There were 523 commercial real estate sales in the Lower Mainland in the first three months of 2018.
That’s 10.8% below the 586 sales of the same period in 2017 according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
The multifamily sector saw the largest decline, dropping 44.8% year-over-year to 16 sales in Q1 2018. The total dollar volume for this sector was down 81.5% to $0.081 billion.
Office and retail sales totalled 173, down 15.6% from Q1 2017 with a total dollar volume of $1,076 billion, down 51.8%.
For industrial land, there were 113 sales in the Lower Mainland in Q1 2018, down 7.4% year-over-year. The dollar value of $0.280 billion was 12.2% more than the Q1 2017 total.
There were 221 commercial land sales in Q1 2018, 3.9% lower than Q1 2017. The dollar value of land sales was $1.594 billion in Q1 2018, a 20.5% decrease year-over-year.
The total dollar value of commercial real estate sales in the Lower Mainland was $3.031 billion in Q1 2018, a 38.5% decrease from the $4.927 billion in Q1 2017.
“Our commercial market returned to more historically normal levels in the first quarter of the year compared to the heightened activity we experienced in 2017,” Phil Moore, REBGV president said. “This shift to more typical activity is mirroring the overall economic trends we’re seeing in our province today.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate