Burquitlam highrise now includes non-market units

Following some quibbling over definitions, Coquitlam council unanimously gave final approval to a change that will lock in 54 non-market units in a 37-storey tower.

Located at Cottonwood Avenue and Whiting Way, the tower was initially earmarked for market rental units. However, Tuesday’s vote means about 15 percent of the building’s 347 units will be offered at discounted rates – although the exact discount struck some on council was unnecessarily confusing.

The non-market rents are set to be offered at either 29 percent below market or: “thirty percent of seventy percent of the applicable median total income divided by 12 months, if applicable.”

“Where’s 29 [percent] come from?” asked Coun. Dennis Marsden.

“That’s the part of that that you didn’t understand?” interjected Mayor Richard Stewart.

Addressing the 30 percent of 70 percent, Stewart asked why the agreement didn’t state 21 percent.

The percentages are dictated by Canadian Mortgage and Housing Corporation, which helped fund the project, explained the city’s general manager of planning and development Andrew Merrill.

“There’s something to be said for the federal government making a more complex definition where a . . . simpler one would’ve done,” Merrill said.

If the rent were based on income, a household earning $70,000 would pay a monthly rent of approximately $1,225.

The project also includes 293 units set to remain market rental for 60 years.

The highrise is part of a six-tower development totalling of 1,973 housing units originally approved by council in 2019. The towers range from 24 to 48 storeys.

The first phase of the project includes the 37-storey rental tower as well as a 30-storey building with 275 strata units. The project is also set to include approximately 132 purpose-built market rental units for seniors.

Coun. Robert Mazzarolo recused himself from the vote.