Sales of commercial real estate in the Lower Mainland dropped 32% in the second quarter of 2017 following the record pace of a year earlier.
The Real Estate Board of Greater Vancouver reported 595 sales through its Commercial Edge system, down from the record 875 sales in the second quarter of 2016. In dollar value, there was a 37.5% decrease year-over-year at $2.886 billion.
“Land and industrial sales experienced the largest year-over-year declines last quarter, with sales in both categories down more than one-third compared to 2016,” said Jill Oudil, REBGV president. “Looking back over several years, however, we see that last quarter’s sale and dollar value activity follow more historically normal trend lines.”
Land sales were down 39.3% to 227 commercial sales; office and retail sales were down 23.2% to 218; industrial sales fell 34.9% to 114; and multi-family sales dropped 14.3% to 36.