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Showing posts for category Vancouver Market Key Information (Back to Index)
Showing posts for category Vancouver Market Key Information (Back to Index)
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Overview of Vancouver's Main Six Neighborhoods
Vancouver Purpose-Built Rental Market Spread Across 6 World-Class Neighborhoods
Vancouver is home to 138,000 renter households which represents 52% of the city's total number of households. There are 6 main neighborhoods that renters call home here in Vancouver. Those neighborhoods are as follows:
-West End
-Kitsilano
-South Granville
-Kerrisdale
-East Side
-Marpole
Furthermore, the City of Vancouver's official neighborhood map breaks down the city into 22 sub-neighborhoods, which we will refer to as sub-markets. These are shown below:
The labeled version of these 22 sub-neighborhoods is also found below:
The breakdown of Vancouver's 2,500 (approximate) properties and which neighborhoods the rental housing stock are located in is as follows:
- East Side- Â Â Â Â Â Â 698 properties or 28% of the rental stock (neighborhoods 2, 4, 5, 6, 7, 8, 9, 10, 11, 12)
- West End-      569 properties or 23% of the rental stock (neighborhood 1)
- Kitsilano-       485 properties or 19% of the rental stock (neighborhoods 20 & 21)
- South Granville- 425 properties or 17% of the rental stock (neighborhoods 3, 13, 14, 15, 16)
- Marpole-        196 properties or 8% of the rental stock (neighborhood 17)
- Kerrisdale-      120 properties or 5% of the rental stock (neighborhoods 18, 19, 22)
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
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.
