Greater Vancouver Real Estate BlogRecently posted or modified blog posts by tag - real estate industryhttps://www.vancouverhousefinders.com/blog/Copyright VancouverHouseFinders.com2024-02-08T12:17:06-07:00tag:vancouverhousefinders.com,2012-09-20:21885Vancouver Real Estate: 5 Indications We Are Headed For A Hot Market in 2024
<img src="https://assets.site-static.com/userfiles/1084/image/Blog/Indicators_pic.jpg" width="5000" height="3333" />
Vancouver Real Estate: 5 Indications We Are Headed For A Hot Market in 2024
Unveiling 5 Explosive Signs For An Unstoppable Real Estate Growth In Greater Vancouver By 2024!
<a href="https://www.youtube.com/watch?v=jUcSxMF5JCI" style="font-size: 10px;"></a>Introduction
Vancouver, British Columbia is said to be one of the world’s livable cities. It is mainly because of its beautiful landscapes, thriving economy, and diverse culture. It is no surprise that the real estate market in Vancouver has been Vancouver, British Columbia is said to be one of the world’s livable cities. It is mainly because of its beautiful landscapes, thriving economy, and diverse culture. It is no surprise that the real estate market in Vancouver has been booming in recent years. As we look ahead to 2024, several key indications will shape the Vancouver real estate market on the West Coast, including its prime location along the Pacific Ocean.
In this blog, we will explore five major factors that will impact the Vancouver real estate market in 2024, including the growing demand for properties in the desirable South Vancouver area and the up-and-coming East Vancouver community, as well as the neighboring cities of North Vancouver and West Vancouver.
Lower Inflation Impact on Vancouver Real Estate
Lower inflation rates can have a significant impact on the Vancouver real estate market. When inflation is low, the cost of living decreases, making it more affordable for individuals and families to invest in real estate. Lower inflation rates can also lead to reduced interest rates, which can further boost the real estate market. Real estate services in Vancouver will play a crucial role in helping buyers and sellers navigate the market during this time.
The Past Inflation Scenario
In the past, British Columbia has experienced varying levels of inflation that have influenced the real estate market. Higher inflation rates can lead to increased housing prices, making it more challenging for potential buyers to enter the market. However, lower inflation rates have the opposite effect, creating more affordable opportunities for individuals to invest in real estate.
Over the years, Vancouver has had both high and low inflation rates. These fluctuations have had a direct impact on the affordability and accessibility of real estate in Vancouver. Understanding the past inflation scenario can help predict future trends and make informed decisions in the Vancouver real estate market.
Current Trends and Predictions for 2024
As we look forward to 2024, several current trends and predictions will shape the Vancouver real estate market. According to experts, the following factors are expected to impact the market:
Continued population growth: Vancouver's population is projected to continue growing in the coming years. This will create a higher demand for housing and drive up prices.
Shift towards sustainable housing: With increasing environmental awareness, there is a growing demand for sustainable and energy-efficient housing options. Developers are expected to focus on creating more environmentally friendly properties.
Rise of remote work: The COVID-19 pandemic has accelerated the adoption of remote work, allowing individuals to work from anywhere. This has led to an increased demand for homes with dedicated office spaces and access to high-speed internet.
Technological advancements: The real estate industry embraces new technologies such as virtual tours, online transactions, and AI-powered property searches. These advancements will continue to shape the way buyers and sellers interact in the market.
Government policies: Government policies, such as tax incentives for homebuyers and stricter regulations on foreign buyers, will continue to influence the Vancouver real estate market
Trend
Impact on Vancouver Real Estate
Continued population growth
Higher demand for housing and increased prices
Shift towards sustainable housing
Focus on creating environmentally friendly properties
Rise of remote work
Increased demand for homes with dedicated office spaces
Technological advancements
Efficient way for buyers and sellers to interact in the market
Government policies
Influence on affordability and foreign buyer participation
2. Lower Interest Rates Boosting Real Estate Transactions
Lower interest rates have a significant impact on real estate transactions in Vancouver. When interest rates are low, it means borrowing costs become cheaper and more affordable for individuals to purchase properties. This leads to increased demand and higher transaction volumes in the real estate market.
When there are lower interest rates, it also incentivizes current homeowners to refinance their mortgages, freeing up more funds for investment in real estate such as Rentals, Airbnb and buying and selling.
Federal Policy Impact on Interest Rates
Federal policies play a crucial role in determining interest rates, which, in turn, impact the real estate market. The central bank sets the benchmark interest rate, and this rate influences the rates offered by financial institutions for mortgages and other loans.
To stimulate economic growth, the federal government may implement policies to keep interest rates low. This encourages borrowing and investment, including in the real estate sector. Lower interest rates make it more affordable for individuals and businesses to access credit, leading to increased real estate transactions and investment.
However, federal policies can also affect interest rates in the opposite direction. For example, if there are concerns about inflation, the government may raise interest rates to cool down the economy. This can have a dampening effect on the real estate market, as higher interest rates make borrowing more expensive and can reduce demand for properties.
Consumer Confidence and Market Activity
Consumer confidence plays a crucial role in driving market activity in Vancouver's real estate sector. When consumers are optimistic about the economy and their financial situation, they are more likely to engage in real estate transactions. On the other hand, if consumer confidence is low, individuals may delay buying or selling properties.
Factors influencing consumer confidence include:
Economic indicators: The overall state of the economy, including employment rates, GDP growth, and inflation, can impact consumer confidence in the real estate market.
Housing affordability: The cost of housing relative to income levels can affect consumer confidence. If housing prices are perceived as too high, potential buyers may delay their purchase decisions.
Market stability: Stability in the real estate market, with consistent or increasing property values, can boost consumer confidence and encourage more activity.
In summary, consumer confidence is closely tied to market activity in Vancouver's real estate sector. When consumers have a positive outlook on the economy and feel financially secure, they are more likely to engage in selling properties or <a href="https://www.vancouverhousefinders.com/blog/common-things-to-look-out-for-before-buying-your-dream-home/">buying a home</a>.
3. Extension of Foreign Buyer Ban in Canada
The extension of the foreign buyer ban in Canada has a significant impact on the Vancouver real estate market. The ban restricts foreign buyers from purchasing properties in certain areas, including Vancouver. This policy aims to address concerns about housing affordability and ensure that residents have access to homes. The extension of the ban is expected to continue influencing the Vancouver real estate market in 2024.
The Influence of Government Policies on Vancouver Real Estate
Government policies have a direct impact on the Vancouver real estate market. The extension of the foreign buyer ban is just one example of how government policies can shape the market. Other policies related to taxation, zoning regulations, and development incentives also influence the real estate landscape in Vancouver.
Government policies aimed at addressing housing affordability, promoting sustainable development, and protecting homeowners' rights can have effects on the Vancouver real estate market. These policies can impact supply and demand dynamics, pricing trends, and investment opportunities.
Buyers, sellers, and industry professionals need to stay informed about government policies and their potential impact on Vancouver's real estate market. Understanding these policies can help navigate the market effectively and make informed decisions.
Market Expectations in Light of the Extended Ban
With the extended foreign buyer ban in place, market expectations in Vancouver's real estate sector are likely to be affected. The extended ban’s main goal is to address concerns about housing affordability and ensure that local residents have access to homes. Some market expectations in light of the extended ban include:
Increased opportunities for local buyers: With fewer foreign buyers in the market, local buyers may have more opportunities to purchase properties at a more affordable price.
Shift in demand: The ban may lead to a shift in demand towards properties that are more affordable for local buyers, potentially impacting pricing trends in specific areas.
Impact on high-end properties: The extended ban may have a greater impact on the high-end property market, as foreign buyers are often more active in this segment.
It is important to note that market expectations can change over time, influenced by various factors such as economic conditions, government policies, and global events. Monitoring market trends and staying informed about the latest developments can help individuals make informed decisions in the Vancouver real estate market.
4. Increased Real Estate Transactions and Positive Market Sentiment
Increased real estate transactions and positive market sentiment are indications of a thriving real estate market in Vancouver. When there is high demand for properties and a positive outlook on the market, buyers and sellers are more likely to engage in transactions.
Positive market sentiment can create a sense of urgency among buyers, leading to increased competition and potentially higher property prices. This positive momentum in the market can be influenced by factors such as low interest rates, government incentives, and economic stability.
Personal Experiences and Observations
Personal experiences and observations can provide valuable insights into the Vancouver real estate market. Individuals who have been actively involved in buying or <a href="https://www.vancouverhousefinders.com/blog/how-to-sell-a-house-an-effective-7-tips-for-selling-your-vancouver-home/">selling properties</a> can share their firsthand experiences, including challenges they faced, strategies they used, and lessons they learned.
