Interest Rates Low for Q3 in Vancouver, BC
commercial real estate blog vancouver bc, commercial real estate vancouver bc
There is an ongoing demand for apartments in the greater Vancouver area, especially in the northern part of the city and Burnaby. So far this year, sales have surpassed those from 2017 by nearly 30 percent. Renovated apartment buildings sales have been the most prevalent, at a whopping three-quarters of the market transactions in the past 12 months. Best of all, the values of each unit have reached nearly $600,000. Investors will appreciate, also, that the average capitalization rate increased to 3.67 percent so far this year.In addition, though sales of apartments saw a 35.7 percent decrease this October in comparison to 2017, the benchmark price of an apartment property is $683,500. This price is a 5.8 percent increase from this time last year. If you’re an investor, that means now is a great time to get in on available properties. Overall, the Real Estate Board of Greater Vancouver has reported, the number of homes and apartments currently listed for sale throughout the area represents a 42 percent increase over last year at this time.
Are you interested in learning more about opportunities for investment throughout Canada? Reach out to Marcus & Millichap's Vancouver office with all of your queries. One of our experienced commercial real estate advisors will be happy to provide additional information.
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