Vancouver Year End Multi-Family Sales Totals for 2012 Exceed Projections
-- Colliers International’s residential real estate report indicates that stronger Fourth Quarter sales resulted in annual sales volume of 11,276 homes for 2012, in line with the stellar mark posted in 2012 --
Vancouver, February 25, 2013 – Colliers International’s report on new multi-family home sales in Metropolitan Vancouver states that during the Fourth Quarter of 2012, 2,089 new multi-family home sales were recorded. This figure represents an 11 percent increase over the previous quarter in 2012. “The results here broke the trend of two consecutive quarters in which sales volume decreased,” commented Scott Brown, Senior Vice President of Colliers’ Residential team. “Despite all the negativity, the sales volume posted this quarter brought year-end sales to within a mere four percent of last year’s numbers. This is evidence of sustained demand for new multi-family homes in the Metropolitan Vancouver market.”
“Highlights of the year included launch successes at transit-oriented developments including PCI’s Marine Gateway, Intracorp’s MC2, Appia’s Solo District, Anthem Properties/Beedie Living’s Station Square and Westbank’s Telus Garden,” Brown further explained. However, there was one cautionary note. Inventory levels consisting of both pre-construction and completed homes did increase by 26 percent and will be monitored closely throughout 2013.
Given the Fourth Quarter performance and the lineup of new projects expected to launch in the first half of 2013, Colliers projects sales volume in 2013 to mirror the pattern set in 2012. Colliers expects the pre-sale investor to continue to be selective and focused on new developments near transit lines that offer exceptional value. The “baby boomer” segment of the end user market is also expected to be active both for themselves and in assisting their adult children with purchases.
The report concludes by projecting ongoing affordability issues in select areas of the City of Vancouver will result in increased sales in transit-oriented, emerging urban cores to the East.
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 and 2012, the 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.
For further information, please contact:
+1 604 661 0877