Please enjoy this insightful look into the current Real Estate Market in Metro Vancouver by Fifth Avenue's President and CEO, W. Scott Brown.
March Comes In Like A Lion…
“March comes in like a lion and goes out like a lamb” or so the saying goes. Weather folklore sayings are as colourful as our imagination. While many sayings are based on careful observations and turn out to be accurate, others are merely rhymes or superstitions.
I am sure many of you have seen enough of this snow already. Weather aside, March is typically a busy month in our business. The quick sales start to the month, on the heels of two consecutively positive months, means we can expect the arrival of spring to mark a positive end to the First Quarter market for new multifamily residential homes.
According to our data partner at Urban Analytics, highlights of the Quarter so far include: another successful launch in Vancouver Downtown with Onni selling 90 percent of its latest tower at average prices in excess of $1,750 per square foot; Millennium reporting 275 sales in Brentwood and Wes Group reporting 184 sales in New Westminster at an estimated $660 per square foot; the City of Lougheed project has also reported to have sold 425 of its 560 released homes at an estimated price of $740 per square foot;
BlueSky Properties is reporting it has sold 227 of the 242 units in the Lougheed Heights area; Mosaic is reporting 121 of its 162 townhome units sold at its latest project in South Surrey; and in Langley, RDG’s Management’s The Wex and Infinity Properties The Belmont at Heritage are both rapidly approaching a sellout.
Clearly the strong performance projection made in our definitive report - The Fifth Dimension - on the new multifamily market in the Metro Vancouver area for the first half of 2017 is holding true. Haven’t read it yet? Click the link below to receive a complimentary copy!