Sales of commercial real estate in the Lower Mainland jumped 21 per cent in 2016 compared to a year earlier, breaking several records in the process.
There were 2,848 sales reported by the Real Estate Board of Greater Vancouver, 29.7 per cent above the 5-year average; in dollar terms there was a surge of 47.4 per cent to $12.99 billion.
“We saw steady activity across the commercial real estate market in 2016,” said Dan Morrison, REBGV president. “It’s no surprise that land sales had the largest increase last year given the supply shortages we’re experiencing in our residential and commercial markets today.”
Records were broken for land sales, up to 1,777 in 2016, a rise of 41 per cent compared to 2015; and office & retail sales, up to 918, rising 12.8 per cent from a year earlier.
Jumps in total value of sales were seen in both of these sectors: land up 81.3 per cent year-over-year to $7.2 billion; and a 46.9 per cent hike for office & retail to $3.621 billion.
Sales were also higher in the industrial sector, up 9.9 per cent to 612; and total values were also up, by 3.4 per cent to $1.067 billion.
The only commercial sector to decline was multi-family, down 4.1 per cent to 141 sales with total dollar volume at $1.1 billion, down 18.2 per cent year-over-year.
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
More market watch: