Real Estate

Canadian commercial real estate has been a great place to make money over the past five years — but industry players are increasingly nervous and worried about the future, according to a report released today by the Real Property Association (REALpac) and FPL Advisory Group.

Burnaby and New Westminster have the multi-family housing markets that Colliers International is most upbeat about in Metro Vancouver, according to a report the real-estate firm released May 17.

Commercial real estate has been a great investment during the past year, with returns in the 13.1% range – far outpacing stocks (5.9%), bonds (4% for some government bonds) and inflation (1%), according to the REALpac/IPD Canada Annual Property Index.

Residential property sales on the Multiple Listing Service in Greater Vancouver were 2,627 in April – a drop of 11.9% compared with the 2,347 sales recorded in March, according to Canadian Real Estate Association (CREA) data released yesterday.

A continued rebound in multiple U.S. housing markets as predicted, while Canadian housing markets are likely to endure a “potential lengthy period of price weakness,” according to a May 14 report by capital management firm Pacifica Partners Inc.

Sales of 95 luxury waterfront cottages are set to launch in June, the developer told Business in Vancouver May 14.

London Drugs Ltd. is delaying development of the Alba – a four-storey, 108-unit residential development at 2642 East Hastings Street – because of what it calls "the challenging real-estate market."

Victoria-based Partners REIT (TSX:PAR.UN) announced May 13 that it spent $45.9 million to acquire two retail centres in metropolitan Montreal.

The composite price index for non-residential building construction in Vancouver increased by 0.1% in 2013’s first quarter, according to Statistics Canada data released this morning.

Modular construction company Britco and the Lax Kw’alaams Band are partnering to develop a rental business in Northwest B.C.