Saeed Farahani’s Blog

Despite rising vacancies and sublease opportunities, Colliers believes the worst is over for Vancouver's office market. Vancouver's office vacancies are estimated to be at 7.4%, and Victoria's at 6.3%, both below the national avg. ~30% of available office space is being offered on a sublease basis in Vancouver, indicating potential higher vacancies in the future.

In June, Vancouver had the largest ↑ in avg home prices in Canada. In June, Metro Vancouver home prices ↑ $15K to $1.20M. Potential buyers now need an annual income of $236K to purchase a home.

In 2017, Vancouver introduced the Empty Home Tax (EHT) to encourage owners to rent out their vacant residential properties in order to help alleviate pressure on the rental market. For properties that are tenanted or considered principal residences, the tax is generally not applicable. On June 28, 2023, Vancouver City Council amended the EHT to…

The benchmark price for all home types in Metro Vancouver ↑ in June as home buyer demand butted up against a limited inventory.The benchmark price for a detached home is $1.9M, ↓ 3.2% yearly, and ↑ 1.9% MoM.

Purchasing a 1,500 sq ft home in Vancouver is an expensive endeavor, with the median price of such a home being around $1.3 million. This is a large sum of money to afford such a property, making it an unattainable goal for many prospective buyers. Continue to full article