VANCOUVER - Sales of rental apartment buildings in Lower Mainland collapsed earlier this year in the credit squeeze and haven't recovered as 2008 winds down, according to research from a major commercial realtor.
Avison Young Commercial Real Estate tracked 76 building sales worth $270 million up to November, down 50 per cent from the 153 sales worth $519 million made in all of 2007.
Buyers and sellers in the market are "now [in] a standoff" over prices, according to Avison Young principal Rob Greer said, with listings on the rise and credit for investors running tight.
