Goodman Commercial

09/09/2026

Just wrapped up my chat with the OGs of real estate podcasting — Aaron Cameron of Peoples Group and Adam Powadiuk of First National Financial LP.

It’s my 4th time on the show — The Commercial Real Estate Podcast — this time live at the Canada Apartment Investment Conference at the Toronto Convention Centre.

We covered the reset underway in Vancouver multifamily: the sharp drop in dollar volume over the past year, and the counterintuitive rise in transaction activity at the same time. We also got into buyer profiles, punitive government policies weighing on investor sentiment, rents, vacancies, the financing landscape, and the evolution of The Goodman Report podcast.

The episode drops in a couple of weeks. Subscribe at www.goodmanreport.com to be first in line when it goes live.

09/09/2026

We’ve arrived at the Canadian Apartment Investment Conference in Toronto.

Looking forward to a great day of conversations, fresh perspectives, and reconnecting with colleagues from across the country.

Great to be here with Mark Goodman, and I’m especially looking forward to hearing him speak later this morning alongside some of the industry’s leading voices.

09/07/2026

✈️ My annual apartment pilgrimage is underway.

It’s shaping up to be a beautiful day as I head east. Same window seat. Same “in the plane” shot.

Getting out of Vancouver matters. This is the week I sit with colleagues who cover Toronto, Montreal, Calgary and the rest of the country — compare how multifamily investment is actually faring on the ground, spend real time together, and reinforce the national connections that make Goodman Commercial Inc. stronger 💪

Honoured to be heading back to the Canadian Apartment Investment Conference on Wednesday, September 9 at the Metro Toronto Convention Centre. I’ll be on the panel Provincial Updates: How Are Major Markets Performing and How Do They Compare? — Vancouver’s numbers, deal flow, cap rates, bulk-condo activity, and how the West Coast stacks up against Toronto, Montreal, and Calgary.

If you’re in town for the conference, DM me. Always happy to grab a coffee, compare notes, or just say hello between sessions.

See you on the ground.

09/02/2026

𝗚𝗼𝗼𝗱𝗺𝗮𝗻 𝗥𝗲𝗽𝗼𝗿𝘁: 𝟮𝟬𝟮𝟲 𝗠𝗶𝗱-𝗬𝗲𝗮𝗿 𝗥𝗲𝘃𝗶𝗲𝘄
𝗩𝗼𝗹𝗮𝘁𝗶𝗹𝗶𝘁𝘆 𝗱𝗲𝗳𝗶𝗻𝗲𝗱 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝗵𝗮𝗹𝗳 - 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗱𝗶𝘀𝗰𝗼𝘂𝗿𝘀𝗲 𝘁𝗵𝗮𝘁 𝗳𝗼𝗹𝗹𝗼𝘄𝗲𝗱

Volatility was again the defining condition of the first half of 2026. A steady Bank of Canada rate was supposed to bring investors certainty. Instead, an oil shock pushed inflation back above 3%, and businesses and investors were left in limbo, unable to see what came next. Meanwhile, completed and unsold condos piled up, and landlords were capped at a paltry 2.3% allowable increase on existing tenancies while facing softer demand and lower rents on vacant units.

As readers have counted on for over four decades, the report distills the past six months of market activity into the numbers and trends that matter – along with our take on the discourse shaping the apartment industry today.

𝙄𝙣𝙨𝙞𝙙𝙚 𝙮𝙤𝙪’𝙡𝙡 𝙛𝙞𝙣𝙙:

• Rental Roulette: why pivoting a stalled condo project to purpose-built rental is not a silver bullet – it is a different business, with different capital, a longer hold, and a market that looks nothing like the one these projects were conceived in.

• Biting the Hand That Builds: rather than treating the inventory overhang as a lesson in how slowly this industry can respond to a demand shock, politicians used it as another chance to punch down on the companies that built the units they spent a decade demanding.

