STEVEN TSE PERSONAL REAL ESTATE CORPORATION
  • PROPERTIES
    • FEATURED LISTINGS
    • SOLDS
  • SERVICES
    • SELLERS
    • BUYERS
  • NEWS
  • CONNECT
    • MEET STEVEN
    • CONTACT
  • RESOURCES
    • TESTIMONIALS

Ontario investment firms buy 15 rental buildings in Vancouver for $293 million

1/11/2021

 
Picture
KENNETH CHAN (DAILY HIVE) - A joint partnership between two Ontario-based investment firms will acquire 15 rental housing properties in Vancouver for a combined $292.5 million.
The deals were announced today, with InterRent Real Estate Investment Trust and Crestpoint Real Estate Investments each owning 50% of their newly acquired portfolio of 614 rental homes.

Ten of these properties totalling 411 residential units are owned by Vancouver-based Hollyburn Properties, which listed the properties for sale on CBRE last fall. The remaining units are being acquired from five unnamed parties.

A release states InterRent will manage the properties, and the acquisitions will be financed by a combination of cash and new short-term debt of about $190 million. The acquisitions are slated to close before the end of this month.

This portfolio provides newcomer InterRent with critical mass in Metro Vancouver, where rental housing demand is exceptionally strong.

In Vancouver, the average vacancy rate over the last five years has been at or below 1.1%. Vacancies remain relatively high even during the COVID-19 pandemic.

“We are thrilled to enter the Vancouver market, with scale, through the acquisition of this institutional-quality portfolio that is extremely well-located. The Vancouver rental market continues to exhibit strong, sustainable market fundamentals, with exposure to a growing tech sector,” said Mike McGahan, CEO of InterRent, in a statement.

“We look forward to enhancing these properties with our best-in-class management platform, customer service and community-focused approach. This is a market we have targeted for a long time. We are very pleased to partner with a best-in-class team like Crestpoint for this portfolio.”

The release emphasized the forecast of continued strong rental housing demand from Vancouver’s expanding tech sector growth and the region’s “outsized proportionate share of immigration,” especially from the impact of the federal government’s updated ambitious immigration targets for 2021 and 2022.
​
Six of the properties are located in the West End, and several locations are in Marpole and Kitsilano. Most of the properties are older and carry future redevelopment potential.
Here are the properties under the acquisition:

  • 1885 Barclay Street, West End (Hollyburn)
    • 41 units, concrete
  • 1924 Barclay Street, West End (Hollyburn)
    • 42 units, concrete
  • 1580 Haro Street, West End (Hollyburn)
    • 61 units, concrete
  • 855 Jervis Street, West End (Hollyburn)
    • 48 units, concrete
  • 1270 Nicola Street, West End (Hollyburn)
    • 37 units, concrete
  • 1461 Harwood Street, West End (Hollyburn)
    • 38 units, concrete
  • 1326 West 13th Avenue, South Granville (Hollyburn)
    • 30 units, concrete
  • 1355 West 14th Avenue, South Granville (Hollyburn)
    • 28 units, concrete
  • 2280 West 6th Avenue, Kitsilano
    • 43 units, wood frame
  • 2040 York Avenue, Kitsilano
    • 54 units, wood frame
  • 4640 West 10th Avenue, West Point Grey (Hollyburn)
    • 14 units, concrete
  • 8675 French Street, Marpole (Hollyburn)
    • 72 units, concrete/wood frame
  • 8740 Cartier Street, Marpole
    • 35 units, wood frame
  • 8790 Cartier Street, Marpole
    • 35 units, wood frame
  • 1373 West 73rd Avenue, Marpole
    • 36 units, wood frame

Lower Mainland property assessments up $50 billion

1/4/2021

 
Picture
HAYLEY WOODIN (BUSINESS IN VANCOUVER) - Owners of more than one million properties in the Lower Mainland can expect “moderate” increases in value on their 2021 assessment notices, according to BC Assessment. 

"Despite COVID-19, the Lower Mainland residential real estate market has been resilient," noted BC Assessment deputy assessor Bryan Murao in a news release.

"For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill whereas the remainder of the year had a very steady and rapid recovery.”

Total assessments for the Lower Mainland have increased by about $50 billion in value year over year, to $1.46 trillion in 2021 from $1.41 trillion in 2020.

The majority of single-family and strata homes in the region will see increases between 0% and 10% on their assessments, which should be received in the days ahead.

At the top of the range are single-family homes in the City of Vancouver and the District of Squamish (+10%), followed by detached homes on Bowen Island, (+9%) and in Pemberton, Mission and Port Coquitlam (+8%).

According to data from BC Assessment, condos in the District of North Vancouver will see the greatest change in value (+6%), followed by strata units in the City of North Vancouver and Maple Ridge (+5%).

Strata homes in the City of White Rock (-2%) and single-family homes on University Endowment Lands (-1%) are the only property categories that saw overall decreases in value. 

At the provincial level, the total value of residential real estate rose 4.2% year over year, to $2.01 trillion.
​
BC Assessment notices reflect changes in the estimated market value of properties from July 1, 2019 to July 1, 2020.

    Market Update

    Updates on Real Estate news happening in your city. 

    Archives

    January 2023
    November 2022
    October 2022
    September 2022
    August 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    February 2021
    January 2021
    November 2020
    October 2020
    August 2020
    July 2020
    May 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    September 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014

    Categories

    All
    Architecture
    Banking & Mortgage
    City Development
    City Events
    Home Staging
    Market Trends
    Project Presales
    Strata
    Supportive Housing
    Vancouver Heritage

  • PROPERTIES
    • FEATURED LISTINGS
    • SOLDS
  • SERVICES
    • SELLERS
    • BUYERS
  • NEWS
  • CONNECT
    • MEET STEVEN
    • CONTACT
  • RESOURCES
    • TESTIMONIALS