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A COMPREHENSIVE ANALYSIS OF THE RESIDENTIALREAL ESTATE MARKET IN THE VANCOUVER LOWER MAINLAND
May 2011
MarketShareFIRST QUARTER 2011
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WELCOME TO MarketShare 1
RESEARCH METHODOLOGY 2
OVERALL MARKET SUMMARY 3
MARKET SUMMARIES
Vancouver Downtown 4
Vancouver West 5
Vancouver East 6
Richmond/South Delta/Tsawwassen 7
Burnaby/New Westminster 8
North Shore: North Vancouver & West Vancouver 9
Tri-Cities: Coquitlam, Port Coquitlam & Port Moody 10
Ridge Meadows: Maple Ridge & Pitt Meadows 11
Surrey Central/North Delta 12
South Surrey/White Rock 13
Cloverdale/Langley 14
WHAT TO WATCH 15
TABLE OF
CONTENTS
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n each o the last our editions o MarketShare ourVancouver residential team has shared their
observations with you regarding the impact Asian
demand is having on the real estate market in the
ower Mainland. Recently there has been much public
discussion regarding this trend and this talk has
ncluded calls or restrictions on oreign ownership o
eal estate in our province.
ets put the debate in context and look at the reasons Lower Mainland real
state is attractive not just to people rom Mainland China but to people
rom all over the world. Whether you are rom China, India, Europe, the
Middle East, or even rom the U.S., the Lower Mainland is a great place to
ve. We have created a community that celebrates diversity, is tolerant,
ccepting and inclusive and all in a naturally attractive setting. For the most
art home ownership is motivated by a desire to improve amily lie and in
many cases educate children in a great place. People rom all over the
world see what the Lower Mainland has become and seek connection with
ur culture, our community and our valuesand what better way to connect
han owning a home here.
ancouver and the Lower Mainland have moved well beyond being
ompared to other cities in Canada or to our neighbor to the south, Seattle.
ur reputation and global appeal puts us in the same category as New York,
ondon and other world class cities. These cities attract the world or a
ariety o reasons. It could be business, it could be culture, and it could be
the peoplewhatever the reason we are now experiencing what other
world class cities have experienced or years.
here also seems to be more myths than acts about Mainland Chinese
nvesting. This trend is certainly impacting single amily housing values in
ancouver - West and Richmond. However, it is not the driving orce
ehind all sales. For example, a number o the recent launches reported
arge numbers o Asian buyers. Yet a signifcant portion o these buyers are
ctually local residents not oreigners. That being said, oreign demand is
aving a positive impact on multi-amily sales and the debate will continue.
While restricting oreign ownership may curtail this demand it may also
have the unintended negative consequence o hindering the developme
o much needed new housing elsewhere in Vancouver. While debate is
healthy, restricting oreign investment will not only aect our real estat
market, development industry, housing supply and our economy it may
also damage how we are viewed in the world. Personally, Id rather liv
in a place that is envied and sought ater by people all over the world: a
place that is welcoming, accepting, tolerant, inclusive, multi cultural and
beautiul.
O course, aordability concerns remain in our market regardless o As
demand. Fortunately, we are home to one o the worlds most innovativdevelopment communities. I expect we will see innovations in product
and ownership structures that will address aordability and increase th
accessibility o buying real estate or everyone. Instead o restricting
oreign ownership to create more aordable real estate lets develop
innovations that address this true need.
As oreign interest in our local markets continues our teams continue t
be active in the Lower Mainland and in Mainland China, Hong Kong and
Singapore increasing our inrastructure and sta to represent Canadian
projects overseas. We also continue to host Vancouver and Toronto
developers in Asia and share with them what we are seeing and
experiencing in these markets. We are ortunate to have a large
inrastructure in Mainland China, Hong Kong and Singapore al lowing us
approach these markets with insight and connections.
Finally, in this edition o MarketShare report you will note that 2011 has
already seen a number o successul launches in the Lower Mainland.
hope you enjoy our thoughts and insights and as always we welcome
your comments and opinions.
Greg Ashley
PRESIDENT AND MANAGING PARTNER,
COLLIERS INTERNATIONAL RESIDENTIAL MARKETING
WELCOME TO
MarketShare
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Urban Analytics (UAI) is the source or analyticalnterpretation o relevant real estate market data, trends
and strategic recommendations. Our client-ocused
ervice model determines the inormation required,
hen collects and interprets the data in a timely manner
nabling clients to make inormed strategic decisions.
rban Analytics Inc. (UAI) was engaged by Colliers to provide aggregate
ata on the multi-amily residential real estate market in the Vancouver
ower Mainland.
he methodology used to collect the data was as ollows:
ENERAL PARAMETERS
ancouver Lower Mainland reers to the area rom West Vancouver to
Aldergrove. At the present time, we have excluded Abbotsord, Chilliwack,
nd Mission. And, given the ocus on the multi-amily market we have
xcluded single amily home sales rom our data collection eorts
MULTI-FAMILY PROJECT DATA NEW HOME SALES
AI takes a dynamic approach to collecting multi-amily new home sales
ata. The primary method used to collect inormation is a personal visit to
ach project being actively marketed. In addition to collecting current sales
normation, UAI representatives engage on-site sales sta to determine
dditional relevant inormation such as incentive oerings, trac trends and
ctive buyer profles. In all instances active sales range quoted in tables is
efned as The per square oot sales range in which 75 percent o sales o this
roduct type occurred.
CONTEMPLATED MULTI-FAMILY PROJECT DATA
UAI also continuously monitors new multi-amily developments being
contemplated in the various markets in the Lower Mainland to determin
the level o potential new supply in each area. For the purposes o the
MarketShare publications, UAI contacts various municipal planning
departments along with developers (and/or their representatives) o
proposed new developments to determine the anticipated timing o the
approval and marketing launch.
MULTI-FAMILY PROJECT DATA RESALE
The resale market provides an important barometer rom which to asse
demand and determine pricing or new homes projects. Accordingly, Uclosely monitors the resale market or multi-amily homes in order to
identiy trends that are relevant to the new home sector. However, the
breadth and depth o product or sale can create fndings that are less
than helpul to the new home developer. As a result, UAI recommends
studying only product that is aged ten years or newer and valued at les
than $1.2 million. While it could be argued that limiting the analysis to
newer product (i.e. fve years or newer) would be more relevant to the
new home sector, we believe this would limit the sample size and
potentially skew the data towards a specifc type o product available in
small number o specifc buildings/projects. In all instances active salesrange quoted in tables is defned as The active sales range in which 75
percent o sales o this product type occurred.
We hope you fnd this aggregate data combined with Colliers
analysis, observations and opinions thought provoking.
Michael Ferreira
PRINCIPAL, URBAN ANALYTICS INC.
Geoffrey Dzikowski
PRINCIPAL, URBAN ANALYTICS INC.
RESEARCH
Methodology
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As this is our fth edition o MarketShare we are now able compare this
uarter and subsequent quarters to prior years and communicate new insights
nd trends.
