Sales of commercial real estate in the Lower Mainland slowed in the period from July to September, compared with the same period in 2013.
The Real Estate Board of Greater Vancouver reported that the value of transactions dropped to $1.2 billion during the quarter.
This figure was 30.4 per cent lower than last year’s number. Total transactions during the quarter sunk to 404 from 481 transactions between July and September 2013.
The Real Estate Board of Greater Vancouver doesn’t include Langley and Surrey; these communities are part of the Fraser Valley Real Estate Board. The breakdown in different categories is as follows:
Office and retail sales declined by 23.6 per cent, plunging from 182 in Q3 of 2013 to 139 in Q3 this year. The dollar value plunged 38.5 per cent from $629 million to $387 million.
Sales of land zoned for industrial use dropped from 117 in the third quarter of last year to 99 in this year’s third quarter.
The value of sales was $156 million, down 49.7 per cent from the $310 million in industrial land sales which closed from July to September 2013.
Commercial land sales declined by 7.2 per cent in Q3 of 2014 compared to Q3 of 2013. The value of land sales dipped by 17.7 per cent, going from $672 million to $553 million.
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