{"id":18280,"date":"2021-07-27T10:10:00","date_gmt":"2021-07-27T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18280"},"modified":"2021-07-26T11:39:40","modified_gmt":"2021-07-26T18:39:40","slug":"multi-family-real-estate-sets-the-all-time-record-sale-volume-hit-1-64-billion-235-higher-y-y","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/07\/multi-family-real-estate-sets-the-all-time-record-sale-volume-hit-1-64-billion-235-higher-y-y\/","title":{"rendered":"Multi-Family Real Estate Sets The All-Time Record : Sale Volume Hit $1.64 Billion, 235% Higher Y\/Y"},"content":{"rendered":"<p style=\"text-align: justify;\">Ongoing evidence of the strength of the Metro Vancouver multi-family market arrived July 9 with the sale of a 52-year old concrete tower on Vancouver\u2019s English Bay at more than $600,000 per rental suite.<\/p>\n<p style=\"text-align: justify;\">The 21-storey, 151-unit tower at 1155 Beach Avenue sold for $91 million, marking it as one biggest single-building multi-family sale in the city so far this year. The tower had been assessed at $85.1 million by the BC Assessment Authority.<\/p>\n<p style=\"text-align: justify;\">While real estate investment trusts and other institutional buyers are active in the Vancouver market, 1155 Beach was sold to a \u201clocal, private investor,\u201d said Chris Wieser, principal of Avison Young, which acted for the purchaser in the transaction.<\/p>\n<p style=\"text-align: justify;\">The July sale continues the record-shattering multi-family transactions seen through the first half of 2021, according to Mark Goodman, a partner, with Cynthia Jagger, in Goodman Commercial Inc., Vancouver, which has just released the mid-2021 Goodman Report.<\/p>\n<p style=\"text-align: justify;\">\u201cMetro Vancouver has just experienced the highest total sales volume recorded during the first six months of any year since 2006, the year we first began publishing our mid-year Goodman Report,\u201d Goodman said.<\/p>\n<p style=\"text-align: justify;\">At $1.64 billion in total sales, mid-year 2021 transactions were an eye-popping 235% higher than the same period last year and 14% higher than the previous high in 2018, he noted.<\/p>\n<p style=\"text-align: justify;\">First-half sales were 45% higher than the entire 2020 annual total and appear on pace to hit the third-highest annual sales volume ever recorded. (The record annual total in Metro Vancouver was $2.98 billion, set in 2018.)<\/p>\n<p style=\"text-align: justify;\">The City of Vancouver accounted for 69% of the total transactions in the first half of 2021, contributing to 67% of the total sales volume. Within Vancouver, the West End experienced the largest number of transactions, representing 32% of the total Vancouver sales, followed by Marpole and East Vancouver at 20% and 17%, respectively, Goodman reported.<\/p>\n<p style=\"text-align: justify;\">In the suburban markets, 29 buildings traded hands, representing nearly 1,049 suites sold and $535 million in total volume. With just four sales in West Vancouver, the $179.3 million worth of sales represents 34% of the total suburban dollar volume. The sale of 2222 Bellevue was one of two buildings in West Vancouver that sold for more than $100 million this year.<\/p>\n<p style=\"text-align: justify;\"><strong>Victoria<\/strong><\/p>\n<p style=\"text-align: justify;\">Vancouver Island multi-family rental building sales have also been very active throughout the first half of 2021, according to CBRE\u2019s mid-year report on the B.C. multi-family market.<\/p>\n<p style=\"text-align: justify;\">There were 23 rental building sales in Greater Victoria with a total value of $376.7 million, and six sales in Nanaimo with a total sale value of $55.5.million,<\/p>\n<p style=\"text-align: justify;\">\u201cGreater Victoria has pushed over $300,000 per door and Nanaimo has pushed over $200,000 per door, both of which are higher when compared to last year,\u201d according to CBRE\u2019s national apartment group, Vancouver.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2021\/07\/multi-family-rental-sales-shatter-records-metro-vancouver\" target=\"_blank\" rel=\"noopener\">Multi-Family Rental Sales Shatter Records in Metro Vancouver<\/a> by Western Investor | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ongoing evidence of the strength of the Metro Vancouver multi-family market arrived July 9 with the sale of a 52-year old concrete tower on Vancouver\u2019s English Bay at more than &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/07\/multi-family-real-estate-sets-the-all-time-record-sale-volume-hit-1-64-billion-235-higher-y-y\/\">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-18280","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>Multi-Family Real Estate Sets The All-Time Record : Sale Volume Hit $1.64 Billion, 235% Higher Y\/Y &#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\/2021\/07\/multi-family-real-estate-sets-the-all-time-record-sale-volume-hit-1-64-billion-235-higher-y-y\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Multi-Family Real Estate Sets The All-Time Record : Sale Volume Hit $1.64 Billion, 235% Higher Y\/Y &#8226; 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