BC Multifamily Market Research
BC Quarterly Sales
2016-2025
BC Valuation Metrics
2016-2025
2016-2025 Market Data
REMOVE
British Columbia
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 212 | $2,047,766,658 | $267,772 | 3.44% |
| 2017 | 231 | $2,352,717,264 | $215,192 | 3.71% |
| 2018 | 220 | $3,235,057,012 | $257,143 | 3.73% |
| 2019 | 160 | $1,593,780,019 | $242,308 | 4.07% |
| 2020 | 156 | $1,601,835,297 | $250,000 | 4.19% |
| 2021 | 339 | $3,631,276,034 | $297,637 | 3.72% |
| 2022 | 224 | $2,759,117,204 | $300,959 | 3.34% |
| 2023 | 152 | $1,578,111,754 | $268,714 | 4.18% |
| 2024 | 177 | $2,041,640,977 | $269,841 | 4.05% |
| 2025 | 179 | $1,908,375,408 | $246,310 | 4.52% |
REMOVE
Lower Mainland
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 183 | $1,920,094,461 | $301,887 | 3.17% |
| 2017 | 156 | $2,004,719,173 | $334,760 | 3.08% |
| 2018 | 160 | $2,917,405,236 | $347,815 | 3.19% |
| 2019 | 77 | $979,905,969 | $320,913 | 3.38% |
| 2020 | 91 | $1,018,933,877 | $312,500 | 3.29% |
| 2021 | 183 | $2,510,463,482 | $398,810 | 2.89% |
| 2022 | 126 | $1,727,273,426 | $403,915 | 2.93% |
| 2023 | 73 | $924,857,392 | $349,688 | 3.33% |
| 2024 | 104 | $1,509,494,715 | $328,571 | 3.76% |
| 2025 | 84 | $1,152,980,225 | $330,000 | 3.90% |
REMOVE
Burnaby
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 20 | $245,548,888 | $251,111 | 2.27% |
| 2017 | 13 | $357,600,000 | $277,778 | 3.17% |
| 2018 | 20 | $381,106,000 | $325,000 | 2.75% |
| 2019 | 8 | $211,817,185 | $298,696 | 2.62% |
| 2020 | 5 | $86,585,000 | $271,739 | 2.73% |
| 2021 | 8 | $54,524,000 | $255,714 | 2.55% |
| 2022 | 21 | $333,460,470 | $324,643 | 2.89% |
| 2023 | 1 | $5,100,000 | $300,000 | 2.46% |
| 2024 | 7 | $117,690,000 | $291,463 | 2.91% |
| 2025 | 7 | $80,035,000 | $330,000 | 4.34% |
Tri-Cities
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 4 | $44,790,000 | $166,667 | 5.23% |
| 2017 | 7 | $132,000,000 | $187,037 | 3.36% |
| 2018 | 12 | $301,849,328 | $204,545 | 3.54% |
| 2019 | 1 | $4,100,000 | $186,364 | 3.92% |
| 2020 | 1 | $13,000,000 | - | - |
| 2021 | 2 | $21,076,000 | $285,000 | 2.94% |
| 2022 | 5 | $70,326,250 | $318,415 | 3.74% |
| 2023 | 6 | $183,358,819 | $285,620 | 3.75% |
| 2024 | 4 | $97,850,000 | $282,000 | 4.48% |
| 2025 | 3 | $31,050,000 | $293,939 | 4.40% |
Ridge Meadows
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 1 | $2,200,000 | $104,762 | 5.40% |
| 2017 | 3 | $19,981,001 | $140,909 | 4.06% |
| 2018 | 5 | $27,655,000 | $156,364 | - |
| 2019 | 1 | $2,250,000 | $187,500 | 3.95% |
| 2020 | 7 | $57,711,500 | $166,667 | 4.60% |
| 2021 | 5 | $38,620,000 | $284,545 | - |
| 2022 | 3 | $8,300,000 | $241,667 | 3.34% |
| 2023 | 2 | $7,700,000 | $179,070 | 3.92% |
| 2024 | 2 | $22,249,975 | $285,227 | 3.25% |
| 2025 | 0 | - | - | - |
New Westminster
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 18 | $67,245,888 | $160,893 | 3.61% |
| 2017 | 12 | $191,872,000 | $200,000 | 2.78% |
| 2018 | 20 | $147,200,000 | $242,807 | 3.54% |
