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Market Intelligence

August 16, 2021, by: Fifth Avenue

THE FIFTH DIMENSION 2021 SUMMER EDITION

Summertime and the living is… supposedly. It’s still so busy. On the heels of two record-setting quarters, the new multifamily market in Metro Vancouver is as hot as the summer temperatures. The story outlined in this Summer Edition of the Fifth Dimension is a summer sales blockbuster. The teams at Fifth Avenue Real Estate Marketing Limited (Fifth Avenue) and Baker West Real Estate Incorporated (Baker West) certainly hope you enjoy the read and inform as we aim to share and inform you of the market that is and is to come through 2021. 

The times since the market doldrums of 2019 certainly have had their share of firsts for me and many of you, I am sure. From a market perspective, this list includes back to back quarters of 6,000+ sales for the market area and an ever-shortening summer pause. It seems more and more like when I worked in Asia, where the only time you could not conduct a sales launch was a couple of weeks in late Summer, Christmas and Chinese New Year.

These firsts also included something I never thought we’d be able to do or want to do – start sales of a new project successfully on the August Long Weekend. That happened too. The demand for homes in Surrey City Centre, Guildford Town Centre and along the new SkyTrain corridor that recently received confirmation of federal government funding is something I have been public about for some time but the pace at which demand has accelerated and pricing and absorptions increased was a first east of the Alexander Fraser bridge and South of the Fraser. 

Another first for me has been turning 55. Funny how they call it “turning” a certain age. I suppose it can be that transformative. I do not recall being quite so introspective about my age and birthday since the year I turned 25. For some reason that was a tough one; this one was too. Back then I really questioned my path and what was next. I never thought it was an intensive career solely focussed on the development and promotion of real estate and people. 55 was a tough one too but not for questioning my path. The loss of a close friend and business partner and the more recent passing of my wife’s beloved mother, Alice Folk, certainly impacted my double nickel celebration. By the way, I call Alice that because the term “mother in law” sounds cold. Alice was never cold to me. 

These firsts for me among others awoke me to be more present and vulnerable as a human; their lives and passings encouraged me to act with greater conviction and boldness each day and drilled home how short life is and all I have to be grateful for. Speaking of gratitude, I start each day with a little exercise called 5G. I list in my journal five things I am grateful for that transpired in the past 24 hours. Many days I can get to five lightning fast; some days it takes work. When it comes to our work I am grateful for the folks at Fifth Avenue who show up everyday and engage in our craft and share themselves and their lives with each other. For instance, we have a chat called Our Home Team where we share ourselves to the extent we are comfortable. I have been inspired and encouraged countless times by the sharing including profound truths from our “quieter voices” in the firm. 

I am also extremely grateful for each of our developer partner clients who put their trust in us. I am thankful for the partners at Baker West who have put themselves out there in the real estate style Olympic competition and their near-immediate success listing over $1,000,000,000 in product and selling nearly $200,000,000 in sales since they started the business this past Spring. Given their success and focus, this is the First Edition of the Fifth Dimension that has been produced in collaboration with Baker West and our Urban Analytics (UA). I am grateful for the team at UA. 

Speaking of grateful, the older I get, the more grateful I am to be Canadian. I love Canada. I love British Columbia. I love Metro Vancouver. Of course, being grateful does not deny the wrongs of the past and the heavy lifting to come to set things right (#everychildmatters). 

I am also grateful for the competitors and collaborators in the industry throughout BC. I believe in the Olympic ideal definition of competition. The notion that we press on to do our best and challenge each other to be and do better. Each of you working hard challenges me to be a better marketer, a better sales professional, a better leader, a good husband, a good Dad and a better man. I am grateful for you all. 

 

 

Click here to Download the Fifth Dimension Report, a Comprehensive Analysis of the Multi-Family New Home Market throughout Metro Vancouver & the Fraser Valley

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