Interest Rates Low for Q3 in Vancouver, BC
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Showing posts for category Commercial Real Estate in Vancouver (Back to Index)
Showing posts for category Commercial Real Estate in Vancouver (Back to Index)
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Interest Rates Low for Q3 in Vancouver, BC
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(Posted on Nov 26, 2018 at 08:03PM by Danielle Smyth)
In the third quarter, interest rates have remained low. This means that investors are clamoring for available investment properties. It can be difficult to identify the perfect choice for you.All in all, the situation throughout Canada is favourable, however. Since available capital is plentiful, prices rise, creating a very competitive market. Rising costs for both construction and real estate make it harder for small investors or individuals to build or buy their own properties. This can be a boon to established investors who will then be able to easily turn a profit.
In Vancouver, BC, in particular, interest in apartment buildings has remained very strong, thanks to low interest rates. Overall, investment in commercial real estate in the city has been quite favourable this year.
Elsewhere in Canada, things are also looking great for investors. In Toronto, for instance, an overall decline in number of sales pales in comparison to a new record for money earned as a result of said sales.
As long as investors are able to keep up with emerging trends in technology, it’s likely that they will continue to thrive in the ever-evolving market in Canada. If you’re interested in learning more about this or similar investment options, reach out to Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide the information you seek.
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The Harry Jerome Building and Investment Opportunities in Vancouver, BC
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(Posted on Nov 26, 2018 at 07:48PM by Danielle Smyth)
A new office building has been planned for North Vancouver. Called the Offices at Harry Jerome, this strata property will feature retail and offices and will reach 5 stories in height. The location is a AAA-certified project and will offer investors 90,000 square feet of available space. The building will be the largest in the area in over 10 years, and it will also be the first LEED-certified one on the entirety of the North Shore. It’s being developed by Darwin Construction.The project will be a part of the Harry Jerome Neighbourhood Lands Vision. It’s been designed to also include a community centre, park, cycling and pedestrian paths, a daycare and more than 800 housing units. These units will be comprised of market rental, senior housing and family-orientated homes.
Since North Vancouver has an office vacancy of about 5 percent, the Harry Jerome building will offer significant opportunities to investors. As the project continues, it’s a great time to seek additional information. If you’re interested in learning more about this or similar investment options, reach out to Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide the information you seek.
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Changes to the Retirement Home Outlook and its Impact on Vancouver, BC, Investors
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(Posted on Nov 26, 2018 at 07:20PM by Danielle Smyth)
Increasing numbers of seniors choosing to stay at home in their retirement has skewed the numbers of anticipated residents in assisted living and other facilities. In Vancouver, BC, rising debt, as well as the scarcity of available retirement homes and the soaring costs of those that are available, has led to a decline in interest from the elderly.According to a recent survey, 93 percent of Canadians over the age of 65 indicate a desire to remain in their homes once they have retired for as long as possible. According to the results, “69 percent of senior homeowners...wish to maintain a sense of independence...51 percent said that they want to stay close to family, friends, or their communities, and 40 percent pointed at emotional attachments and memories as their motivation.â€
This shift has led to higher renovation spending by the 65-plus age group, which now accounts for a quarter of all such expenditure in the nation. If you’re interested in learning more about opportunities for investment throughout Canada or how shifts in retirement home decisions might impact you as an investor, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
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Commercial Real Estate in the Tech Space Booms in Vancouver, BC
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(Posted on Nov 25, 2018 at 03:04PM by Danielle Smyth)
Despite a return earlier this year to more normal levels, Vancouver’s real estate market has remained strong when it comes to investors in the tech space. 2017 was a tremendous, record-breaking year for the greater Vancouver, BC, area, and this year so far has seen a bit of a drop. However, analysts feel this is to be expected, and they remain impressed by the interest technology companies have exhibited in commercial real estate opportunities.Large players in the technology market, like Amazon and WeWork, have moved into Vancouver this year, marking it as a valuable player in the nation’s emerging tech industry. These moves, and continued interest in properties across Western Canada by big names like this, represent good news for investors.
According to a recent report, “As Canada continues to push further ahead in areas like technology, investors both domestic and abroad see the potential for growth here and are willing to call Canada home.†Marcus & Millichap stated that, “Talent is heading to Toronto in strong numbers, growing the consumer base and driving local and international retailers to grow their footprint across the metro.â€
This is great news for investors! Want to learn more about how these trends can impact you? Get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information
Commercial Real Estate Facts and Figures for Vancouver, BC
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(Posted on Nov 25, 2018 at 02:54PM by Danielle Smyth)
According to a recent report, commercial development in Vancouver, BC, has slowed slightly in the first half of 2018, but it had previously hit a high last year. In 2017, a record $14.5 billion in real estate sales were recorded. Of that, $9 billion were land sales. This latter group is expected to remain strong throughout the rest of this year.In 2018, real estate sale numbers are a bit slower, likely due in part to the lack of continued commercial availability in such large quantities. This year so far, office sales have only posted one-third of the level that they did in 2017. In fact, about 1.3 million square feet of new office space was added to the Vancouver market in the past 8 quarters, but this is “less than half the amount added in the previous eight quarters,†according to the report. Retail sales have decreased by 11 percent so far this year.