Sales o multi-amily residential real estate were brisk in the First Quarter o
2011. A total o 2,527 units were sold this past quarter, a dramatic 35 percent
ncrease rom the same period in 2010. And, this perormance was just 6
ercent shy o the most active quarter last year (Fourth Quarter). Last year,
First Quarter sales represented just 21 percent o total sales volume. I this
rend holds true this year total new sales could exceed 12,000 units.
New high profle projects in Metrotown and Vancouver - West help set the pace
upported by a repositioned project with impressive results in South East False
Creek. Strong absorptions in Richmond, Burnaby/New Westminster, Tri-Cities,
Central Surrey and South Surrey/White Rock were also reported. However,
nventory increases were noted in Vancouver - West, Vancouver - East,
angley/Cloverdale and Surrey Central/North Delta. Local investors were
ctive at a number o signature projects and Asian immigrants and investment
emand continued raising more public attention.
NEW HOME MARKET:
Overall the First Quarter o 2011 perormance was strong across all product
ypes as indicated in the ollowing table:
n the First Quarter o 2011 43 percent o sales occurred at high rise projects
which is a 13 percent decrease compared to the Fourth Quarter o 2010. Low
ise sales represented 29 percent o sales up 7 percent rom the previous
uarter while townhome sales increased by 6 percent to 28 percent. Active
rojects increased by approximately 8 percent. For the frst quarter in over a
ear inventory decreased.
RESALE MARKET:
n the First Quarter o 2011, an estimated 1,567 resale multi-amily homes were
old. MLS sales are down 40 percent over the same period last year but up 26
ercent rom the Fourth Quarter o 2010. More specifcally high rise sales
were down 37 percent, low rise sales were down 43 percent and townhomes
own 44 percent. Active listings or all product types are also down compared
o same period last year with low rise product listings decreasing by 17.5
percent and high rise and townhome listings each down 9 percent. Overa
high rise sales represented 50 percent o all MLS sales as indicated in the
ollowing table:
THE QUARTER AHEAD:
The Second Quarter has already seen two signifcant product launches in
Metrotown that achieved stunning absorptions. A number o new projects
will be released shortly in Vancouver - Downtown, Vancouver - East,
Burnaby/New Westminster/Coquitlam and Langley. As a result, the numb
o projects being actively marketed in the First Quarter o 2011 has
surpassed last years high o 238 and is expected to remain at new heigh
through the Second and Third Quarters. We continue to oresee intense
high rise competition in Southeast False Creek, the Lonsdale corridor in
North Vancouver and Richmond. Low rise competition will be most preva
in Richmond, Surrey, South Surrey and Langley/Cloverdale. Increased
townhome competition may dominate the market story in Surrey, South
Surrey and Langley/Cloverdale.
In addition to Bosas. Intracorps and Polygons recent success at Metroto
prominent projects expected to launch in the Second Quarter o 2011include: Vancouver - Downtown - Cresseys Maddoxand Concert Properti
Salt; Vancouver West - Bastions Opsal Steel, Vancouver East - OnnisCent
Burnaby/New Westminster Bosa Properties Viceroy; North Shore
Intracorps Versatile; and Tri-Cities Cresseys M2. We are also monitoring
signifcant pre-development and preliminary marketing activity in parts o
Vancouver - West, Vancouver - East, on the North Shore and in Surreys C
Centre.
W. Scott Brown
SENIOR VICE PRESIDENT, WESTERN CANADA
COLLIERS INTERNATIONAL RESIDENTIAL MARKETING
Note To Reader - At the end o this report we have included a commentary on What to Wa
and invite you to read our thoughts on the uture o the Lower Mainland market. In coming
editions, we will provide additional insight to the market through our What to Watch
commentary, critiquing our earlier assumptions and sharing your views.
OVERALL SUMMARY
VANCOUVER LOWER MAINLAND
HIGH RISE LOW RISE TOWNHOME TOTALS
Total First Quarter Sales 1,073 737 717 2,527
Total Inventory 3,700 2,193 1,008 6,901
Total No. Of Projects 86 85 85 256
HIGH RISE LOW RISE TOWNHOME TOTALS
Total Sales 791 367 489 1,567
Total Active Listings 1,659 1,309 1,176 4,144
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Given the limited supply o new product Vancouver - Downtown maintains a green light rating. A numb
o new high rise projects comprised mostly o product positioned to appeal to investors could launch in th
Second Quarter. Consistent absorptions during the past two quarters indicate absorptions o new project
should be reasonably strong. The last o the product pre-sold prior to 2008 will be completed by the end
2011 including a considerable quantity o higher end product.
MARKET SUMMARY
VANCOUVER DOWNTOWN
MARKET HIGHLIGHTS:
Completed product comprises 13 percent o
total inventory.
The initial application or development o the
next phase o False Creek North was
rejected.
Cressey and Concert Properties are both
positioned to launch signifcant new projects
in the Second Quarter at an average price
per square oot o $750+. These will be the
frst signifcant project launches in
Vancouver - Downtown since The Markin
2009 and The Rolston in early 2010.
MARKET HIGHLIGHTS:
High rise product sales decreased 61
percent but active listings also decreased by
nearly the same amount compared to the
First Quarter o 2010.
Last quarter we stated that low levels o
active listings would put upward pressure onprices and this has occurred. The average
price o one bedroom product was nearly
$450,000.
Demand or two bedroom product was
strong at an average price per square oot o
$704 or 2.5 percent higher than a year ago.
Sales in March exceeded $715 per square
oot or one and two bedroom product
averaged $738 per square oot.
NEW PROJECT MARKET STATUS
PRODUCTQ1 ACTIVE
PROJECTS
Q1
SALES
Q1
SUPPLY
MONTHS
OF SUPPLY
ACTIVE SALES
RANGE ($ PSF)
High Rise 20 69 433 19 $675 - 725
Low Rise n/a n/a n/a n/a n/a
Townhome n/a n/a n/a n/a n/a
HIGH RISE
LOW RISE
TOWNHOME
Maps or illustrative purposesonly. Locations are approximate.
