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Top Five Metro Vancouver Neighbourhoods for Condo Investors
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(Posted on Aug 17, 2016 at 01:00PM by Michelle Bogle)
We all know how the saying goes: when you are buying real estate, it’s all about location, location location. For investors looking to play in Metro Vancouver’s competitive condo market, this saying rings true, both from a steady rental income perspective and a return on investment perspective.
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Here are five Vancouver-area neighbourhoods, compiled by Western Investor, that offer the best bang for their buck in the resale condominium apartment market. The selection is based on key factors, such as transit, livability, price appreciation, foreign investment, selection and more:
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Hastings, East Vancouver
Benchmark condo prices in this gentrifying area have risen 25% from a year ago, but are holding strong at $345,000. This community benefits from strong rental demand, picturesque water and mountain views, modern condos and transit service to Simon Fraser University.
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Grandview, East Vancouver
Benchmark condo prices are up 31% from mid-2015 at $384,000. SkyTrain links at VCC-Clark and Commercial-Broadway, plus increased long-term housing demand from Vancouver Community College, Emily Carr Campus and St. Paul’s Hospital, make this a prime investment location in East Vancouver.
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Marpole, Vancouver
Benchmark prices are $404,900 for a typical condo, up 16% from a year ago. Two Canada Line stations (with one more on the way), eager foreign buyers and the redevelopment of the Oakridge Transit Station make this neighbourhood a long-term play with the lowest entry price point on Vancouver’s West Side.
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Uptown New Westminster
Benchmark prices jumped 19% from a year ago to $285,900. This area is up and coming with good SkyTrain bus links, great shopping and a steady rental demand.
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Steveston, Richmond
Benchmark prices are up about 20% from mid-2015 and holding at $325,000. The trendy beach area, strong foreign buyer influence, Canada Line links and the new Fraser River bridge offer investors prime potential for long-term investment.
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Want to learn more? At Marcus & Millichap Vancouver, our multi-family specialist, Charlie Hughes, is keeping a close eye on the market. For more information or insights regarding condo investment opportunities, please feel free to contact him directly at 604-675-5259 or follow along on his blog by clicking here.
Vancouver Retail Development News: Pacific Centre Expansion
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(Posted on Aug 14, 2016 at 01:00PM by Michelle Bogle)
Cadillac Fairview, one of the largest owners, operators and developers of best-in-class office, retail and mixed-use properties in North America, has applied to the City of Vancouver for permission to replace the existing rotunda at Pacific Centre Mall with a three-storey commercial building.
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This multi-phase refresh will create an additional 31,603 sq. ft. of world-class high-end luxury retail in the heart of Vancouver. It follows other notable developments in the area, including Holt Renfrew and Nordstrom’s.
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According to Cadillac Fairview, the new Pacific Centre Georgia Street Pavilion will feature a strong and expressive roof line with raised planters and skylights, eye-catching building massing and a palate of high-quality materials, such as dark stone, timber soffits, glass and vertical screening.
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The building will consist of glazed retail frontages along Georgia and Howe Streets with six retail “Lanterns†across the second floor. The third level will feature an outdoor restaurant deck with a large cantilevered timber canopy overlooking Georgia Street and the Vancouver Art Gallery's North Plaza.Â
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It's sure to be a stunning addition to the area. To view the proposed design rationale by Perkins + Will Architects Canada, please click here.
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For more information on retail investment opportunities and developments across the Lower Mainland, please contact our Vancouver office to speak with our Retail Specialist, Ibrahim Aytug. You can also view our featured listings by clicking here.
Vail Resorts to Buy Whistler Blackcomb for $1.4 Billion CDN
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(Posted on Aug 8, 2016 at 02:08PM by Michelle Bogle)
Colorado-based Vail Resorts Inc. has announced that it will be buying B.C.’s Whistler Blackcomb for a reported $1.4 billion CDN ($1.1 billion USD).
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In this deal, Vail will acquire 100% of Whistler Blackcomb's stock, paying shareholders $17.50 CDN in cash and 0.0975 of Vail Resorts common stock, with a total value of about $36 CDN per share. The deal is expected to close this fall.
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"This relationship will bring greater resources to support our current operations and our ambitious growth plans, including the Renaissance project – the most exciting and transformative investment in Whistler Blackcomb's history," Dave Brownlie, Whistler Blackcomb's CEO, said in a statement. He will continue to lead Whistler Blackcomb as chief operating officer.
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For Vail CEO Rob Katz, his outlook is also positive, saying that the combined expertise of the two companies will improve the experience for guests and preserve the brand and character of the popular all-season resort.
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Major deals and projects, such as the Whistler Blackcomb Renaissance and the Woodfibre LNG plant in neighbouring Squamish, are transforming the Sea-to-Sky corridor’s economy and thus fueling demand for real estate – both residential developments and commercial.Â
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David Fox, our Sky-to-Sky expert, is keeping a watchful eye on commercial real estate activity in Whistler and Squamish. To learn more, please contact him directly with your inquiries.
Vancouver Rental Apartment Buildings Included in 15% Foreign Tax
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(Posted on Aug 4, 2016 at 07:37PM by Michelle Bogle)
The B.C. Finance Ministry has confirmed that multi-family rental buildings within Metro Vancouver will be subject to the new 15% foreign buyer tax on residential purchases, even though this type of transaction is designated as a commercial real estate asset by the Real Estate Board of Greater Vancouver.Â
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The tax, which came into effect on August 2, 2016, is specifically aimed at foreign investment in Vancouver’s inflated residential real estate market, which, as we all know, has been surging to sky-high levels as of late. In fact, according to Finance Minster Mike de Jong, non-Canadians have spent more than $250 million a week on B.C. residential real estate from June 20 to July 14, with 86% of it concentrated in the Lower Mainland.
