VANCOUVER (NEWS 1130) – Over 800 commercial real estate sales were registered in the second quarter of 2016, a jump of 30 per cent over last year and the dollar value of commercial sales in the Lower Mainland was up a hundred percent over 2015.
Dan Morrison with the Real Estate Board of Greater Vancouver notes the sale of the Bentall Centre boosted those numbers but believes the Lower Mainland is an attractive place for commercial real estate buyers because of our low-interest rates, weak loonie, and strong employment record. “Both the number of sales and the dollar volume are just reflecting the strong commercial market. We still have a still have a great economy in British Columbia and the economic growth is projected at three per cent.”
“One difference between the residential market and the commercial market is the commercial investors and developers tend to take a longer view of the Vancouver economy, and I think this is showing that there is a lot of optimism for it,” he adds.
The data was collected before the 15 per cent foreign buyers’ tax for residential properties came into effect.