Corporate ownership of residential real estate expected to grow in B.C.
Corporate ownership of residential real estate in British Columbia is expected to grow, driven by bulk sales of unsold condo units to investors at discounted prices. Developers are increasingly turning to commercial brokers like Mark Goodman to offload inventory quickly and reinvest capital, while investors plan to sell units later when market conditions improve. Although corporate ownership rates appear low, experts warn that even small percentages can significantly impact housing markets over time.
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Open this photo in gallery:Goodman Commercial sold off all 30 units in this condo to an investor last year in a bulk sale.Goodman ComercialShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountLast year, commercial broker Mark Goodman sold off an older 30-unit condominium on Vancouver’s Commercial Drive to an investor. “A developer owned it for many years, sold the commercial ground level years earlier, and instead of selling off each unit individually, we sold all 30 units to one bulk investor,” said Mr. Goodman, owner of Goodman Commercial. “It’s already filled with renters.
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