Three apartments and rental house sold in Metrotown for $14.5 million

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      Five contiguous lots with 45 rental units have been sold in Burnaby.

      There are three low-rise apartments and one rental house on the 36,423-square-foot site at 6556-6596 Marlborough Avenue, according to real-estate agents David and Mark Goodman.

      In the father and son's newsletter, the Goodman Report, they reveal that a purchaser paid $14.5 million. It was listed at $14.9 million.

      "The City of Burnaby has expressed an intent to proceed with a planning process for a proposed update to the Metrotown Centre Plan, which we expect to be confirmed sometime later this year," the newsletter says. "While Council has not currently endorsed any future density designation or rezoning change for the subject property, it is possible that future rezoning to a higher density will be permitted."

      Meanwhile on May 16, a group called the "Stop Demovictions Burnaby Campaign" presented a report to Burnaby council on the housing crisis in Metrotown.

      One of the members, Rick McGowan of the Metrotown Residents' Association, wrote that Burnaby's home-ownership rate is lowest in Metrotown, with 51 percent of tenants in this town centre spending more than 30 percent of their household income on rent.

      "Under the City's definition, a 1-bedroom 600 sf [square-foot] purpose-built suite in a tower renting for $1600 is deemed affordable," McGowan noted in the report.

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