RENX: B.C. apartment investment market is breaking records
Featured on the Real Estate News Exchange (RENX)
Total sales volume for apartment buildings throughout Greater Vancouver and Greater Victoria in the first six months of this year has already far surpassed the yearly average and shows no signs of slowing.
“We’ve always been around from $1.2 to $1.4 billion and, halfway through this year, we’re almost at $2 billion,” Lance Coulson, executive vice-president of CBRE’s National Apartment Group for British Columbia, told RENX. “We could potentially hit $3 billion by the time we end the year.”
Coulson was one of the CBRE executives who compiled a mid-year report which shows there were 97 transactions comprising 4,412 units and valued at $1.92 billion through June. That compares to 84 deals for $1.12 billion for all of 2020 and 98 transactions for $1.2 billion throughout 2019.
There are a number of factors contributing to the current market activity, according to the report.
