Vancouver Flash Report 2019

Getting below the surface in Vancouver’s commercial and residential real estate market

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Report Highlights

Key findings from Altus Group’s annual review of the Vancouver Market Area real estate markets.

COMMERCIAL INVESTMENT & LAND MARKET

  • Investment property sales volumes in the Vancouver Market Area totalled $12.88 billion in 2018, down from the record set in 2017, but still the second highest annual total recorded by Altus Group.
  • Investment property sales slow significantly in first half of 2019.
  • Residential Land sales plummet in the first half of 2019.
  • Starlight Investments’ acquisition of Montecito Towers for $90 million will provide a boost to Apartment investment levels in the second half of 2019.

INDUSTRIAL & OFFICE MARKETS

  • Demand for industrial space continues to outstrip new supply.
  • The office vacancy rate continues to fall as little new supply added.
  • Most of the new office supply on the way is in the Downtown area.

RESIDENTIAL DEVELOPMENT MARKET

  • New condominium apartment sales in the first half of 2019 dropped to their lowest first half since 2009.
  • New home sales down in 2019 throughout most of the Vancouver Market Area.
  • New condominium apartment supply now in a more balanced situation.

HOMEBUYERS

  • Homebuying intentions up this year among potential first-time buyers.
  • Not all younger households are being priced out of the housing market.
  • Most Vancouver first-time buyers do not have a high ratio mortgage.

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