• The Great Bailout Nobody Can Define: Carney and Eby’s 2,200-unit announcement still lacks the terms that would tell a developer whether to sell, hold, or wait – and we have seen this movie before with the BC Rental Protection Fund.

• Long-Nosed Leadership: falling rents are real, and welcome. They are also the product of a federal immigration cap colliding with a wave of supply conceived in 2020–22, not nine years of NDP housing policy. The same agenda has already started to shut off the next pipeline.

𝙋𝙡𝙪𝙨:

• Transactions were up 19% to 38 sales, but dollar volume fell 35% to $350.1 million – the lowest first-half total since 2014 and 61% below the 10-year average.

• This was a market of singles and doubles. Average deal size dropped below $10 million for the first time since 2016. Only two deals topped $25 million. Not a single transaction reached $30 million.

• Buyers gravitated to neighbourhoods with solid fundamentals and long-term appeal. 32 of 38 transactions – 84% – closed in Vancouver, Burnaby’s Metrotown, and North Vancouver’s Lonsdale corridor.

• Private buyers accounted for 90% of activity. Institutional and non-profit buyers, who represented 26% of transactions in the first half of 2025, were scarce.

• On average, cap rates moved only modestly – but 4.5% to 5.0% yields are no longer a rarity.

• Big second half on the way: Goodman Commercial closed six deals valued at nearly $50 million in the first six months, has another six transactions valued at over $100 million already in the pipeline, and currently holds 28 active listings totalling over $650 million.

The issue also recaps a strong year for the firm. We were the leading team in the province across all asset classes, with 11 deals and 11% of market share among Business in Vancouver’s Top 100 Biggest Real Estate Deals of 2025. Mark returns to the Canadian Apartment Investment Conference in Toronto on September 9th. Connect CRE honoured the firm with its 2026 Canadian Transactions of the Year Award for the court-ordered sale of the Siena project in Burnaby.

As always, we aim to keep clients and readers informed and ready to act. We welcome your feedback – reach out anytime to discuss market trends, policy changes, or opportunities to sell your property.

Volatility defined the first half — and the discourse that followed

09/02/2026

Court-ordered sale: Mt. Pleasant commercial retail units
Asking $3,598,000 ($710/SF)

Opportunity to acquire modern, ground-floor strata units on one of Mount Pleasant’s most prominent corners.

Delivered in concrete-shell condition, the space offers a blank canvas for a custom fit-out tailored to an owner-user’s needs. The premises include central air conditioning and HVAC, elevator access, storefront street exposure, rear loading, and four dedicated underground parking stalls.

The property is zoned C-2C, a designation that permits a broad range of commercial uses outright or conditionally, including retail stores, restaurants, fitness centres, daycare facilities, and professional offices. This provides considerable flexibility for an owner-user or investor.

The units can be purchased individually or together.

The property is located at the corner of East Broadway and Fraser Street, in one of Vancouver’s fastest-growing mixed-use corridors. It is a few blocks west of Mount Saint Joseph Hospital and is well served by transit: the 99 B-Line and other frequent Broadway buses connect directly to Commercial-Broadway SkyTrain station, one of the region’s busiest hubs, only minutes away.

Situated within the Broadway Plan area, the site stands to benefit from major growth and infrastructure investment, including the under-construction Broadway Subway extension, placing it at the centre of one of Vancouver’s most actively redeveloping neighbourhoods.

Opportunity to acquire a modern, ground floor strata units on one of Mount Pleasant's most prominent corners. The property is situated at the high-visibility intersection of East Broadway and Fraser Street, in the heart of one of Vancouver's fastest-growing mixed-use corridors, just minutes from the...

08/21/2026

In the spring of 2020, during the height of COVID, everything felt underwater.

The rental market had frozen. Tenants couldn’t pay rent. Deals stopped moving. While most people were locked down and the streets were empty, I still had to come into the office every day. We were an “essential service.” Someone still had to manage the trust accounts and keep transactions moving for our clients. The days were long.

