Vancouver commercial sales slip, still above average

The number of commercial real estate sales in the Lower Mainland slipped in the third quarter of 2017 but remained elevated by historical standards.

The Real Estate Board of Greater Vancouver reported 652 sales, down 8.8% from the record-setting 715 of a year earlier but almost 11% above the 5-year average of 589.

The value of sales was higher though with a total dollar volume of $3.27 billion, up 16.1% year-over-year.

“While there have been fewer commercial sales this year compared to 2016, activity remains in line with the long-term average for the region,” Jill Oudil, REBGV president said. “On the pricing side, dollar values for commercial properties have climbed about 16 per cent in the last year. This growth can be attributed, in part, to the extended economic growth we’ve been experiencing across a variety of sectors in our province.”

Office and retail sales were the only sectors to show an increase in volume while most sectors gained in value. The exception was the multifamily sector which saw dollar volume drop 48.1% year-over-year to $192 billion from 39 sales, down 46.2%.c

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