Commercial real estate sales down across all sectors: REBGV
According to the latest statistics report from Real Estate Board of Greater Vancouver(REBGV), commercial real estate sales across Greater Vancouver were down 19.5 percent overall last quarter.
Land sales declined 34.8 percent this quarter, dropping from 305 sales in the second quarter of 2018 to 199 in the third. Office and retail sales decreased the least, down just 4.2 percent quarter over quarter.
Phill Moore, REBGV president said: “We’re seeing less demand across our commercial market compared to recent years and supply is beginning to ramp up with a number of projects expected to complete in our region over the next year.”
Total dollar volume of sales, however, barely decreased, down, down 0.9 percent overall year over year. Office, retail and multi- family dollar volumes increased this quarter, up 45.5 percent and 3.9 percent, respectively. New Westminster industrial sales showed the biggest increase in dollar value of all sectors and regions in Greater Vancouver, increasing 1366 percent over last quarter. Coquitlam multi-family sales posted the largest decrease in quarter-over-quarter dollar volume, decreasing 87.9 percent.
Source: Western Investor
Fulya Altunyay/ [email protected]