Greater Vancouver commercial real-estate sales during 2013’s first quarter were the most sluggish in four years, according to Real Estate Board of Greater Vancouver (REBGV) data released June 6.
The total dollar value of commercial sales in the region was $886 million in the first three months of 2013. That’s 40% lower than last year and the lowest Q1 dollar value since 2009.
There were 384 commercial real-estate sales in Greater Vancouver during the quarter, according to REBGV statistics. That’s 20% down on the 480 sales in the same quarter last year. A higher number of sales also came in 2011 (438) and in 2010 (402).
“Reductions in the total dollar value of land and office and retail properties were the key drivers behind this quarter’s declines compared to recent years,” said REBGV president Sandra Wyant.
The REBGV’s Commercial Edge data system includes all commercial real-estate transactions in the Lower Mainland, excluding Pitt Meadows and Chilliwack, that have been registered with the Land Title and Survey Authority (LTSA) of British Columbia since 2009.