NEW DEVELOPMENTS - Q1 2011
MLS RESALE - Q1 2011MLS RESALE MARKET STATUS (product less than 10 years of age)
ACTIVE LISTINGS SOLD INVENTORY
PRODUCT LISTINGSMONTHS
OF SUPPLY#
% OF TOTAL
SOLD*$ PSF
AVG. DAYS
ON MARKET
ACTIVE SALES RANGE
(75% of sales)
High Rise 498 7 223 54 $700 40 $425,000 - 725,000
Low Rise n/a n/a n/a n/a n/a n/a n/a
Townhome n/a n/a n/a n/a n/a n/a n/a
Change over the last quarter: Increase, Decrease, No Change
* % o Total is the percentage o product sold under ten years o age relative to the total sold or each product category
MLS RESALE BY UNIT TYPE
AVG. PRICE $ PSF AVG. PRICE $ PSF
PRODUCT 1 BEDROOM 2 BEDROOM
High Rise $445,000 $695 $700,000 $704
Low Rise n/a n/a n/a n/a
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome n/a n/a n/a n/a
Q1 NEW RELEASES AND PROJECTED Q2 NEW RELEASES
CarderoSt
ThurlowSt
BurrardSt
ButeSt
Bute
St
JervisStBr
oughtonSt
Nicola
St
NicolaSt
Howe
St
Hornby
St
GranvilleSt
SeymourSt
RichardsSt
HomerSt
HamiltonSt
CambieSt
BeattySt
Bidwell
DenmanSt
arwoodSt
WGeorgiaSt
MelvilleSt
DunsmuirSt
WHastingsSt
WPenderSt
BURR
ARDS
T
BRIDG
E
GRAN
VILLEST
BRIDGE
CordovaSt
Expo
Pacif
cBlvd
ComoxSt
PacifcSt
BeachA
ve
NelsonStPendrallSt
DavieSt
CANADA
PLACE
BC PLACE
STADIUM
Q1release
ProjectedQ2
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NEW DEVELOPMENTS - Q1 2011
MLS RESALE - Q1 2011
Q1 NEW RELEASES AND PROJECTED Q2 NEW RELEASES
Much o the Vancouver - West market has been dominated by the happenings at The Village On False Creek and th
signifcant absorptions o re-priced product. New launches such as Kits 360 also achieved reasonable sales success
Accordingly, Vancouver - West is considered a green light opportunity or product that is well-positioned to attract
mix o both end users and investors. Developers are cautioned that overly aggressive list pricing may result in mor
moderate absorptions.
MARKET SUMMARY
VANCOUVER WEST
MARKET HIGHLIGHTS:
The re-branded The Village On False Creek
launched in February 2011 and achieved
impressive sales as a result o average price
reductions o approximately 30 percent.
Demand rom the Mainland Chinese buyer
group or product at UBC remains strong.
The seemingly ever-increasing sale values o
single amily homes throughout Vancouver -
West has increased the achievable sale values
o new townhome product in appealing and
convenient locations.
The sales success o Kits 360 demonstrates
the amount o pent-up demand that exists or
attractively priced new condominium product
in Kitsilano.
Active sales range or high rise product
increased to $700 - 750 per square oot.
MARKET HIGHLIGHTS:
High rise product sales decreased 37
percent over the same quarter last year
while the average price per square oot
increased 3.5 percent to $712 per square
oot.
Sales o low rise woodrame productdecreased 40 percent over the same quarter
last year with the average price per square
oot increasing 4 percent to $671 per square
oot. This is due to the act smal ler units
were sold during the same period last year.
Townhome product has remained stable at
an average price per square oot o $650.
NEW PROJECT MARKET STATUS
PRODUCTQ1 ACTIVE
PROJECTS
Q1
SALES
Q1
SUPPLY
MONTHS
OF SUPPLY
ACTIVE SALES
RANGE ($ PSF)
High Rise 16 349 937 8 $700 - 750
Low Rise 3 21 30 4 $675 - 725
Townhome 2 6 3 1.5 $700 - 750
MLS RESALE MARKET STATUS (product less than 10 years of age)
ACTIVE LISTINGS SOLD INVENTORY
PRODUCT LISTINGSMONTHS
OF SUPPLY#
% OF TOTAL
SOLD*$ PSF
AVG. DAYS
ON MARKET
ACTIVE SALES RANGE
(75% of sales)
High Rise 152 7 70 53 $712 47 $375,000 - 725,000
Low Rise 95 7 41 24 $671 45 $450,000 - 625,000
Townhome 80 2 35 39 $641 54 $850,000 - 1,000,00
Change over the last quarter: Increase, Decrease, No Change
* % o Total is the percentage o product sold under ten years o age relative to the total sold or each product category
MLS RESALE BY UNIT TYPE
AVG. PRICE $ PSF AVG. PRICE $ PSF
PRODUCT 1 BEDROOM 2 BEDROOM
High Rise $411,000 $655 $764,000 $747
Low Rise $454,000 $643 $612,000 $676
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome $764,000 $610 $980,000 $652
C.P.R.
University ofBritish Columbia
VANCOUVER - WEST
70th Ave W Kent A
57thAve W
Ma
inS
t
King Edward Ave
33rdAve W
CambieSt
OakSt
GRANVILLESTREET
ArbutusSt
WB
oulevard
41st Ave W
49thAveW
BlenheimS
t
12thAve W
DunbarSt
CrownSt
SWMarineDr
16thAveW
10th Ave W
WesbrookM
all
4thAveW
BROADWAYW
Cornwall StntGreyRd
MacdonaldSt
HIGH RISE
LOW RISE
TOWNHOME
Maps or illustrative purposesonly. Locations are approximate.
Q1release
ProjectedQ2
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The Vancouver - East market continues to be one o the Lower Mainlands strongest green lights. The ga
in pricing between Vancouver - East and its western counterpart has narrowed substantially with some
east-side neighbourhoods currently achieving pricing that had previously only been attained in Vancouve
- West. With ew new project launches anticipated in 2011, demand or Vancouver - East product will
continue to push resale pricing upwards.
MARKET SUMMARY
VANCOUVER EAST
MARKET HIGHLIGHTS:
Low levels o standing inventory across all
product types and minimal new pipeline
product equate to a positive development
opportunity or well executed product.
Bastions 3333 Main continues to achieve
impressive sales and pricing success. Otherprojects in the area are also experiencing
solid volumes as Main Streets appeal swells.
It will be interesting to track consumer
response to Polygons highly anticipated
launch o its New Waterproject at Parklanes
River District(East Fraser Lands) community.
MARKET HIGHLIGHTS:
MLS resales are trading at the highest levels in
over 18 months with the average price per
square oot 4.6 percent higher than the same
period last year.
High rise product sales decreased 40 percent
compared to same quarter last year, whilesales or low rise product decreased by 24
percent.
The spread on a price per square oot between
high rise and low rise product is back to the
$80 to $100 per square oot range compared
to the $40 to $50 range observed throughout
2009 and 2010.
Demand or townhome product remains
strong.