For example, a buyer may share their experience of navigating a competitive bidding process and securing their dream home. A seller may discuss their experience of preparing their property for sale and negotiating offers. Observations from industry professionals, such as real estate agents, can also shed light on market trends and dynamics. These professionals have a deep understanding of the market and can provide insights into current conditions and future predictions.
By sharing personal experiences and observations, individuals can contribute to a collective understanding of the Vancouver real estate market and help others make informed decisions.
Indications of a Busy 2024 for Real Estate
Several indications point to a busy year ahead for real estate in Vancouver in 2024. These indications include:
Continued population growth: Vancouver's population is projected to continue growing, creating a higher demand for housing and driving market activity.
Low interest rates: Low interest rates make borrowing more affordable, encouraging individuals to invest in real estate.
Government incentives: Government incentives, such as tax breaks for first-time homebuyers, can stimulate market activity and increase demand.
Infrastructure investment: Investments in infrastructure, such as transportation and amenities, can attract buyers to specific areas and drive real estate development.
Economic stability: A stable economy with low unemployment rates and strong GDP growth can instill confidence in the real estate market.
These indications suggest that 2024 will be a busy and active year for the Vancouver real estate market, with opportunities for buyers, sellers, and investors alike.
5. Decreasing Inventory Indicating High Demand
Decreasing inventory levels in the Vancouver real estate market indicate high demand. When the number of available properties decreases, buyers may face increased competition, potentially leading to higher property prices. Decreasing inventory levels can also create a sense of urgency among buyers, as they strive to secure a property before it is sold to someone else. This dynamic can favor sellers, who may have more leverage in negotiating offers. Monitoring inventory levels can provide insights into market conditions and help buyers and sellers navigate the Vancouver real estate market effectively.
Analysis of Inventory Levels in 2023
An analysis of inventory levels in 2023 can provide insights into the Vancouver real estate market and help predict future trends. In 2023, the Vancouver market experienced a decrease in inventory levels, indicating high demand and a competitive market. Low inventory levels can create a sense of urgency among buyers, leading to faster sales and potentially higher property prices. The analysis of inventory levels in 2023 suggests that the Vancouver real estate market is characterized by strong demand and limited supply. Buyers need to be prepared and act quickly when desirable properties become available. Sellers can take advantage of the current market conditions and potentially achieve higher sale prices. Monitoring inventory levels and market trends is essential for making informed decisions in the Vancouver real estate market.
Predicting 2024 Market Trends Based on Current Inventory
Predicting 2024 market trends based on current inventory levels can provide valuable insights into the Vancouver real estate market. With decreasing inventory levels indicating high demand, the trend of a competitive market will likely continue into 2024. Buyers can expect limited options and increased competition for available properties, including highly sought-after condos. This may lead to higher property prices and the need for swift decision-making.
Sellers, on the other hand, can anticipate a favorable market with the potential for faster sales and potentially higher sale prices. However, sellers need to price their properties competitively to attract buyers in a market with limited inventory.
Overall, predicting 2024 market trends based on current inventory suggests that the Vancouver real estate market will remain active and competitive. Buyers and sellers should be prepared for a dynamic market and work with experienced professionals to navigate the changing conditions.
Preparing for a Busy 2024 in Vancouver Real Estate
With indications of a busy 2024 in the Vancouver real estate market, buyers and sellers should be prepared for the challenges and opportunities that lie ahead. Here are a few key considerations for preparing for a busy 2024:
Get pre-approved for a mortgage: With increased competition, having a pre-approved mortgage can give buyers a competitive advantage.
Work with an experienced real estate agent: An experienced agent can provide valuable insights and guidance in navigating the competitive market.
Stay informed about market trends and conditions: Regularly monitor market trends, interest rates, and government policies that may impact the real estate market.
Be flexible and adaptable: In a busy market, being open to different neighborhoods or property types can increase your chances of finding a suitable property.
By taking these steps to prepare for a busy 2024 in Vancouver real estate, buyers and sellers can position themselves for success in the market.
Advice for First-Time Home Buyers
For first-time home buyers in Vancouver, navigating the real estate market can be both exciting and challenging. Here are some key pieces of advice:
Get pre-approved for a mortgage: Getting pre-approved for a mortgage will give you a clear understanding of your budget and enable you to act quickly when a suitable property becomes available.
Work with a real estate agent: An experienced real estate agent can guide you through the process, help you find suitable properties, and negotiate on your behalf.
Research neighborhoods and property types: Vancouver offers a variety of neighborhoods and property types. Researching and visiting different areas can help you narrow your options and find the right fit for your needs.
