The market awakens — buyers advance from the sidelines to make their move

Spring has sprung and it’s time to update our readership on the state of the market. The last 18 months or so would rate amongst the most challenging we’ve seen in almost two decades. Massive provincial and municipal government intervention was the main driver with the rental apartment sector taking hits left and right. Here are some of the body blows that impacted this asset class:

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Number of purpose-built rental units in Vancouver increased by just 7% since 1990

Kenneth Chan, Daily Hive
January 22, 2019

The volume of purpose-built rental housing stock within the city of Vancouver has grown by just 7.3% since 1990.

This is based on the Goodman Report’s recent breakdown of Canada Mortgage and Housing Corporation data, which indicates the total purpose-built rental stock in Vancouver only increased by 3,960 additional purpose-built rental units in nearly three decades — from 54,170 units in 1990 to 58,130 units in 2018.

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B.C. has lost millions to undervalued commercial properties, former assessor says

Kerry Gold, Globe and Mail
January 22, 2019

Recently retired BC Assessment assessor Derek Holloway says that for too long, large commercial properties, often slated for residential density, were being undervalued and money was left on the table. That’s money that could have been going toward funding social housing and affordable housing models, such as co-op housing.

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The sun will come up tomorrow — believe it

Goodman Report
January 9, 2019

Nature’s historic headwinds, which buffeted B.C.’s south coast in mid-December, were not the only blustery forces impacting our geographic area. Metro Vancouver’s extreme, well-publicized lack of affordable rental housing and difficulties in generating significant new rental options, combined with the increasing militancy of tenant groups aided and abetted by misinformed politicians, meant that equally powerful gusts of a political nature were being directed at rental housing providers. The local apartment industry, made up of developers of purpose-built rentals and owners of older buildings, is very much on edge, increasingly concerned about shrinking returns, an added cumbersome bureaucracy and a not-so-level playing field.

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