Anshu Arora LLM, MSc, PMP

Cell 604-828-7331 | yourbcagent@gmail.com

Canada’s red hot Real estate heats up Apartment market

How hot is the residential housing market? Well, for the first time in decades, developers are considering building rental housing because they can actually make money — buoyed by consumers priced out of becoming homeowners.

 

In Vancouver’s red-hot housing market, where January prices across existing homes climbed 22.6 per cent from a year ago, consumers have been flooding back to apartments where the vacancy rate was already just 1.3 per cent, according to a Canada Mortgage and Housing Corp. October market survey. Reports suggest that tight vacancy rate, which the company says is now closer to one per cent, is leading to rising prices that have seen what it calls “challenged” properties go for $150,000 per rental unit and up to $300,000 for premium properties.


Now's the time to Make Your Move!

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.