The Lower Mainland saw a slide in commercial real estate sales in the second quarter compared to a year ago.
The Real Estate Board of Greater Vancouver reported 407 commercial sales in Q2 2019 compared to the 604 sales of a year earlier, a 32.6% decrease year-over-year.
The total dollar value of commercial real estate sales in the Lower Mainland was $1.463 billion in Q2 2019, a 65.6 per cent decrease from the $4.253 billion in Q2 2018.
“The reduced activity in the commercial market has largely mirrored what we saw in the residential market through the first half of 2019,” Ashley Smith, REBGV president said. “Residential demand did pick up in the summer months. How this change will affect the commercial market remains to be seen.”
Multifamily, land largest slumps
The largest percentage decreases in sales were in the multifamily and land sectors.
There were 13 multi-family land sales in the Lower Mainland in Q2 2019, which is down 66.7% from the 39 sales in Q2 2018. The dollar value of multi-family sales was $152 million in Q2 2019, a 73.9% decrease from $583 million in Q2 2018.
There were 103 commercial land sales in Q2 2019, 54.8% below the 228 land sales in Q2 2018. The dollar value of land sales was $738 million in Q2 2019, a 69.1% decrease from $2.388 billion in Q2 2018.
There were 179 office and retail sales, down 12.3% from the 204 sales in Q2 2018. The dollar value of office and retail sales was $367 million in Q2 2019, a 57.8% decrease from $870 million in Q2 2018.
And there were 112 industrial land sales in the Lower Mainland in Q2 2019, which is down 15.8% from the 133 sales in Q2 2018. The dollar value of industrial sales was $206 million in Q2 2019, a 49.9% decrease from $412 million in Q2 2018.
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