Interest Rates Low for Q3 in Vancouver, BC
commercial real estate blog vancouver bc, commercial real estate vancouver bc
Vancouver Multi-Family Prices Are Downright Dizzying
Tags:
(Posted on Aug 3, 2016 at 06:28PM by Michelle Bogle)
At first glance, this modest-looking 69-year-old wood frame rental apartment building on West 6th Avenue in Kitsilano may not look like much. But, look again – it just sold in competition for $4.5 million last month and for $50,000 above list price.Â
Â
Broken down, that equates to $750,000 per unit in the six-unit building. The two-bedroom suites average $1,680 per month in rent and, just one year ago, the property was assessed for $2.9 million with the value of the building at $199,000 and the land at $2.7 million.Â
Â
If this isn’t any indication of just how stratospheric prices are in Vancouver’s booming multi-family sector, then we don’t know what is! In the last year alone, sales volumes have soared 47% to above $1.1 billion and industry experts are anticipating that number to reach a record $2 billion by the end of 2016.
Â
If investing in Vancouver’s multi-family market is on your radar, we urge you to call our office immediately to speak with our team of advisors, who can provide you with a thorough market evaluation and sound investment advice.
The time to act is now! Don’t miss your chance – contact us today.
The time to act is now! Don’t miss your chance – contact us today.
Powered by Webstager