Review the Multi-Family Report to find out more on 2020 market statistics, Canadian multi-family in the post pandemic era, Sales across Metro Vancouver & Greater Victoria and the predictions on Multi-family in 2021!
CBRE 2021 Mid-Year Rental Apartment Market Report on Metro Vancouver and Grea...Lance Coulson
What a start to the year! It is safe to say, the multi-family market is the most active it has been in years.
Total sales volume throughout Greater Vancouver and Greater Victoria for the first 6 months of 2021 include 97 transactions with a total dollar volume of $1.92B*. Comparing this to the total sales volume in all of 2020 and 2019, it is easy to see that market activity has already surpassed that in terms of both number of transactions and total dollar volume and that the multi-family market is on track for a record year.
View the report now for further details.
Corporate Guaranteed STNL Verizon Wireless | Ideal Location in Prime Retail C...NealHamou
INVESTMENT HIGHLIGHTS
• 100% leased single-tenant Corp. Guaranteed NNN Lease: Landlord responsible for roof & structure
• All extension options remaining with 10% rent increases
• Ideal retail location: Outparcel to a Super Target and Home Depot in the Henry Town Center
• Established location in steady operation since 2005
• Situated along a bustling retail corridor: Neighboring tenants include PetSmart, Marshall's, Ross, Home Depot and Bed, Bath & Beyond
• Located along Jonesboro Road, next to I-75 across from Sam's Club
• Surrounding neighborhood boasts favorable demographics with over 77,000 residents within a 5-mile radius and an average household income of $74,000
Our team completes a monthly report summarising sales volume, price per square metre rates and agent insights. To subscribe email sdodimead@blackshaw.com.au or text your email address and 'subscribe' to 0406 226 428.
CBRE 2021 Mid-Year Rental Apartment Market Report on Metro Vancouver and Grea...Lance Coulson
What a start to the year! It is safe to say, the multi-family market is the most active it has been in years.
Total sales volume throughout Greater Vancouver and Greater Victoria for the first 6 months of 2021 include 97 transactions with a total dollar volume of $1.92B*. Comparing this to the total sales volume in all of 2020 and 2019, it is easy to see that market activity has already surpassed that in terms of both number of transactions and total dollar volume and that the multi-family market is on track for a record year.
View the report now for further details.
Corporate Guaranteed STNL Verizon Wireless | Ideal Location in Prime Retail C...NealHamou
INVESTMENT HIGHLIGHTS
• 100% leased single-tenant Corp. Guaranteed NNN Lease: Landlord responsible for roof & structure
• All extension options remaining with 10% rent increases
• Ideal retail location: Outparcel to a Super Target and Home Depot in the Henry Town Center
• Established location in steady operation since 2005
• Situated along a bustling retail corridor: Neighboring tenants include PetSmart, Marshall's, Ross, Home Depot and Bed, Bath & Beyond
• Located along Jonesboro Road, next to I-75 across from Sam's Club
• Surrounding neighborhood boasts favorable demographics with over 77,000 residents within a 5-mile radius and an average household income of $74,000
Our team completes a monthly report summarising sales volume, price per square metre rates and agent insights. To subscribe email sdodimead@blackshaw.com.au or text your email address and 'subscribe' to 0406 226 428.
The industry is moving slowly, but it's never moved this fast. Everything is the same, yet everything is changing.
We’re living in a world of contradictions. The real estate industry is in the midst of massive change, yet the fundamentals are barely changing at all.
This report clearly unpacks the changes of 2023—the fast movers, the themes driving change, and the insights needed to make well-informed decisions going forward.
Ahead of the marcus evans Private Wealth Management Summit 2021, Steve Fifield discusses which sectors of the real estate market investors can gain the most from
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In this quickly technologizing industry, arming your team with the most robust data available and making important decisions based on the data is going to determine who wins and loses.Big data will become the key basis of competition and growth for individual firms, enhancing productivity and creating significant value for the world economy. In this white paper, we explore the real estate outlook for financial investment in 2021 and use cases demonstrating the power of data in transforming the real estate industry.
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Victoria’s summer real estate market conditions push into September.
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the 761 properties sold in September 2021 and a 14.2 per cent decrease from August 2022. Sales of
condominiums were down 58.8 per cent from September 2021 with 126 units sold. Sales of single family homes decreased 33.2 per cent from September 2021 with 221 sold.
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Your Trusted Real Estate Expert!
For most families, buying or selling a home is the most important personal decision and possibly the largest financial decision they'll ever make. My goal is to guide you successfully and easily through the emotional and contractual decisions involved in the Real Estate process. My philosophy "Clients First", this means keeping myself accessible, being a good listener, help you understand each step of the buying and selling process as well as market savvy, effective negotiation skills, good communication and responding quickly to my clients questions and concerns.
This is a team effort and You can count on me to ALWAYS do what's in your best interest - I know how important it is to find your dream home or to get the highest offer for your property. I will make it my responsibility to help you achieve those goals. Because, nothing is more exciting and gratifying of a feeling when I've helped my client meet their real estate goals successfully.
I'm looking forward to finding you your next home or selling your current house.
Experience - Integrity - Excellent Service
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
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This is a team effort and You can count on me to ALWAYS do what's in your best interest - I know how important it is to find your dream home or to get the highest offer for your property. I will make it my responsibility to help you achieve those goals. Because, nothing is more exciting and gratifying of a feeling when I've helped my client meet their real estate goals successfully.
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=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
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The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
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2020 Year End Multi-Family Market Report - Metro Vancouver & Victoria
1. 2020
Year End Multi-Family
Market Report
Metro Vancouver &
Greater Victoria
NATIONAL APARTMENT GROUP
B R I T I S H C O L U M B I A
LOCAL KNOWLEDGE. GLOBALLY CONNECTED.
SOLD: CBRE 2020 WATERMARK APARTMENTS
2. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
2 3
PREFACE
CBRE is pleased to release the 2020 Year End Multi-Family Market Report; the most current
and comprehensive Multi-Family data available for the Metro Vancouver & Victoria markets.
Produced by Lance Coulson, Greg Ambrose and Kevin Murray of the National Apartment Group -
BC, this report has been assembled to empower the decision making of all multi-family owners,
potential Purchasers and Professionals interested in the Vancouver and Victoria markets.
This report has been prepared with current data sourced from a comprehensive survey of
various data sources. As the global leader in commercial real estate, CBRE understands the
critical nature of transparency in a marketplace.
Data contributions and validations to this publication were made by:
Whatever your multi-family data needs may be, please feel free to reach out to us. We have
the most comprehensive data on the market and can provide information on a macro or micro
level based on city, neighborhood, location, age, size, proximity to transit, and demographics.
CBRE is a global leader in Commercial Real Estate and Lance Coulson Personal Real Estate
Corporation is a leader in Metro Vancouver and Victoria Apartment Sales 2015-2020, with a total
sales value in excess of $1.02 Billion!* With a network of Multi-family Apartment Professionals
acrossthecountryand530corporateofficesglobally,ourexperience,networkandexposureare
second to none allowing us to provide our clients with the greatest market exposure available.
We welcome your inquiries and encourage you to contact us with any questions.
*SOURCE: REALNET and CBRE (January 1, 2015 – December 31, 2020 combined). Includes transactions with co-operating Brokers.
