Interest Rates Low for Q3 in Vancouver, BC
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Vancouver, BC, Vacancy Rates Drop and Real Estate Transactions Soar
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(Posted on Nov 18, 2018 at 10:33AM by Danielle Smyth)
According to recent statistics, now is a fantastic time to be an investor in the commercial real estate market in Canada. For instance, especially in the office building sector in Vancouver, BC, record prices were reached in the first half of 2018. The number of sales in this category is up, too, very significantly from the same time last year.What’s more, vacancy rates have reached historic lows across all classes of real estate. This puts pressure on owner-occupiers to purchase strata units. Because of overall growth of the economy and the perceived potential for future earnings, many investors are taking this opportunity to purchase additional properties. In a lot of cases, these decisions are made more for the long-term redevelopment potential of a location than its immediate capacity to generate income for the investor.
There were $16.5 billion recorded in commercial real estate transactions throughout the nation as of September year to date, and those numbers have continued to soar. Toronto and Vancouver remain the primary buying locations, with Toronto attracting $5.7 billion and Vancouver accounting for $3.2 billion of the deals mentioned.
This means now is a great time to invest! If you’re interested in learning more, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to help!
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