| 2019 | 8 | $82,229,999 | $224,484 | 3.49% |
| 2020 | 7 | $71,200,000 | $228,286 | 3.65% |
| 2021 | 7 | $35,781,000 | $288,393 | 3.47% |
| 2022 | 6 | $34,962,920 | $286,429 | 3.57% |
| 2023 | 2 | $6,600,000 | $298,291 | 3.82% |
| 2024 | 12 | $130,180,000 | $279,900 | 4.71% |
| 2025 | 2 | $14,300,000 | $254,992 | 4.12% |
North Shore
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 13 | 175505500 | 301886.7925 | 0.029428862 |
| 2017 | 12 | $177,452,500 | $409,167 | 3.22% |
| 2018 | 9 | $155,243,283 | $420,183 | 3.42% |
| 2019 | 9 | $127,200,000 | $472,727 | 2.55% |
| 2020 | 7 | $54,888,499 | $373,239 | 2.71% |
| 2021 | 19 | $450,752,250 | $551,042 | 3.29% |
| 2022 | 8 | $209,439,000 | $496,227 | 3.38% |
| 2023 | 3 | $38,888,000 | $397,747 | 2.67% |
| 2024 | 4 | $103,408,000 | $436,263 | 3.27% |
| 2025 | 3 | $24,450,000 | $330,000 | 3.23% |
South of The Fraser
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 12 | $87,505,477 | $191,447 | 3.62% |
| 2017 | 11 | $146,835,635 | $193,912 | 3.79% |
| 2018 | 14 | $195,059,981 | $234,158 | 3.89% |
| 2019 | 8 | $237,770,000 | $222,727 | 3.92% |
| 2020 | 6 | $21,400,000 | $340,972 | 3.36% |
| 2021 | 11 | $205,805,000 | $262,619 | 2.95% |
| 2022 | 16 | $299,551,000 | $286,607 | 2.98% |
| 2023 | 8 | $168,913,074 | $290,909 | 3.27% |
| 2024 | 7 | $93,855,000 | $392,209 | 3.63% |
| 2025 | 8 | $130,949,000 | $277,000 | 3.44% |
Fraser Valley
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 11 | $35,822,300 | $112,438 | 5.01% |
| 2017 | 17 | $38,215,440 | $108,672 | 4.53% |
| 2018 | 10 | $30,578,888 | $137,114 | 4.96% |
| 2019 | 8 | $40,428,000 | $188,125 | 4.97% |
| 2020 | 11 | $42,327,990 | $156,322 | 4.56% |
| 2021 | 17 | $86,994,979 | $159,250 | 3.49% |
| 2022 | 7 | $15,836,000 | $216,667 | 2.93% |
| 2023 | 6 | $22,025,000 | $212,500 | 4.17% |
| 2024 | 16 | $96,948,990 | $173,362 | 4.16% |
| 2025 | 5 | $52,850,000 | $205,769 | 4.36% |
Squamish - Sunshine Coast
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 2 | $6,760,000 | $116,154 | - |
| 2017 | 2 | $4,915,100 | $147,315 | 3.68% |
| 2018 | 1 | $2,440,000 | $406,667 | 4.42% |
| 2019 | 0 | - | - | - |
| 2020 | 1 | $4,000,000 | - | - |
| 2021 | 4 | $10,910,000 | $476,389 | 4.03% |
| 2022 | 0 | - | - | - |
| 2023 | 1 | $38,650,000 | - | - |
| 2024 | 2 | $8,655,000 | $175,000 | 2.91% |
| 2025 | 3 | $3,491,000 | $166,238 | 4.90% |
REMOVE
Vancouver
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 102 | $1,254,716,408 | $381,250 | 2.72% |
| 2017 | 79 | $935,847,497 | $463,300 | 2.57% |
| 2018 | 69 | $1,676,272,756 | $443,750 | 2.42% |
| 2019 | 34 | $274,110,785 | $412,950 | 3.11% |
| 2020 | 46 | $667,820,888 | $412,500 | 2.91% |
| 2021 | 110 | $1,577,170,253 | $444,222 | 2.85% |
| 2022 | 60 | $755,517,786 | $467,391 | 2.73% |
| 2023 | 44 | $432,122,499 | $400,652 | 3.27% |
| 2024 | 50 | $838,657,750 | $388,690 | 3.58% |
| 2025 | 53 | $815,855,225 | $372,952 | 3.85% |
REMOVE
Grandview - Strathcona