TABLE OF
CONTENTS
CBRE NATIONAL APARTMENT GROUP
MEET THE TEAM
01
CANADIAN MULTI-FAMILY IN THE
POST PANDEMIC ERA
LANDLORDBC ADVOCACY :
MICHAEL DROUILLARD, HARPER GREY LLP
2020 SOLD TRANSACTION HIGHLIGHTS
PREDICTIONS FOR YEAR 2021
APARTMENT FINANCING CHANGES:
DEREK TOWNSEND, CITIFUND
07
08
10
12
14
EXECUTIVE SUMMARY &
ECONOMIC OVERVIEW
06
2020 APARTMENT SALES
VANCOUVER
NORTH SHORE
BURNABY
NEW WESTMINSTER
TRI-CITIES
SURREY
LANGLEY
MAPLE RIDGE
ABBOTSFORD
CHILLIWACK
GREATER VICTORIA
09
CBRE RESEARCH
CBRE NATIONAL APARTMENT GROUP
ALTUS GROUP / REALNET
LAND TITLE & SURVEY AUTHORITY OF BC
BC ASSESSMENT
CMHC
LANCE COULSON
PERSONAL REAL ESTATE CORPORATION
Executive Vice President
National Apartment Group - BC
CBRE Limited, Capital Markets
604 662 5141
lance.coulson@cbre.com
GREG AMBROSE
Senior Sales Associate
National Apartment Group - BC
CBRE Limited, Capital Markets
604 662 5178
greg.ambrose@cbre.com
KEVIN MURRAY
Senior Sales Associate
National Apartment Group - BC
CBRE Limited, Capital Markets
604 662 5171
kevin.murray4@cbre.com
3. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
4 5
CBRE’s National Apartment Group was formed with one purpose in mind:
To offer a Canada-wide professional approach to managing the orderly
disposition of multi-residential assets.
Our exclusive full-service approach has generated over $16 Billion in sales since 2000, with individuals and institutional
clients across the country. Covering all major Canadian markets, the National Apartment Group is the largest and most
successfully integrated team in Canada. Every mandate, regardless of size, receives the same exclusive approach
to realize maximum value for our clients. Our unmatched understanding of the multi-residential market generates
superior results for multi-residential owners.
Our transactional success assures our clients that we can deliver.
NATIONAL LEVEL
CBRE’s National Apartment Group Canada is comprised
of 17 sales professionals providing the highest level of
commitment and expertise in the marketing and sale
of multi-family assets across the country. Through our
nine Canadian offices, we have assembled a collection
of highly skilled sales professionals resulting in CBRE
NAG being one of the largest and most successfully
integrated Multi-Family sales team in Canada.
We are a team with significant local knowledge and expertise that is globally connected, a combination that is
indispensable and creates the most competitive marketing program. Our hands-on experience in brokering rental
apartment buildings of varying size and scope has propelled us to the forefront of our market and allowed us to
establish ourselves as one of the market leaders in the consultation and disposition of these types of transactions.
$1.22B
Total Sales Value
2015-2020
104
Buildings Sold
2015-2020
5,314
Total Suites Sold
2015-2020
*
NATIONAL APARTMENT GROUP
BRITISH COLUMBIA
+
LANCE COULSON
PERSONAL REAL ESTATE CORPORATION
Executive Vice President
VANCOUVER & VICTORIA, BC
CODY NELSON
Associate Vice President
EDMONTON, AB
DAVID MONTRESSOR
PERSONAL REAL ESTATE CORPORATION
Executive Vice President
TORONTO, ON
CHRIS CARTER
Associate Vice President
HALIFAX, NS
BENOIT POULIN
Senior Vice President
MONTREAL, QC
NICO ZENTIL
PERSONAL REAL ESTATE CORPORATION
Senior Vice President
OTTAWA, ON
KEVIN MACDOUGALL
PERSONAL REAL ESTATE CORPORATION
Associate Vice President
LONDON, ON
MARTIN COTE
PERSONAL REAL ESTATE CORPORATION
Associate Vice President
WATERLOO REGION, ON
GREG AMBROSE
Senior Sales Associate
KEVIN MURRAY
Senior Sales Associate
RICHIE BHAMRA
Senior Vice President
DAVID B. YOUNG
Executive Vice President
PAUL GEMMEL
Senior Vice President
THOMAS CHIBRI
Sales Representative
JAMES CRAIG
Sales Representative MARC HETU
Vice President
ROBERT MUSSETT
Senior Vice President
CALGARY, AB
*SOURCE: REALNET and CBRE (January 1, 2015 – Dec 31, 2020 combined) for Greater Vancouver & Vancouver Island. Includes transactions with co-operating Brokers.
+ Includes Rental Units and individual mobile home sites
Since 2015, the National Apartment Group British Columbia, led by Lance Coulson, has held a commanding presence
in the Metro Vancouver & Greater Victoria Rental Apartment markets, consistently leading in total transactions and
setting new benchmarks for pricing that was thought by the marketplace to be unattainable. Having transacted a
broad scope of multi-family dispositions, ranging from low-rise walk-up apartments to institutional grade large-scale
multi-family assets, our team’s experience in dealing with national/international clients, private apartment owners and
many of Canada’s prestigious real estate companies is unparalleled.
CBRE LIMITED CANADA’S
NATIONAL
APARTMENT
GROUP
LANCE COULSON GREG AMBROSE KEVIN MURRAY
4. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
6 7
EXECUTIVE SUMMARY 2020 market statistics
YEAR 2020 TRANSACTIONS
NUMBER OF TRANSACTIONS
84 DOLLAR VOLUME OF TRANSACTIONS
Greater vancouver & victoria (APPROX)
$1.12B
RENT
VANCOUVER CMA
AVG MONTHLY RENT
$1,480
VACANCY VANCOUVER CMA
VACANCY RATE
1.1%
CAP RATE
2.50% - 3.50%
%
CAP RATE RANGE FOR
LOW-RISE BUILDINGS
2.00% - 3.00%
%
CAP RATE RANGE
FOR HI-RISE BUILDINGS
BOND RATE
CANADIAN MORTGAGE BOND
(5 YEAR) YEAR END RATE
0.70%
CANADIAN MORTGAGE BOND
(10 YEAR) YEAR END RATE
1.11%
GREATER VANCOUVER & VICTORIA
SOURCE: REALNET, CMHC, CBRE Research and CMB
SOURCE: REALNET, CMHC, CBRE Research and CMB
2019 was a record-breaking year by a number of measures
for Canadian real estate. Multi-family investment increased
for the 5th consecutive year to over $10 Billion, the largest
trade volume ever for this asset class and the 2nd highest of
any industry sector in Canada for the first time since 2012.
So, entering 2020, it was no surprise that the Canadian
multi-family sector was in a stronger position than it had
ever been in history. National vacancy rates had fallen for
three consecutive years while rents continued their upward
trajectory.
Throughout Metro Vancouver and Greater Victoria multi-
family sales lagged in late 2017 - early 2018 as a direct result
of governmental policies but sales activity began picking up
again in the latter part of 2019 as capital started chasing
yield and leveraging low debt. 2019 concluded with 98 sales
totaling $1.2B in total sales volume with approximately 80%
or $960M of that volume transacting in the later part of the
year including prominent concrete high-rise towers and large-
scale low-rise complexes which traded to local & national
investors; a true testament to the underlying strength and
desirability of the multi-family asset class as investors across
Canada continue to seek product in the BC market.
