Metro Vancouver multi-family real estate sales have widely surpassed 2023 totals, figures from brokerage firm Goodman Commercial show.

Both the sales transaction total and dollar volume already exceed 2023 levels, Mark Goodman, the company’s principal, told Connect.

At mid-year 2024, transactions were up 59% year-over-year, with a total of 59, while dollar volume of $890.3 million represented a 69% increase from a year earlier, according to a Goodman Commercial report. More completed deals and increased dollar volume in July and September, have pushed both categories beyond their overall 2023 levels, said Mark Goodman.

“The push to get deals done in June [due to a change in federal capital-gains tax policy] was big, but the rest of the year may not be as sleepy as some might expect,” he said.

In all of 2023, the market saw 73 sales completions and $1.04 billion in transaction dollar volume.

Mark Goodman and colleague Ian Brackett brokered $147 million worth of sales volume in first-half 2024, surpassing their entire 2023 total.

“It’s been a bit of a roller coaster with extreme activity, and then it’s kind of slow for a while,” said Mark Goodman. “The summer has been a little on the slower side, and I think a lot of people took time off just knowing it’s a tougher economic environment.”

During the rest of 2024, he expects falling interest rates to impact the market more than they already have.

“I think, in 2025, we’re going to see a lot more activity and a return back to a normal market where there’s more trades,” he said.

Pictured: Mark Goodman (left) and Ian Brackett (right) of Goodman Commercial

Photo: Courtesy of Goodman Commercial