{"id":10946,"date":"2018-11-27T15:15:11","date_gmt":"2018-11-27T23:15:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10946"},"modified":"2018-11-21T09:43:29","modified_gmt":"2018-11-21T17:43:29","slug":"inventory-glut-government-intervention-slow-vancouvers-multifamily-housing","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/inventory-glut-government-intervention-slow-vancouvers-multifamily-housing\/","title":{"rendered":"Inventory Glut &#038; Government Intervention Slow Vancouver&#8217;s Multifamily Housing"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver\u2019s multifamily housing sector is experiencing a glut of inventory, but with low yields and high buy-ins, investors have taken a step back.<\/p>\n<p style=\"text-align: justify;\">A report from Marcus &amp; Millichap showed the average cap rate compressed 40 basis points over the last year to 2-4%, but investors chasing yield turned to Coquitlam and Chilliwack where they enjoyed as much as 5%.<\/p>\n<p style=\"text-align: justify;\">While Vancouver yields could be described as in the doldrums, vacancy rates are persistently low.<\/p>\n<p style=\"text-align: justify;\">\u201cIn terms of multifamily income-producing properties, the Vancouver market has been one of the strongest in North America with vacancy rates hovering around, or below, 1%,\u201d said Rene Palsenbarg, Marcus &amp; Millichap\u2019s regional manager and managing broker. \u201cBecause of that, the average rent per square foot is pretty significant.\u201d<\/p>\n<p style=\"text-align: justify;\">Multifamily sales have hit a three-year low, but Palsbarg attributes that to an inventory surplus.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s more of a by-product of inventory because there\u2019s a glut of product coming onto the market, so it\u2019s just stabilizing itself,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">But the overall market in Vancouver has born witness to a significant downturn that began around July, which marked an 18-year low in sales. By last month, the year-over-year decline stood at about 35%.<\/p>\n<p style=\"text-align: justify;\">\u201cThat equates to a 27% decline on the 10-year average because we had a very robust 2016 and 2017,\u201d said Ron Antalek, a REMAX sales agent. \u201cThe current listing count is the highest in four years, with the Real Estate Board of Greater Vancouver has a listing count of 12,984.\u201d<\/p>\n<p style=\"text-align: justify;\">While Guideline B-20 is being blamed for the downturn in some quarters, Antalek instead attributes the provincial NDP government\u2019s bid to create affordable housing with repeated interventions in the housing market as the culprit. He added that it\u2019s going to make things difficult for Vancouver renters.<\/p>\n<p style=\"text-align: justify;\">\u201cTo suggest affordable housing is created by dropping the market, I disagree,\u201d he said. \u201cThe government should have created incentives to the development community that would create affordable housing and rental units. It could have been done in a better way.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat\u2019s happening is in our province with the NDP\u2019s policies of an increased foreign buyer tax and an empty housing tax has definitely affected the market, especially Vancouver. It has adversely affected the investor community.\u201d<\/p>\n<p><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/inventory-glut-and-government-intervention-slow-vancouver-250889.aspx\" target=\"_blank\" rel=\"noopener\">Inventory Glut &amp; Government Intervention Slow Vancouver<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver\u2019s multifamily housing sector is experiencing a glut of inventory, but with low yields and high buy-ins, investors have taken a step back. A report from Marcus &amp; Millichap showed &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/inventory-glut-government-intervention-slow-vancouvers-multifamily-housing\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10946","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Inventory Glut &amp; Government Intervention Slow Vancouver&#039;s Multifamily Housing &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/inventory-glut-government-intervention-slow-vancouvers-multifamily-housing\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Inventory Glut &amp; Government Intervention Slow Vancouver&#039;s Multifamily Housing &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver\u2019s multifamily housing sector is experiencing a glut of inventory, but with low yields and high buy-ins, investors have taken a step back. 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