Future students at Simon Fraser University's Burnaby campus will have access to hundreds more on-campus housing beds to try and fill a housing shortage.
The Province of B.C. announced Friday morning a $104-million project that is scheduled to open in fall 2022 and will provide homes for an additional 369 first-year students. This includes a $73-million loan for SFU to build the new student housing facility.
There is a growing shortage of student housing at SFU. This year, the university received 3,026 applications for 1,554 student spaces. Burnaby’s rental market had a vacancy of less than two per cent in 2018.
"By providing more student housing at post-secondary campuses throughout the province, government is taking some of the pressure off students, while freeing up affordable rentals for people in communities like Burnaby, where there are low vacancy rates," said Premier John Horgan. "This new housing at SFU is part of a six-year, $450-million investment to provide about 5,000 new beds at public post-secondary schools throughout B.C.”
The plan allows public post-secondary institutions around the province to help finance student housing projects. Since February 2018, the province has funded an additional 1,971 student beds at post-secondary schools.
"This support for new student residences is a win-win for the university and the community," said Andrew Petter, president and vice-chancellor, SFU. "Not only will it significantly improve the quality of campus life for students, but it will also reduce pressure on the region's housing market for the benefit of the communities we serve."
