--Colliers International’s residential real estate report forecasts increase in Fourth Quarter sales resulting in annual sales volume of 10,500+ homes for 2012 despite slower sales for the second consecutive quarter--
Vancouver, November 13, 2012 – Colliers’ report on new multifamily home sales in Metropolitan Vancouver states that during the Third Quarter of 2012, 1,899 new multi-family home sales were recorded. This figure represents a decline in sales volume of 15 percent over the same quarter in 2011. “This is the second consecutive quarter in which sales volumes have decreased. However, despite all the crash talk, the sales volume posted this quarter and year to date is evidence of sustained demand for new multi-family homes in the Metropolitan Vancouver market,” commented Scott Brown, Senior Vice President, Colliers Residential group.
The report indicates that pre-sale investors were selectively active, welcoming new, high-rise developments on transit lines such as Appia’s Solo District in Brentwood and the introductory phase of Anthem and Beedie Living’s Station Square. The low-rise and townhome sectors of the new home market continue to primarily attract end user buyers, especially in the Fraser Valley where the downsizer buyer is currently the primary buyer. “While demand is present, buyers have been more hesitant than in prior quarters. To help overcome this lack of urgency and bolster sales, many pre-selling low-rise condominium and townhome developments have implemented buyer incentives, realtor incentives, modest price reductions or a combination of the three,” added Brown.
Due in part to the reported early Fourth Quarter success of Intracorp’s MC2 at Marine and Cambie, Colliers expects the pre-sale investor to continue to be selective and focused on new developments near transit lines that offer exceptional value through 2013. The downsizer segment of the end user market is also expected to continue to be active, responding favourably to developments that are well-priced and positioned to this group’s unique needs and tastes.
The report concludes by projecting an increase in sales in the Fourth Quarter compared to the same time period last year, and projects annual sale volumes for 2012 of 10,500 units or more. Despite the volatility of late, 2012 stands to be the second best year for new multi-family sales since 2007.
A full copy of the report entitled MarketShare is available on request.
About Colliers International
Colliers International is the third largest commercial real estate services company in the world with more than 12,300 professionals operating out of more than 522 offices in 62 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. In 2011, The Bloomberg International Property Awards recognized Colliers International with three awards: Best Commercial Property Consultancy, Best Commercial Property Marketing and Best Commercial Property Website in Canada. The latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate brand in the world.