NEW PROJECT MARKET STATUS
PRODUCTQ1 ACTIVE
PROJECTS
Q1
SALES
Q1
SUPPLY
MONTHS
OF SUPPLY
ACTIVE SALES
RANGE ($ PSF)
High Rise 6 26 83 10 $500 - 550
Low Rise 10 76 251 10 $475 - 525
Townhome 6 21 78 11 $450 - 500
NEW DEVELOPMENTS - Q1 2011
MLS RESALE - Q1 2011MLS RESALE MARKET STATUS (product less than 10 years of age)
ACTIVE LISTINGS SOLD INVENTORY
PRODUCT LISTINGSMONTHS
OF SUPPLY#
% OF TOTAL
SOLD*$ PSF
AVG. DAYS
ON MARKET
ACTIVE SALES RANGE
(75% of sales)
High Rise 63 3 55 57 $542 27 $325,000 - 475,000
Low Rise 83 10 25 21 $453 24 $275,000 - 425,000
Townhome 50 8 18 47 $496 28 $575,000 - 725,000
Change over the last quarter: Increase, Decrease, No Change
* % o Total is the percentage o product sold under ten years o age relative to the total sold or each product category
MLS RESALE BY UNIT TYPE
AVG. PRICE $ PSF AVG. PRICE $ PSF
PRODUCT 1 BEDROOM 2 BEDROOM
High Rise $360,000 $560 $517,000 $512
Low Rise $304,000 $454 $388,000 $453
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome $614,000 $500 $746,000 $496
Q1 NEW RELEASES AND PROJECTED Q2 NEW RELEASES
Burke St
Kincaid St
WayburneDr
- WEST
B
Eton St
Parker St
Deer LaMoscrop St
GrangeSt
Canada Wy
RupertSt
WillingdonAve
GilmoreAve
McGill St
Dundas St
HASTINGS STREET E
Renrew
St
1st Ave
Venables St
BROADWAY E
NanaimoSt
41st Ave E
ClarkDr
33rd Ave E
KINGSWAY
12th Ave E
GreatNorther
nWy
Denman
St
DavieSt
PacifcS
t
King Edward Ave
33rdAveW
STREET 41st Ave W
12th Ave W
Grandview Hwy
morialBridge
HIGH RISE
LOW RISE
TOWNHOME
Maps or illustrative purposesonly. Locations are approximate.
Q1release
ProjectedQ2
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Following an impressive 2010 this area continues to achieve strong sales absorptions across all product
types thus its green light rating. Strong demand or townhomes and low rise product is likely to remain
the value o single amily homes in the area continues to increase. While pre-sales or concrete
condominium product at Richmonds major master planned projects are steady demand or larger
product with higher price points has sotened.
MARKET SUMMARY
RICHMOND/SOUTH DELTA/TSAWWASSEN
MARKET HIGHLIGHTS:
The dramatic increase in single amily home
values in Richmond has propelled townhome
sales in the area.
The low rise market continues to experience
phenomenal sales at well positioned and
well executed projects such as PolygonsCambridge Parkand Mayair Place
communities.
The initial phase o Townlines
redevelopment o the Fantasy Gardens
project is expected to launch in the Second
Quarter.
The signifcant amount o pipeline product
proposed or Richmond should also serve as
a caution to use extra care when
determining the product orm and mix ornew planned developments.
MARKET HIGHLIGHTS:
Limited availability o new product has
pushed resale prices upward.
High rise sales are down 43 percent rom
the same period last year but the average
price per square oot increased by 6 percent
to $518.
High rise one bedroom resale prices have
increased by 11 percent in Richmond.
Low rise sales volume was down 41 percent
rom the same period last year, yet the
average price increased by 5.7 percent.
Townhome sales are down 45 percent over
the same quarter last year but the average
price has increased by 7 percent.
NEW PROJECT MARKET STATUS
PRODUCTQ1 ACTIVE
PROJECTS
Q1
SALES
Q1
SUPPLY
MONTHS
OF SUPPLY
ACTIVE SALES
RANGE ($ PSF)
High Rise 8 108 497 14 $525 - 575
Low Rise 6 124 198 5 $425 - 475
Townhome 14 102 97 3 $375 - 425
C.N.R.
99
RICHMOND
R
Westminster Hwy
No.
6Rd
N
o.
7Rd
FRASER
-
DELTA
THRUW
AY
VulcanWy
RICHMONDANNACIS
No.
5Rd
Cambie Rd
Alderbridge Wy
Granville Ave
River Rd
Blundell Rd
Francis Rd
WilliamsRd
Steveston Hwy
GardenCityRd
No.
4Rd
ShellRd
RailwayAve
GilbertRd
No.
3Rd
No.
2Rd
No.
1Rd
MonctonSt
RussBakerW
y
ISLAND
NEW DEVELOPMENTS - Q1 2011
MLS RESALE - Q1 2011MLS RESALE MARKET STATUS (product less than 10 years of age)
ACTIVE LISTINGS SOLD INVENTORY
PRODUCT LISTINGSMONTHS
OF SUPPLY#
% OF TOTAL
SOLD*$ PSF
AVG. DAYS
ON MARKET
ACTIVE SALES RANGE
(75% of sales)
High Rise 226 7 103 66 $518 45 $350,000 - 450,000
Low Rise 117 7 51 23 $444 50 $325,000 - 425,000
Townhome 140 5 81 41 $403 40 $475,000 - 575,000
Change over the last quarter: Increase, Decrease, No Change
* % o Total is the percentage o product sold under ten years o age relative to the total sold or each product category
MLS RESALE BY UNIT TYPE
AVG. PRICE $ PSF AVG. PRICE $ PSF
PRODUCT 1 BEDROOM 2 BEDROOM
High Rise $335,000 $531 $456,000 $511
Low Rise $285,000 $474 $428,000 $440
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome $480,000 $390 $572,000 $406
Q1 NEW RELEASES AND PROJECTED Q2 NEW RELEASES
HIGH RISE
LOW RISE
TOWNHOME
Maps or illustrative purposesonly. Locations are approximate.
Q1release
ProjectedQ2
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A green light rating is warranted due to the phenomenal absorption o Bosas Properties Sovereign proje
and the demand or Intracorps Metroplace and Polygons Chancellor. However, the remainder o the
market area is realizing more moderate absorptions. There are encouraging signs o renewed interest in
value-oriented product in New Westminster.
MARKET SUMMARY
BURNABY/NEW WESTMINSTER
MARKET HIGHLIGHTS:
Sovereign sold out in a day at prices o
approximately $620 per square oot.
Development planning o high density transit
oriented, Town Centre developments is
starting to ramp up.
The release o new development parcels at
SFUs UniverCityis attracting considerable
attention in the development community.
Standing inventory in New Westminister is
being absorbed and new product, such as
Wansons Eight Westand Bosa Properties
Viceroyare launching in appealing locations.
To retain its green light rating in the Second
Quarter a positive consumer response to
anticipated new projects other than those in
Metrotown will be required.
MARKET HIGHLIGHTS:
Active listings or high rise product are down
40 percent over the same quarter in 2010.
Sales decreased 8 percent rom the same
period last year. Buyers have less choice and
many o the current listings are or largerunits at higher price points.
MLS values or newer high rise product have
remained stable over the last year with
average price per square oot sales values
hovering rom $450 to $460 per square oot.
There has been very little change in low rise
activity over the same period last year.
Demand or townhomes remains in Burnaby
with the average price increasing by $40,000
over one year ago.
