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Showing posts for category Industry News (Back to Index)
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Low Unemployment Increases Demand for High-End Apartments in Vancouver, BC
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(Posted on Nov 7, 2018 at 07:20PM by Danielle Smyth)
According to a recent report by Marcus & Millichap, ever-decreasing unemployment numbers in the United States, especially among the college educated, have led to a higher demand for upscale apartments. In fact, in the U.S., unemployment numbers are now under 6 million, making them the lowest they’ve been since December 2000. For those with a four-year college degree, the jobless rate dropped 2.0 percent, its lowest level since 2007.This is great news for investors considering the purchase of high-end apartment buildings. In particular, multifamily buildings and excellent quality properties, like Class A and B apartments, tend to thrive in an environment like this. In the past 20 years, when the unemployment rate for college educated individuals fell to the levels they’re currently at, the vacancy rate for Class A apartments has historically dropped below 5 percent.
Curious how trends like these might be impacting the market in Vancouver, BC? Our advisors have the expertise to help you understand evolving aspects of the economy to ensure the best possible outcome for your investment. If you’re interested in learning more about opportunities to own property throughout Canada, 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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CACs and Real Estate Investing in Vancouver, BC
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(Posted on Nov 5, 2018 at 01:50AM by Danielle Smyth)
Rezoning in Vancouver is a complex process that involves decisions on a variety of fronts. Anytime the city approves a request for rezoning, it “aims to capture 70 to 80 percent of the uplift in land value created by that rezoning through “Community Amenity Contributions,†or CACs,†according to a recent report. The reason behind this? The city feels (and many residents agree) that developers should have to contribute to the amenities that residents make use of as their way of giving back to the community that brings them business.In many instances, the city has been criticized for approving rezoning requests when they shouldn’t have for reasons solely based on getting more funding for these improvement projects that are essential to residents. However, if you don’t get CACs, the taxes of those who live in a given area will by necessity go up.
What does this mean for developers and investors? They should be prepared for the cost of CACs, as well as for all of the benefits these can have on the neighborhoods they are entering. Vancouver is a booming market and definitely worthwhile for investment, so the cost of helping to build up the community is in most instances well worth it.
If you’re interested in learning more about opportunities for investment, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide all of the information you need.
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The Real Estate Market in Vancouver, BC, is On the Mend
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(Posted on Nov 5, 2018 at 12:31AM by Danielle Smyth)
According to a recent report, the real estate market in British Columbia still remains bullish, despite slow September home sales. According to the British Columbia Real Estate Association (BCREA), the “downturn is largely behind†the industry, and things should be picking up soon.Though drops were seen across the board, they varied depending on geographic location to a great extent. For instance, there were declines of 50 percent in Chilliwack and the South Okanagan. However, in the Greater Vancouver area, there was a decline of 43.3 percent, and only 16.7 percent in Victoria. In Northern B.C., there were only losses of about 9.5 percent, and a meager 5.4 percent in Powell River.
Based on the article, it does not appear that the commercial or investment real estate sectors have seen hugely negative impacts from the market trends. Cameron Muir, the chief economist for BCREA, said “My expectation is for sales over the next couple of quarters to trend higher, as long as the B.C. economy stays where it is. All our models are pointing in that direction looks like we’re in the trough of the chart.â€
This is good news for those who might wish to invest in real estate across the market in Canada. Interested in getting involved? Get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to assist you!
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Industry News: Vancouver Real Estate Forum – April 11, 2017
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(Posted on Mar 7, 2017 at 03:03AM by Michelle Bogle)
For over two decades, the Vancouver Real Estate Forum has become the largest annual conference on real estate investment and management in the region. It has developed this reputation by offering high-quality speakers on very topical issues that are relevant to today’s industry.
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This year’s forum is no different. It promises to deliver a fast-paced, information-packed program focusing on key issues and challenges facing real estate investors, developers, asset managers, brokers and other professionals within commercial, industrial, residential and investment real estate.
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The conference is scheduled for Tuesday, April 11, 2017, at Vancouver Convention Centre West.Â
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Early bird pricing of $456.75 is on now until March 17, 2017, then regular rates of $488.25 apply until April 10, 2017. Day-of-event tickets will also be available at the door for $582.75.
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To secure your early bird pricing, please register on the Vancouver Real Estate Forum’s website. An overview of the day’s programming is also available by clicking here, including a comprehensive schedule of engaging speakers and topics.
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