According to data released yesterday by the Real Estate Board of Greater Vancouver, commercial real estate activity in the Lower Mainland region of Vancouver declined in the second quarter of this year to normal levels after a year of reaching record levels.
There were a total of 595 commercial real estate sales in the second quarter of 2017. This represents a 32 per cent decline from the second quarter of 2016. During the second quarter of 2016, there were a total of 875 sales in the Lower Mainland region.
In terms of dollar value, there was a 37.5 per cent decline from last year with sales reaching just under $2.9 billion during the second quarter of 2017 in comparison to over $4.6 billion last year.
The Real Estate Board of Greater Vancouver President Jill Oudil stated that the largest year-over-year declines were seen for land and industrial sales. Both land and industrial sales dropped more than one third in comparison to the second quarter of 2016.
There were 227 land sales that occurred in the second quarter of this year. This number represents a 39.3 per cent decline from the same period last year. During the second quarter of 2016, there were 374 land sales.
There were 114 industrial land sales in the second quarter of this year. This figure represents a decrease of 34.9 per cent from Q2 2016. In Q2 2016, there were 175 sales. The dollar value dropped 13.3 per cent to just over $240 million.
In the second quarter of 2017, there were 218 office and retail land sales. During the same period last year, there were a total of 284 sales.
There were thirty six sales of multi-family land sales that occurred during Q2 2017. This includes low-rises, high-rises, nursing homes, condos and townhouses. In Q2 2016, there were 42 multi-family land sales.
Reference: Business Vancouver