(Posted on Jul 31, 2016 at 01:00PM by Michelle Bogle)
As we descend into the second-half of 2016, the outlook for Vancouver’s multi-family market is looking very strong – both in transaction numbers and in sales values – thanks to the great momentum generated in the first six months of the year.
•The average per-suite purchase cost of a typically older-style Vancouver rental apartment building is now $498,000 – an increase of 47% from mid-2015.
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•Across Metro Vancouver, the per-door price for a multi-family rental is now $380,000 – up 60% from a year ago.
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•The total number of rental suites sold in Vancouver is up 123% from the first half of 2015 – that equals 1,443 units in 124 buildings.
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Commercial real estate experts anticipate that these trends will continue throughout the remainder of 2016. It is forecasted that approximately 250 buildings will sell this calendar year, with volume in excess of a record $2 billion – an increase from last year’s 181 buildings totaling in at $1.55 million.Â
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At Marcus & Millichap Vancouver, our multi-family specialist, Charlie Hughes, is keeping a close eye on the market. For more information or insights regarding multi-family investment opportunities, please feel free to contact him directly at 604-675-5259 or follow along with his blog by clicking here.Â