But then March arrived, and with it COVID-19. By now, we are
all too familiar with the effects COVID-19 had on our lives and
the economy when it reached North America. Non-essential
businesses were forced to shut down, economic activity
ground to a halt, and we were all advised to shelter-in-place
while public health officials worked to ensure the safety of
all. Due to scarcity of current multi-family data during these
times, CBRE began surveying over 80 Canadian Multi-Family
owners and operators across the country in order to maintain
an accurate data-centric gauge of the sector’s performance
through this pandemic. We also looked back to the prior
recession of the Global Financial Crisis to glean insight into
the asset’s performance as the Multi-family sector is often
cited for its counter-cyclical nature and ability to withstand
economic downturns. Though there is no doubt that the
Canadian and Metro Vancouver multi-family sector has
been affected by COVID-19, the multi-family assets’ strength
compared to other asset classes combined with favourable
fundamentals and new lows in borrowing rates suggest the
sector is well-positioned to once again weather the current
economic turmoil.
We hope you will find our annual apartment report insightful
and enjoy it as much as we enjoyed preparing it for you.
Please don’t hesitate to reach out to any of our Team
Members to let us know your thoughts or feedback on the
report or to discuss how we can assist you in navigating the
multi-family market in 2021.
Canadian Multifamily in the Post-Pandemic Era
VACANCY RATES
Feedback from CBRE’s survey of over 80 Canadian multi-family
landlords were that vacancy rates remained healthy during the
pandemic. Those that did indicate a decline in occupancy indicated
the overall impact was minimal, ranging between 1%-2% or slightly
higher in the 3%-5% range in energy dependent geographies.
The vacancy rate for purpose build apartment stood at 1.1%
in October 2019 compared with 1.0% a year earlier. Despite
increased purpose-built rental construction, the overall vacancy
rate has remained close to 1% for five consecutive years in the
Vancouver Census Metropolitan Area (CMA).
RENTAL RATE EXPECTATIONS
Over half the landlords surveyed indicated that asking rents for
vacant units within their portfolios had remained largely unchanged
to date. The tightness of the sector entering the downturn and
increased demand from those seeking lower cost housing options
has ensured that overall demand for rental housing has remained
elevated despite a short-term reduction in immigration totals
brought on by global travel restrictions.
The provincial government of British Columbia extended the
freeze on rent increases to July 10th 2021. While it’s unclear
how long these measures will remain in effect and to what extent
regulatory shifts as a whole will impact overall revenue, it’s likely
that the possibility of further government intervention will remain
a key consideration for owners going forward.
IMMIGRATION
Net international migration into Canada has totaled 365,000 new
residents per year since 2015 and 44,899 new immigrants arrived
in British Columbia between July 1, 2019 and June 30, 2020.
Canada plans to welcome more than 1.2 million new immigrants
over the next three years, with an annual intake that would reach
401,000 in 2021; 411,000 in 2022; and 421,000 in 2023 –
equivalent to one percent of the population.
ECONOMIC GROWTH
The Canadian economy has been growing steadily since the Global
Financial Crisis and the national unemployment rate was at an all-
time low of 5.5% at the beginning of 2020.
With vaccines now on the horizon, two-thirds of Canada’s
economy already in recovery and Federal spending to buoy the
economy, the Canadian economy is well positioned to rally back
in the second half of 2021.
HOMEOWNERSHIP COSTS
The rapid rise of house and condo prices in major markets ensured
that demand for comparatively affordable rental units remained
high.
*SOURCE: CBRE Research - Canadian Multifamily in the Post-Pandemic Era Client Survey & Update to Sector Outlook Fall 2020. CREA - National Residential Statistics, December 15, 2020.
* SOURCE: The sales data for 2017-2020 has been sourced from RealNet, CMHC and other sources deemed reliable. Please note that the sales data included comprises of only apartments sales and does not incorporate other
transaction types such as land sales, strata wind-up sales, co-ops, SROs, etc.
URBAN MIGRATION
Demographic studies show younger Canadians have a higher
propensity for wanting to live in urban centers. With rising costs of
home ownership, many younger residents turn to rental properties
for housing.
For every millennial who emigrates away from Toronto,
Vancouver or Montreal, between 7 and 12 millennials migrate
into those cities.
LOW COST OF DEBT
Record low interest rates have ensured multi-family returns have
remained positive and that investment in the sector attractive.
Bank of Canada forecasts low interest rates until 2023. The
Target Overnight Rate entering 2020 was 1.75% and is 0.25%
exiting 2020.
CONCLUSION
Real estate is not a risk-free investment and while challenge areas
do remain, the residential sector has weathered the pandemic well
so far. Fundamentals for multi-family assets have remained strong,
tenants are adapting to the shifting landscape, and the investment
market looks poised to make a full recovery across much of the
country.
We remain optimistic on the sector’s outlook going into 2021.
The sector is well-positioned, and the combined efforts of
policymakers and the real estate community will remain key to
supporting Canada’s residential markets given the challenges
that undoubtedly exist on the road ahead.
YEAR 2019 TRANSACTIONS
NUMBER OF TRANSACTIONS
98 DOLLAR VOLUME OF TRANSACTIONS
Greater vancouver & victoria (APPROX)
$1.20B
5. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
8 9
More important than ever to keep your
membership active in LandlordBC
Apartment Financing Changes in Canada
through 2020 and Looking Forward
The socioeconomic catastrophe created by COVID-19 has put more regulatory pressure than
ever on residential landlords in British Columbia. Residential landlords are an integral part of
our economy, and Canadians will rely on them moving forward for the economic activity their
industry generates to fund the recovery, and to ensure that a reliable supply of rental housing
remains available.
It is more important than ever before for government to recognize the value of private
market rental housing. A robust private market ensures consumers have broad choice at
the lowest competitive economic price. A stifled and over-regulated private market, and
government policies which unfairly shift multi-faceted and complex socioeconomic problems
disproportionately onto residential landlords decreases supply, dissuades investment, and
ultimately, harms housing affordability.
LandlordBC has, and continues to play, a significant role in advocacy to ensure the legitimate
interests of residential landlords are protected. A small sample of LandlordBC’s advocacy
efforts in the past several years includes the following:
The Office of the Privacy Commissioner of British Columbia released an investigation
report setting out mandatory guidance binding on all landlords in British Columbia, which
prohibited residential landlords from performing credit checks on prospective tenants.
The report was issued with almost no consultation with our industry. Credit checks are
perhaps the only objective means of financial verification, and this change threatened
to have a broad negative impact, particularly for smaller landlords who have increased
exposure to bad debt risk.
Apartment mortgage debt has always been the most popular asset class in Canada. The calm,
safe harbour asset for every major lender in the country. But the 2020 Covid spring managed
to rock the boat with a perfect storm of uncertainty and fear. As a rule, economic fear drives
bond yields down. And as you can see from the pricing and 5-year bond chart below, by March 1
the market wasn’t just fearful, it was
terrified. The market panic created
unprecedented bond pricing. In the
circumstance, some lenders stopped
lending all together while others
seized the opportunity to take market
share.
By the summer, treasury departments
had, mostly, recalibrated but spreads
were wildly disparate. CMHC insured
5-year debt was available at 1.15%
(all in) and 10-year debt at 1.50% (all
in). This pricing is not a typo. The
conventional debt market pricing was not as materially changed because most lenders have floor
rates based on their cost of funds. But the CMHC market has no floor and went low. As the
government programs were announced and lenders found their bearings, lenders came back and
the market got more competitive. This is were we are today. Very low bond yields and healthy
competition from the lenders - an unusually good time to borrow long term debt.
