The Greater Vancouver apartment market continued its trend as a premiere asset class as witnessed in our year-end Apartment Source.
In this issue, despite a decline in the number of sales, last year witnessed a year-over-year increase of 25% in total sales volume. Almost every sub-market witnessed phenomenal growth in per-unit value as average capitalization rates decreased due to the aggressive acquisition efforts of the investment community.
• Greater Vancouver Apartment sales totaled $1.19 Billion in 2017
• Nearly 50% of apartment building transactions in 2017 occurred outside of the City of Vancouver, most notably in New Westminster, which witnessed 12 sales totaling over $190 Million.
• 2017 witnessed the sale of larger assets as the average sale price increased from $6.5 Million in 2016 to over $10 Million.