Q3 December 2017 - Quarterly Newsletter
METRO VANCOUVER REPORT
On an overall basis, year to date sales volume for the 9 months to September 30, 2017 of $10.09 Billion Dollars exceeded 2016 results by 2% for the same period, thereby, confirming that Metro Vancouver’s income and land property market is on pace with last year’s record performance according to data released by Altus Group.
The sale of income property assets in Metro Vancouver led the way for the first 9 months of 2017 showing a 26% increase over the same period last year. The office sector generated sales of $1.06 Billion Dollars and retail property sales climbed to $1.57 Billion Dollars, or year to date increases of 74% and 72%, respectively. These impressive gains more than compensated for retrenched volume in the industrial, apartment, and hotel asset classes which showed declines of 7%, 15%, and 18%, respectively. Although much of this year’s office and retail sales volume was charted early in the year and, in fact, these sectors showed declining volume in each of the subsequent 3 quarters of 2017. The returns on investment properties continue to be very low, especially if there is development potential, and business owners seeking to own their land and building are frequently paying a premium to get into our buoyant property market.