One of those quiet days I was walking around South Granville – it felt like a ghost town – and I passed Bau-Xi Gallery a few blocks from our office. In the window was this painting of an old apartment building sitting in rough water under a stormy sky. It stopped me in my tracks. It was exactly how the multifamily business felt at the time.

I walked in (mask on), put it on my Visa, and bought it right off the wall. The piece is by André Petterson, a well-known Vancouver multi-media artist who blends photography and painting. It’s hung in the hallway of our office ever since – six years now.

We’ve used the image a lot since then.

It opened our 2020 Year-End Report:https://goodmanreport.com/wp-content/uploads/2021/02/2020-Year-End-Report_web.pdf

It’s the cover image for the Goodman Report podcast: https://goodmanreport.com/market-insights/goodman-report-podcast/

And it appeared in this article on institutional investors: https://goodmanreport.com/market-insights/institutional-investors-a-new-housing-affordability-bogeyman/

What I didn’t realize at the time was that the building in the painting is real. It’s Carlton Court at 317 Third Avenue in New Westminster, built in 1925. The architect was Ralph Berrill. The building still stands today and has been carefully maintained.

The site has a much longer story. Before Carlton Court, the lot was home to the William Clarkson House, built in 1862. After the Great Fire of 1898 it temporarily served as New Westminster’s post office. In 1911 the house was carefully divided into two parts and rotated to face different streets. Those two surviving sections are still there, right behind Carlton Court, and are among the oldest residential buildings in the city.

After we published the image in our 2020 report, the owner of the building emailed me. He shared the history and noted that the two halves of the old Clarkson House would, in the painting’s logic, also be underwater – though any water from that location would simply run downhill to the Fraser River.

Six years later, we’ve just listed Carlton Court for sale.

Interesting how things come around. This one started in a pretty dark time, but the sun is out now.

If you’d like details on 317 Third Avenue, get in touch. And if you want to stay on top of the market, sign up at www.goodmanreport.com

08/06/2026

It’s great to be invited back to speak at the annual Canadian Apartment Investment Conference in the session Provincial Updates: How Are Major Markets Performing and How Do They Compare?

The conference, taking place Wednesday, September 9th at the Metro Toronto Convention Centre, remains the premier gathering for multi-family real estate investment in Canada. Last year more than 1,100 industry leaders convened to share the latest trends, data, and intelligence shaping the national apartment market.

It’s particularly gratifying that the organizers have once again recognized Goodman Commercial Inc.'s leadership in the West Coast market and asked me to deliver insights on Metro Vancouver’s rental apartment landscape.

In the session, my co-panelists and I will examine who is buying, how they are making deals work in their respective markets, and how Toronto, Vancouver, Montreal, and Calgary compare. Attendees can expect on-the-ground statistics, activity levels, and performance updates, along with discussion of expected valuations, current proformas, project viability, and how transaction pricing is evolving across each region. We’ll also address whether the recent wave of bulk condo deals signals a market bottom.

I’ll provide an overview of notable transactions across Metro Vancouver, while my colleagues will speak to developments in other major Canadian markets.

If you're in the multi-family space, this is the place to be for actionable insights and great networking.

For more information and to register: https://informaconnect.com/canadian-apartment-investment-conference/speakers/mark-goodman/

Looking forward to seeing many of you there – let's connect if you're attending!

07/18/2026

For sale: Two apartment buildings totalling 91 suites
Asking $21.2M (4.5% cap rate / $233k per unit)

Twin Hollies and St. Andrews Manor comprise two exceptionally well-maintained apartment buildings totalling 91 units in New Westminster’s Brow of the Hill neighbourhood.

Properties may be purchased together or separately.

Centrally located in the quiet, established “Brow of the Hill” residential neighbourhood, the two properties sit diagonally opposite each other on St. Andrews Street, between 10th and 11th Avenues.

The location offers walkable access to Moody Park as well as the vibrant Uptown District, with its diverse retail amenities, financial institutions, office buildings, restaurants, and strip retail. Downtown New Westminster — home to Douglas College and multiple SkyTrain stations — lies less than 1 km to the south.

