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William Wright Commercial operates offices in five of BC’s top commercial real estate markets, and with two more offices set to open in the coming months, who better to get a province-wide view on the markets than WWC’s Business Development Manager, Matt Everitt?
This week, Matt joins Cory and Melisa to take a look at which markets within BC are the ones to watch in 2023. Matt walks us through the expansion of WWC into both Kamloops and the Central Island, and why the time is now for investors to jump into these areas before the market starts to move up quickly.
A great chat with WWC’s Business Development Manager will get you excited for what 2023 might bring to BC’s desirable commercial real estate markets. Enjoy!
Can you buy a commercial property and live in it?
Yes and no. Yes, you can live in a commercial property if it’s a live/work property. Every city has their own rules but generally speaking a live/work property would be a place where you live and also operate your business. However, you would not be able to rent it out to other people in most cases; it needs to be the same person living there and owning the business.
But no, most commercially zoned properties do not allow you to have a residential dwelling in the same space. So for the most part, you cannot live in a commercial property. If you do so and get caught, you may be told politely to pack up and move out or you may be fined. So buyer beware!
Who is Matt Everitt?
I have a history of working in restaurants and finance. At 23, I found a real estate job on Craigslist with a brokerage opening in Yaletown under some guy named Cory Wright. Now, ten years later, we’re opening our seventh William Wright Commercial office across BC. I oversee expansion of the company and hire new talent for our offices.
After getting my real estate licence, I was attracted by how commercial real estate can change the feel of a neighbourhood. I was into LEGO growing up, which reminds me of how commercial real estate allows you to put together neighbourhoods all over the province.
Where are William Wright Commercial offices in BC?
We have offices in:
In 2023, what BC commercial real estate market are you most excited about?
A few years ago, Victoria was the big hitter for commercial real estate. If you bought in Victoria in the last five years, you’ve done well for yourself. Watching how that market has progressed, especially in the industrial and retail sectors, has been very interesting.
But now it’s Central Island! Nanaimo is going to be very interesting in the next 3-5 years. People are starting to look at other areas on Vancouver Island outside of Victoria. During the pandemic, people got to explore more of what the Island has to offer. Nanaimo passes the test as a beautiful space with a lot of growth happening. It feels like Victoria did in 2017/2018.
There are so many submarkets around Nanaimo like Parksville and Campbell River that offer lots of opportunities too.
“Nanaimo is very interesting in the next 3-5 years. You have a lot of people who moved over to the Island and Victoria was their first stop. Now a lot of those people are looking at other areas of the Island.”
What has impacted the growth in Victoria?
There are so many factors to Victoria’s success and growth, tourism being a big one that is making a comeback. Victoria also has government jobs, construction, and the university; it’s one of the fastest growing cities in BC with people moving over from Ontario and Alberta. Victoria is as solid as ever. Many industries survived the pandemic and tourism is now coming back stronger than ever.
There are so many submarkets in Victoria with a lot of opportunities. Retail is making a massive comeback. Industrial out in Langford has the highest price per square foot in Canada with one of the lowest vacancy rates. The communities around Victoria have some very exciting plans in the next five years.
Who is moving to Victoria, BC? What kind of demographic is contributing to population growth in Victoria?
We know that Amazon is going to have over 1 million square feet of office space in downtown Vancouver. So that brings employees who are younger, who want to live near their workplace and who have disposable cash. At the same time, we have so many tech companies moving from Vancouver to Victoria because of the prime office rates. The city is trying to catch up and find places for these young professionals to live.
If you drive around Victoria and go for a beer, it feels like a young city. We now have a lot of people going to the University of Victoria and staying on the island after graduation. The demographic is shifting to more young professionals. I lived in Victoria for a few years and really felt that change.
What is happening with the Nanaimo to Vancouver fast ferry? How will that change the liveability of Nanaimo?
The Island is getting closer and closer to Vancouver every year. The Nanaimo to Vancouver fast ferry is going to be so convenient; it is supposed to carry 300 passengers, connecting downtown Nanaimo to downtown Vancouver. The plan is to have it ready by summer 2023. The convenience of that ferry is very exciting for Nanaimo.
What other BC commercial real estate markets are you excited about for 2023?
