As dreams of home ownership fade, the rental building market is heating up in Vancouver.
One insider calling whats happening in the west end “eye popping.”
The price per suite soared from $392,000 in 2015 to $726,000 last year.
Principal at HQ Commercial David Goodman says the numbers are skewed because a number of the low density buildings sold around Thurlow and Burrard, dubbed a redevelopment corridor in the City’s official plan, will be torn down and re-developed into 30-40 storey buildings.
However, in other areas without that type of redevelopment plan, there were still fairly large increases.
“South Granville and Kitsilano saw increases of 25% per suite.”
Goodman also says the foreign buyers tax impacted sales.
In the first 6 months of 2016 there were 124 apartment buildings sold throughout the lower mainland – on pace for a banner year of 225 buildings.
Goodman says the year ended with 174 sales, a mere 50 following the tax.