{"id":783,"date":"2020-10-19T02:02:00","date_gmt":"2020-10-19T02:02:00","guid":{"rendered":"https:\/\/www.realestateleads.ca\/blog\/?p=783"},"modified":"2023-09-26T16:19:58","modified_gmt":"2023-09-26T16:19:58","slug":"multi-family-housing-options-abound-in-metro-vancouver","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/multi-family-housing-options-abound-in-metro-vancouver\/","title":{"rendered":"Multi-Family Housing Options Abound in Metro Vancouver"},"content":{"rendered":"
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It\u2019s entirely natural that the majority of new home building starts in metro areas of the country are for multi-family housing and not for detached single-family dwelling homes. After all, it\u2019s not like there\u2019s any new land being created and in areas like Vancouver the decision makers realize that the scarcity of land that is available for development is much better earmarked for multi-family housing developments.<\/p>\r\n\r\n\r\n\r\n

Not only do these types of homes offer more housing in regions where there\u2019s a real demand for it and ongoing shortages, but they also tend to be better uses of the space and often are more energy-efficient housing developments too. Then there\u2019s the more pressing and basic reality that for many qualified home buyers a home in a multi-family development is much more in line with what they can afford.<\/p>\r\n\r\n\r\n\r\n

There is of course a real shift downwards in regard to what that means of commissions earning for realtors who\u2019d ideally sell detached homes, but the market is what it is and that\u2019s always going to be true. Real estate also doesn\u2019t become anything of a less competitive business either. That\u2019s why our online real estate lead generation service here at Real Estate Leads is such a smart choice, no matter where you\u2019re working as a real estate agent in Canada.<\/p>\r\n\r\n\r\n\r\n

Qualified leads on prospective buyers or sellers who are ready to make a move, what\u2019s not to like about the sound of that?<\/p>\r\n\r\n\r\n\r\n

But enough about that, let\u2019s look at what\u2019s behind the swell in multi-family housing purchasing options in Vancouver.<\/p>\r\n\r\n\r\n\r\n

Something of a \u2018Back to Normal\u2019<\/strong><\/h3>\r\n\r\n\r\n\r\n

Vancouver\u2019s multi-residential property market is coming back from the COVID pause with an emphatic flurry and an uptick in transaction activity.<\/p>\r\n\r\n\r\n\r\n

Now plain and simple what\u2019s happening here is people are buying and selling for all of the reasons they were before, but the trend is accelerated at this point in 2020 because people want to get back to their lives and arranging their future.<\/p>\r\n\r\n\r\n\r\n

In truth though, the pent-up demand in the multi-residential market goes back to the early part of 2019. That\u2019s when investors and sellers stayed on the sideline waiting for changes in municipal and provincial policies to be clarified, so with all that in place and the \u2018worst\u2019 economic predictions for economy and market being disproven it\u2019s now that we\u2019re seeing a really flurry of resumed activity.<\/p>\r\n\r\n\r\n\r\n

Keep in mind as well that there are so many different types of owners, investors, and developers that come from throughout the world, and those people are seeing just how well B.C. weathered the storm compared to the rest of the world during COVID.<\/p>\r\n\r\n\r\n\r\n

Then of course there\u2019s the fact that Vancouver is still seen as one of the most desirable places to live. It\u2019s entirely true that there is a diverse buyers\u2019 market in the city, including professionals such as doctors and dentists diversifying their investments and entrepreneurs seeing value in bringing older buildings up to modern standards and either living in them themselves or reintroducing them to the market at a later date.<\/p>\r\n\r\n\r\n\r\n

Multi-Family Homes Continuing to Go Fast<\/strong><\/h3>\r\n\r\n\r\n\r\n

Multi-family rental is moving especially quickly in Vancouver right now, and that\u2019s being seen in other metro areas of the country too. This is in part because of the Feds\u2019 keeping interest rates low, with the cost of money being low working to insulate the economy at a time when that\u2019s very much needed.<\/p>\r\n\r\n\r\n\r\n

There\u2019s then a direct translation between that and developers\u2019 enthusiasm for building multi-family home developments. Look at these examples of new multi-family developments in Vancouver, ones that if they go ahead (and they very likely will) will see the homes within them purchased quickly and at value in all likelihood.<\/p>\r\n\r\n\r\n\r\n