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2024 Holiday Salute

“Survive ‘till 2025” has been something of a mantra in the real estate industry throughout the year – we decided to thrive!

As we close out the year, it’s time to reflect on the past 12 months in Metro Vancouver’s commercial real estate market.

Yes, it’s been a tough year. Trying to bring sellers and buyers together with so much uncertainty and changing market conditions has been extremely challenging.

We were tested on multiple fronts. Like the rest of the industry, it was like a never-ending roller coaster of ups and downs. Some themes stood out:

  • Inflation finally under control; interest rates up …and then down…and then up
  • Increase in Capital Gains tax – flurry of sales down to the wire
  • Changes to the Residential Tenancy Act, further eroding property rights in B.C.
  • Astronomical increase in development cost charges approved, to take effect in 2025
  • Court ordered sales / receiverships continue to grow
  • Land-use policy in flux: TOA deadlines, Broadway Plan revisions
  • Softening rental rates (it’s pretty significant)
  • Non-profit sector becomes a dominant buyer using tax-payers’ dollars through the Rental Protection Fund

It’s also been a very rewarding year for us at Goodman Commercial!

In fact, we closed out the year with a bang and have lot to be proud of (and thankful for).

We listed and sold a ton of property, advocated hard for the industry, and most importantly, we never gave up for clients. Here’s what we accomplished:

  • Sold 16 properties worth $226.6 million
  • Expanded Goodman Commercial with 4 additional power brokers increasing our footprint in Fraser Valley land
  • Increased our current inventory to 31 properties totalling $421.5 million (land, multi-family and mixed-use investment)
  • Wrote multiple op-eds on our ever-changing land-use policies – TOA, Broadway Plan – along with press coverage which was featured in The Vancouver Sun, Globe and Mail, Daily Hive, BC Business, Real Estate News Exchange, Connect CRE, Storeys, Business in Vancouver, CBC and Western Investor
  • Radio interviews on CKNW and various podcasts (Commercial Real Estate Podcast + addy) on the state of Metro Vancouver’s investment market
  • April Fool’s joke on Broadway Plan goes viral on social media
  • Speaking engagements at the Canadian Apartment Investment Conference in Toronto in front of 1000+ industry folk plus became a member and spoke at the Phoenix Group
  • Invited to meet with B.C. Conservative Party leader, John Rustad, to talk about rental housing
  • Mark Goodman recognized as one of the most influential people in BC real estate (Storeys)
  • Launched the Goodman Report podcast (we’ve got a line up of interested guests)
  • Nominated to advisory council for the 2025 Western Canada Apartment Investment Conference

Thank you for your continued support and feedback. We receive so many thoughtful responses to our articles, the statistics we offer, and the listings and sales we have the privilege to be part of.

We are always happy to hear your feedback, as well as any ideas you’d like to see in our ongoing coverage of the commercial real estate world and the policy environment in which we all operate.

With 2024 drawing to a close, we wish you health, happiness and prosperity this holiday season and in the year ahead.

All the best,

Mark and Ian

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