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Victoria Multifamily Report Q4 2017

Victoria Multifamily Report Q4 2017

Victoria Multifamily Report Q4 2017

“During 2017, Greater Victoria's purpose built rental market experienced strong, positive market conditions. The market witnessed heightened investor appetite from a range of local, regional and national buyers as well as low vacancy, increasing rents and tightening cap rates - underpinned by strong market fundamentals and continued population growth. The strength of this market is driving significant development activity. 

  • Vacancy remains low as the demand continues to absorb available supply. 
  • Rapidly increasing rental rates are challenging potential tenants as the supply for low-priced housing continues to be very limited and competitive.
  • Turnover rates for rental units are at historical lows as limited choices are available on the market.
  • The total volume of deals within Greater Victoria was $146 million - an almost 15% increase on the $127 million recorded in 2016 (for deals greater than $1 million).
  • Majority of sales were off-market transactions due to the premium prices that are being offered by investors

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