Vancouver observes a 47% increase in older rental units.

    Vancouver observes a 47% increase in older rental units

    According to a survey conducted by Mark and David Goodman of HQ Commercial, it has been observed that an average per-suite purchase cost of a old Vancouver rental building is now $498,000 which is a 47% increase from 2015.

    The survey also indicated the total number of rental suits sold in Vancouver which is almost 123% more than the first half of 2015 at 1443 units in 124 buildings.
    Also, the per-door price for a multi-family rental unit amounted to $380,000.
    A huge example of rising prices includes the 69 year old rental property at 2293 West 6th Avenue which was sold for a whooping $4.5 million at $750,000 for each of the six units and the rent averages at approximately $1,680 per month.
    Although not a record, the price for old rental units amounts to almost $1.1million per unit sale in British Columbia which is also an indication of a range of prices seen in Vanocuver’s multi-family market.
    Not only that, The Kitislano property was sold for $50,000 above it’s list price with a capitalization rate of 2.1% for the converted two-bedroom suites as quoted by NAI Commercial. The same was valued at $2.9 million in 2015 with the value of building quoted at $199,000 and land at $2.7 million.
    As more older rental units come into the market, the prices have been soaring at roughly 47% with the average price being quoated at $500,000 per unit.

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    Hani Faraj

    "Always Looking For My Client's Best Interest" Hani Faraj created BCHouseFinders. Hani Faraj has over 6 years of real estate from lending experience, marketing, project & development marketing to real estate sales. Hani Faraj loves real estate with all its aspects. Hani lives with his family in Yaletown and works with one of the top offices in Vancouver.

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