Consider additional costs: In addition to the purchase price, factor in other costs such as property taxes, maintenance fees (if applicable), and closing costs.
Be patient and flexible: The Vancouver market can be competitive, so be prepared for potential bidding wars and be open to different neighborhoods or property types.
By following this advice, first-time home buyers in Vancouver can navigate the real estate market with confidence and make informed decisions.
Guidance for Those Thinking of Upsizing
For those thinking of upsizing their homes in Vancouver, here are some key guidance:
Assess your current and future needs: Consider your current living situation and anticipate your future needs. Upsizing may be necessary if you have a growing family or if you require additional space for work or hobbies.
Determine your budget: Understand how much you can afford to spend on a larger property. Consider your current mortgage, savings, and potential financing options.
Research neighborhoods: Research different neighborhoods in Vancouver to find areas that meet your needs in terms of amenities, schools, and proximity to work or other important locations.
Work with a real estate agent: A real estate agent with experience in upsizing can help you navigate the market, find suitable properties, and negotiate on your behalf.
Consider renovation options: If you love your current neighborhood but need more space, consider the option of renovating your existing home to meet your needs.
By following this guidance, individuals thinking of upsizing their homes in Vancouver can make informed decisions and find the perfect property to meet their growing needs.
Takeaways
In conclusion, the Vancouver real estate market is poised for a busy and exciting year ahead in 2024. Lower inflation rates are expected to have a positive impact on real estate prices, making it an opportune time for buyers and investors. Additionally, lower interest rates are set to boost real estate transactions, creating a favorable environment for both buyers and sellers.
The extension of the foreign buyer ban in Canada will continue to influence the Vancouver real estate market, with market expectations centered around this policy change. Furthermore, the decreasing inventory levels indicate high demand, making it crucial for potential buyers to act swiftly.
Whether you are a first-time homebuyer or considering upsizing, it is important to stay informed and seek guidance from industry professionals to navigate the dynamic Vancouver real estate market successfully.
If you're looking to make a move in the Vancouver real estate market, contact our <a href="https://www.vancouverhousefinders.com/contact/">team of experts </a>for personalized advice and assistance.
Frequently Asked Questions
What Are the Predicted Effects of Lower Inflation on Real Estate Prices?
Lower inflation can lead to more affordable real estate prices in Vancouver. When the cost of living decreases, it becomes easier for individuals and families to enter the real estate market and invest in properties.
How Will Lower Interest Rates Impact the Real Estate Market in 2024?
Lower interest rates in 2024 are expected to boost the real estate market in Vancouver. With more affordable borrowing options, individuals and families will have greater access to credit, leading to increased demand and higher transaction volumes.
How Will the Extended Foreign Buyer Ban Influence the Vancouver Real Estate Market?
The extended foreign buyer ban in Vancouver is expected to influence the real estate market by limiting foreign buyers' participation. This can potentially lead to decreased demand from foreign investors and a shift in market dynamics.
<br /><br /><br /><br />
2024-02-07T17:47:31-07:002024-02-08T12:17:06-07:00Hani Farajtag:vancouverhousefinders.com,2012-09-20:4293Blue-Collar Immigrants Affected by Foreign-Buyer TaxSource: <a href="https://www.biv.com/media/filer_public_thumbnails/filer_public/c5/a1/c5a14235-26a5-4643-9542-dddbc5c20424/real-estate.jpg__0x500_q95_autocrop_crop-smart_subsampling-2_upscale.jpg">Biv.com</a>
The real estate sector of the Fraser Valley is doubtful about <a href="http://www.vancouverhousefinders.com/blog/outside-markets-dodge-foreign-buyers-tax/">British Columbia’s foreign buyer tax</a> that can possibly dissuade blue-collar immigrants from choosing Lower Mainland as their destination.
It has been observed that even though the new tax has been aimed at high-end buyers, the working class is going to be the one who will be affected the most which is the majority population that fuels Fraser Valley and its activities.
Many have also observed the fact that for buyers purchasing homes in <a href="http://www.vancouverhousefinders.com/blog/west-vancouver-bc/">West Vancouver</a>, the added 15% tax will not be an issue but for the working class, especially professionals like Doctors, Lawyers etc., it will be a huge setback.
According to a report released by the Local Immigration Partnership in Surrey, the labor force is likely to decrease due to replacing retired workers. The city is going to create 125,000 positions by 2041, but almost by 2022, there will be a shortage of 42,250 jobs.
