New Vista Society partners with Polygon Homes to expand affordable housing in Burnaby

Burnaby, British Columbia - New Vista Society is pleased to announce it is acquiring the non-market housing component of the new Polygon Homes Perla development, adding important affordable housing in Burnaby.

The non-market housing will consist of a six-storey woodframe building comprising of 118-units, spanning approximately 82,500 square feet of gross buildable area situated above a five-level concrete underground parkade. The province announced last week that funding for the initiative would come from the Building BC: Community Housing Fund.

“The partnership between New Vista Society and Polygon Homes represents a collaborative effort to address the pressing need for affordable housing in Burnaby,” said Darin Froese, the CEO of New Vista Society. “We are excited to contribute to the community's well-being and provide essential housing options for those in need."

Aligned with the City of Burnaby's Rental Housing Policy, rental rates are expected to be set below market rates, ensuring affordability for residents. New Vista has played a pivotal role in supporting Polygon in relocating previous tenants on-site to our Paul McDonell Residence and other locations. Some of these tenants are expected to return once the building is ready for occupancy.

The project also marks an important partnership between New Vista and the Burnaby Association of Community Inclusion. The two organizations entered into a memorandum of understanding in November 2023 to potentially collaborate to provide more services focusing on diversity, equity, and inclusion in the community.

Construction commenced in May 2023, with an estimated completion date in late 2026 or early 2027.