VANCOUVER, B.C. – The findings of a report by Altus Group recently showed the largest annual volume of property investment in Vancouver the group has ever recorded.
The real estate software, data and technology services company discovered that total investment property sales volumes in the Vancouver Market Area increased to $14.5 billion in 2017, the highest annual volume it has ever seen in the city.
According to the 2018 Vancouver Flash Report, the strong investment activity in the city in 2017 was driven by increased investment sales volumes in all sectors, with the exception of the apartment sector which dipped down nine per cent following strong investment in 2016.
The largest year-over-year increase came from the residential land market, which increased $1 billion (17 per cent).
According to the report, larger average deal sizes drove the increase, as the number of transactions dipped. High density and medium density land accounted for 85 per cent of all residential land volumes in 2017 at $2.8 billion, and $3 billion, respectively.
This boosted the total value of land sales (ICI and residential together) past $9 billion for the first time since the group started tracking the market in the late 1990s.
The office sector saw the largest percentage increase, rising 81 per cent in 2017 and surpassing the $1 billion mark for the first time. The retail sector recorded a notable improvement in 2017, increasing by more than $600 million to $1.7 billion.