NEW PROJECT MARKET STATUS
PRODUCTQ1 ACTIVE
PROJECTS
Q1
SALES
Q1
SUPPLY
MONTHS
OF SUPPLY
ACTIVE SALES
RANGE ($ PSF)
High Rise 14 333 337 3 $550 - 600
Low Rise 14 157 295 5.5 $400 - 450
Townhome 5 53 125 7 $400 - 450
FRAS
ERRIV
ER
Burke St
Kincaid St
WayburneDr
1
COQUBURNABY
NEW
WESTMINSTER
Cla
rkeRd
St. Johns St
Como Lake Ave
LintonSt
GatensburyRd
Au
o
116th Ave
UnitedBlvd
HartleyAve
Parker St Curtis St
GaglardiW
yGeraldAve
SperlingSt
NorthRd
CanadaWy
6thSt
10th
Ave
8thAv
e
6thAv
e
Queens
Ave
KINGSWAY
Deer Lake PkwyMoscrop St
Gille
y A
ve
RoyalOakAve
Imperial St
Rumble St
Oakland St
Edmonds
St
WalkerAve
NelsonAve
MarineDr
Marine Wy
TyneSt
BoundaryRd
GrangeSt
Canada Wy
Sprott StWinston St
RupertSt
WillingdonAve
HoldomS
t
GilmoreAve
KentAve
andview Hwy
BlueMountainSt
TRANSCANADAHIGHWAY
LOUGHEEDHIGHWAY
Simon FraserUniversity
Patullo
Bridgetew
ardsonWy
Colu
mbia
St
NEW DEVELOPMENTS - Q1 2011
MLS RESALE - Q1 2011MLS RESALE MARKET STATUS (product less than 10 years of age)
ACTIVE LISTINGS SOLD INVENTORY
PRODUCT LISTINGSMONTHS
OF SUPPLY#
% OF TOTAL
SOLD*$ PSF
AVG. DAYS
ON MARKET
ACTIVE SALES RANGE
(75% of sales)
High Rise 341 6 176 61 $460 44 $350,000 - 475,000
Low Rise 177 9 60 38 $424 42 $275,000 - 375,000
Townhome 127 6 63 50 $388 26 $425,000 - 575,000
Change over the last quarter: Increase, Decrease, No Change
* % o Total is the percentage o product sold under ten years o age relative to the total sold or each product category
MLS RESALE BY UNIT TYPE
AVG. PRICE $ PSF AVG. PRICE $ PSF
PRODUCT 1 BEDROOM 2 BEDROOM
High Rise $323,000 $483 $429,000 $454
Low Rise $279,000 $450 $367,000 $410
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome $400,000 $416 $533,000 $370
Q1 NEW RELEASES AND PROJECTED Q2 NEW RELEASES
HIGH RISE
LOW RISE
TOWNHOME
Maps or illustrative purposesonly. Locations are approximate.
Q1release
ProjectedQ2
8/6/2019 Colliers Residential - Market Share - Q1- 2011
11/18
RST QUARTER 2011
The North Shore begins 2011 with a yellow light rating due to the volume o product on the market, the
modest absorptions o late and the amount o new product slated or the Marine Drive and Lonsdale
corridors. The current status o the Evelyn project is also hindering the rating o this area. With little evident
demand rom the Mainland Chinese buyer group to date, projects in North Vancouver depend on the local en
user market.
MARKET SUMMARY
NORTH SHORE: North Vancouver & West Vancouver
MARKET HIGHLIGHTS:
Steady trac and interest have translated to
moderate to strong absorptions at
appropriately positioned projects on the
North Shore such as Qualex-Landmarks
District Crossing.
Little buyer urgency or product that is ayear or more rom completion.
Townhome supply continues to be extremely
limited and little new product is projected or
2011.
Nearly 50 percent o the released unsold
concrete inventory is completed inventory.
MARKET HIGHLIGHTS:
The majority o the resales in this market are
older product. End-users in the market seem
to avor the size and aordability oered
versus newer smaller product which also
sells at a signifcant premium.
For the relative size o this market, sales ohigh rise product are limited and are down
45 percent over the same period as last
year.
High rise values on a price per square are at
the lowest levels in 18 months averaging $607
per square oot.
Sales o low rise product have remained stable
throughout the year and have appreciated
minimally on a per square oot basis.
NEW PROJECT MARKET STATUS
PRODUCTQ1 ACTIVE
PROJECTS
Q1
SALES
Q1
SUPPLY
MONTHS
OF SUPPLY
ACTIVE SALES
RANGE ($ PSF)
High Rise 8 31 407 39 $575 - 625
Low Rise 8 101 193 6 $500 - 550
Townhome 3 3 3 3 n/a
Burrard Inlet
1
NORTH
VANCOUVER
MtS
eymou
rRd
D e e p
C o ve
Rd
Mt Seymour Pkwy
Berkley
Rd
eDr
WAY
15th St
Capil
ano
Rd
EdgemontBlvd
Welch St
Larson
Rd
Delb
rook
29th St E
GrandBlvd
E
BrooksbankAve
MountainHw
yEsplanadeE MainSt R
i v e rs i d e DrW
Rive
rsid
eDrE
EsplanadeW
Lonsd
aleAve
ChesterfeldAve
StGeorgesAve
13th St W
Braema
rRd
Mounta
inHwy
Lynn
Valley
Rd
Li
llooet
3rdStW
3rdStE
Hya
nnisDr
Harbourside Dr
Harbourside Pl
Fe
ll
Ave
Keith Rd E
Dollarton HwyOldDollartonRd
IronWorkersMemorialBr
Ave
Rd
NEW DEVELOPMENTS - Q1 2011
MLS RESALE - Q1 2011MLS RESALE MARKET STATUS (product less than 10 years of age)
ACTIVE LISTINGS SOLD INVENTORY
PRODUCT LISTINGSMONTHS
OF SUPPLY#
% OF TOTAL
SOLD*$ PSF
AVG. DAYS
ON MARKET
ACTIVE SALES RANGE
(75% of sales)
High Rise 100 12 25 27 $607 80 $375,000 - 525,000
Low Rise 57 7 24 28 $499 54 $350,000 - 450,000
Townhome 45 11 12 19 $430 16 $750,000 - 900,000
Change over the last quarter: Increase, Decrease, No Change
* % o Total is the percentage o product sold under ten years o age relative to the total sold or each product category
MLS RESALE BY UNIT TYPE
AVG. PRICE $ PSF AVG. PRICE $ PSF
PRODUCT 1 BEDROOM 2 BEDROOM
High Rise $387,000 $583 $665,000 $636
Low Rise $343,000 $479 $471,000 $519
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome $467,000 $447 $900,000 $431
Q1 NEW RELEASES AND PROJECTED Q2 NEW RELEASES
HIGH RISE
LOW RISE
TOWNHOME
Maps or illustrative purposesonly. Locations are approximate.
Q1release
ProjectedQ2
8/6/2019 Colliers Residential - Market Share - Q1- 2011
12/18
RST QUARTER 2011
The Tri-Cities area begins 2011 with an overall yellow light rating although increased absorptions in
certain neighbourhoods were achieved in the First Quarter. Well executed townhome and low rise produ
that are centrally located and well positioned have been able to achieve consistent absorptions. Buyer
urgency or pre-sale product in some areas remains tepid at best, and will likely remain so until unding
and construction o the Evergreen Line is confrmed.
MARKET SUMMARY
TRI-CITIES: Coquitlam, Port Coquitlam & Port Moody
MARKET HIGHLIGHTS:
New development ocus will shit to the
Burquitlam area later this year with the
anticipated launch o several higher density
wood rame and concrete condominium
projects.
The completion o the Coast Meridianoverpass in Port Coquitlam has opened up
several large parcels o land or development
that comprise residential, commercial and
retail components.
