Close X
Thursday, November 14, 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

652 COVID19 cases for Tuesday

652 COVID19 cases for Tuesday
British Columbia has recorded another 652 cases of COVID-19 and 2 related deaths, according to an update posted after officials announced new regional restrictions for part of the Lower Mainland. There has been an uptick in coronavirus hospitalizations to 316, up from 303 on Monday, with 141 patients in ICU.

652 COVID19 cases for Tuesday

Long-term care residents need boosters: NACI

Long-term care residents need boosters: NACI
The committee recommends long-term care residents and people living in seniors' homes receive another shot of an mRNA COVID-19 vaccine — like Pfizer-BioNTech or Moderna — as long as it has been six months since their last shot.

Long-term care residents need boosters: NACI

Alleged COVID-19 violator could lose B.C. condo

Alleged COVID-19 violator could lose B.C. condo
A message left with his lawyer was not immediately returned and Movassaghi has not responded to the forfeiture action, but court documents show he has until mid-October to reply.

Alleged COVID-19 violator could lose B.C. condo

COVID-19 restrictions brought in for B.C. region

COVID-19 restrictions brought in for B.C. region
Organized events like weddings or conferences will be limited to 10 people, or 50 people outside, unless everyone is fully vaccinated, which can be verified on the province's vaccine passport.

COVID-19 restrictions brought in for B.C. region

Surrey Hospitals Foundation Appoints Harp Dhillon as New Board Chair

Surrey Hospitals Foundation Appoints Harp Dhillon as New Board Chair
Harp is taking over the role from Ron Knight who is stepping down after 11 years serving as Board Chair since 2010. Harp has been on the Foundation’s Board of Directors since 2014 and served as the Vice-Chair for the past year.

Surrey Hospitals Foundation Appoints Harp Dhillon as New Board Chair

B.C. lays out plan to move away from fossil fuels

B.C. lays out plan to move away from fossil fuels
More than $50 million will be spent to attract industries to B.C. to run their businesses and reduce their carbon footprint by using hydroelectricity. Bruce Ralston, the province's minister of energy, mines and low carbon innovation, says the plan could lead to lower rates for BC Hydro customer rates, potentially by about 1.6 per cent by 2026.

B.C. lays out plan to move away from fossil fuels