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Northern BC Apartment Buildings Dominate Available Units

A lack of available apartment building inventory continues this week.  Only 122 multifamily listings over $900k are available for sale in the province of British Columbia.

Northern BC apartment buildings lead in number of units for sale with a staggering 721 apartment units currently on the market.  Several smaller communities in the north continue to be plagued by high vacancy.  LNG speculation led to massive investment in the northern region back in 2013-2014.  As LNG infrastructure project timelines have increased (or been postponed indefinitely), many portfolio-style properties have come available.  There are 444 units in 29 Northern BC apartment buildings currently for sale from just 3 sellers.

Apartment Building Listings This Week

Discover our interactive market data.  Click the headings to see the relationship between # of buildings vs # of units for sale in each region.


Low inventory in virtually every market combined with cap rate compression over the past few years leads to a province-wide average cap rate of 4.22%.  Naturally, Vancouver leads the charge with an average asking cap rate of 2.37% this week.  Close behind in the race to low cap rates are Metro Vancouver, Fraser Valley and Victoria.  Fraser Valley and Victoria have seen particularly fast drops to near-Vancouver levels.

Victoria and Nanaimo buildings remain among the highest demand in the province.  Greater Victoria has just 11 apartment buildings for sale with average cap rates at 3.77% (and falling!).  Nanaimo has a healthy number of buildings for sale as many long-time owner capitalize on the increased investment activity in the area.  Nanaimo, a community just 40% the size of Victoria, currently has 7 buildings for sale totally 240 units.  Average cap rates have dipped below 5% to 4.78% this week.

Average Price Per Unit & Cap Rate

Click the headings to see the relationship between price per unit and cap rates in each region.


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