Close X
Monday, November 25, 2024
ADVT 
National

Strong Vancouver Q2 commercial real estate sales

Darpan News Desk The Canadian Press, 29 Oct, 2021 02:13 PM
  • Strong Vancouver Q2 commercial real estate sales

VANCOUVER - The Real Estate Board of Greater Vancouver says commercial real estate sales remained strong through the second quarter of this year, reaching levels not seen since 2017.

A statement from the board says 726 commercial properties sold in the Lower Mainland between April and June, a nearly 115 per cent increase from sales in the same period last year.

The board says the total dollar value of the sales was $3.635 billion, a 130 per cent leap over the $1.578 billion recorded the year earlier.

Thirty-two sales of multi-family units were finalized between April and June, compared with 10 in the second quarter of 2020.

The sale of land and office or retail properties also saw triple-digit jumps, with the board reporting the total value of 236 land sales over the quarter was $1.785 billion while 278 office or retail sales brought in $859 million.

Keith Stewart, an economist with the real estate board, says the boost in activity mirrored the commercial sector's strong start in the first quarter of the year.

“Land acquisition is particularly strong as investors are demonstrating confidence in new development potential in our region," Stewart says in the release.

The Greater Vancouver Real Estate Board covers an area from Whistler and the Sunshine Coast, south to Delta and from Vancouver to Maple Ridge, representing more than 14,000 Realtors and their companies across the region.

 

MORE National ARTICLES

New military ad campaign to be aimed at women

New military ad campaign to be aimed at women
The Canadian Armed Forces, which has long struggled to boost the number of women in its ranks, hopes to have them represent one-quarter of members by 2026.

New military ad campaign to be aimed at women

Ottawa repeats support offer to Saskatchewan

Ottawa repeats support offer to Saskatchewan
In a conversation with Premier Scott Moe yesterday, the Prime Minister's Office says the two leaders spoke about Saskatchewan's COVID-19 cases, increasing vaccination efforts and what the province needs to overcome the fourth wave of the pandemic.

Ottawa repeats support offer to Saskatchewan

Younger grades in Vancouver, Surrey to wear masks

Younger grades in Vancouver, Surrey to wear masks
The Surrey Board of Education issued a news release Wednesday saying it would also be mandating masks for all students in the district, from kindergarten to Grade 12, starting Monday. The board said it is partnering with Fraser Health to consider hosting vaccine clinics to increase vaccination rates.    

Younger grades in Vancouver, Surrey to wear masks

Canada marks Day for Truth and Reconciliation

Canada marks Day for Truth and Reconciliation
Singing and drumming were scheduled to ring out at 2:15 p.m. from Kamloops where the Tk’emlúps te Secwépemc Nation announced in May that ground-penetrating radar had detected what are believed to be 215 unmarked graves at the site of one of the largest former residential schools.

Canada marks Day for Truth and Reconciliation

813 COVID19 cases for Wednesday

813 COVID19 cases for Wednesday
There are 6,185 active cases of COVID-19 in the province, and 177,729 people who tested positive have recovered. Of the active cases, 340 individuals are in hospital and 146 are in intensive care. The remaining people are recovering at home in self-isolation.  

813 COVID19 cases for Wednesday

Detailed GHG plan coming in 'months': Wilkinson

Detailed GHG plan coming in 'months': Wilkinson
Wilkinson is in Milan this week for meetings with his global counterparts to set the final agenda for negotiations that will take place at the full United Nations climate change meetings in Glasgow in early November.

Detailed GHG plan coming in 'months': Wilkinson