Charlie Hughes specializes in representing sellers and buyers of multifamily property exclusively within the city of Vancouver a
Vancouver Rental Demand Booming
North America Low Vacancy & Slow to Catch Up Supply Drive Skyrocketing Values in Beautiful Oceanside City
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Vancouver is receiving well-deserved worldwide recognition as global investors flock to the oceanside, mountain-view properties this beautiful city has to offer. As renters scramble to secure space and landlords flip through their deep stacks of wait-listed tenant applications, Vancouver's real estate investors are seeing once in a lifetime gains in property values and prices per unit.
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Landlords are finding significant purchasing power as rent growth, over the last few years, has exceeded both wage growth and CPI growth for the first time in the last quarter century. Rent growth and strong tenant demand is driven by steady immigration flows, above average interprovincial flows, nation-leading employment growth, decades long stagnant supply, and the infeasibility for most locals to purchase a home. BC’s employment growth was up 3.6% YOY for May 2016, leading the country, and driven by solid retail sales, consistently growing healthcare, and a burgeoning tech industry which is rapidly growing at twice the pace of the rest of the BC economy.
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Buyers are taking advantage of historically low interest rates as well as a weakened Canadian dollar which has only dropped this low twice in the last 50 years (1968 and 2002). Local investors and foreigners are also capitalizing on recently released Official Community Plans which have allowed increased densities, maximum building heights, and re-zonings in specific areas. Owners of multi-family real estate in the city of Vancouver, ranked top in North America and top 5 worldwide for quality of life, are able to realize tremendous gains divesting to local and global players seeking to secure safe, secure investments in this spectacular city.
Charlie Hughes
Multi-Family Investment Broker
Marcus & Millichap
Want to stay informed of market cycles, impactful news, receive ongoing property valuations, and learn how Marcus & Millichap can work closely with you to maximize the value of your real estate portfolio?
Email: charlie.hughes@marcusmillichap.com -OR-
Call: Charlie Hughes directly at 604-675-5259
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