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 12 | $46,943,600 | $341,667 | 3.32% |
| 2017 | 12 | $100,123,000 | $300,000 | 2.48% |
| 2018 | 12 | $92,782,330 | $350,333 | 2.72% |
| 2019 | 5 | $40,950,000 | $318,750 | 3.37% |
| 2020 | 3 | $11,600,000 | $275,439 | - |
| 2021 | 11 | $61,042,000 | $321,875 | 3.33% |
| 2022 | 8 | $81,176,666 | $400,000 | 3.20% |
| 2023 | 8 | $73,051,000 | $286,667 | 3.73% |
| 2024 | 7 | $146,030,000 | $308,333 | 3.94% |
| 2025 | 9 | $235,543,900 | $331,250 | 4.94% |
Mount Pleasant
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 13 | $123,143,324 | $337,987 | 3.14% |
| 2017 | 15 | $148,855,800 | $350,000 | 2.94% |
| 2018 | 11 | $83,565,000 | $410,870 | 2.53% |
| 2019 | 6 | $75,081,660 | $466,912 | 3.28% |
| 2020 | 10 | $189,888,000 | $381,818 | 3.18% |
| 2021 | 15 | $120,576,000 | $406,771 | 2.74% |
| 2022 | 5 | $41,425,000 | $523,622 | 2.99% |
| 2023 | 6 | $85,359,999 | $421,667 | 2.67% |
| 2024 | 5 | $67,267,000 | $466,667 | 3.43% |
| 2025 | 11 | $149,905,310 | $333,125 | 3.92% |
Marpole - South Vancouver
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 17 | $101,298,000 | $323,021 | 2.92% |
| 2017 | 8 | $111,045,397 | $355,000 | 2.48% |
| 2018 | 8 | $150,390,000 | $373,268 | 2.26% |
| 2019 | 8 | $44,844,125 | $361,538 | 3.24% |
| 2020 | 7 | $75,617,888 | $308,750 | 2.86% |
| 2021 | 22 | $234,815,000 | $368,182 | 2.65% |
| 2022 | 8 | $85,700,000 | $370,000 | 2.64% |
| 2023 | 9 | $42,401,500 | $342,500 | 3.04% |
| 2024 | 10 | $54,348,000 | $303,368 | 3.41% |
| 2025 | 7 | $42,450,000 | $289,359 | 3.88% |
Kerrisdale - Dunbar
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 7 | $88,680,000 | $488,889 | 2.57% |
| 2017 | 6 | $84,230,000 | $469,697 | 2.26% |
| 2018 | 2 | $173,300,000 | - | - |
| 2019 | 1 | $10,000,000 | $476,190 | 2.78% |
| 2020 | 1 | $70,000,000 | $804,598 | - |
| 2021 | 2 | $57,000,000 | $495,649 | 2.19% |
| 2022 | 5 | $132,000,000 | $470,833 | 2.45% |
| 2023 | 2 | $13,500,000 | $462,778 | 2.81% |
| 2024 | 1 | $14,690,000 | $445,152 | 2.71% |
| 2025 | 0 | - | - | - |
Kitsilano - Point Grey
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 17 | $173,855,000 | $456,250 | 2.41% |
| 2017 | 17 | $145,046,800 | $598,750 | 2.84% |
| 2018 | 11 | $100,081,000 | $511,111 | 2.28% |
| 2019 | 5 | $46,045,000 | $525,792 | 2.95% |
| 2020 | 4 | $14,350,000 | $417,500 | 2.71% |
| 2021 | 14 | $146,517,500 | $460,000 | 2.79% |
| 2022 | 8 | $99,640,570 | $476,351 | 2.60% |
| 2023 | 8 | $48,055,000 | $461,905 | 3.39% |
| 2024 | 11 | $141,250,000 | $395,833 | 3.71% |
| 2025 | 11 | $157,499,997 | $491,667 | 3.19% |
Fairview
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 17 | $156,433,000 | $390,280 | 2.55% |
| 2017 | 11 | $129,746,500 | $544,444 | 2.28% |
| 2018 | 4 | $26,796,200 | $452,174 | 1.96% |
| 2019 | 8 | $38,690,000 | $417,500 | 2.91% |
| 2020 | 13 | $170,875,000 | $431,818 | 2.64% |
| 2021 | 21 | $239,043,000 | $510,909 | 3.13% |
| 2022 | 17 | $148,899,300 | $477,273 | 2.55% |
