It’s always the right time to do the right deal: the key is having the best advice
Goodman Report
2024 is proving to be a roller coaster. Buoyed by declining interest rates and by government policy changes – some of which actually encourage development – the Goodman Commercial team of Mark Goodman and Ian Brackett have sold 10 properties valued at over $126 million in the last six months, surpassing our sales volume in all of 2023. And six of those deals, valued at $88.5 million, closed in the last month, beating the June 25 increase in the federal Capital Gains tax.
That sales bump might be seen as a blip, but we don’t think so – and nobody knows our niche in the market better. When it comes to identifying, analyzing, and facilitating the sale or purchase of great multi-family and development sites in Metro Vancouver, we’re pleased, always, to be recognized as the go-to source for both thought leadership and service.
Beyond our success as top brokers in this space, we have been delighted to see, and accommodate, the demand for our market insights. For example, we were happy to help The Vancouver Sun and CKNW’s Jill Bennett understand the flurry of transactions leading up to the Capital Gains tax increase. We were surprised to see The Real Estate News Exchange (RENX.CA) report that, ‘‘The overall impact of looming federal capital gains tax changes has been somewhat muted, say brokers who spoke to RENX in advance of the June 25 deadline.” We told RENX that, in our responsive shop, “It’s been a whirlwind.”
We’ve also become a favoured source for information and analysis on the effect and evolution of the City of Vancouver’s Broadway Plan, offering crucial context to the Globe and Mail, and answering queries from the Daily Hive (here & here), and from the website Storeys.com. And Storeys comes to us fairly regularly to discuss interesting deals in which we have been directly involved, such as on an influential property at Clark and E 12th, and on a post-receivership development property at 1045 Haro. On the latter issue, touching on the financing squeeze that has forced the sale of an increasing number of development properties, the Vancouver Sun again came calling.
For insight on general market conditions, we’ve recently been contacted for information by the Globe & Mail and The Western Investor, and by RENX, again, who wanted the big picture on the impact of the huge developments at and around Oakridge.
Proactively, we have been producing a series of increasingly influential opinion pieces, often including important critiques and/or analyses of the effects of government policy changes. Regular recipients of the Goodman Report will be familiar with some of these, such as a recent article on the effects of provincial and federal initiatives to support Transit Oriented Development. Given the news value and timeliness of these articles, we’re pleased that more of them are being picked up and published by larger media outlets, as with this Vancouver Sun piece on the provincial government’s unfortunate investment of Rental Protection Fund dollars to reduce density in a designated Transit Oriented Area, and this Daily Hive piece on the Broadway Plan.
Neither are we above having a little fun. Our most recent Goodman Report April Fools article got a level of attention that justifies the term “viral.”
One last endorsement: given the strength of Ian and Mark’s analysis and market understanding, Mark Goodman has become an increasingly popular conference speaker, as at the Canadian Apartment Investment Conference in Toronto and for business networking Phoenix Group.
The point of all this is that we at Goodman Commercial are not sitting around, tending our metaphorical sails, hoping that a new wind might blow in some business. We are doing the work to understand the market and to help others interpret everything from government policy to market vibrations – and act upon both in the most opportune way.
We see the current market as stable and favourable. It’s not a market for triflers. It’s not so hot that sellers can call the shots or so cold that buyers can demand dramatic price reductions. It’s the kind of market in which, with excellent advice, the right seller and the right buyer might find a highly advantageous point of agreement – a good deal at a great price. All you need is a representative who knows this niche better than anyone around.
If that sounds good, don’t hesitate to call. We can help.