Massive government intervention pulls market down
- Transactions down 50%; dollar volume down 62%; values down 27%
- City of Vancouver cap rates up 50% (don’t fret; it’s not as bad as you think!)
- City of Vancouver trumped by suburbs in new rental construction
- Development applications stall out on the approval breadline
- Density incentives lure developers from Vancouver to suburbs
Despite the recent slow down in the rental apartment market, we here at Goodman have completed 11 transactions this year worth over $360 million! Notwithstanding the added impediments, the market appears to be finding its footing as buyers advance from the sidelines to make their move.