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Burnaby and Beyond: Housing project progress and tech talk
In Burnaby and Beyond, we take a look at some of the items that might otherwise get missed from the various local governments that affect Burnaby, from city committees and school board to the regional district and TransLink.
Progress at Southwynde
Design of a Burnaby housing project being built by the Metro Vancouver Housing Corporation is so far 35% completed and expected to be 90% completed by the end of next year, according to two reports from the regional district’s housing committee.
Schematic design of the 120-unit family-oriented development at 7388 Southwynde Ave. completed, and Metro Vancouver is now awaiting city feedback before getting into more detailed design, which is expected to begin next month.
Housing committee budget documents have the Southwynde project slated to receive $2 million in cash flow next year, followed by $30 million in 2024 and 2025, before dropping back down to $1.65 million in 2026. In all, MVHC is expected to spend $63.65 million on the project between 2023 and 2026 in terms of capital spending.
The project is expected to begin occupancy by the second quarter of 2026.
Fast-growing tech hub
Metro Vancouver was the fastest growing tech hub in North America between 2016 and 2021, according to a recent report to Invest Vancouver’s board.
The report cites investment firm CBRE’s “scoring tech talent 2022” report, noting that nearly 45,000 tech jobs were created in the region in those five years. A significant portion of those jobs are being filled by workers coming from outside the region, which Invest Vancouver called “good news for economic growth and the region’s attractiveness for tech talent and tech companies.”
And in the last few months, Invest Vancouver met with 12 leads for investment from the high-tech industry—more than any other industry.
And Metro Vancouver is working with employers in the tech sector and post-secondary institutions to develop tech talent in the region, including with Amazon Web Services. That collaboration, Invest Vancouver staff noted, “is intended to prepare Metro Vancouver residents for well-paying jobs in the region’s growing tech sector, helping to attract high tech firms to the area.”
Another factor, staff noted, is programming by the federal and provincial governments on skills-based immigration.
But one further factor is Vancouver’s relatively low pay for tech sector workers.
In a graph comparing average annual salaries for software engineers in various cities in North America and the quality of labour, Vancouver has a standing that’s good for employers—but not so much for employees.
While Vancouver’s quality of labour is ranked 17th highest of 50 cities in the continent, the region is ranked 43rd in terms of annual salary, at just over US$70,000.