Land Sales Lead a Strong First Quarter

According to the Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV), commercial land sales have shown a strong, steady pace in the first quarter of 2014.

land sales

Source: Google

Below are the key stats of the commercial dollar value and sales from the first quarter of 2014:

Dollar Value:

  • Total Commercial Sales: $1.4 billion – an increase of 45.5% compared to Q1 2013
  • Land: $698 million – an increase of 96.7%  compared to Q1 2013
  • Office & Retail: $365 million – an increase of 38.3% compared to Q1 2013
  • Industrial: $227 million – an increase of 11.7% compared to Q1 2013
  • Multi-Family: $129 million – an increase of 30.4% compared to Q1 2013

Sales:

  • Total: 441 – an increase of 14.2% compared to Q1 2013
  • Land: 160 – an increase of 73.9% compared to Q1 2013
  • Office & Retail: 144 – a decrease of 9.4% compared to Q1 2013
  • Industrial: 109 – unchanged from Q1 2013
  • Multi-Family: 28 – an increase of 12% compared to Q1 2013

The President of the REBGV, Ray Harris, says, “After a strong 2013, office and retail activity declined in the first quarter while vacant land transactions in the Lower Mainland outsold all other commercial categories over this period.”

To view the full REBGV report on the increase of land sales, click here.

If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca