Last year was a “solid” year for Metro Vancouver’s apartment market, says an annual review by Goodman Commercial Inc.
Thursday’s report said dollar volumes increased 71 per cent to $1.78 billion in 2024 compared with $1.04 billion in 2023.
Meanwhile, the number of transactions rose from 73 to 97 during that same period.
“Looking closer, a handful of large transactions drove the dollar volumes, unusual for the Metro Vancouver market where properties of scale can be hard to pry loose,” said the report.
The performance of non-profit and government buyers was “remarkable,” said the report.
Four transactions took place in 2022, and two in 2023. But the sector acquired 18 properties in 2024 for a total of $366 million—21 per cent of total dollar volume.
“The voter-rich suburbs were the main beneficiary of all this taxpayer-funded buying, accounting for 14 of the 18 transactions,” said the report.