Aragons The Station on Port Moodys St.
John Streetwill launch in the Second Quarter
o 2011 this will be the frst new low rise
product in Port Moody in close to three
years.
MARKET HIGHLIGHTS:
There is renewed activity or high rise and
townhomes but low rise product has lagged
comparatively.
Low rise sales are down 69 percent and
high rise sales are down 33 percent over the
same period last year.
Townhome resale volume is up 2 percent over
the same period last year.
Year over year the average price and the
average price per square oot has remained
stable in the Tri-Cities market.
There is renewed confdence in the TriCities
area and sales have been steadily improving,
NEW PROJECT MARKET STATUS
PRODUCTQ1 ACTIVE
PROJECTS
Q1
SALES
Q1
SUPPLY
MONTHS
OF SUPPLY
ACTIVE SALES
RANGE ($ PSF)
High Rise 9 123 508 12 $410 - 460
Low Rise 7 24 64 8 $340 - 390
Townhome 6 118 109 3 $285 - 335
C.P.R.
7
PORT MOODY
PORT
COQ
COQUITLAM
Victor
Prairie Av
CoastMeridianRd
KingswayAve
BroadwaySt
Sh
au
gh
nessySt
PanoramaD
r
JohnsonSt
Landsdowne
Dr
PinetreeWy
i
ve
rRd
IocoRd
April
Rd
Heritag
e
Mount
ain
Blvd
Cla
rkeRd
St. Johns St
Como Lake Ave
Ma
rin
erWy
LintonSt
GatensburyRd
Austin Ave
Blu
eMountainSt
sySt
NEW DEVELOPMENTS - Q1 2011
MLS RESALE - Q1 2011MLS RESALE MARKET STATUS (product less than 10 years of age)
ACTIVE LISTINGS SOLD INVENTORY
PRODUCT LISTINGSMONTHS
OF SUPPLY#
% OF TOTAL
SOLD*$ PSF
AVG. DAYS
ON MARKET
ACTIVE SALES RANGE
(75% of sales)
High Rise 168 12 42 74 $405 65 $260,000 - 440,000
Low Rise 215 17 38 27 $355 31 $260,000 - 340,000
Townhome 116 5 73 50 $315 23 $360,000 - 560,000
Change over the last quarter: Increase, Decrease, No Change
* % o Total is the percentage o product sold under ten years o age relative to the total sold or each product category
MLS RESALE BY UNIT TYPE
AVG. PRICE $ PSF AVG. PRICE $ PSF
PRODUCT 1 BEDROOM 2 BEDROOM
High Rise $282,000 $435 $413,000 $396
Low Rise $238,000 $368 $340,000 $348
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome $365,000 $306 $463,000 $320
Q1 NEW RELEASES AND PROJECTED Q2 NEW RELEASES
HIGH RISE
LOW RISE
TOWNHOME
Maps or illustrative purposesonly. Locations are approximate.
Q1release
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13/18
RST QUARTER 2011
This quarter this area has been given a yellow light rating. Parts o this sub-area exhibited some signs o
strengthening in the First Quarter. A number o recent multi-amily land transactions indicate some leve
o confdence in this area particularly or new townhome product. However, the most signifcant
challenge or developers considering this area is the low achievable sale values particularly or wood
rame condominium product.
MARKET SUMMARY
RIDGE MEADOWS: Maple Ridge & Pitt Meadows
MARKET HIGHLIGHTS:
Quadra Homes experienced a strong opening
at their Kensington Parkwood rame
condominium development.
Portrait Homes Brighton project which
opened in the Third Quarter o 2010 has
experienced strong and steady absorptions,with sales o these townhomes keeping pace
with construction at this multi-phased project.
Several new home developments have
reported an increase in trac rom other
Metro Vancouver communities to the west,
including North Vancouver. The areas close
proximity to various outdoor recreational
activities combined with more aordable
pricing is luring potential buyers.
* The tolling o the Port Mann Bridge will likelyincrease the appeal o commuting rom Ridge
Meadows.
MARKET HIGHLIGHTS:
Stagnant resale activity or all attached
product types. Single amily detached product
is still the preerred housing choice in the
area due to the relatively aordable prices.
Sales activity o low rise product has
decreased by 54 percent over the sameperiod last year with the average price per
square oot down 5 percent.
Prices or low rise woodrame have remained
stable over the last year with little change in
the average price per square oot and the
average price.
Over the same period last year townhome
resales have strengthened by 44 percent with
88 sales in the First Quarter o 2011.
NEW PROJECT MARKET STATUS
PRODUCTQ1 ACTIVE
PROJECTS
Q1
SALES
Q1
SUPPLY
MONTHS
OF SUPPLY
ACTIVE SALES
RANGE ($ PSF)
High Rise 1 n/a n/a n/a n/a
Low Rise 7 44 63 4.5 $250 - 300
Townhome 5 32 94 9 $190 - 240
C.N.R.
7
PITT MEADOWS
AIRPORT
PITT
MEADOWSHammond Rd
FraserWy
128th Ave
NeavesRd
LaitySt
216thSt
River
Rd
203rd
St
207thSt
EarsBridge
04thAve
08th Ave
PerimeterRd
Woolrid
geRd
gswayAve
BroadwaySt
LOUGHEEDHIGHWAY
Dewdney Trunk Rd
HarrisRd
AS
BARNSTON
ISLAND
NEW DEVELOPMENTS - Q1 2011
MLS RESALE - Q1 2011MLS RESALE MARKET STATUS (product less than 10 years of age)
ACTIVE LISTINGS SOLD INVENTORY
PRODUCT LISTINGSMONTHS
OF SUPPLY#
% OF TOTAL
SOLD*$ PSF
AVG. DAYS
ON MARKET
ACTIVE SALES RANGE
(75% of sales)
High Rise n/a n/a n/a n/a n/a n/a n/a
Low Rise 130 24 16 57 $247 74 $210,000 - 270,000
Townhome 88 9.5 28 44 $214 63 $290,000 - 410,000
Change over the last quarter: Increase, Decrease, No Change
* % o Total is the percentage o product sold under ten years o age relative to the total sold or each product category
MLS RESALE BY UNIT TYPE
AVG. PRICE $ PSF AVG. PRICE $ PSF
PRODUCT 1 BEDROOM 2 BEDROOM
High Rise n/a n/a n/a n/a
Low Rise $159,000 $228 $280,000 $252
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome $307,000 $229 $363,000 $215
Q1 NEW RELEASES AND PROJECTED Q2 NEW RELEASES
HIGH RISE
LOW RISE
TOWNHOME
Maps or illustrative purposesonly. Locations are approximate.
Q1release
ProjectedQ2
8/6/2019 Colliers Residential - Market Share - Q1- 2011
14/18
RST QUARTER 2011
The Surrey Central/North Delta market areas continued to achieve moderate absorptions o mostly complet
product. However, the amount o completed and unsold product supports a continued yellow light rating.