For investors, though, all is not lost. Offsetting the declines outlined above, industrial and office transactions this year are up by $138 million and $124 million, respectively.
If you’re interested in learning more about opportunities for investment throughout Canada or about how large changes in the market might impact you, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to assist you.
2018 Housing Market Outlook for the Vancouver, BC, Area
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(Posted on Nov 16, 2018 at 11:21AM by Danielle Smyth)
Good news for investors in the Vancouver, BC, area! According to the Canada Mortgage and Housing Corporation's 2018 Housing Market Outlook, markets throughout the country “should see a moderation in both housing starts and sales in 2019 and 2020, while home prices are expected to reach levels that are more in line with economic fundamentals such as income, job and population growth.â€They expect that trends will begin to move downward, from 193,700 to 204,500 sales in both the single and multi-unit markets. In addition, MLS sales should be somewhere between 478,400 and 497,400 units, with prices between $501,400 and $521,600.
This means now is a great time to invest, if you’re planning on breaking in to the multi-unit housing market. Income, job, and population growth are leveling off, which could indicate an increased need for apartments and two-family homes that would make for a solid investment.
Curious how trends like these might ultimately affect the market in BC? Get in touch with Marcus & Millichap's Vancouver office. Ask to speak with one of our experienced commercial real estate advisors, who will be happy to help!
Commercial Real Estate is Stable in Vancouver, BC
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(Posted on Nov 11, 2018 at 04:44PM by Danielle Smyth)
In a recent report, Marcus & Millichap analysts have reported that stock market volatility has not had a negative impact on commercial real estate. Instead, they indicate that the stability of commercial real estate is “increasingly appealing for investors.†You might wonder why this is the case. Well, they explain, “carrying competitive yields and relatively less volatility, commercial real estate represents a viable alternative to equities. Additionally, property values typically reflect the economic strength of the real economy, underpinned by low unemployment, positive demographics and continued growth in consumer spending, reinforcing a healthy outlook for the coming year.â€This is great news for anyone considering an investment in commercial real estate. The report further suggests that commercial leases align quite well with the rise in inflation. Over the past 12 months, core CPI has risen 50 basis points to 2.2 percent. In addition, many commercial leases tend to have built-in clauses that speak to inflation adjustments or lease resets, so that investors can deflect the costs that might be associated with an increase over time.
If you’re interested in learning more about opportunities for investment throughout Canada or how economic changes might impact you, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
Commercial Real Estate Property Tax Ratios in Vancouver, BC
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(Posted on Nov 10, 2018 at 08:57PM by Danielle Smyth)
The commercial real estate property tax ratio is high in Canada, says a recent report. In fact, commercial taxes are almost three times as high as property taxes. In Vancouver, the ratio is even higher, at four to one. This is in spite of the fact that the city had the largest decrease, of 9.72 percent, and the largest drop in its commercial tax rate, at 12.78 percent. This is because commercial real estate values increased at a higher rate than residential values.According to the article, Vancouver remains a hot market for commercial real estate. This is great news for investors. Having a sizable tax base of commercial buildings in the city is a wonderful thing, as it encourages growth and makes the city seem like a great place for businesses to move. Toronto, also, is doing very well in this regard and remains a wonderful place for investors.
If you’re interested in learning more about opportunities for investment throughout Canada or about how commercial real estate property tax ratios can be beneficial for you, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
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Bidding Wars in Kitimat are Great for Vancouver, BC, Investors
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(Posted on Nov 10, 2018 at 08:37PM by Danielle Smyth)
In Kitimat, bidding wars on commercial real estate are creating soaring rents. This is all a result of the fact that the LNG Canada project was recently approved. The $40 billion liquefied natural gas pipeline is going to make a huge impact on the market throughout the area.Since the October 1 approval of the pipeline, rents and prices in home sales have soared. For instance, the average house price in the area has jumped to $256,500, up from $214,800 a year ago. Virtually no housing has been built in the area in recent years, and a whopping 42% of apartment units are vacant. This is good news for real estate investors, though, since rents could now be set at much higher levels in those properties.
Investors in the Kitimat area are being cautioned to move quickly if they want to get in on these fabulous opportunities, because homes and units are selling so fast. Don’t miss out on this wonderful chance! If you’re interested in learning more about opportunities for investment while there’s still time, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
Vancouver, BC's New Mayor to Tackle Housing Crisis
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(Posted on Nov 10, 2018 at 08:25PM by Danielle Smyth)
Kennedy Stewart, the new mayor of Vancouver, has vowed to tackle the housing crisis immediately. The city’s first independent mayor in over 30 years, he campaigned on a promise of building 85,000 units of non-profit, rental, and market housing over the course of the next ten years. In addition, Stewart has sworn to triple the empty-homes tax and protect as much as one-half of the homes in the city from foreign speculation.Stewart was quoted as saying that he is frustrated by the possibility that a company might “operate a business for 30 years in one location and they rezone your area or a development permit gets approved, the building won’t be built for five years, but your commercial property taxes go through the roof, and because of the triple-net lease, you’re responsible for them.†As such, he is hoping to look at assessments on commercial properties.
All of this is could be good news for investors in the long run, as policies shake out and encourage growth of business in the city. Curious how trends like these might ultimately affect the market in Vancouver, BC? Get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
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