{"id":20457,"date":"2022-08-23T10:10:00","date_gmt":"2022-08-23T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20457"},"modified":"2022-08-18T09:18:03","modified_gmt":"2022-08-18T16:18:03","slug":"lower-mainland-multifamily-sales-remain-strong-as-private-investors-pile-in","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/08\/lower-mainland-multifamily-sales-remain-strong-as-private-investors-pile-in\/","title":{"rendered":"Lower Mainland Multifamily Sales Remain Strong as Private Investors Pile In"},"content":{"rendered":"<p style=\"text-align: justify;\">Business was brisk in Vancouver\u2019s multifamily market as 2022 began, with recent reports noting the prominence of private investors as well as vendors keen to take advantage of strong pricing.<\/p>\n<p style=\"text-align: justify;\">According to the Goodman Report, 84 transactions totalling $1.26 billion took place in the first half of the year, a 23% drop in value and 11% drop in transactions from 2021.<\/p>\n<p style=\"text-align: justify;\">\u201cAlthough this is down from the previous year, this result represents more volume than all of 2020,\u201d the Goodman Report noted, while pointing out that activity in the period was the third-highest since 2006.<\/p>\n<p style=\"text-align: justify;\">The peak for the sales in the first half of the year came in 2018, when 89 transactions totalling $1.45 billion took place. The second-best year for first-half transactions was 2017, with 87 transactions totalling $1.35 billion.<\/p>\n<p style=\"text-align: justify;\">Private investors have led activity this year to date, according to the Goodman Report, which estimate them at 82% of the market followed by institutional investors at 14%.<\/p>\n<p style=\"text-align: justify;\">\u201cPrivate investors continue to make up the overwhelming majority of transactions in Metro Vancouver,\u201d the Goodman Report stated.<\/p>\n<p style=\"text-align: justify;\">An analysis of the Metro Vancouver and Vancouver Island markets by CBRE Ltd. painted a slightly different picture. It estimated private buyers at 90% of the market, with private institutions accounting for 61% of sales value. Smaller buyers accounted for just 29%.<\/p>\n<p style=\"text-align: justify;\">\u201cThe institutional activity is expected to continue as we see more amalgamation of multifamily apartment buildings by larger landlords attracted to the strong fundamentals of the BC multifamily market,\u201d CBRE reported.<\/p>\n<p style=\"text-align: justify;\">CBRE\u2019s analysis is based on 59 transactions across the Lower Mainland, including the Fraser Valley, with an aggregate value of $780.4 million. Unlike on Vancouver Island, portfolio sales \u2013 primarily Starlight Group\u2019s purchase of 13 properties from Raamco International \u2013 were a minor factor in the market, accounting for just five transactions.<\/p>\n<p style=\"text-align: justify;\">The challenge for potential buyers is a lack of product, however.<\/p>\n<p style=\"text-align: justify;\">\u201cThere is still lots of capital looking to get into the multifamily market and there is less competing product in the market for investors to choose from,\u201d Lance Coulson, executive vice-president with CBRE\u2019s National Apartment Group said.<\/p>\n<p style=\"text-align: justify;\">Similar to 2018, sites purchased for redevelopment have been a significant driver of activity in the Lower Mainland. According to the Goodman Report, 16 transactions took place in the first half of 2022. These amounted to 20% of the total transactions in the period.<\/p>\n<p style=\"text-align: justify;\">The sales included the largest transaction in Vancouver, the $76 million sale of the Quilchena Gardens site at 4683 Arbutus Street.<\/p>\n<p style=\"text-align: justify;\">The two largest transactions outside Vancouver were both co-op towers in Burnaby, 9380 Cardston Court for $85.5 million and 4221 Mayberry Street for $54.4 million.<\/p>\n<p style=\"text-align: justify;\">Despite the high prices, especially in Vancouver, the average price per suite for the period fell 12% versus 2021. The average this year was $434,419 per unit, down from $491,019 last year.<\/p>\n<p style=\"text-align: justify;\">By comparison, the average price per unit was $494,723 during the first six months of 2018 and $408,413 in 2017.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2022\/08\/high-value-lower-volume-vancouvers-multifamily-market\" target=\"_blank\" rel=\"noopener\">High Value, Lower Volume in Vancouver&#8217;s Multifamily Market<\/a> by Peter Mitham | Western Investor | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business was brisk in Vancouver\u2019s multifamily market as 2022 began, with recent reports noting the prominence of private investors as well as vendors keen to take advantage of strong pricing. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/08\/lower-mainland-multifamily-sales-remain-strong-as-private-investors-pile-in\/\">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":[13],"tags":[],"class_list":["post-20457","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Lower Mainland Multifamily Sales Remain Strong as Private Investors Pile In &#8226; 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