More Jobs, Higher Retail Sales, and Great Commercial Real Estate Opportunities in Vancouver, BC
Real Estate News for Vancouver
According to Statistics Canada, British Columbia has become the second largest provincial contributor in new housing construction in January 2016, as spending rose 14.3% year-over-year.Â
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A total of $695 million was spent on the construction of new homes in the province in January 2016, compared to the $608 million in January 2015.Â
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This increase was mainly driven by investments made to new apartment and condominium builds that are taking shape across the province – especially within Metro Vancouver.Â
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This trend isn’t surprising, especially since the Vancouver multi-family market has been in overdrive for quite some time. According to the Goodman Report’s 2015 Year-End Review, Vancouver’s multi-family rental building sales saw a huge increase in 2015 – sales rose by 47% to 181 transactions and the dollar volume increased by 99% to $1.55 billion last year compared to 2014.
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The outlook for the remainder of 2016 appears to be favourable for multi-family sales. Industry watchers are predicting dollar volumes to hover around the $2 billion range by the end of the year.Â
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To learn more about investment opportunities within Vancouver’s multi-family market, please contact our office to speak with one of our commercial real estate advisors.
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