It was expected that immigrants will fill up 1/3rd of the projected openings but because of the new added tax, it is likely that many will not shift in.
The real estate community completely understands the reasoning behind the tax but are completely baffled that the Government hasn’t considered the various deals, which are in different stages of completion and are in danger of closure.2016-08-20T16:46:00-07:002018-10-29T17:04:58-07:00Hani Farajtag:vancouverhousefinders.com,2012-09-20:4291Vancouver Witnessed Biggest Building Permit Drop in the Country<img src="https://assets.site-static.com/userfiles/1084/image/Vancouver-Witnessed-Biggest-Building-Permit-Drop-in-the-Country_Real-Estate-in-Vancouver_BcHouseFinders.jpg" />
Source: <a href="https://upload.wikimedia.org/wikipedia/commons/5/5e/Vancouver_downtown.jpg">Wikipedia</a>
According to information released by Statistics Canada in August 2016, Vancouver is facing the steepest decline across the country in terms of building permits.
The decrease in permits is associated to a national trend wherein municipalities have issued 5.5% fewer building permits in June as compared to May.
Vancouver has witnessed the biggest drop in building permits as compared to any other province of Canada with a percentage fall of 25.2% amounting to $580 million in June, which is also a 20% drop in comparison to June 2015. Many speculate that the drop was largely due to the lower construction numbers for multi-family dwellings and <a href="http://www.vancouverhousefinders.com/blog/progress-of-commerical-real-estate-in-q1-2016-vis-a-vis-q1-2015/">commercial buildings</a>.
According to the figures released by The <a href="http://www.vancouverhousefinders.com/blog/why-should-you-invest-in-canada/">Real Estate </a>Board of Greater Vancouver (REBGV), home sales have showcased a dip below the 4000 sales mark in July for the first time since January 2016.
In conclusion, after several months of record-breaking sales activity especially in the months of May and June, the <a href="http://www.vancouverhousefinders.com/buy/">home-buyer demands</a> in returning to it’s normal capacity in July 2016 which may just mark the return of normal market trends and stability in the upcoming months of 2016.2016-08-17T16:17:00-07:002018-10-29T17:05:42-07:00Hani Farajtag:vancouverhousefinders.com,2012-09-20:4269Spike in Recreational Properties buy Generation X in Vancouver BC<img src="https://assets.site-static.com/userfiles/1084/image/Spike-in-Recreational-Properties-buy-Generation-X-in-Vancouver-BC.jpg" width="800" height="532" />
According to a research conducted by Royal LePage, it has been identified that more than two-thirds of potential recreational property has been purchased by individuals between the age bracket of 36 and 51 while as the remainder is made up of baby boomers between the ages of 52 and 70.
Recently, The <a href="http://www.vancouverhousefinders.com/contactus/">Vancouver Real Estate Market</a> has been on a rocky road with individuals struggling to find affordable housing as well as the disposable income to afford the same. It has also been recorded that disposable income for individuals below 35 is practically nil in 2016.
Although in retrospect, the older generations seem to have a lot of disposable income, as they make up for the majority of the <a href="http://www.vancouverhousefinders.com/buy/">recreational homebuyers</a> as observed by the spike in the increased sales in recreational properties that are predicted to surpass those of 2015.
It has also been observed that almost 10% of the recreational sales are made up for foreign buyers, 64% of which primarily originates from America who wish to own vacation homes up north.
In conclusion, it is pretty fascinating to note that majority of the participants were investing in recreational properties or vacation homes due to their retirement plans.<br />As would be the case, many believe the current generation to be the driver of the <a href="http://www.vancouverhousefinders.com/sell/">spike in sales</a>, and mostly due to retirement being a purchase consideration.
It will be interesting to see what is up ahead for the real estate market in Vancouver in 2016.2016-07-22T18:57:00-07:002018-10-31T14:54:20-07:00Hani Farajtag:vancouverhousefinders.com,2012-09-20:42575 ways to spruce up spaces and attract clients!A lot of times, it so happens that as an agent you are showcasing rental units, commercial or residential spaces, but most of your clients are apprehensive about how the space would look like or what it would be to live/work in such a space.
<img src="https://assets.site-static.com/userfiles/1084/image/real_Estate.jpg" />
This is often the case at hand because clients want to be able to imagine their lives in those spaces and many a times since these units are empty or hardly made-up, the same feeling cannot be imagined.
As real estate agents, it’s important to prepare for such cases beforehand by bringing in bits and bops which have low investment and a greater turnaround possibility.
