The city has embraced multiplex development more aggressively than almost any other municipality in Metro Vancouver.

Permit Activity

Burnaby has processed more multiplex building permit applications than any other Metro Vancouver municipality since Bill 44 took effect. The majority are 4-unit projects on standard 6,000 sq ft RS-5 lots. Six-unit applications are concentrated along the Kingsway, Hastings, and Canada Way corridors. Average permit processing time is currently 8–14 months from initial application to building permit issuance.

Sale Prices by Neighbourhood

Where the Best Opportunities Remain

The most competitive areas have already seen land prices adjust upward. The best risk-adjusted returns are now in South Burnaby around Edmonds Station, East Burnaby near the Cariboo corridor, and parts of North Burnaby along Hastings where land is still priced closer to single-family teardown value. Land can still be acquired at $1.0–$1.3M while end-unit values track $825–$925/sq ft. That spread supports gross margins of 18–24% on 4-unit projects and 25–32% on 6-unit projects near transit.

Challenges to Watch

Permit timelines have lengthened as the planning department processes a surge in applications. Some applicants report 12–16 months from application to building permit. DCCs in Burnaby have also increased to $35,000–$45,000 per unit — on a 6-unit project, that is $210,000–$270,000 in municipal charges alone.

The Outlook

Burnaby's multiplex market is transitioning from early-mover to mainstream. The opportunity is still strong but requires sharper execution, more accurate cost estimation, and faster decision-making than it did 12 months ago. The developers who will win are those with established contractor relationships, pre-approved designs, and the ability to close on land quickly.