Vancouver has arrived. It is now perceived as an international destination in the same class as other major world cities, according to Vancouver Real Estate Forum chair Richard Weir. “It’s hard to find flaws in the Vancouver real estate market,” said the Bosa Development Corporation Executive Vice President, Real Estate and Development. “The market here benefits from a confluence of factors: Low interest rates, high levels of confidence in the Vancouver and British Columbian economies and an inundation of institutional and foreign capital. Investors see Vancouver as such a safe and stable haven that the flood of funds into local real estate assets will likely continue unabated for some time. “It’s hard to see the flow of capital stopping at any time during the next 18 months,” Weir anticipated. The metropolis’ strength is broadly based across all real estate market sectors. “It’s residential. It’s industrial. It’s office. It’s retail,” Weir enthused. “The strong increase in investor demand is matched by very healthy demand from prospective tenants. Vacancy rates in retail and industrial are very 20
Canadian Real Estate Forum / SPRING 2015