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Goodman Reports Archives

Multi-family sales dip amidst government intervention

Tanya Commisso, Western Investor
October 24, 2017

A new report shows a 23 per cent decrease in Metro Vancouver apartment sales and cautions that municipal intervention may hinder the proposed new supply

Multi-family sales have slowed by a third year-over-year, possibly signaling a shift in investor sentiment, according to a new report by HQ Commercial’s the Goodman team.

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Apartment transaction values increase up to 63 per cent

Tanya Commisso, Western Investor
July 11, 2017

A new mid-year report from the Goodman team shows a decrease in apartment sales and multi-family sites selling at a premium for potential redevelopment

Apartment sales in Metro Vancouver have slowed considerably since last year, but dollar volumes continue to climb as rental housing remains scare.

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Seriously! Not an April Fool’s joke
Coming soon: 11,784 new rental suites

Goodman Report
April 1, 2017

For the last 10 years, we at the Goodman Report have railed against the rental housing policies of Metro Vancouver – and in particular the City of Vancouver – relating to the glaringly insufficient new rental stock under construction. The track record of local politicians in creating an environment conducive to purpose-built rental construction had been dismal at best, a travesty at worst.

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The Rental Housing Crisis: So what else is new?

This article was written and published in the 2016 Year-End Goodman Report.

Have the proverbial lights finally flickered on at the corner of Vancouver’s West 12th Avenue and Cambie Street? And have our elected officials and their advisors (read: spin doctors) acknowledged at last that we are in the midst of a rental housing crisis?

Under unrelenting pressure from a vast body of our citizenry – including students, new families, seniors and employers – the news media, BC Housing, the Urban Development Institute, landowners and the odd, very irritating commercial realtor, Vancouver’s municipal leaders after years of ruling in a vacuum of denial have now changed their tune. Even Mayor Robertson, after eight years at the helm, has admitted as much. As quoted in an article in The Guardian by Ashifa Kassam, Robertson said he “wouldn’t have dreamed the [housing] crisis would get this intense” (November 21, 2016). The Mayor artfully deflected blame away from his office by claiming that the crisis was owing to the impact of global capital and the fact that the provincial and federal governments were not doing enough.

We disagree.

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The Story Behind the Stats: 2016 vs. 2015 Comparison

This article was written and published in the 2016 Year-End Goodman Report.

Since its implementation on August 2, 2016, B.C.’s 15% foreign buyer tax has had a notable cooling effect on the residential housing market and, some might argue, on the multifamily rental investment sector as well. While very few of the 124 buildings sold in the first half of 2016 actually went to offshore buyers, the newly introduced tax has nevertheless served to dampen the normally high enthusiasm for this asset class. In the second half of 2016, only 50 buildings were sold: clear evidence of slowing activity.

Still, 2016 was very active, indeed one of the liveliest in 25 years. Building sales and total dollar volume came in close to the banner year of 2015. For 2016, however, the key value indicator of average price per suite rose dramatically in most communities tracked.

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