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Tyrone and Courtney have listed a new property at 3825 Bayridge AVE in West Vancouver.
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June 14, 2016

Demand for land helps boost commercial real estate activity to start 2016

Commercial real estate sales in the Lower Mainland outpaced historical averages in the first quarter (Q1) of 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

There were 660 commercial real estate sales in the Lower Mainland in Q1 2016. This is a 26 per cent increase over the 524 sales in Q1 2015, and represents the most active quarter for commercial real estate in the last five years.

The total dollar value of commercial real estate sales in the Lower Mainland in Q1 2016 was $2.904 billion, which is 78.1 per cent above the $1.630 billion total in Q1 2015.

“The commercial market is picking up where it left off after a record-setting year in 2015,” said Dan Morrison, REBGV president. “We’re seeing steady demand across all major commercial real estate categories in our region.”

Q1 2016 activity by category

Land: There were 271 commercial land sales in Q1 2016, which is a 42.6 per cent increase from the 190 land sales in Q1 2015. The dollar value of land sales in Q1 2016 was $1.669 billion, a 118.3 per cent increase over $764 million in Q1 2015.

Office and Retail: There were 201 office and retail sales in Q1 2016, which is up 15.5 per cent from the 174 sales in Q1 2015. The dollar value of office and retail sales in Q1 2016 was $815 million, a 111.9 per cent increase over $384 million in Q1 2015.

Industrial: There were 151 industrial land sales in Q1 2016, which is up 16.2 per cent over the 130 sales in Q1 2015. The dollar value of industrial sales in Q1 2016 was $229 million, an 8.5 per cent decline from $250 million in Q1 2015.

Multi-Family: There were 37 multi-family land sales in Q1 2016, which is up 23.3 per cent over the 30 sales in Q1 2015. The dollar value of multi-family sales in Q1 2016 was $191 million, a 17.5 per cent decline from $231 million in Q1 2015.

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Step 1 – Retain the services of a lawyer or notary. You should contact your lawyer or notary...

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Buying real estate in the Lower Mainland is expensive, but there are some government programs that may...

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If you’ve decided to buy a home, it’s important you understand all the costs involved in addition...

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June 2, 2016

Demand remains elevated across the Metro Vancouver housing market

Metro Vancouver homes continue to sell at an unprecedented rate in communities across the region.

Residential property sales on the region's Multiple Listing Service® (MLS®) totalled 4,769 in May 2016, an increase of 17.6 per cent from the 4,056 sales recorded in May 2015 and a decrease of 0.3 per cent compared to April 2016 when 4,781 homes sold.


Last month’s sales were 35.3 per cent above the 10-year sales average for the month and rank as the highest sales total on record for May.

"Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today," Dan Morrison, REBGV president said.


New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,289 in May 2016. This represents an increase of 11.5 per cent compared to the 5,641 units listed in May 2015 and a 2.6 per cent increase compared to April 2016 when 6,127 properties were listed.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,726, a 37.3 per cent decline compared to May 2015 (12,336) and a 2.3 per cent increase compared to April 2016 (7,550).


"Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity," Morrison said.


The sales-to-active listings ratio for May 2016 is 61.7 per cent. This is indicative of a seller’s market.


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $889,100. This represents a 29.7 per cent increase compared to May 2015.

Sales of detached properties in May 2016 reached 1,865, an increase of 8.2 per cent from the 1,723 detached sales recorded in May 2015. The benchmark price for detached properties increased 36.9 per cent from May 2015 to $1,513,800.


Sales of apartment properties reached 2,150 in May 2016, an increase of 34.4 per cent compared to the 1,600 sales in May 2015. The benchmark price of an apartment property increased 22.3 per cent from May 2015 to $485,000.


Attached property sales in May 2016 totalled 754, an increase of 2.9 per cent compared to the 733 sales in May 2015. The benchmark price of an attached unit increased 24.9 per cent from May 2015 to $632,400.


Questions? Call us today for a 45 minute home evaluation or buyers presentation and we will demonstrate why we are the #1 choice in the sale of your property or the purchase of your next home. Courtney 604-351-0278 | Tyrone 778-863-7973

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