Welcome to the second installment of The Fifth Dimension for 2017. The Fifth Dimension is our complimentary report on the multifamily residential real estate market in Metro Vancouver.
Despite somewhat uncertain times, 4,885 new multifamily homes were sold in the Second Quarter of 2017 making the mid-year total the second best since 2010. Sustained demand, along with another similar quarter of 3,000+ units sold is projected for the Third Quarter of 2017. Inventory levels remain an issue, and for the first time in the last few years, a sentiment of uncertainty is emerging in the industry largely related to the change in government. Despite this, prices are rapidly appreciating – as are absorptions. The multifamily development remains a “green light” rated opportunity in each and every market area within the Metro Vancouver.