Mr. Sangha says his newer clients are average income earners who want to create outdoor entertainment spaces, or vegetable gardens – even chicken runs. Because people are leaving the city and buying properties in secondary markets, work has picked up on Vancouver Island, in places such as Pemberton, the Sunshine Coast, Squamish and the Fraser Valley.
He says that people are often mentioning a legacy property, as in creating a large family compound-style residence that is multi-generational. People are looking at being self-sustaining. “We didn’t see the stop we thought we would in terms of new projects coming up. And the projects well under way didn’t really skip a beat.”
“It’s about whether they are going to get the same rent or not. Some landlords will have to do an upgrade because tenants have more choice, and if they don’t want to lose a month or two months, they will have to do things [to the unit],” Mr. Coulson says.But the advantage for landlords is that long-term tenants are also leaving, he adds. He estimates that the Metro Vancouver vacancy rate might be somewhere between 1.5 per cent and 2.5 per cent, depending on the neighbourhood.
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