Interest Rates Low for Q3 in Vancouver, BC
commercial real estate blog vancouver bc, commercial real estate vancouver bc
According to a recent report by Statistic Canada, building permits are down across the province of B.C. with a steep decline specifically within the Metro Vancouver Area. This is part of a larger national trend, which has seen municipalities across the country issuing 5.5% fewer building permits in June than May of this year.Â
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Overall, Vancouver had the largest drop in permits of any census metropolis area in Canada, with the total value falling 25.2% to $580 million in June.
This was also a 20% drop in comparison to June of 2015. The decrease is largely due to lower construction numbers for multi-family dwellings and commercial buildings.
This was also a 20% drop in comparison to June of 2015. The decrease is largely due to lower construction numbers for multi-family dwellings and commercial buildings.
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On the home sales front, those numbers have fallen as well. Just last week, the Real Estate Board of Greater Vancouver (REBGV) released figures showing home sales dropping below the 4,000 sales mark in July for the first time since January.Â
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“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,†said REBGV President Dan Morrison in a release. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.â€
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As Vancouver’s real estate market begins to show signs of “moderatingâ€, our team of advisors is keeping a close eye on commercial real estate activity across the Lower Mainland. For more information on investment opportunities in all asset classes, please contact our Vancouver office to speak with a broker.
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