| 2023 | 5 | $31,390,000 | $458,333 | 3.25% |
| 2024 | 8 | $55,287,750 | $515,625 | 3.48% |
| 2025 | 7 | $69,900,000 | $423,074 | 3.67% |
REMOVE
Vancouver Island
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 19 | $98,247,197 | $172,222 | 4.95% |
| 2017 | 49 | $260,996,391 | $155,723 | 4.39% |
| 2018 | 34 | $227,224,996 | $185,531 | 5.12% |
| 2019 | 57 | $420,568,926 | $226,415 | 4.53% |
| 2020 | 36 | $387,571,420 | $222,222 | 4.61% |
| 2021 | 101 | $890,339,527 | $256,140 | 4.24% |
| 2022 | 54 | $843,744,757 | $275,462 | 3.74% |
| 2023 | 34 | $424,806,875 | $271,429 | 4.35% |
| 2024 | 47 | $410,229,227 | $220,000 | 4.33% |
| 2025 | 46 | $622,248,189 | $220,000 | 4.74% |
REMOVE
Mid-North Island
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 4 | $5,689,697 | $49,209 | 7.13% |
| 2017 | 22 | $122,522,544 | $124,040 | 5.45% |
| 2018 | 11 | $42,395,000 | $111,051 | 6.61% |
| 2019 | 14 | $44,345,500 | $131,250 | 5.47% |
| 2020 | 12 | $72,180,000 | $154,515 | 5.68% |
| 2021 | 37 | $163,064,893 | $165,647 | 4.67% |
| 2022 | 22 | $211,657,649 | $204,545 | 4.07% |
| 2023 | 11 | $53,933,375 | $201,587 | 5.02% |
| 2024 | 27 | $221,934,951 | $176,786 | 4.91% |
| 2025 | 16 | $283,092,999 | $206,719 | 5.19% |
REMOVE
Greater Victoria
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 15 | $92,557,500 | $180,769 | 4.22% |
| 2017 | 27 | $138,473,847 | $193,750 | 3.97% |
| 2018 | 23 | $184,829,996 | $222,403 | 3.63% |
| 2019 | 43 | $376,223,426 | $249,286 | 4.02% |
| 2020 | 24 | $315,391,420 | $238,095 | 3.83% |
| 2021 | 64 | $727,274,634 | $283,622 | 3.91% |
| 2022 | 32 | $632,087,108 | $304,409 | 3.25% |
| 2023 | 23 | $370,873,500 | $289,308 | 4.11% |
| 2024 | 20 | $188,294,276 | $282,759 | 4.09% |
| 2025 | 30 | $94,196,994 | $126,250 | 6.27% |
REMOVE
Victoria + Oak Bay
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 12 | $72,940,000 | $181,071 | 4.20% |
| 2017 | 17 | $94,993,847 | $205,199 | 3.92% |
| 2018 | 10 | $25,975,000 | $300,000 | 3.34% |
| 2019 | 21 | $167,456,000 | $249,286 | 3.93% |
| 2020 | 14 | $108,865,000 | $227,500 | 3.71% |
| 2021 | 43 | $243,026,213 | $278,173 | 3.69% |
| 2022 | 18 | $312,672,208 | $292,292 | 3.35% |
| 2023 | 10 | $55,398,500 | $276,339 | 4.11% |
| 2024 | 12 | $68,509,276 | $284,236 | 3.95% |
| 2025 | 24 | $125,312,690 | $220,000 | 4.51% |
Saanich Peninsula
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 1 | $1,550,000 | $172,222 | 5.03% |
| 2017 | 6 | $31,435,000 | $202,031 | 3.68% |
| 2018 | 5 | $67,900,000 | $242,958 | 4.07% |
| 2019 | 4 | $44,696,534 | $197,227 | 4.04% |
| 2020 | 3 | $9,090,000 | $250,000 | 4.14% |
| 2021 | 9 | $170,653,027 | $283,622 | 4.84% |
| 2022 | 5 | $162,734,852 | $352,809 | - |
| 2023 | 4 | $57,541,146 | $264,286 | 4.62% |
| 2024 | 4 | $44,770,000 | $270,460 | 4.02% |
| 2025 | 1 | $4,255,000 | $212,750 | - |
Esquimalt
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 2 | $18,067,500 | $188,958 | 3.59% |
| 2017 | 4 | $12,045,000 | $155,208 | 4.41% |
