{"id":25733,"date":"2025-05-02T11:11:42","date_gmt":"2025-05-02T18:11:42","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=25733"},"modified":"2025-04-23T10:44:08","modified_gmt":"2025-04-23T17:44:08","slug":"metro-vancouver-roller-coaster-condo-market-in-long-term-climate","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2025\/05\/metro-vancouver-roller-coaster-condo-market-in-long-term-climate\/","title":{"rendered":"Metro Vancouver Roller-Coaster Condo Market in Long Term Climate"},"content":{"rendered":"<p style=\"text-align: justify;\">Following a bumpy few years, some apartment investors see glimmers of hope in Metro Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cOverall, the roller-coaster continues, but I would say that we\u2019re in a much better place today than we were a year ago in terms of market sentiment,\u201d Mark Goodman, principal of Goodman Commercial Inc., told the Western Canada Apartment Investment Conference in downtown Vancouver on Tuesday.<\/p>\n<p style=\"text-align: justify;\">After a pronounced drop in activity in 2022 and 2023, transactions in the Vancouver apartment rebounded in 2024, with transactions up 33% and dollar volume up 71% to almost $1.8 billion, according to Goodman Commercial&#8217;s 2024 Year-End Review.<\/p>\n<p style=\"text-align: justify;\">While international trade concerns are fuelling economic uncertainty, Goodman said other themes are proving to be much more impactful than tariffs, including transit-oriented density and provincial rental protection.<\/p>\n<p style=\"text-align: justify;\">\u201cAnother major theme obviously this year is tariffs, tariffs, tariffs, on and off. I don\u2019t think it\u2019s having a material impact in the investment market. It\u2019s just a lot of noise right now,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">With a softening of rents in Vancouver, investors may find other Western markets more appealing. For example, Edmonton still has five to seven per cent of \u201crunway\u201d left in its rental market, said Jandip Deol, multi-family principal with Avison Young (Canada) Inc.<\/p>\n<p style=\"text-align: justify;\">\u201cI think that\u2019s probably one of the few markets in the country where there\u2019s still substantial rent growth left,\u201d Deol said during a conference panel at the Vancouver Convention Centre.<\/p>\n<p style=\"text-align: justify;\">He said tenants are still being secured despite a slow-down in immigration. This trend, Deol said, is trickling down to the land market: If a site comes up in Edmonton, \u201cthere\u2019s typically multiple bidders, so developers want to be out there.\u201d<\/p>\n<p style=\"text-align: justify;\">In Calgary, meanwhile, the market has seen some boom-and-bust since 2000, said Harvey Russell, senior vice-president and principal with NAI Advent Commercial Real Estate Corp.<\/p>\n<p style=\"text-align: justify;\">He said the city currently boasts strong fundamentals, population growth, affordability and no rent controls. But on the other hand, Russell said high-end downtown rents are softening, zoning challenges exist in different suburbs and pockets of oversupply are present, leading to a pause in some construction.<\/p>\n<p style=\"text-align: justify;\">\u201cEven though we\u2019re in a bit of an adjustment, everybody\u2019s still happy to be in Calgary,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">More broadly, tenant preferences are shifting toward livability, walkability and amenities, said Meghan Henselwood, managing director of transactions with Manulife Investment Management, the asset management arm of Manulife Financial Corp.<\/p>\n<p style=\"text-align: justify;\">\u201cI was in one [smaller building] recently where I don\u2019t think you could fit a double bed in the bedroom,\u201d she said.<\/p>\n<p style=\"text-align: justify;\">\u201cI don\u2019t think that that\u2019s long-term. We\u2019re kind of seeing it in the condo market ..\u2026 with renters not wanting to rent those units that are really small and not livable. Then you can\u2019t retain your tenants and you\u2019re getting higher vacancy.\u201d<\/p>\n<p style=\"text-align: justify;\">In Vancouver, Goodman said \u201cthere\u2019s no big home run\u201d and that apartment owners who bought after 2016 or 2017 could potentially have trouble breaking even if they sell now. He said as the gap between buyer offers and seller prices narrows, both sides are starting to agree more on pricing.<\/p>\n<p style=\"text-align: justify;\">\u201cPrice reductions are the magic weapon right now to get buyers to the table,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s a lot more product on the market right now, probably three or four times more development sites and apartment buildings than we\u2019ve seen in years. So it\u2019s just really jockeying for position and being more competitive with your pricing.\u201d<\/p>\n<p><a href=\"https:\/\/www.biv.com\/news\/real-estate\/metro-vancouver-apartment-market-dizzy-after-roller-coaster-ride-10556539\" target=\"_blank\" rel=\"noopener\">Metro Vancouver Apartment Market Dizzy After &#8220;Roller-Coaster&#8221; Ride<\/a> by Jami Makan | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following a bumpy few years, some apartment investors see glimmers of hope in Metro Vancouver. \u201cOverall, the roller-coaster continues, but I would say that we\u2019re in a much better place &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2025\/05\/metro-vancouver-roller-coaster-condo-market-in-long-term-climate\/\">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":[8,13],"tags":[],"class_list":["post-25733","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Roller-Coaster Condo Market in Long Term Climate &#8226; 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