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2018 housing market trends commercial real estate vancouver bcKeep an eye on the housing market in Vancouver, BC. According to a recent report, big changes are on the horizon, especially in the Burnaby area. Thanks to several recent political shifts, affordable housing may grow more and more possible for large portions of the population.

According to The Globe and Mail, since 2002, many residents of Burnaby have been forced to relocate to neighboring cities and towns due to a lack of affordable housing. Apartments that would have been within reach for many families were replaced with higher-end properties that they could ill afford.

As a result, the recent election brought to light many candidates with a vision for change in the Burnaby housing market. Vancouver, for instance, is looking to build 600 temporary modular units housing for those who are homeless. In addition, affordable housing endowments could be used to collect land for building projects. According to the article, “If Burnaby develops strong policies to protect rentals and develop non-market and social housing...it will help ease the stress on Vancouver and New Westminster.”

Would you like to learn more about how this could impact you as a commercial investor? Get in touch with Marcus & Millichap's Vancouver office today! One of our experienced commercial real estate advisors will be happy to provide additional information.
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