| 2018 | 6 | $49,659,996 | $185,531 | - |
| 2019 | 8 | $44,979,500 | $195,522 | 3.98% |
| 2020 | 3 | $15,225,900 | $190,000 | 4.16% |
| 2021 | 4 | $81,516,217 | $283,622 | - |
| 2022 | 6 | $87,870,048 | $282,857 | 3.15% |
| 2023 | 5 | $49,933,854 | $289,308 | 3.84% |
| 2024 | 3 | $16,015,000 | $220,000 | 4.17% |
| 2025 | 4 | $49,587,500 | $263,223 | 4.35% |
West Shore
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 0 | - | - | - |
| 2017 | 0 | - | - | - |
| 2018 | 2 | $41,295,000 | $203,167 | - |
| 2019 | 10 | $119,091,392 | $316,095 | 4.26% |
| 2020 | 4 | $182,210,520 | $322,674 | - |
| 2021 | 8 | $232,079,176 | $336,134 | 4.31% |
| 2022 | 3 | $68,810,000 | $325,199 | - |
| 2023 | 4 | $208,000,000 | $454,839 | - |
| 2024 | 1 | $59,000,000 | $487,603 | 5.25% |
| 2025 | 1 | $160,000,000 | $476,190 | - |
REMOVE
Interior, Central & Northern BC
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 10 | $29,425,000 | $107,750 | 5.59% |
| 2017 | 26 | $87,001,700 | $114,154 | 6.54% |
| 2018 | 26 | $90,426,780 | $118,056 | 5.45% |
| 2019 | 26 | $193,305,124 | $137,500 | 5.87% |
| 2020 | 29 | $195,330,000 | $118,958 | 7.16% |
| 2021 | 55 | $230,473,025 | $133,646 | 6.29% |
| 2022 | 44 | $188,099,021 | $150,111 | 4.99% |
| 2023 | 45 | $228,447,487 | $114,130 | 5.87% |
| 2024 | 26 | $121,917,035 | $158,250 | 5.34% |
| 2025 | 49 | $133,146,994 | $127,014 | 5.78% |
REMOVE
Thompson Okanagan
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 8 | $23,775,000 | $153,840 | 5.42% |
| 2017 | 16 | $52,324,200 | $127,808 | 5.32% |
| 2018 | 24 | $87,526,780 | $125,547 | 5.04% |
| 2019 | 17 | $148,341,124 | $154,356 | 5.18% |
| 2020 | 20 | $181,525,000 | $151,875 | 5.73% |
| 2021 | 32 | $174,624,740 | $180,833 | 4.70% |
| 2022 | 15 | $106,663,221 | $177,820 | 4.37% |
| 2023 | 15 | $99,023,484 | $176,923 | 5.26% |
| 2024 | 17 | $90,551,311 | $180,813 | 4.71% |
| 2025 | 19 | $38,950,000 | $172,917 | 4.56% |
Central & Northern BC
| Year | # of Sales | Sale Volume | Median PPU | Avg. Cap Rate |
|---|---|---|---|---|
| 2016 | 2 | $5,650,000 | $86,000 | 6.11% |
| 2017 | 10 | $34,677,500 | $80,857 | 8.74% |
| 2018 | 2 | $2,900,000 | $68,367 | 12.01% |
| 2019 | 9 | $44,964,000 | $82,381 | 10.37% |
| 2020 | 9 | $13,805,000 | $58,333 | 8.79% |
| 2021 | 22 | $54,014,285 | $88,229 | 7.65% |
| 2022 | 28 | $75,811,800 | $111,595 | 5.53% |
| 2023 | 30 | $129,424,003 | $105,483 | 6.26% |
| 2024 | 9 | $31,365,724 | $107,000 | 6.34% |
| 2025 | 30 | $94,196,994 | $126,250 | 6.27% |
BC Multifamily Quarterly Reports
The MBM Quarterly Reports offer a concise snapshot of sales activity, pricing trends, and cap rates across British Columbia, along with our market insights. Each edition highlights the key shifts shaping the apartment investment market, giving you reliable insights into where the market is heading.
2026 Q1 Report
2025 Year End Report
2025 Q3 Report
2025 Mid Year Report
2025 Q1 Report
2024 Year End Report
2024 Q3 Report
2024 Mid Year Report
2024 Q1 Report