The Interior is very interesting. We saw that the growth that happened in Victoria trickled down all the way to Nanaimo. And we’re seeing a similar thing in Kelowna. Kamloops is the Nanaimo of the Interior, getting that trickle down growth from Kelowna. I think Kamloops is going to be one to watch in the next five years.
“Kamloops is that version of what we saw on the Island with Nanaimo. I think there’s a lot happening in Kamloops and the growth of that city in the next five years.”
As real estate prices go up in Kelowna, are people looking at Kamloops?
Buying a house in Kamloops right now is very attainable for young families, which is a huge push for population growth. Working in commercial real estate, we’re always keeping an eye on what’s happening in the residential market. We saw a trend in Victoria with people moving to Nanaimo for affordability and now we’re seeing that in Kelowna with people moving to Kamloops.
What commercial real estate markets in the Lower Mainland are you watching in 2023?
We always say how excited we are about the Interior and the Island but Metro Vancouver is still one of the greatest commercial real estate markets in the world.
The Fraser Valley is a very interesting commercial real estate market with a lot of opportunities in industrial and retail. We’re seeing very interesting investments in retail in Chilliwack and Langley. The office market in Vancouver is also one to watch.
What are your predictions for the 2023 Vancouver commercial real estate market?
We saw a lot of people get pushed out of Vancouver in the last few years but there’s still a lot to be excited about in Vancouver commercial real estate in 2023.
The tech companies coming into Vancouver are very exciting. Amazon is going to be an anchor in the downtown core. With those companies opening up, that’s going to drive the office and retail market. There’s more competition but there are still really good opportunities.
What Alberta commercial real estate markets are you looking at in 2023?
I have reservations about Edmonton as I find that market more stale. Calgary is an interesting commercial real estate market. It can be a roller coaster but it’s on its way to stabilizing. I’ve been looking at different asset classes and I think there’s some exciting things happening in Calgary.
What are the opportunities for commercial real estate in Merritt?
When we look at expanding our offices, we look at what the driving economic forces of a market are and its population size. The smallest market we’d look to go into would be about 100,000 people, like in Kamloops or Nanaimo. But through those markets we can service smaller markets. For example, our Kamloops market could serve Merritt.
There have been some very successful industrial projects sold in Merritt. In Kamloops, there are not many owner-occupier opportunities. But in Merritt, you have the opportunity to get a smaller parcel where you can buy and build. If you’re on the highway, you can easily service the Lower Mainland and Kamloops. Something like that could have a lot of success in Merritt.
Because Vancouver is an international city, when a tenant moves out there’s a ton of demand. That keeps vacancy rates low. In smaller markets, there’s not that same backfill, so vacancy rates are a bit higher.
In Vancouver, we can sell off of floor plans. But in other markets, buyers want to see something built that they can touch before they make an offer. So in a more isolated market like Merritt, a vacancy issue could take a long time to fill.
Get to know William Wright Commercial’s Business Development Manager, Matt EverittWhat is your favourite restaurant or bar?
In Victoria, I love the Irish Times Pub. They have great live music and serve a great pint of Guinness. In Vancouver, I enjoy Pepino’s on Commercial Drive. It’s the best bowl of pasta in the city!
What would your last meal on death row be?
There’s a medium rare burger at this restaurant in LA that is served on a donut, instead of a bun. And instead of fries, you get deep-fried Snickers bars. It’s about 5,000 calories! But I’d probably go with spaghetti and meatballs after a religious experience I just had eating in Italy.
Favourite band?
I have to go with Coldplay. They’re still my guys.
What are you binge watching these days?
I’m actually rewatching True Detective. I’m a big True Detective fan!
What’s your go-to karaoke song?
You don’t want to hear me sing! But I’ll go with “Wanted Dead or Alive” by Bon Jovi.
What is your favourite vacation spot?
It’s a toss up between Italy and Greece. I’ll give Italy the edge due to their unbelievable food – best in the world!
ResourcesWilliam Wright Commercial is looking for brokers in our new Nanaimo office (opening end of 2022) and Kamloops office (opening Feb 2023). Get in touch with Matt Everitt at 604-603-3277 to learn more.
