The City of Vancouver is home to more than 605,000 residents as of Census reports from recent years. Of the 114 square kilometers that the city occupies, there are over 260,000 dwellings or housing units. A third of these housing types are apartments buildings of 5 storeys or less. About 26% are apartments more than 5 storeys high, and single detached homes and duplexes comprise 18% and 17% respectively.
How the Government Addresses Housing Issues
Recent reforms from housing authorities and regional planning offices have been implemented to address the high cost of housing, and the difficulties some locals face when trying to find a home. Many areas in the City of Vancouver have been revamped and developed to accommodate more housing units, and community amenities like parks and centres have also been added to make it easy for new residents to get settled in.
Getting into the Residential Rental Business
In this city, around 51% of all homes are rentals. This indicates that building residential spaces for families to lease or purchase can be quite a lucrative business. In fact, the government provides incentives for developers to erect more affordable housing options. Some of these incentives include the waiving of developmental charges or fees, and the implementation of parking standards that are easy to comply with.
When checking out online real estate listings, one can also search for multi-family buildings for sale in Vancouver. Found in several neighbourhoods within the city, these structures can be housing complexes, townhouses, or apartment buildings with parking spaces. Purchasing a building with several units to be opened for rent can mean big profits over time.
Seeking Assistance from a Business Broker
One cannot simply select a multi-family building to purchase without knowing much about the locality or neighbourhood. This is where the trusted business broker comes in. From his long list of contacts, he can pick out properties that best suit the buyer’s needs. He can also give sound financial advice for house hunters or entrepreneurs who want to start their own rental businesses. If the buyer wants a brand new building in the metro, or a refurbished complex in the historic district, the business broker will work to negotiate a good deal for them.
Business Broker, Entrepreneur.com
Census Local Area Profiles 2001-2011, Vancouver.ca
Vancouver and other Canadian cities fare well in Mercer survey of quality of living, CBC.ca
Canada’s Best Places for Business 2016, ProfitGuide.com