Peter Mitham, Business in Vancouver
January 2012

Apartment sales rise

The numbers are in: sales of apartment blocks in the Lower Mainland totalled 110 last year, up from 90 in 2010 and the greatest number of sales since 2007. While the total volume of sales – $577.1 million – didn’t match the tally of $648.5 million achieved in 2005 (when 162 properties changed hands), the per-suite price continued its “relentless climb” to $175,741.

All this is according to apartment brokers David and Mark Goodman at HQ Commercial Real Estate Services Inc. HQ principal David Goodman attributed the activity to low interest rates and investors seeking good returns.

Frank O’ Brien/Peter Mitham, Western Investor
January 2012

When Helmut Pastrick took the podium to address Metro Vancouver developers in November, the chief economist at Central 1 Credit Union warned of “considerable headwinds” facing the commercial real estate market in 2012. His outlook for this year was far from inspiring.

Malcolm Parry, Vancouver Sun
December 8, 2011

Apartment buyers, vendors, appraisers and other commercial-realty professionals in B.C., as well as thousands more worldwide, regularly scan The Goodman Report. That’s the physical and electronic newsletter David and Mark Goodman publish while maintaining a $125-mil-lion gross yearly sales average as co-principals, with David England and Grant Wilson, in HQ Real Estate Services.

Peter Mitham, Business in Vancouver
November 2011

Going national

Rental apartments may be a challenge to build in Vancouver, but this isn’t the only city grappling with the issue. During interviews for last week’s Business in Vancouver Full Disclosure feature story “Apartment blocked” (issue 1150; November 8-14), apartment broker David Goodman observed that building purpose-built rentals is a challenge right across Canada – save for perhaps a few sites in Ontario.

Peter Mitham, Business in Vancouver
November 2011

• Replacing Vancouver’s aging rental stock to maintain affordable housing options is going to be financially painful and politically distasteful
• Unless neighbourhoods accept higher building densities, there will be no new development and homeowner taxes will continue to climb

January 2007: Vancouver’s condo market was approaching fresh peaks, and aging apartment blocks in the Vancouver-Fairview riding of rookie MLA Gregor Robertson were slated for redevelopment as condos commanded between $525 and $575 a square foot. In the previous 12 months, Polygon Homes Ltd. and Delta Land Development Ltd. had begun building or marketing new projects, and Robertson’s office began fielding calls from local residents about the perceived threat to the local rental stock.