2023 Year-End Review

Andre Petterson, <i>Receding Tide</i>, 2022, 24” × 31.5”, mixed media on panel
Andre Petterson, Receding Tide, 2022, 24” × 31.5”, mixed media on panel

2023 was dark; but 2024 is dawning brighter

From all of us at Goodman Commercial, we are hoping you are off to a happy and healthy start to 2024! With a difficult 2023 behind us, we’re pleased to share market insights, deal highlights and much more in our Year-End Review.

2023 snapshot

  • 2023 was tough: Dollar volume of all multifamily deals declined by 49% – the lowest level in a decade. The number of transactions was down by 44% – the second lowest total in two decades.
  • Still, some markets stayed strong: East Vancouver sales volumes were up 30%
  • … or they bounced back: Vancouver as a whole had a strong second half.
  • 2024 is looking up: With interest rates likely to decline and a suite of new federal and provincial policies aiding the sector, the fundamentals seem stronger.
  • A stall is also an opportunity: Long-term analysis suggests that rate-wariness and project delays could open a significant supply gap in two to three years. Projects in the counter-cycle could benefit.
  • Goodman Commercial still leads the conversation:
    • Mark Goodman and team presented at the Vancouver Real Estate Forum, Western Canada Apartment Investment Conference and Phoenix Group
    • Goodman interviews or content featured in The Globe and Mail, Vancouver Sun, Business in Vancouver, Western Investor, Daily Hive, Real Estate News Exchange, The Orca, The Georgia Straight, Burnaby Now, North Shore News, and The Tyee.

We’re here to chat. No one is expecting a return to the overheated pandemic bump, but buyers are looking, and if you have questions, we have answers (or we will find the experts who do).

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