Impressive Results as New High Profile Multi-family Residential Projects Leads to Remarkable Start to 2011
“Colliers International’s residential real estate report highlights 35% increase in new project sales and price levels in the first quarter of the year and foresees a strong Second Quarter”.
Vancouver, May 12, 2011 – A Colliers report on new multi-family home sales in the Lower Mainland market reports a torrid sales pace in the First Quarter of 2011. The report notes that a total of 2,527 new multi-family units were sold during the quarter a dramatic 35% per cent increase over the same period last year and just 6% short of the most active quarter in all of 2010.
Scott Brown, Senior Vice President, Colliers International, Residential Project Marketing and Sales, says, “Impressive results on Vancouver’s West Side and in Metrotown set the pace”. The report also noted strong sales in Richmond, Burnaby/New Westminster, Tri-Cities, Central Surrey and South Surrey/White Rock. Brown added, “If the sales pace trend we’re seeing holds true through each quarter this year new sales could exceed 12,000 units for the year which hasn’t been seen since the peak of the market.”
“We are expecting the momentum we’ve experienced in the First Quarter to continue in 2011. Low interest rates, increased immigration and creative projects will continue to drive demand, said Brown. “While the upcoming provincial election and HST referendum are distractions we have yet to see concern regarding these upcoming events tempering sales activity.
In the First Quarter of 2011, 43% of sales of new multi-family product were generated at high rise projects. Brown sees a strong Second Quarter performance at high rise projects. This view is supported by the early Second Quarter results posted at Bosa’s, Intracorp’s and Polygon’s Metrotown projects and at Cressey’s project in Coquitlam.
The report noted a number of significant new projects coming to the market in the Second Quarter. These include: Cressey’s Maddox and Concert Properties’ Salt which are the first two new downtown high rises offered in over a year; Bastion’s Opsal Steel in Southeast False Creek; Onni’s Central; Bosa Properties’ Viceroy in New Westminster; and Intracorp’s Versatile at Lower Lonsdale.
A full copy of the report entitled MarketShare is available on request.