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Getting caught in a below market lease can seriously hurt the market value of a building. Always review the building’s current lease agreements and have them compared to market averages, which should be available through your broker. The value of a building is based on its ability to generate cash.
| BC Office Class Average Rental Rents per Square Foot (2007) | |||||
| Area by Class: | AAA | A | B | C | Vacancy |
| Downtown | $30-$45 | $20-$38 | $18-$28 | $15-$20 | 2.7% |
| Yaletown | $25-$32 | $21-$24 | $18-$20 | 3.6% | |
| Broadway | $24-$28 | $19-$23 | $15-$18 | 3.8% | |
| Burnaby | $25-$32 | $14-$24 | $12-$16 | 5.8% | |
| Richmond | $13-$21 | $10-$12 | $9-$12 | 11.8% | |
| New Westminster | $18-$24 | $14-$18 | $10-$14 | 14.5% | |
| North Vancouver | $18-$20 | $14-$16 | $12-$14 | 3.9% | |
| Surrey | $18-$29 | $14-$18 | $10-$14 | 6.8% | |
Legal
A. Steve Michoulas
Richards Buell Sutton LLP
604-661-9269
smichoulas@rbs.ca
Contractors
Mortgage Broker
Tony Kalla
Westbridge Mortgage Services LTD
604-687-3100
tkalla@westbridgecapital.com
Real Estate Appraisals
Ernie Payne
Grover, Elliott & Co. Ltd.
778-378-7296
epayne@groverelliott.com
Charlie Fortin-Chilliwack East
Fortin Appraisals
604-858-7124
info@fortinappraisals.com
For unique and time-tested ideas on how to improve the overall value of your building, please contact Rob Greer directly at 604-647-5084.
Rental increases are very important in maintaining a strong return on your investment. To give a rental increase, the tenant must have lived in the building for over one year. You must give three months notice of the rental increase, which can only be for a set rate, currently 3.7% (2008).
| Multi-Family Rental Averages in BC (2007) | ||||
| Area | Bachelor | 1-Bdrm | 2-Bdrm | Vacancy |
| Vancouver | $760 | $902 | $1,283 | 0.5% |
| Burnaby | $659 | $778 | $974 | 0.5% |
| New Westminster | $590 | $709 | $893 | 1.3% |
| North Vancouver | $764 | $864 | $1,147 | 0.3% |
| Surrey | $539 | $661 | $820 | 2.4% |
| Tri-Cities | $593 | $703 | $879 | 1.8% |
| Maple Ridge | $494 | $609 | $836 | 2.4% |
| Pitt Meadows | $494 | $609 | $836 | 2.4% |
| Abbotsford | $520 | $610 | $752 | 2.1% |
| Chilliwack | $467 | $573 | $712 | 1.5% |
| Nanaimo | $460 | $581 | $700 | 1.0% |
| Victoria | $589 | $716 | $907 | 0.5% |
CMHC-BC Market Report You Rented To One Person, You Now Have Four Know What Your Renters Want Chilliwack Development Projects Power Smart Incentives Late Payments and Non-Payments of Rent Requiring Proof of Tenant Insurance Retaining Good Tenants Vancouver Real Estate Prices Trend
We recommend the following sites for additional resources:
BCAOMA www.bcapartmentowners.com
CMHC www.cmhc-schl.gc.ca
Rob Greer - Principal | Vancouver Office | Avison Young Commercial Real Estate (B.C.) Inc.