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.
Totally renovated! Quadra Court is a wood frame 16 unit low-rise apartment building in superb condition centrally located in Vancouvers trendy Commercial Drive neighborhood. The property is situated on a corner lot (67x 122) in a quiet family oriented neighbourhood across from an elementary school. The completely upgraded suites, most of which have great views of Downtown, feature contemporary open design, refinished hardwood floors & new appliances. The entire building has undergone an extensive renovation program including suites and common areas. The subject property also features rear parking & an enclosed garage, storage lockers and a two bedroom penthouse with spectacular views from two roof top decks. In conclusion, Quadra Court is a turn-key building with no deferred maintenance and offers tenants easy access to local shops, restaurants and parks just one block away from Commercial Drive.