-- Colliers International’s residential real estate report indicates that third quarter market performance at 30 percent improvement over the same period in 2012
November 25, 2013
– Colliers’ report on new multifamily home sales in Metropolitan Vancouver states that during the third quarter of 2013, 2,703 new multifamily home sales were recorded. This figure represents a 30 per cent increase over the same quarter in 2012. The significant year-over-year performance gap that occurred in the first and second quarters of 2013 has decreased from 45 per cent to 15 per cent. This is a positive indicator of a more stable market through to year end.
“The quarter was surprisingly more active than last year. Combined with early reports with respect to fourth quarter performance and recent reports on the general state of the re-sale market, we have updated our year-end projections by 1,000+ units,” commented Scott Brown, Senior Vice President, Colliers International Residential Marketing Services. “The resulting sales volume and the renewed interest of the Chinese buyer are strong indicators of the sustained demand that exists in our market.”
Colliers expected stronger inventory levels to increase during the third quarter and stabilize by year end. “While standing inventory did increase by 15 per cent to 2,174 units, inventory levels dropped by 15 per cent,” added Brown.
While Brown cautioned against expecting sellouts and line-ups of the boom times to resume, he did project strong sales results at a number of upcoming launches to bring the year-end total for 2013 to 9,500 to 10,500 units and thus, more in line with recent years’ activity.
Significant project launches for Metropolitan Vancouver in the fourth quarter of 2013 include: Trump International Hotel & Tower, Modello in the Metrotown neighbourhood of Burnaby, Empire QE on the Cambie Corridor, The Binning Tower in the Westbrook Village neighbourhood of University of British Columbia, University District in Surrey City Centre and Delta Rise – the area’s first high-rise in sometime and its tallest tower.
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