(Source: The Vancouver Sun)

Low interest rates and easing of prices has breathed some life into Metro Vancouver’s rental-apartment real estate market, according to the latest report from a major commercial realtor.

Commercial realtor Avison Young counted 17 sales of rental apartment buildings worth just over $59 million in the first quarter of 2009 compared with 26 sales worth just over $92 million in the first quarter of 2008.

However, Avison Young principal Rob Greer noted that those 17 sales in 2009’s first quarter were substantially higher than the seven sales worth almost $30 million recorded in the fourth quarter of 2008.

Greer, in an interview, said that between November of last year and the middle of January was a period where “nothing happened” in the market.

“But we are seeing things start to pick up,” Greer said. “What’s fueling things is very, very low [mortgage] interest rates, and [capitalization] rates that are now between one and 1 1/2-percentage-points up from where they used to be.”

Read the full article by Derrick Penner “Low interest rates help revive Vancouver real estate rental market” in The Vancouver Sun.

Developments featured in this article

More Like This

Facebook Chatter