The seller is open to offering a vendor take-back mortgage.

07/18/2026

For sale: Two apartment buildings totalling 91 suites
Asking $21.2M (4.5% cap rate / $233k per unit)

Twin Hollies and St. Andrews Manor comprise two exceptionally well-maintained apartment buildings totalling 91 units in New Westminster’s Brow of the Hill neighbourhood.

Properties may be purchased together or separately.

Centrally located in the quiet, established “Brow of the Hill” residential neighbourhood, the two properties sit diagonally opposite each other on St. Andrews Street, between 10th and 11th Avenues.

The location offers walkable access to Moody Park as well as the vibrant Uptown District, with its diverse retail amenities, financial institutions, office buildings, restaurants, and strip retail. Downtown New Westminster — home to Douglas College and multiple SkyTrain stations — lies less than 1 km to the south.

The seller is open to offering a vendor take-back mortgage.

Twin Hollies & St. Andrews Manor comprise two exceptionally well-maintained apartment buildings totalling 91 units in New Westminster’s Brow of the Hill neighbourhood.

07/10/2026

A 0.64-acre development site in Burnaby’s Edmonds town centre area was approved for sale through the courts July 9, attracting multiple bids at the last minute.

“What began as a regular day in court for the approval of a $4.6 million offer turned into a rare, two-round sealed bid process in front of the judge, something seldom seen in court proceedings,” Mark Goodman of Goodman Commercial Inc., which was retained by lender Desjardins to market the property, posted to LinkedIn. “With six additional bidders stepping forward, the courtroom briefly resembled a live trading floor rather than a typical hearing.”

Originally listed at $13 million, the three-lot assembly at 7109 18th Ave. and 7358–7376 18th St. presented buyers with an opportunity to move forward with rezoning approval for a proposed 29-storey residential tower that’s currently at third reading or pursue a lower-density wood-frame or multi-family rental project without any inclusionary zoning requirements.

The site was previously owned by Square Nine Developments Inc., which has faced multiple foreclosure proceedings over debts to creditors exceeding $100 million. The Edmonds site was slated for One18, a project with a mix of rental and units for purchase.

However, a sluggish market for residential land sales – particularly highrise sites – saw the price of the Edmonds site dropped to $5.8 million this spring to secure interest. Once this happened, other buyers stepped up.

“Now we’re getting action. The big guys are coming out,” Goodman told Western Investor in June. “Sellers have capitulated and are meeting the requirements developers need on their profit margins, which are definitely higher now.”

The change in tempo resulted in a court-approved sale price of $6 million – an increase of $1.4 million, or 30 per cent, over the initial offer presented to the court.

The court-approved price was also 3 per cent above the latest list price, underscoring the ability of sharp pricing to generate interest and maximize the value for sellers.

“This just shows you what happens when something is priced sharply,” said Megan Johal of Goodman Commercial, who guided interested parties through the process outside the courtroom. “We were expecting a few sealed bids to come in in the morning; we were not expecting there to six groups in front of us with bids in hand.”

The bidding went to a second round in the afternoon, with two of the original group dropping out and four of the original group presenting new offers. A numbered company, 1598753 B.C. Ltd., won out over the other parties, including the party that submitted the initial offer presented to the court.

“[The] setting itself created a level of urgency that was exciting to see,” she said. “We drew out those extra bidders, and it’s that competition that was happening both in the morning and the afternoon bid that led to that final result.”

While competing bids aren’t unknown, with the sale of the Versante Hotel in Richmond last October unfolding as a live auction, the sheer volume of sealed bids this week for the Edmonds site was unusual.

The closing date, July 16, was also expedited, underscoring the buyer’s enthusiasm to secure the site.

“We’ve got to let the market speak, and yesterday was such a great example of that,” Johal said. “It was speaking very loudly what the value of the property was.”

Site of Square Nine's One18 project in Edmonds sold for $6 million