Condo-quality purpose-built rental apartments are a growing trend across the nation and the most stable asset class in Canada according to a new report. Colliers International’s Multifamily Real Estate Report 2015 examines the state of the market in eight cities; Calgary, Edmonton, Montreal, Ottawa, Toronto, Vancouver, Victoria and Winnipeg.
Matthew Bruchkowsky of Colliers said that almost every city seems to be witnessing this class of building: “A condominium-style apartment rental provides the developer the opportunity for longer-term cash flow. Development returns can be tight if land acquisition is required; however, there is sufficient appetite as high-quality, well-capitalized projects enter the market.”
Vacancy rates and rents remained fairly stable in the past year with the exception of Calgary, Edmonton and Victoria where the oil decline had an impact.
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