Sales Down - Q3 Doomed as Well?
Q2 saw a decrease in the commercial real estate sales compared to recent years. But there's a glimmer of hope.
The numbers are from the Real Estate Board of Greater Vancouver. The total dollar value of CRE sales in the region was just over $1B in during the quarter, a 42% decline from Q2 '12. (Last year's hot Christmas toy was a skyscraper, so the numbers are skewed.) REBGV president Sandra Wyant points out, however, that last year's overall numbers were record levels and that there still has been an uptick in commercial real estate actvity in the Lower Mainland since the start of 2013 (although less when compared to last year). Above is the Canada Post building, sold to a B.C.-based pension and government fund manager.