This exceptional pricing scenario quickly started causing capacity issues at CMHC. Typically,
CMHC certificates of insurance can be arranged in approximately four weeks. The onslaught of
summer 2020 applications pushed some offices to twelve weeks. This extraordinary delay in
processing has created complications for apartment buyers who do not typically have three or four
months to finance. In response, many ‘bridge loans’ are being utilized to facilitate closings while
the CMHC insurance is arranged.
In addition to the processing delays, the flood of existing apartment owners applying to CMHC
caused Ottawa to alter their equity take-out criteria. No longer will CMHC allow pure equity take-
out. The funds need to be specifically earmarked for capital repairs/improvements of an existing
asset OR for the purchase of a new apartment asset OR for a new rental construction. Investors
would typically pull out equity first and then find their new investment but CMHC has mandated
that this new investment be papered in advance.
Similar to the 2008 debt crisis, the Canadian mortgage market has performed well under difficult
circumstances. Our current market has a healthy amount of liquidity and competition. For clients
looking to buy, renovate or build apartments, there are variety of excellent options. These options
may be slow and bureaucratic (and a bridge may be required) but excellent once completed.
CitiFundisaleadingapartmentmortgagebrokerage,CMHCcorrespondentandavolumeoriginator.
Our independence allows us to source the best pricing in the country on bridge, construction,
conventional or CMHC insured financings. As of December 7th, 2020, CMHC term rates are as
low as 1.25% for 5-year term and 1.70% for 10-year term. Whatever apartment financing you
require, CitiFund can optimize your mortgage solution.
MICHAEL DROUILLARD
Michael is a real estate lawyer whose practice
focuses upon commercial real estate
transactions and real estate disputes. Michael’s
cross disciplinary practice gives him a unique
appreciation for the risk and rewards of real
estate which informs the legal services he
provides to his clients.
MICHAEL DROUILLARD
Associate Counsel
Harper Grey LLP
mdrouillard@harpergrey.com
604.895.2904
ASSIS TANT
Alexandra Raymond
araymond@harpergrey.com
EXPERTISE
Business Law
Real Estate Law
Michael is a lawyer with Harper Grey and a member of our Business and Real Estate
Law Groups. He is also Co-Chair of the firm’s Real Estate Practice Group.
Michael’s practice centers around providing advice and advocacy to owners and
operators of investment real estate, and his clients range from the owner of a single
residential rental unit to a publicly traded REIT. His practice is cross disciplinary in that
he provides both transactional and dispute resolution services to his real estate clients,
crossing traditional practice boundaries between litigation and transaction counsel.
Michael’s transactional practice is focused on the purchase, sale, leasing and financing
of commercial real estate, and has included acting as counsel in transactions involving
institutional-grade real estate assets worth hundreds of millions of dollars. His dispute
resolution practice emphasizes commercial real estate disputes, and for profit residential
housing regulation, including human rights, privacy, and high conflict or complex
residential tenancy litigation.
Michael has a significant and diverse background in real estate which augments the
legal services he provides to his clients. He studied real estate at the UBC Sauder
School of Business, practiced as a real estate agent, and operated a rental property
management business prior to entering the practice of law. Michael has also written
extensively on the subject of real estate, including a Canadian best-selling book,
“Landlording in Canada”, various industry articles, and a treatise on the subject of
manufactured housing law in British Columbia.
EXPERIENCE
Written by: Michael Drouillard, Associate Counsel at Harper Grey LLP Written by: Derek Townsend, Principal and co-owner of CitiFund
MICHAEL DROUILLARD
Michael is vice chair of
the board of directors
of LandlordBC, and a
practising lawyer with
Harper Grey LLP.
DEREK TOWNSEND
Derek Townsend
began his commercial
real estate career with
a dedicated focus
on rental apartment
financing in Canada.
In short order, he
became Citifund
Capital’s leading
expert on CMHC
and conventional
financing structures
for apartment
construction,
repositioning and
acquisition. CitiFund
now represents a
robust apartment
business with clients
ranging from private
investors to REITs.
He was the firm’s
youngest Vice
President and is now
the youngest Principal
and co-owner. As the
leader of the firm’s
apartment business
line, CitiFund has
funded over 500
mortgages totaling
over $3 billion in debt
origination.
o When the acting privacy commissioner who published the investigation report was replaced, LandlordBC was able to consult
with the new Privacy Commissioner of British Columbia who issued a replacement report largely reversing the mandatory
guidance.
The City of New Westminster recently enacted a bylaw which “bans” evictions necessary when a building undergoes significant
renovation work requiring vacant possession. The implications of this bylaw are broad – it is a form of residential tenancy
legislation and threatens to create unintended dual layer regulation of tenancy agreements at both the provincial and municipal
level.
o LandlordBC is an intervenor in a court challenge to this bylaw, and submissions were heard in September of this year.
LandlordBC is waiting for the Court of Appeal to issue a decision. The result could significantly impact how landlords across
the province are regulated.
LandlordBC continues to advocate strenuously for a measured and fair application of residential rental tenure zoning, and a
departure from a practice being adopted by some municipalities which simply acts to downzone residential properties and stifle
investment.
LandlordBC continues to pursue implementation of an improved additional rent increase model for landlords who incur major
capital expenditures.
LandlordBC’s strength in advocacy comes from your membership. It allows us to present a powerful, unified voice for the industry,
which will be needed more than ever in 2021, and it is now more important than ever that you join.
Find out more at https://landlordbc.ca
6. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
10 11
CHARITY Food RUN
panel speaker at the canadian apartment conference
podcasting
The Canadian Apartment Investment Conference takes
place annually in September in Toronto, ON, and is
one of the largest multi-family events across Canada,
attracting over 900+ executives including: owners,
managers, developers, investors and lenders, and
sales professionals. The event includes networking
opportunities, speaker presentations, and panel
discussions.
During the 2020 Conference, Lance Coulson was asked
to join a panel discussion surrounding “Affordable
Housing”alongside5otherrealestateprofessionalswho
each offer their own unique insight and perspective on
the topic. The panel discussion recieved great feedback
and was well-recieved by conference attendees.
Image Source: realestateforums.com
Vancouver Food Run
In December, members of our National
Apartment Group - BC team and other CBRE
Vancouver members were participating in
the charitable event with Vancouver Food
Runners to deliver food to different charitable
organizations in Vancouver ahead of the
holiday seasons!
Lance Coulson, Executive Vice President of the National Apartment
Group & Investment Properties Team at CBRE, joins the podcast
powered by First National Commercial Resource Centre to discuss
the state of the apartment investment in Vancouver as that market
slowly emerges from the COVID-19 crisis.
We’re beginning to see more commercial real estate podcasts
popping up and we’re looking forward to participating in more
of them in the coming year! To listen to this podcast, visit
NationalApartmentGroupBC.ca and click the news tab.
JUNE 2020
FEATURED!
