Apartment Investing is Breaking Records in Around Town

July 29, 2021

Your Weekly Construction Briefing

According to the Real Estate News Exchange, the total volume for apartment building sales in BC for the first half of 2021 is up significantly. There were 97 transactions comprising of 4,412 units valued at $1.92 billion from through to June 2021. That compares with $1.12 billion and 84 deals for all of 2020.

New apartment rentals are at their highest level since 1990, and demand for apartment buildings continues to grow.

The Vancouver Island apartment market has also been very active through the first half of 2021. There were 23 building sales in Greater Victoria and six in Nanaimo, including demand for buildings in Parksville, the Comox Valley and Campbell River.

With more ‘work at home’ options, populations are increasing in smaller BC cities and driving up the need for more rental accommodation. In 2020, there were 2,388 new rental units completed in BC, the highest annual increase since 1990.

Excerpt: Real Estate News Exchange, July 21, 2021.

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