The City o Surreys eorts regarding Surrey City Centre continue to attract new buyers to the area, though
most o these buyers are value-oriented entry level and investors purchasers. Activity has increased in the
townhome sector with stronger demand evident or completed or nearly completed product.
MARKET SUMMARY
SURREY CENTRAL/NORTH DELTA
MARKET HIGHLIGHTS:
The moderate sales momentum that low rise
product achieved in the Fourth Quarter o
2010 continued in the First Quarter o 2011,
particularly or product well under
construction.
Steady sales and absorptions at ConcordPacifcs Park Place are encouraging or the
central Surrey market, signaling increased
confdence rom both investors and end
users.
The anticipated re-launch o the Ultra tower
under the new joint venture partnership
between Metro-Can and Weststone will be
monitored closely.
MARKET HIGHLIGHTS:
The high rise market has lagged substantially
compared to other multi-amily resales. A
total o eight sales were recorded in the
quarter or newer product.
Over the same period last year, woodramelow rise product sales decreased 35 percent,
yet the average price has increased by 3.5
percent.
Townhome product continues to be the
avored product and the average price per
square oot has increased 3.7 percent over
the same period last year. Although
townhome sales are down 58 percent over
the same period last year.
NEW PROJECT MARKET STATUS
PRODUCTQ1 ACTIVE
PROJECTS
Q1
SALES
Q1
SUPPLY
MONTHS
OF SUPPLY
ACTIVE SALES
RANGE ($ PSF)
High Rise 3 20 438 65 $350 - 400
Low Rise 13 106 539 15 $275 - 325
Townhome 16 100 152 4.5 $210 - 260
.N.R.
B.N.R.
SOUTHERN
RAILW
AY
91
91A
99A
SURREY
64th Ave
168thSt
176thSt
80th AvePACIFICHIGH
WAY
88th Ave
160t h
St
92
96th Ave
104th Ave
156thSt
108th Ave
erRd
58th Ave 48thSt
148thSt
64th Ave 68th Ave
72nd Ave
76th Ave76th Ave
ScottRd
120thSt
KING
GEOR G
E
HIGHW
AY
80th Ave
Kitson Pkwy
72nd Ave 140thSt
144thSt
152ndSt
84th Ave
128thSt
112thSt
84th Ave
Nordel
Wy
hSt
ANNACIS
HIGHWAY
88th Ave
92nd Ave
96th Ave
132ndSt
100th AveFRASER HIGHWAY
ScottR
d
100th Ave
104th Ave
108th AveGr
erwentWy
AlexFrase
rBridge
Queensboro ughBridgeAv
e
Newton Rd
ANNACIS
ISLAND
NEW DEVELOPMENTS - Q1 2011
MLS RESALE - Q1 2011MLS RESALE MARKET STATUS (product less than 10 years of age)
ACTIVE LISTINGS SOLD INVENTORY
PRODUCT LISTINGSMONTHS
OF SUPPLY#
% OF TOTAL
SOLD*$ PSF
AVG. DAYS
ON MARKET
ACTIVE SALES RANGE
(75% of sales)
High Rise 64 24 9 28 $320 27 $200,000 - 280,000
Low Rise 225 15 46 38 $284 61 $160,000 - 260,000
Townhome 206 9 67 49 $238 53 $320,000 - 400,000
Change over the last quarter: Increase, Decrease, No Change
* % o Total is the percentage o product sold under ten years o age relative to the total sold or each product category
MLS RESALE BY UNIT TYPE
AVG. PRICE $ PSF AVG. PRICE $ PSF
PRODUCT 1 BEDROOM 2 BEDROOM
High Rise $190,000 $319 $267,000 $320
Low Rise $184,000 $309 $261,000 $271
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome $305,000 $262 $360,000 $232
Q1 NEW RELEASES AND PROJECTED Q2 NEW RELEASES
HIGH RISE
LOW RISE
TOWNHOME
Maps or illustrative purposesonly. Locations are approximate.
Q1release
ProjectedQ2
8/6/2019 Colliers Residential - Market Share - Q1- 2011
15/18
RST QUARTER 2011
The South Surrey/White Rock market area retains its yellow light rating in the First Quarter o 2011 due to the
substantial amount o current and proposed supply o new multi-amily product. Nevertheless, the abundance
new retail and service amenities has helped most actively selling projects maintain moderate and steady
absorptions. The mix o buyers has become increasingly diverse with some projects reporting continued growt
in the number o prospective Mainland Chinese buyers particularly or townhome product.
MARKET SUMMARY
SOUTH SURREY/WHITE ROCK
MARKET HIGHLIGHTS:
Ground-oriented townhome product
targeting price-conscious buyers continues
to generate the majority o new housing
product demand.
The signifcant amount o released and
unreleased standing inventory at some woodrame condominium projects continues to be
a drag on the prospects or new low rise
condominium launches in this market area.
Next to Richmond and Vancouver, South
Surrey has emerged as one o the strongest
and most popular destination communities
or the local and Mainland Chinese buyer due
to the quality o its schools and convenient
access to new retail amenities.
MARKET HIGHLIGHTS:
High rise sales have improved slightly.
New low rise product sales continue to lag
based as supply increases due to the number
o recently completed projects. Newer low
rise product does represent a small portion o
the resale market at 18 percent.
Townhomes are the strongest segment o the
market with the average price per square oot
increasing 6 percent over the same period
last year. The average price is now over
$500,000.
The higher average price o towhomes is due
to supply o larger unit types (our bedrooms)
which prove to be a more aordable option
than single amily detached homes.
Mud Bay
B.N.R.
99
WHITE ROCK
176thSt
172ndSt
Campb
16th Av
168thSt
8th Ave
Buena Vista Ave
152ndSt
24th A
20th A
28th A
32nd A
20th Ave
40th Ave
160thSt
Marine Dr
North Blu Rd
128thSt
20th Ave124thSt
Bayview
St
24th Ave
28th Ave
140thSt
Cresc
entRd 32nd Ave
40thAve
NEW DEVELOPMENTS - Q1 2011
MLS RESALE - Q1 2011MLS RESALE MARKET STATUS (product less than 10 years of age)
ACTIVE LISTINGS SOLD INVENTORY
PRODUCT LISTINGSMONTHS
OF SUPPLY#
% OF TOTAL
SOLD*$ PSF
AVG. DAYS
ON MARKET
ACTIVE SALES RANGE
(75% of sales)
High Rise 47 16 9 60 $478 97 n/a
Low Rise 74 20 11 18 $335 69 $330,000 - 430,000
Townhome 62 5 38 57 $276 39 $360,000 - 560,000
Change over the last quarter: Increase, Decrease, No Change
* % o Total is the percentage o product sold under ten years o age relative to the total sold or each product category
MLS RESALE BY UNIT TYPE
AVG. PRICE $ PSF AVG. PRICE $ PSF
PRODUCT 1 BEDROOM 2 BEDROOM
High Rise n/a n/a $780,000 $548
Low Rise $246,000 $359 $363,000 $332
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome $335,000 $298 $450,000 $281
Q1 NEW RELEASES AND PROJECTED Q2 NEW RELEASES
HIGH RISE
LOW RISE
TOWNHOME
Maps or illustrative purposesonly. Locations are approximate.