2020 RENTAL APARTMENT
TRANSACTION HIGHLIGHTS
12
COMPLETED & FIRM
DEALS
523
TOTAL UNITS
7
DIFFERENT
MUNICIPALITIES
$205M
TOTAL VALUE *
(SOLD & FIRM DEALS)
CONCRETE HIGHRISE | 100+ SUITES
Metro Vancouver, BC
ST JAMES APARTMENTS | 14 SUITES
401 Fifth St, New Westminster, BC
OAKMONT MANOR | 33 SUITES
33370 George Ferguson Way, Abbotsford, BC
THE ARBUTUS | 59 SUITES
5085 Uplands Dr., Nanaimo, BC
BIRCHWOOD| 31 SUITES
33382 George Ferguson Way, Abbotsford, BC
DENMAN MANORS APARTMENT | 12 SUITES
1255 Denman St, Victoria, BC
MCLEAN MANOR APARTMENTS | 30 SUITES
1383 East Broadway, Vancouver, BC
THE WATERMARK | 51 SUITES
2036 South Island Highway, Campbell River, BC
SOUTH GRANVILLE PORTFOLIO | 22 SUITES
1245 & 1255 W 10th Ave, Vancouver, BC
THE HENRIETTA APARTMENTS | 11 SUITES
1445 W 10th Ave, Vancouver, BC
ORCHARD PARK | 140 SUITES
3641 & 3651 Elliott Rd, Kelowna, BC
SOLD
SOLD
FIRM DEAL
SOLD FIRM DEAL
SOLD
SOLD
SOLD
SOLD SOLD
SOLD
Please visit our website at
NationalApartmentGroupBC.ca to
view all our listings and past sales
throughout British Columbia. Should
you have any questions or would like
to know about a particular listing or
past sale please do not hesitate to
contact any of our Apartment Sales
Team members.
SOLD
CBRE Limited | 1021 West Hastings Street | Suite 2500 | Vancouver | BC V6E 0C3
This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors (“CBRE”). The information set out herein, including, without limitation, any projections, images, opinions,
assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility
or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information.
The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related
companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved. Mapping Sources: Canadian Mapping Services canadamapping@cbre.com; DMTI Spatial, Environics Analytics, Microsoft Bing, Google Earth.
*SOURCE:REALNETandCBREforGreaterVancouverandVictoria(January1,2020–December31,20120).Includestransactionswithco-operatingBrokers.
7. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
12 13
CBRENationalApartmentGroup
PredictsInvestorswillcontinueto
favourmulti-familyASSETSIN2021
PANDEMIC’S IMPACT
In order to gauge the impact of COVID-19 on the multi-family asset class, CBRE surveyed a cross-section of private and institutional
owner and operators. Participants were asked to provide insights on their portfolio or buildings performance, level of vacancy and
turnover and the percentage of total rent collection. The majority of landlords indicated that vacancy rates within their portfolios
or buildings had not been significantly impacted over the first five months of the pandemic. In addition, landlords had indicated
that rent collection over the same time period consistently averaged in the 96 per cent range with no discerning downward trend
from month to month.
As of Q3 2020, total multi-family sales across Metro Vancouver was close to $700 million and is expected to reach close to a
billion dollars by year end. Although this estimated sales volume is off from the 2019 year-end sales figure, multi-family assets still
remain the envy of all other asset classes, with possibly the only exception being the industrial asset class.
IMMIGRATION
At this time last year, the Metro Vancouver vacancy rate was fluctuating in the range of 0.7 per cent to 1 per cent. As we move
closer to the end of 2020 the market in general is experiencing higher than average vacancy rates due in part to the lack of
students who would typically be renting suites throughout the province, in addition to the approximate 40,000 net new residents
who would typically be arriving in the Lower Mainland seeking rental accommodation. On a positive note, the federal government
Secure cash flow and low interest rates will continue
to drive buyer demand for multi-family properties in
2021.
We predict 2021 will be a very active and positive year for the multi-
family sector as investors continue to be drawn towards defensive
real estate assets.
2020 started off strong as momentum and strong investor demand
for multi-family assets from the second half of 2019 carried over
into the first quarter (Q1) of 2020.
Between January 1 and March 30, 2020, 16 rental apartment
properties transacted, accounting for more than $362 million in
total sales value throughout Metro Vancouver. Of note, two of the
16 sales were large-scale concrete rental properties that accounted
for a large percentage of the total sales volume in Q1, as both high
net-worth private and large institutional buyers were attracted by
strong market fundamentals and low interest rates.
As the COVID-19 pandemic reached British Columbia in mid-March,
the strong sales activity that took place in the first quarter came to an abrupt halt as investors and owners alike took a pause in
order to concentrate on taking care of their families, the safety of their employees, assisting and working with their tenants and
the continued operation of their properties and businesses.
In order to curb the virus, governments implemented stay-at-home orders and international travel bans for the safety of residents.
The lockdown led to a large number of businesses being forced to make layoffs with their revenues significantly compromised. To
help support businesses and residents, the federal government committed nearly $400 billion in fiscal stimulus programs. These
stimulus programs assisted many Canadian impacted by the pandemic with $2,000 stimulus checks on a monthly basis. These
monthly checks and the later addition of rental subsidies assisted many tenants with the ability to pay their monthly rent during
this very challenging time.
Written by Lance Coulson
Article originally featured
in the Western Investor
December 2020 Issue.
Published In:
Investorswillcontinuetofavour
multi-familyASSETSIN2021
PRICING TRENDS
As the market started to get more active, the challenge coming into the third quarter for most asset classes was where the new
cap rates would be and how property values would be affected. For the multi-family sector, however, there seems to be a little
more clarity around these questions. While sellers did put a pause on bringing new listings to the market, the general uncertainty
around selling their multi-family assets have now largely dissipated. Given the resiliency of multi-family properties thus far, price
expectation for the most part has not differed from pre-pandemic levels. In fact, pricing is now even higher in some cases for
certain properties. (Below is CBRE Apartment Team’s recent sold transaction in Abbotsford reflecting this scenario.)
We expect the combined impact of favorable market conditions and historically low borrowing rates could be the catalyst in
further compressing capitalization rates for multi-family properties in 2021.
recently announced plans to bring in more than 1.2 million immigrants over the next three years; which would be an increase of
about 50,000 new residents each year into the Vancouver region. The aim is to compensate for the shortfall this year due to the
pandemic. Increased migration into Metro Vancouver combined with the return of the student population in 2021 should absorb
the excess vacancy that we’re currently experiencing and return the overall vacancy rate to normalized levels.
CASE STUDY
The market has been
very active throughout
2020 and quality
assets continue to be
highly sought after
by investors. The
Birchwood Manor
transaction exceeded
our expectations
and has set a new
benchmark for price per
door and cap rates in
the Abbotsford market.
8. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
14 15
Vancouver
01
VANCOUVER 2018 2019 2020
NUMBER OF SALES 48 28 36
AVG PRICE PER SUITE $482,806 $401,054 $499,663
TOTALSALESVALUE $862,290,955 $222,184,000 $607,791,888
AVGMONTHLYRENTALRATES $1,478 $1,568 $1,480
AVG VACANCY RATES 0.8% 1.0% 1.1%
* SOURCE: The sales and rental data for 2018-2020 has been sourced from RealNet, CMHC and other sources deemed reliable. Please note that the sales data included comprises of only apartments sales and does not incorporate
other transaction types such as land sales, strata wind-up sales, co-ops, SROs, etc.
9. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
16 17
apartment buildings SOLD in Lower Mainland YEAR 2020
Vancouver FOCUS
SOLD BY CBRE
Plaza 500
500 West 12th Ave
Vancouver
118 Units
SOLD Price $82,500,000
SOLD Date: July 2020
Henrietta Apartments
1445 W 10th Ave
Vancouver
11 Units
SOLD Price $4,800,000
SOLD Date: September 2020
Birchwood Manor
33382 George Ferguson Way
Abbotsford
31Units
SOLD Price $7,118,000
SOLD Date: December 2020
South Granville Portfolio
1245/1255 W 10th Ave
Vancouver
2BuildingsCombinedwith22Units
SOLD Price $7,375,000
SOLD Date: July 2020
*SOURCE: The sales and rental data for 2018-2020 has been sourced from RealNet and other sources deemed reliable. Please note that the sales data included
comprises of only apartments sales and does not incorporate other transaction types such as land sales, strata wind-up sales, co-ops, SROs, etc.
10. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
18 19
EAST
VANCOUVER
FAIRVIEW/
SOUTH
GRANVILLE
SOLD
1175 PACIFIC STREET
$8,000,000
$347,826 PER SUITE
23 UNITS
SOLD
4987 MAIN STREET
$3,300,000
$412,500 PER SUITE
8 UNITS
SOLD
840 E 6TH AVENUE
$4,200,000
$381,818 PER SUITE
11 UNITS
SOLD
310 E 13TH AVENUE
$10,523,000
$404,731 PER SUITE
26 UNITS
SOLD
488 W 64TH AVENUE
$48,500,000
$440,909 PER SUITE
110 UNITS
IMAGE SOURCE: ALTUS GROUP REALNET
SOLD
2328 GALT STREET
$14,500,000
$517,857 PER SUITE
28 UNITS
SOLD
500 WEST 12TH AVENUE
$82,500,000
118 UNITS
SOLD
1445 W 10TH AVENUE
$4,800,000
$436,364 PER SUITE
11 UNITS
SOLD
1245 & 1255 W 10TH AVENUE
$7,375,000
$335,227 PER SUITE
22 UNITS COMBINED (2 BUILDINGS)
SOLD
25 W 12TH AVENUE
$2,970,000
$742,500 PER SUITE
4 UNITS
SOLD
1635 E 4TH AVENUE
$5,105,000
$392,692 PER SUITE
13 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
1775 VENABLES STREET
$3,200,000
$266,667 PER SUITE
12 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
333 EAST 11TH AVENUE
$120,000,000
$594,059 PER SUITE
202 UNITS
SOLD
1037 E 8TH AVENUE
$7,500,000
$300,000 PER SUITE
25 UNITS
CBRE
SALE
CBRE
SALE
CBRE
SALE
SOLD
233 E 14TH STREET
$16,300,000
$301,852 PER SUITE
54 UNITS
SOLD
646 E 44TH AVENUE
$5,000,000
$312,500 PER SUITE
16 UNITS
11. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
20 21
SOLD
878 GILFORD STREET
$13,500,000
$540,000 PER SUITE
25 UNITS
SOLD
8767 FRENCH STREET
$3,028,888
$302,889 PER SUITE
10 UNITS
SOLD
1122 BURNABY STREET
$9,600,000
$417,391 PER SUITE
23 UNITS
SOLD
911 W 71ST AVENUE
$2,700,000
$337,500 PER SUITE
8 UNITS
SOLD
815 S.W. MARINE DRIVE
$5,400,000
$284,211 PER SUITE
19 UNITS
SOLD
8715 OSLER STREET
$9,150,000
$305,000 PER SUITE
30 UNITS
SOLD
1555 HARWOOD STREET
$20,200,000
$492,683 PER SUITE
41 UNITS
SOLD
1230 NELSON STREET
$51,000,000
$476,636 PER SUITE
107 UNITS
SOLD
1537 BURNABY STREET
$11,400,000
$475,000 PER SUITE
24 UNITS
SOLD
1019 BUTE STREET
$8,500,000
$531,250 PER SUITE
16 UNITS
SOLD
2629 W 4TH AVENUE
$4,200,000
$420,000 PER SUITE
10 UNITS
SOLD
5455 BALSAM STREET
$70,000,000
$804,598 PER SUITE
87 UNITS
SOLD
1371 HARWOOD STREET
$16,440,000
$469,714 PER SUITE
35 UNITS
KITSILANO
WEST END KERRISDALE MARPOLE
SOLD
2726 SPRUCE STREET
$4,700,000
$427,273 PER SUITE
11 UNITS
SOLD
1325 W 10TH AVENUE
$4,100,000
$410,000 PER SUITE
10 UNITS
SOLD
1569 W 12TH AVENUE
$5,800,000
$580,000 PER SUITE
10 UNITS
SOLD
1025 W 13TH AVENUE
$4,700,000
$522,222 PER SUITE
9 UNITS
SOLD
1265 W 13TH AVENUE
$19,600,000
$445,455 PER SUITE
44 UNITS
12. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
22 23
NORTH SHORE
02
NORTH SHORE 2018 2019 2020
NUMBER OF SALES 5 6 5
AVG PRICE PER SUITE $571,114 $432,021 $361,929
TOTALSALESVALUE $106,798,283 $63,075,000 $48,498,500
AVGMONTHLYRENTALRATES $1,424 - $1,584 $1,466 - $1,584 $1,477- $2,024
AVG VACANCY RATES 0.8% - 1.7% 0.5% - 1.2% 0.5% - 1.2%
* SOURCE: The sales and rental data for 2018-2020 has been sourced from RealNet, CMHC and other sources deemed reliable. Please note that the sales data included comprises of only apartments sales and does not incorporate
other transaction types such as land sales, strata wind-up sales, co-ops, SROs, etc.
13. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
24 25
SOLD
132 W 4TH STREET
$3,730,000
$373,000 PER SUITE
10 UNITS
SOLD
2762 LONSDALE AVENUE
$9,450,000
$363,462 PER SUITE
26 UNITS
SOLD
2875, 2855 & 2931 MOUNTAIN HWY
$17,000,000
$369,565 PER SUITE
46 UNITS (COMBINED)
SOLD
136 E 18TH STREET
$9,693,500
$334,259 PER SUITE
29 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
122 E 18TH STREET
$8,580,000
$373,043 PER SUITE
23 UNITS
IMAGE SOURCE: GOOGLE MAP
NORTH
VANCOUVER
the growing trend of purpose built rental
projects in North Vancouver
The City of North Vancouver market continues to be resilient and this was no more evident
than during the challenging times the market faced in 2020. With a rapidly growing city
attracting a younger demographic and a progressive city council, it continues to garner
interest from both investors and developers looking to secure quality assets.
Since the Official Community Plan (OCP) was implemented in 2014 the area has seen strong
demand for projects that align with the development of their communities and the City’s
overall vision. Due to this clear and concise plan for future development and the growing
trend of purpose built rental projects, we anticipate continued supply coming to market to
serve tenant demand in the area.
