Charlie Hughes specializes in representing sellers and buyers of multifamily property exclusively within the city of Vancouver a
Vancouver 2016 Multi-Family Real Estate Market Overview
Worldwide Demand, Investor Favorable Supply, High Home Ownership Costs & Strong Demographics Drive Vancouver Multi-Family Rental Market
Intense Renter Demand:
- As of 2016 the city of Vancouver, BC is home to 264,000 households, where 52% or 138,000 households rent and 48% or 126,000 households own homes. This high ratio of renters is significantly above other cities (33% of households rent in Metro Vancouver suburbs) and is a main reason Vancouver multi-family continues to attract capital for investment.
- Of the 138,000 renter households in Vancouver, 77% of the units are Apartment units and 23% are Ground-Oriented units
- The average price of a home in the city of Vancouver as of May, 2016 was $1,070,000 making home ownership out of reach for a large percentage of households and driving renter demand up.
- Vancouver was ranked as the top city in North America for quality of life and fifth globally. This well-known recognition attracts over 28,000 new immigrants (5 year average) into the census metropolitan area of Vancouver every year driving the population and rental demand up.
- In 2005, Vancouver's population was 592,000 and has gone up 10% to 648,000 in 2015.
- Meanwhile, over the same 10 years, the supply of purpose-built rental units has dropped 0.3% from 55,338 in 2005 to 55,190 in 2015.
- This diverging of supply and demand has resulted in amplified rental demand and has allowed landlords of rental apartment buildings to raise their rents over the last 5 years at a greater rate than annual wage growth.
Multi-Family Investment Broker
Marcus & Millichap
Please send us an email if you are interested in:
-receiving quarterly Vancouver multi-family reports
-selling a multi-family property
-buying multi-family property
Email: charlie.hughes@marcusmillichap.com -OR-
Call: Charlie Hughes directly at 604-675-5259
*Please email to request sources.
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