Old, low-rise rental apartment buildings in New Westminster are now selling for around $160,000 per door and for upwards of $440,000 per door in Burnaby’s Metrotown!
But, prices are also rising in Surrey, Langley and as far out as Abbotsford as the blast radius from Vancouver’s multi-family boom continues to spread.
The big mover is Burnaby, because the city has no restrictions on replacing apartment suites when an older builder is torn down (unlike Vancouver).
Many Burnaby sales, especially in the Metrotown, Lougheed centre and Brentwood area, are pure offshore-investor land speculation plays, which drives up the per-suite cost. (Burnaby accounted for 47% of total suburban apartment building sales last year.)
From this week’s Facts By Email www.factsbyemail.com