The Lower Mainland’s commercial real estate market hit a five-year high in 2014 in terms of the number and value of sales within the year.
There were 1,963 commercial real estate sales in the Lower Mainland in 2014. This is 7.3 per cent above the 1,829 sales in 2013, virtually unchanged from the 1,950 sales recorded in 2012, and 1.1 per cent above the 1,941 sales recorded in 2011.
Commercial real estate sales in 2014 were 4.4 per cent above the region’s five-year sales average.
The total dollar value of commercial real estate sales in the Lower Mainland is $6.086 billion in 2014, which is above the $5.585 billion total in 2013.“Our commercial real estate market was up in 2014 thanks in large part to increased demand for raw land transactions within the development and investor community,” Ray Harris, REBGV president said. “An increase in land transactions is often a signal of confidence in the market because it requires a multi-year investment.”
Land: There were 642 commercial land sales in the Lower Mainland in 2014, which is a 21.8 per cent increase from the 527 land sales in 2013. The dollar value of last year’s land sales was $3.052 billion, a 35.9 per cent increase from 2013.
Office and Retail: There were 741 office and retail sales in the Lower Mainland in 2014, which is up 2.8 per cent from the 721 office and retail sales in 2013. The dollar value of last year’s office and retail sales was $1.584 billion, a decline of 15 per cent from 2013.
Industrial: There were 473 industrial land sales in the Lower Mainland in 2014, which is down 1.7 per cent from the 481 industrial land sales in 2013. The dollar value of last year’s industrial sales was $811 million, a 12.5 per cent decline from 2013.
Multi-Family: There were 107 multi-family land sales in the Lower Mainland in 2014, which is up 7 per cent from the 100 multi-family sales in 2013. The dollar value of last year’s land sales was $639 million, a 16.3 per cent increase from 2013.
– See more at: http://www.rebgv.org
Conditions within the Metro Vancouver* housing market continued to strengthen in February as home sale and listing totals came in well above the region’s ten-year average for the month.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in February 2015. This represents a 21 per cent increase compared to the 2,530 sales recorded in February 2014, and a 60 per cent increase compared to the 1,913 sales in January 2015.
Last month’s sales were 20.2 per cent above the 10-year sales average for the month.
“It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris, REBGV president, said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,425 in February. This represents a 15.4 per cent increase compared to the 4,700 new listings reported in February 2014.
Last month’s new listing count was 11.8 per cent higher than the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the REBGV MLS® is 11,898, an 11.3 per cent decline compared to February 2014 and a 10.1 per cent increase compared to January 2015.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $649,700. This represents a 6.4 per cent increase compared to February 2014.
The sales-to-active-listings ratio in February was 25.7 per cent. This is the highest that this ratio has been in Metro Vancouver since March 2011.
“We’re seeing more multiple offer situations and generally more traffic at open houses today,” Harris said. “In a market such as this, it’s important to do your homework and work with your local REALTOR® before embarking on your home buying and selling journey.”
Sales of detached properties in February 2015 reached 1,296, an increase of 25.6 per cent from the 1,032 detached sales recorded in February 2014, and an 84.1 per cent increase from the 704 units sold in February 2013. The benchmark price for a detached property in Metro Vancouver increased 9.7 per cent from February 2014 to $1,026,300.
Sales of apartment properties reached 1,244 in February 2015, an increase of 20.5 per cent compared to the 1,032 sales in February 2014, and an increase of 63.7 per cent compared to the 760 sales in February 2013. The benchmark price of an apartment property increased 3 per cent from February 2014 to $386,500.
Attached property sales in February 2015 totalled 521, an increase of 11.8 per cent compared to the 466 sales in February 2014, and a 56.5 per cent increase from the 333 attached properties sold in February 2013. The benchmark price of an attached unit increased 4.6 per cent between February 2014 and 2015 to $481,500.
*Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta
The real estate industry is a key economic driver in British Columbia. In 2014, 28,524 homes changed ownership in the Board’s area, generating $1.84 billion in economic spin-off activity and 13,977 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $22 billion in 2014. The Real Estate Board of Greater Vancouver is an association representing nearly 12,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
– See more at: http://www.rebgv.org