North Shore waterfront view
14. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
26 27
BURNABY, NEW WESTMINSTER & TRI-CITIES 03
BURNABY 2018 2019 2020
NUMBER OF SALES 4 5 3
AVG PRICE PER SUITE $295,455 $327,452 $439,455
TOTALSALESVALUE $68,250,000 $139,167,185 $44,385,000
AVGMONTHLYRENTALRATES $1,238 $1,312 $1,392
AVG VACANCY RATES 2.0% 1.3% 1.5%
NEW WESTMINSTER 2018 2019 2020
NUMBER OF SALES 19 8 3
AVG PRICE PER SUITE $257,573 $227,141 $261,503
TOTALSALESVALUE $141,150,000 $82,225,000 $49,947,000
AVGMONTHLYRENTALRATES $1,206 $1,305 $1,305
AVG VACANCY RATES 1.6% 1.2% 1.2%
TRI-CITIES 2018 2019 2020
NUMBER OF SALES 4 2 1
AVG PRICE PER SUITE $380,243 $252,344 $371,429
TOTALSALESVALUE $125,100,000 $8,075,000 $13,000,000
AVGMONTHLYRENTALRATES $1,178 $1,287 $1,344
* SOURCE: The sales and rental data for 2018-2020 has been sourced from RealNet, CMHC and other sources deemed reliable. Please note that the sales data included comprises of only apartments sales and does not incorporate
other transaction types such as land sales, strata wind-up sales, co-ops, SROs, etc.
* SOURCE: The sales and rental data for 2018-2020 has been sourced from RealNet, CMHC and other sources deemed reliable. Please note that the sales data included comprises of only apartments sales and does not incorporate
other transaction types such as land sales, strata wind-up sales, co-ops, SROs, etc.
15. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
28 29
SOLD
6540 MARLBOROUGH AVENUE
$6,800,000
$226,667 PER SUITE
30 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
401 FIFTH STREET
$2,350,000
$167,857 PER SUITE
14 UNITS
SOLD
508 AGNES STREET
$42,000,000
$280,000 PER SUITE
150 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
7774 EDMONDS STREET
$2,085,000
$417,000 PER SUITE
5 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
1175 PIPELINE ROAD
$13,000,000
$371,429 PER SUITE
35 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
325 ASH STREET
$5,597,000
$207,296 PER SUITE
27 UNITS
SOLD
6031 WILSON AVENUE
$35,500,000
$537,879 PER SUITE
66 UNITS
IMAGE SOURCE: GOOGLE MAP
BURNABY
NEW WESTMINSTER
COQUITLAM
CBRE
SALE
ST JAMES APARTMENTS
401 FIFTH STREET, NEW WESTMINSTER, BC
OVERVIEW
• In March 2020 at the beginning of the pandemic, CBRE entered into a listing
agreement with the Owner of the St. James Apartments in New Westminster;
• The property presented some unique challenges related to zoning, condition and
vacancy;
• Our CBRE Apartment Team adapted our marketing efforts to respond to the
challenges around marketing and touring multi-family buildings under the new
restrictions related to COVID-19;
KEY TAKEAWAYS
• The sale represented one of the first multi-family properties to be listed, marketed and sold since the beginning of COVID-19;
• CBRE successfully positioned potential negative attributes of the offering such as building condition, vacancy and zoning into
opportunities;
• CBRE illustrated the benefits of utilizing video, drone and virtual staging to successfully market multi-family properties.
STRATEGY AND RESULTS
• CBRE saw the listing as an opportunity to utilize both video and drone footage in the
marketing of the St. James Apartments which allowed us to efficiently introduce the
property to the market and highlight the location and surrounding amenities;
• CBRE utilized a virtual tour of the property to provide prospective purchasers with the
opportunity to gain a better understanding of the building and minimize unnecessary
building tours and tenant disruptions;
• The building was older and in original condition with vacancy, our Team utilized
virtual staging to illustrate the renovation potential of the property and positioned the
vacancy as an opportunity in light of the challenges in renovating tenanted suites;
• Our marketing efforts were successful in soliciting multiple offers creating a
competitive bidding environment and options for the Vendor. Our Team successfully
listed, marketed and sold the St. James Apartments during the beginning of the
pandemic.
Address
401 Fifth Street, New West, BC
Construction Type
Wood-frame
Number of Units
14
Site Size
13,068 sq. ft.
Sale Completion Date
September 2020
Sale Price
$2,350,000
Purchaser
Local Private Investor
Sales Agent
CBRE National Apartment Group - BC
CBRE
SALE CASE
STUDY
16. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
30 31
DELTA, TRI-CITIES & surrey
04
DELTA & TRI-CITIES 2017 2018 2019
NUMBER OF SALES 6 2 3
AVG PRICE PER SUITE $203,361 $228,125 $226,894
TOTALSALESVALUE $62,228,400 $14,600,000 $14,975,000
AVGMONTHLYRENTALRATES $997 - $1,081 $1,040 - $1,178 $X,XXX
AVG VACANCY RATES 1.2% - 1.4% 1.2% - 1.3% X.X%
MAPLE RIDGE, LANGLEY, chilliwack,
SURREY, WHITE ROCK & aBBOTSFORD
04
FRASER VALLEY 2018 2019 2020
NUMBER OF SALES 12 10 17
AVG PRICE PER SUITE $234,840 $279,109 $185,366
TOTALSALESVALUE $56,596,388 $243,383,000 $65,619,400
AVGMONTHLYRENTALRATES $924 - $1,214 $1,050 - 1,383 $1,102-$1,392
AVG VACANCY RATES 1.0% - 1.6% 1.2% - 3.3% 0.5% - 3.1%
* SOURCE: The sales and rental data for 2018-2020 has been sourced from RealNet, CMHC and other sources deemed reliable. Please note that the sales data included comprises of only apartments sales and does not incorporate
other transaction types such as land sales, strata wind-up sales, co-ops, SROs, etc.
17. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
32 33
SOLD
5769 201A STREET
$6,700,000
20 UNITS & COMMERCIAL SPACE
SOLD
11933 223RD STREET
$7,300,000
$162,222 PER SUITE
45 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
46316 MARGARET AVENUE
$892,000
$148,667 PER SUITE
6 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
11682 224TH STREET
$2,455,000
$116,905 PER SUITE
21 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
45699 PATTEN AVENUE
$2,975,000
$135,227 PER SUITE
22 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
21369 RIVER ROAD
$1,290,000
$215,000 PER SUITE
6 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
9112 MARY STREET
$1,160,000
$145,000 PER SUITE
8 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
22325 ST. ANNE AVENUE
$11,000,000
$166,667 PER SUITE
66 UNITS
IMAGE SOURCE: ALTUS GROUP - REALNET
SOLD
46340 PRINCESS AVENUE
$2,510,000
$156,875 PER SUITE
16 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
46288 YALE ROAD
$3,444,400
$123,014 PER SUITE
28 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
33382 GEORGE FERGUSON WAY
$7,118,000
$299,613 PER SUITE
31 UNITS
SOLD
22182 DEWDNEY TRUNK ROAD
$5,450,000
$181,667 PER SUITE
30 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
9465 WILLIAMS STREET
$2,025,000
$155,769 PER SUITE
13 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
46003 MELLARD AVENUE
$4,000,000
$250,000 PER SUITE
16 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
5732 VEDDER ROAD
$2,000,000
$181,818 PER SUITE
11 UNITS
IMAGE SOURCE: GOOGLE MAP
MAPLE RIDGE
CHILLIWACK
ABBOTSFORD
LANGLEY
CBRE
SALE
SOLD
13448 HILTON RD
$1,675,000
$279,167 PER SUITE
6 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
1020 PARKER STREET
$3,625,000
$402,778 PER SUITE
9 UNITS
SURREY WHITE ROCK
18. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
34 35
BIRCHWOOD MANOR APARTMENTS
33382 GEORGE FERGUSON WAY, ABBOTSFORD, BC
TRANSACTION DETAILS:
• The Birchwood Manor represents the sale of a multi-building
apartment asset situated on a large lot providing significant
development potential in the future. The asset comprises of 31
suites and was recently upgraded offering purchasers a turn key
asset with minimal capital expenditures required.
