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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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New Retailers to Canada Create Exceptional Opportunities for Vancouver, BC, Real Estate Investors
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(Posted on Nov 5, 2018 at 01:38AM by Danielle Smyth)
According to a recent report, 2018 could leave as its legacy a huge mark as being a wonderful year for investors. This is because it continues to exceed expectations as far as new retailers coming to Canada. In fact, it’s shattering records set in 2017, which was already viewed as an impressive year.According to a publication that is well-trusted in the industry, called Retail Insider, at least 50 new companies arrived in Canada in 2017 in the retail market. As of July of this year, there were already 30 additional companies, leading to the theory that 2018 will close out with another record-breaking total.
Apparently the majority of international retailers who come to Canada are choosing Toronto or Vancouver as their first sites in the country. A whopping 34 percent of new companies were luxury brands. There were also a great deal of coffee shops, restaurants, and eyewear businesses that made the move, each about 12 percent of the total.
This is wonderful news for investment real estate opportunities, particularly in Vancouver, which is such a hotbed for activity. If you’re interested in learning more about opportunities for investment 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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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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Canadian Real Estate Investments Hit a Record High, Especially in Vancouver, BC
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(Posted on Oct 29, 2018 at 03:56PM by Danielle Smyth)
It’s a good time to be involved in the Canadian real estate investment market. In fact, a recent report reveals that transactions hit a record high in the second quarter of 2018. The writer believes that this was largely driven by two major deals and the “continued strength of the Toronto and Vancouver markets.â€Across the country, deals totaled $16.5 billion, which marks a 38 percent increase from the previous record of $12 billion in the first quarter of 2017. Vancouver and Toronto have seen a huge amount of interest by investors, and they have had the least vacancies of any downtown areas for the past four quarters. In addition, the cities have been the two with the lowest industrial availability for a year and a half. Toronto made up a third of all transactions and had a total value that was 82 percent above the five-year average.
At this point, investors are more interested in high-quality properties, which are a far safer bet in the event that there were to be an economic downturn of some kind in the future. If you’re interested in learning more about commercial real estate opportunities throughout Canada, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors is ready to answer any questions you might have!
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