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Sales volume on multi-family rental buildings in Metro Vancouver is also on the rise. It recently increased by a staggering 142% to $1.1 billion in the first six months of this year, compared to the same period in 2015. Even older style apartment buildings are selling for over asking and in competition with per-unit prices hovering at the $750,000 mark.Â
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However, according to regional commercial real estate advisors, many of the buyers for these types of assets continue to be local investors or permanent residents. It does not appear that the 15% foreign buyer tax will dampen this already red-hot market.
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Want to learn more? At Marcus & Millichap Vancouver, our team of advisors have a watchful eye on the foreign investment activity in our market. For more information or insight, please contact our office to speak with a broker.
Vancouver Apartment Rental Market: Mid-Year Results
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(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.
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Here’s an overview of the numbers:
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• 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
B.C. to Tax Foreign Buyers of Metro Vancouver Homes
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(Posted on Jul 27, 2016 at 01:00PM by Michelle Bogle)
Featured Property: West Coast Fishing Resort in Port Renfrew, B.C.
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(Posted on Jul 22, 2016 at 08:16PM by Michelle Bogle)
Marcus & Millichap Vancouver is proud to present this fantastic 2.1-acre land offering in beautiful Port Renfrew, B.C. Â
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Located in the heart of a popular tourist area, this parcel of land is an ideal spot to build a dream cabin right on the water. Buyers can build according to their own plans or with the site’s certified new home warranty builder.Â
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Lots vary in size from ¼-acre or 10,890 sq. ft. and each comes equipped with its own private waterfront boat slip.Â
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Investment Highlights:
• 2.1-acre waterfront residential lot in Port RenfrewÂ
• Minimum 0.25-acre subdivision lotsÂ
• Private dock slips with each lot
• Vendor finance, joint venture, equity partnerÂ
• Fully serviced by Fall 2016 

• Water, hydro, septic, cable utilities are available for each lot
• Priced at $299,000 for oceanfront lots or $199,000 for oceanview lots
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This is a great land investment opportunity for those looking to live the quintessential “West Coast lifestyleâ€. Don’t delay, as this property will not last.Â
For complete listing details for 6649 Godman Road in Port Renfrew, please click here. To book your private viewing, contact our Marcus & Millichap Land Broker, Dustin Miller, at 604-675-5253.
For more great commercial real estate listings within Vancouver and beyond, please click here.
For complete listing details for 6649 Godman Road in Port Renfrew, please click here. To book your private viewing, contact our Marcus & Millichap Land Broker, Dustin Miller, at 604-675-5253.
For more great commercial real estate listings within Vancouver and beyond, please click here.
Charlie Hughes is a commercial real estate broker with Marcus & Millichap’s Vancouver office, where he specializes in helping sellers and buyers of multi-family properties in the City of Vancouver.Â
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Prior to joining Marcus & Millichap in 2016, Charlie was a top-selling Field Advisor with Tremco, where he worked with building owners and facility managers of hospitals, schools and commercial buildings to develop long-term roof asset management solutions.
He also has a Bachelor of Business Administration (BBA) degree from the University of Washington’s Michael G. Foster School of Business.
He also has a Bachelor of Business Administration (BBA) degree from the University of Washington’s Michael G. Foster School of Business.
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Charlie is a true specialist in the multi-family sub-market. He provides investors with:
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• Timely and impactful news related to their property's value
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• Analyzes and distills market trends to educate his clients about Vancouver’s competitive commercial real estate market
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• Identifies investment opportunities in up-and-coming neighbourhoods
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• Introduces investors to over $10 billion of Marcus & Millichap's exclusively listed investment properties across North America
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• Connects Vancouver rental apartment building sellers with Marcus & Millichap’s expansive network of pre-qualified buyersÂ
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To learn more about Charlie Hughes, please click here to view his associate profile.
You can also follow along with Charlie’s blog where he shares the latest commercial real estate news related to multi-family properties in Vancouver.Â
You can also follow along with Charlie’s blog where he shares the latest commercial real estate news related to multi-family properties in Vancouver.Â
New Office/Industrial Building Planned for West 5th Avenue in Vancouver
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(Posted on Jul 17, 2016 at 01:00PM by Michelle Bogle)
A proposed 55,000 sq. ft. office/industrial building is currently being planned for 151 West 5th Avenue in the Mount Pleasant neighbourhood of Vancouver, B.C.Â
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The builder, Champion Development Group Inc., has an application under review with the City of Vancouver for permission to build on the 18,128 sq. ft. site.
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The proposed development is a new four-storey mixed use building comprised of:
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•   Manufacturing uses on the first floor and mezzanines
•   General office uses on the second through fourth floors
•   Underground parking spaces (95 in total)
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The Mount Pleasant neighbourhood has traditionally been an industrial area with deep roots in manufacturing. This proposed build will add much-needed high-quality commercial and manufacturing space to the area.Â
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For more information on office and industrial commercial real estate investment opportunities across the Lower Mainland, please contact our Vancouver office to speak with a broker. You can also view our featured listings by clicking here.
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