• CBRE National Apartment Group – BC was mandated by the
Vendor to seek a suitable and credible purchaser for the asset at
the peak of the covid-19 pandemic.
• Our team implemented a digital marketing strategy that included
brochures, a property video and a digital data room for purchasers
to easily access and review due diligence material. This allowed
us to qualify all interested parties and ensure each group had
performed their due diligence prior to any showings.
• Following the two marketing launches, we received over thirty five
CA’s signed which resulted in touring 12 qualified groups. After
implementing our strategy we received 12 Offers to Purchaser
with several being at list price and unconditional.
• During the multiple offer scenario we were able to negotiate a
purchase price over list price and set a record per door value for
Abbotsford.
Address
33382 George Ferguson Way
Construction Type
Wood-frame
Number of Units
31
Site Size
45,270 sq. ft.
Sale Completion Date
December 15, 2020
Sale Price
$7,118,000 ($229,612/Door)
Purchaser
Local Private Investor
Sales Agent
CBRE National Apartment Group - BC
CBRE
SALE
VANCOUVER ISLAND APARTMENT PORTFOLIO
TRANSACTION DETAILS:
• The Vancouver Island Apartment Portfolio represents the
significant sale of 5 new purpose-built rental apartment buildings
comprising a total of 318 suites across 4 municipalities on
Vancouver Island;
• CBRE National Apartment Group – BC was mandated by the
Developer to market the portfolio. Our team developed an
extensive marketing campaign including a detailed marketing
video utilizing drone footage of all the buildings and clearly
illustrating their respective locations and surrounding amenities;
• Our Apartment sales team consulted with the Developer on their
overall property portfolio and provided in-depth evaluations of
values;
• Following the comprehensive underwriting process and well
executed marketing campaign, our Team sourced an institutional
investor and assisted the Developer throughout the negations,
due diligence process and a successful closing;
• The end-result is that our Apartment Sales Team successfully
brokered and advised on the sale of one of the largest purpose-
built apartment portfolios to transact in British Columbia in 2020.
Address
5085 Uplands Drive, Nanaimo, BC
4114 Crossland Place, Duncan, BC
155 Moilliet Street, Parksville, BC
2036 S Island Hwy, Campbell River, BC
2338 S Island Hwy, Campbell River, BC
Year Built
2019 and 2020
Construction Type
5 x wood-frame apartment buildings
Number of Units
318 combined
Sale & Firm Date
December 2020/Early 2021
Sale Price
Confidential
Purchaser
Institutional
155 Moilliet Street, Parksville, BC
5085 Uplands Drive, Nanaimo, BC
CASE
STUDY
CASE
STUDY
CBRE
SALE & FIRM
19. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
36 37
GREATER VICTORIA
06
GREATER VICTORIA 2018 2019 2020
NUMBER OF SALES 15 38 21
AVG PRICE PER SUITE $237,775 $281,076 $294,886
TOTALSALESVALUE $72,759,000 $452,531,589 $294,590,900
AVGMONTHLYRENTALRATES $1,170 $1,221 $1,448
AVG VACANCY RATES 1.2% 1.0% 1.0%
* SOURCE: The sales and rental data for 2018-2020 has been sourced from CMHC and other sources deemed reliable. Please note that the sales data included comprises of only apartments sales and does not incorporate other
transaction types such as land sales, strata wind-up sales, co-ops, SROs, etc.
VICTORIA
SOLD
4050 DOUGLAS STREET
$4,490,000
$224,500 PER SUITE
20 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
1154 JOHNSON STREET
$20,500,000
$427,083 PER SUITE
48 UNITS
IMAGE SOURCE: KANG & GILL
SOLD
1255 DENMAN STREET
$2,450,000
$204,166 PER SUITE
12 UNITS
SOLD
465 NIAGARA STREET
$10,000,000
$238,095 PER SUITE
42 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
803 ESQUIMALT ROAD
$5,600,000
$207,407 PER SUITE
27 UNITS
SOLD
1369 ROCKLAND AVENUE
$2,000,000
$222,222 PER SUITE
9 UNITS
IMAGE SOURCE: GOOGLE MAP
CBRE
SALE
CBRE
SALE
CBRE
SALE
SOLD
1430 STADACONA AVENUE
$11,178,000
$254,045 PER SUITE
44 UNITS
SOLD
1955 ASHGROVE STREET
$9,522,000
$226,714 PER SUITE
42 UNITS
CBRE
SALE
CBRE
SALE
20. 2020 YEAR END MULTI-FAMILY MARKET REPORT 2020 YEAR END MULTI-FAMILY MARKET REPORT
38 39
SOLD
1085 GOLDSTREAM AVENUE
$52,050,000
$313,554 PER SUITE
166 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
1019 ROCKLAND AVENUE
$4,650,000
$273,529 PER SUITE
17 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
101 MENZIES STREET
$2,650,000
$220,833 PER SUITE
12 UNITS
IIMAGE SOURCE: GOOGLE MAP
SOLD
841 KINDERSLEY ROAD
$2,025,900
$184,176 PER SUITE
11 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
7701 EAST SAANICH ROAD
$3,100,000
$310,000 PER SUITE
10 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
2705 COOK STREET
$3,300,000
$206,250 PER SUITE
16 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
1140 TATTERSALL DRIVE
$1,500,000
$214,286 PER SUITE
7 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
235 COOK STREET
$3,750,000
$312,500 PER SUITE
12 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
2861 CRAIGOWAN ROAD
$54,000,000
$335,404 PER SUITE
161 UNITS
SOLD
837 ELLERY STREET
$7,600,000
$190,000 PER SUITE
40 UNITS
IMAGE SOURCE: GOOGLE MAP
SOLD
2849 BRYN MAUR ROAD
$30,525,000
$328,226 PER SUITE
93 UNITS
IMAGE SOURCE: CENTURION ASSET MANAGEMENT
SOLD
945 REUNION AVENUE
$60,000,000
$389,610 PER SUITE
154 UNITS
IMAGE SOURCE: KILLAM APARTMENT REIT
SOLD
202 LINDEN AVENUE
$3,700,000
$370,000 PER SUITE
10 UNITS
IMAGE SOURCE: GOOGLE MAP
ESQUIMALT
SAANICH
VICTORIA
21. 2020 YEAR END MULTI-FAMILY MARKET REPORT 40
LANCE COULSON
PERSONAL REAL ESTATE CORPORATION
Executive Vice President
National Apartment Group - BC
CBRE Limited, Capital Markets
604 662 5141
lance.coulson@cbre.com
GREG AMBROSE
Senior Sales Associate
National Apartment Group - BC
CBRE Limited, Capital Markets
604 662 5178
greg.ambrose@cbre.com
KEVIN MURRAY
Senior Sales Associate
National Apartment Group - BC
CBRE Limited, Capital Markets
604 662 5171
kevin.murray4@cbre.com
CBRE Limited | 1021 West Hastings Street Suite #2500, Vancouver, BC V6E 0C3 | Follow us on social media:
This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors (“CBRE”). The information set out herein, including, without limitation, any projections,
images, opinions, assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does
not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the
Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE
and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved. Mapping Sources:
Canadian Mapping Services canadamapping@cbre.com; DMTI Spatial, Environics Analytics, Microsoft Bing, Google Earth.
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