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Happy Holidays, Happy Hanukkah and Merry Christmas from all of us at the VCREP and thanks for listening in 2022. As the podcast continues to grow week-over-week we have some amazing guests lined up for 2023 which is shaping up to be our biggest year yet. Thanks for all the continued support and we look forward to some amazing shows in 2023!
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Frank O'Brien shares Western Investor's top cities for commercial real estate in 2023. This year's list has a few VCREP favourites plus a couple surprises, not to mention the #1 spot isn't even in BC! Frank also shares his opinion on David Eby's new housing plan and how it could be opening an even bigger opportunity for speculators.
Impact Commercial's Co-founder and Managing Partner Alan Haigh unpacks what has happened over the past couple of months in both Canada and the US, how the bond market could predict what will happen to interest rates, and when this madness will end.
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As interest rates continue to push upwards, Harry Jones of William Wright Commercial Victoria discusses the Greater Victoria market that just doesn't slow down regardless of market conditions, and walks through all the asset classes and how they have performed over the past year and what is to come as interest rates continue to rise.
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Mayor Ed Mayne discusses the exciting opportunities Parksville is currently experiencing in the Central Island market. As Nanaimo continues to boom, just 20 minutes up the road sits Parksville, which has seen a development boom of their own, led by a proactive mayor who has the experience to guide the community into 2022 and beyond.
If you were shocked by the Bank of Canada's 1% increase to interest rates this past week, you're not alone. Cory and Matt discuss the potential impact on commercial real estate... if any all. How does this affect your loan-to-value ratio when looking to acquire real estate? And what's next for the commercial real estate market in the province?
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Jeff Kennedy of Troika Developments, one of Kelowna's most well-known builders, discusses the challenges in the development industry due to supply chain issues and inflation. He also gives insight into how developers would break down a purpose-built rental project vs. a strata site, along with the metrics behind the decision-making process.
For 24 months and counting, Vancouver Island has become a shining star in the commercial real estate world. John MacDonald, publisher of the Business Examiner, one of Vancouver Island's go to online business publications, unpack the numbers, breaks down how the Island markets fared, and provides insight on the Thompson Okanagan region.
Hear from the man who plausibly has more data on commercial real estate than anyone in Canada. Raymond Wong, VP of Data Operations at Altus Group, looks behind the numbers on what has happened across Canada in 2022 and unpacks which asset classes are selling, which are not, and what is set to rebound.
With the new Broadway Skytrain line in full swing, city council members now have to vote on what could be the biggest vote in Vancouver's history. Meg Cooney, Seamus Bailey, and Liam Simpson of WWC discuss the highlights and lowlights of the proposed plan.
The ongoing debate on Vancouver Island right now is Victoria or Nanaimo? Robin Kelley of the Groupe Denux, one of Vancouver Island’s long-standing families of real estate, provides insight on both markets and how each market has fared over the years, and unpacks which asset classes he thinks will continue to grow.
Rod MacKay of WWC’s Vancouver office discusses the most unpredictable year we’ve had in real estate yet. From faster than expected rising interest rates, to record breaking month-over-month inflation, to worldwide supply chain issues… 2022 has been anything but predictable.
Ever find a great restaurant on your favourite food app, but then realize they don’t have a brick and mortar location you can enjoy? Amrit Maharaj, Chief Operating Officer of Coho Collective, breaks down what a ghost kitchen is, why restaurants are getting in on the action, and how they have capitalized on the food app boom.
Bronwyn Scrivens from Omada Commercial Real Estate in Edmonton discusses Alberta’s growing industrial market. She shares how Alberta is receiving the halo effect from BC’s tight vacancy rates and staggering acquisition costs, and what tenants and developers are now looking into when it comes to Alberta vs BC.
One of the biggest secrets in commercial real estate is spotting the trends and staying ahead of them. Jonathan Meads, Vice President of StreetSide Developments, discusses the booming Fraser Valley markets and unpacks why StreetSide keeps their focus primarily on this area.
On a national and provincial level, one of the most exciting real estate markets has been Victoria. Mayor of Victoria, Lisa Helps, unpacks how Victoria got to where it is today, the goals she has accomplished in her eight years as mayor, and unveils what’s in store for BC’s capital city.
