Interest Rates Low for Q3 in Vancouver, BC
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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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