Hence, we have compiled a list of 5 things that you can bring along to every property you showcase which can help in gaining more business and traction;
1. Bedspreads and Sofa Throws
A little can go a long way, which is completely true in case of quirky and bright sofa throws or bedspreads which assist in adding the oomph factor in any home and let the client imagine the possibilities.
2. Lights – Lamps/Fairy Lights
Adding some lights in form of a Lamp or Fairy Lights can be beneficial to not only showcase the possible lighting in any unit but also to bring about a homely feeling or that of a workspace unit.
Check Also: <a href="https://www.vancouverhousefinders.com/blog/how-do-you-prepare-for-an-open-house/">how to prepare for an open house</a>
3. Place-mats/Center Pieces
Another excellent idea if for the clients to possibly witness the dining area where most of their conversations would be held over supper, or even imagine business meetings across tables. Hence, bringing place mats or centerpieces will add that extra value.
4. Flowers!
The smell of fresh and the sight of beautiful flowers always leads to a better and chirpier mood which can lead the client’s psyche to believe that it could be a beautiful space for them to live/work in.
5. Food
It may sound odd, but when you bring in some cookies or doughnuts for the clients, they tend to form a bond with you as an agent but also tend to enjoy their experience during the showcase.
You can always carry en number of elements and accessories, which would beautify the house or even make the design feel more homely and comfortable.
At the end of the day, it’s extremely important for the clients to feel comfortable and be able to imagine the space that they wish to buy/rent which can not only lead to increased business and traction but also build long-term relationships.
<a href="https://www.vancouverhousefinders.com/">House for sale in Greater Vancouver</a> - check out the latest listings! If you are looking for a new home in the Vancouver area, you will want to check out our selection of houses for sale in Greater Vancouver. Whether you are looking for a single-family home, a townhome, or a condo, we have the perfect property for you.2016-06-15T22:53:00-07:002022-04-25T05:37:53-07:00Hani Farajtag:vancouverhousefinders.com,2012-09-20:4256Progress of Commerical Real Estate in Q1 2016 versus 2015.The year of 2015 was one of the record-setting year for Commercial Real Estate sales which were almost $1.630 billion in only Q1.
<img src="https://assets.site-static.com/userfiles/1084/image/a.jpg" width="528" height="350" />
But, 2016 has surpassed the record set in 2015 in just the first Quarter (Q1). The commercial real estate sales in Lower Mainland had outpaced the average for the last 5 years by almost 26% resulting to 660 real estate sales. Not only that, the total value of the same has been estimated to be around $2.904 billion, an almost 68.1% increase above Q1 of 2015 as mentioned above.
The data collected by Commercial Edge, operated by Real Estate Board of Greater Vancouver (REBGV) only goes to showcase the up rise in demand for land and real estate that is in turn helping in boosting the activity in 2016.
A steady demand has been noted across every category of commercial real estate, and here is an overview of the data so collected;
Land<br />An increase in value of land leads to up rise of activity in the real estate industry which is exactly what the sales of Q1 2016 has achieved with more than 271 land sales amounting to $1.669 billion as opposed to 190 land sales and $764 million respectively in Q1 2015.
Office and Retail<br />Another important segment of commercial real estate, The sale of Office and Retail spaces have shown a steady increase of almost 15.5% from Q1 2015 amounting to 201 sales and $815 million in total value respectively. Even though the increase in the number of spaces sold has been on the low, the value has increase from 2015 by almost 111.9%.
Industrial<br />Industrial land sales witnessed an increase of 16.2% from Q1 2015 amounting to 151 industrial land sales as compared to 130 sales. The value for the same witnessed a decline in Q1 of 8.5% amounting to $229 million in Q1 2016
Multi-Family<br />The sales of multi-family land sales witnessed a greater increase as compared to its other counterparts amounting to 37 land sales as compared to 30 land sales in Q1 2015 amounting to 23.3%. But, it also witnessed a decline in its total value by almost 17.5% from $231 million in Q1 2015 to $191 million in Q1 2016.
In conclusion, the commercial real estate market is at its peak and the Q1 2016 data showcases that it’s the perfect opportunity to invest in this market or develop the same. But also, even though the categories have shown a steady increase, the total value of multi-family and Industrial sales have shown a decline that investors and agents should be vary of.
<img src="https://assets.site-static.com/userfiles/1084/image/Capture4.JPG" width="636" height="412" />2016-06-15T21:45:00-07:002018-10-23T05:40:56-07:00Hani Faraj