For the first time in history more people left BC than moved here during the first half of this year. That’s had an impact on rents and caused some major landlords to rethink their investments, putting large rental blocks up for sale.
Link from Southseacompany:
“With immigration to B.C. hitting negative levels – more people left the province for other regions than arrived in 2020’s first half for the first time in history – Vancouver rents are declining while insurance premiums for apartment buildings have increased an average of 75%, property taxes have soared and capitalization rates have flatlined in the sub-3% range. This has resulted “in a dampening of enthusiasm to invest in the province’s biggest city,” according to Avison Young”
Read the full article here.