‘Bullish’ Market for Vancouver Apartment Buildings
Affordable mortgage rates and low numbers of residential vacancies are making 2014 “a breakout year” for sales of apartment buildings across Metro Vancouver.
The Goodman Report, a local newsletter covering multi-family investment property, notes that selling volumes have been robust, with prices per-suite in suburban Vancouver markets up 22 per cent over 2013, 13 per cent for buildings in the city.
“Sensing that business, political and economic signs remain positive, new buyers both offshore and local have been relentlessly pursuing older three-storey frame and highrise buildings for retrofit opportunities,” says the report.
Written by father-son realtors David and Mark Goodman, it predicts 125 apartment buildings will sell through 2014, with a total value exceeding $800 million.
With 61 buildings sold as of July, the pace of sales is 36 per cent ahead of a year ago, signalling what the Goodmans are labelling “a bullish breakout”.