If you’ve been following the real estate markets in BC, you’ll know today’s hottest topic is the rapidly rising interest rates. Jon Switzer of Impact Commercial sheds light on how to navigate the next few months and provides tips on what to look for in your next purchase to maximize your lending ability.
Mike Kozakowski, founder of Citified Media and citified.ca, a comprehensive resource for researching new-build homes and commercial spaces on Vancouver Island, gives a glimpse into the years and years of new construction data Citified has tracked in the Greater Victoria area.
Sam Wilson, renowned host of the hugely popular podcast, How to Scale Commercial Real Estate, uncovers his roots in commercial investing, shares some mistakes he has made along the way, and talks us through what a good deal looks like to him.
If you had to guess which real estate market saw one of the biggest increases in commercial property value over the past 2 years, would you have guessed Chilliwack? David Algra of Algra Bros. Developments discusses their current downtown Chilliwack project, District 1881.
Leonard Krog, Mayor of Nanaimo, shares some great insight on all the new and upcoming projects and what the future holds for the port city. Plus, we dive into the highly anticipated and forthcoming OCP for the downtown and surrounding areas.
Cory and the team are hitting the beach this week for a well deserved break. Next week we are back with another phenomenal episode. Stay tuned!
Named Canada’s fastest growing city with a 14% increase in population since 2016, Jon Friesen, CEO of the Mission Group, the company behind some of Kelowna’s spectacular tower developments, discusses why Kelowna has seen such a massive growth over the past 5 years and what the future looks like.
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Ever wonder if you could buy an office building or a retail shopping mall for only $150,000? Darcy Ulmer, Co-founder and Partner at Stream Property Partners, shares how everyday investors can invest in some big commercial real estate assets for a fraction of the purchase price.
Have you ever wanted to make the money real estate developers do? Ravi Mann of PROPetual REIT and the Isle of Mann Property Group discusses the exciting new investment opportunities that can get anyone through the real estate investment door for as little as $5,000.
Have you ever wanted to make the money real estate developers do? Ravi Mann of PROPetual REIT and the Isle of Mann Property Group discusses the exciting new investment opportunities that can get anyone through the real estate investment door for as little as $5,000.
As Canada and the world continues to battle with Omicron, supply chains are challenged and the Bank of Canada surprisingly holds rates. Doug Porter, Chief Economist & Managing Director of BMO Financial Group, shares his thoughts on what’s next for the economy and his prediction for interest rates.
Ever wonder which commercial asset class has the lowest cap rate but offers the most stable returns? Marianne DeCotiis, a multifamily specialist with WWC, breaks down the multifamily asset class, sharing how it’s funded, how the leases are government regulated, and plenty more!
Over the past 20 months, most industries have seen a lot of change and the law industry is no different. Tim Lack of Redpoint Law discusses the ever-changing world of the legal side of commercial real estate and shares insight on how the pandemic has changed how commercial real estate is leased, sold, and financed.
Over the past 20+ months, we have heard about supply chain issues, labour shortages, and logistical challenges, and this all has a direct impact on the construction of real estate in the province. Owen Lecky of Wales McLelland unwraps the issues that have been affecting our real estate market.
Do you own a property with lots of equity that has built up over the years? Alan Haigh of Impact Commercial Group, one of BC’s leaders in commercial mortgages, explains how to tap into that equity and turn one property into a thriving commercial portfolio without having to sell your asset.
Wishing our listeners a Merry Christmas and a Happy New Year!
For all the curious minds interested in commercial real estate investing, grab a coffee and pull up a chair because we have exclusive stories and tips from commercial real estate brokers, investors, developers, economists, urban planners, and everyone in-between. From the successes and failures to the motivations and lessons learned, the Vancouver Commercial Real Estate Podcast is your insight into commercial real estate in Vancouver, Victoria, Kelowna, and beyond.
What's the best real estate market to invest in? What are the commercial real estate asset classes and property types? Hosted by Cory Wright, founder of William Wright Commercial, and co-hosts Adam and Matt Scalena of the Vancouver Real Estate Podcast, our podcast opens the door to real estate investing for everyone from beginner investors to experienced real estate professionals. New episodes are released every Tuesday. Follow the Vancouver Commercial Real Estate Podcast on Apple Podcasts, Spotify, Google Podcasts, or your favourite streaming platforms.
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