Welcome to the first instalment of the Fifth Dimension for 2017. The Fifth Dimension is our complimentary report on the multifamily residential real estate market in Metro Vancouver.
3,882 new multifamily homes were sold in the First Quarter of 2017. Sustained demand, along with another similar quarter or 4,000+ units sold is projected for the Second Quarter of 2017. It is possible this number could be exceeded but this is solely dependent on accelerating the levels of supply.
Inventory levels are down 59 percent compared to an eight-year average and completed inventory levels are at an all-time low. Buying pre-sale is basically a norm/requirement now. Thus, the multifamily development remains a “green light” rated opportunity in each and every market area within the Metro Vancouver market.
We hope you find this comprehensive analysis of the multifamily residential real estate market in Metropolitan Vancouver for the First Quarter of 2017 informative and thought provoking. As always, feel free to share this report as widely as you see fit.