Land shortage prompts surge in commercial real estate sales in B.C.: board
VANCOUVER — Commercial real estate sales across British Columbia’s Lower Mainland reached nearly $13 billion last year, a 47 per cent increase over the $8.8-billion total from 2015.
Figures released by the Real Estate Board of Greater Vancouver also show a spike in the number of sales involving commercial real estate, which rose 21 per cent over the same one-year period.
The region saw about 2,850 sales in 2016 compared with more than 2,350 the year before
Board president Dan Morrison says in a statement that a shortage of land is contributing to the steady increase in both sales and the overall dollar value, both for commercial and residential real estate.