NEW PROJECT MARKET STATUS
PRODUCTQ1 ACTIVE
PROJECTS
Q1
SALES
Q1
SUPPLY
MONTHS
OF SUPPLY
ACTIVE SALES
RANGE ($ PSF)
High Rise 2 14 60 13 $550 - 600
Low Rise 8 47 225 14 $285 - 335
Townhome 14 163 151 3 $250 - 300
Q1release
ProjectedQ2
8/6/2019 Colliers Residential - Market Share - Q1- 2011
16/18
RST QUARTER 2011
The Cloverdale/Langley area is dominated by the value-conscious end-user buyer with very little evidenc
o investor demand particularly or the substantial amount o wood rame condominium product
available. As such, this market area has retained its yellow light rating in the First Quarter o 2011.
Townhome projects with completed or nearly completed product have achieved the strongest absorptions
MARKET SUMMARY
CLOVERDALE/LANGLEY
MARKET HIGHLIGHTS:
Polygons Red Maple Parktownhome
community in Yorkson South experienced
modest success during its late First Quarter
launch. This is the frst o several new
projects scheduled to launch in this area in
2011.
Parklane will launch Winchestertownhomes
in the Murrayville area o Langley the frst
signifcant new townhome product launch in
this area in several years.
Pre-sale product oerings o any type
continue to struggle in this area, with no
investor base and little buyer urgency.
Developers attempting to pre-sell new
multi-amily projects are cautioned to ensure
that product is appropriately positioned
relative to comparable and completed or
nearly completed product.
MARKET HIGHLIGHTS:
Active listings or low rise woodrame product
have decreased by 37 percent over the same
period last year last year but sales continue to
decrease. Low rise sales are down 53
percent over the same period last year.
There has been little change in values or lowrise product with the average price and
average price per square oot remaining
constant over the same period last year.
Next to the single amily detached homes,
townhome activity is the strongest segment
o the multi-amily market but sales are down
41 percent over the same period last year
while active listings have remained constant.
NEW PROJECT MARKET STATUS
PRODUCTQ1 ACTIVE
PROJECTS
Q1
SALES
Q1
SUPPLY
MONTHS
OF SUPPLY
ACTIVE SALES
RANGE ($ PSF)
High Rise n/a n/a n/a n/a n/a
Low Rise 9 37 335 27 $280 - 330
Townhome 14 119 195 1.5 $225 - 275
C.N.R.
1
17
10
Glo
verRd
88th Ave
TelegraphTr
216thSt
TophamR
200thSt
72nd Ave72nd Ave
208t
hSt
216thSt
Glover
Rd
LoganAve
HWY 10
BYPASS
St
56th Ave
60th Ave
184thSt
192n
dSt
II
I
HarvieRd
92nd Ave
64th Ave
19
MC
NEW DEVELOPMENTS - Q1 2011
MLS RESALE - Q1 2011MLS RESALE MARKET STATUS (product less than 10 years of age)
ACTIVE LISTINGS SOLD INVENTORY
PRODUCT LISTINGSMONTHS
OF SUPPLY#
% OF TOTAL
SOLD*$ PSF
AVG. DAYS
ON MARKET
ACTIVE SALES RANGE
(75% of sales)
High Rise n/a n/a n/a n/a n/a n/a n/a
Low Rise 136 15 28 41 $287 66 $210,000 - 290,000
Townhome 262 11 71 53 $227 51 $280,000 - 380,000
Change over the last quarter: Increase, Decrease, No Change
MLS RESALE BY UNIT TYPE
AVG. PRICE $ PSF AVG. PRICE $ PSF
PRODUCT 1 BEDROOM 2 BEDROOM
High Rise n/a n/a n/a n/a
Low Rise $205,000 $284 $280,000 $289
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome $310,000 $247 $352,000 $225
Q1 NEW RELEASES AND PROJECTED Q2 NEW RELEASES
HIGH RISE
LOW RISE
TOWNHOME
Maps or illustrative purposesonly. Locations are approximate.
Q1release
ProjectedQ2
8/6/2019 Colliers Residential - Market Share - Q1- 2011
17/18
RST QUARTER 2011
We remain bullish on the long term uture o theVancouver market and recent increases in the active
ales range (where 75 percent o sales occurred) in key
markets supports this view.
AST QUARTER
ur projections or last quarter were exceeded by 20 percent. This is partly
ue to the impressive sales results posted at The Village On False Creek and
overeign.
While we predicted new successul launches in the First Quarter we did not
oresee the level o pent up demand or Metrotown that resulted in Bosas
ellout that lead to signifcant sales results or Intracrop and Polygon. Given
more product is orthcoming this area warrants close observation.
or the fth consecutive quarter Mainland Chinese demand continued as
redicted creating debate in the market. And, pressure to maintain
ordability has ueled a back lash against oreign ownership o late.
ur quarterly cycle o developer polling suggests that the sentiment moving
orward in 2011 is optimistic. The orthcoming provincial election and the
ST reerendum will be monitored closely and the outcomes are certain to
mpact developer mindset in the all.
OOKING AHEAD
ooking ahead to the Second and Third Quarters o 2011 and beyond we
xpect:
I early indicators hold true this year could surpass most predictions. We
predict Second Quarter sales to surpass last years total or the same
period by fve to ten percent. We do, however, expect a late spring and
summer sales lull much like last year.
It is unlikely that any signifcant progress will be made on any
controversial project applications in the Lower Mainland in the lead up to
municipal elections.
Too many new projects entering the market at once could create excess
inventory and hinder developers ability to meet pre-sales requirements.
Asian demand where language barriers are almost non-existent and
quality schools are available will continue as will the debate to the market
eects o this demand.
* The frst o a series o new releases were launched in Abbotsord at
the end o the First Quarter achieving relative success. We expect m
activity in this market through 2011 and 2012.
* A number o Vancouver developers are looking at new opportunities
Victoria and Calgary where there is less competition or sites and
where the markets are now starting to show signs o recovery. We
expect a number o new projects to launch in these cities in the all
2011 and First and Second Quarters o 2012.
Finally, there are a number of the questions we at Colliers are asking
ourselves as we enter the Second and Third Quarters of 2011:
WHAT IMPACT WILL THE RECENT FEDERAL ELECTION, THE
FORTHCOMING PROVINCIAL AND MUNICIPAL ELECTIONS AND
THE HST REFERENDUM HAVE ON CONSUMER PSYCHOLOGY
AND DEVELOPER MINDSET?
A conservative majority likely eases some angst amongst developers. O
down and three to go. What will the outcomes be?
WILL THE IMPRESSIVE SALES INCREASE YEAR OVER YEAR
CONTINUE THROUGH THE SECOND QUARTER?
Will Metrotown-esque success be achieved at new releases in Vancouv
- Downtown, Brentwood and New Wesminster?
WHEN CAN WE EXPECT TO SEE LAUNCHES AT SOUTHWEST
MARINE AND CAMBIE?
When will PCI come to market with residential product at Marine
Gateway? Who will ollow?
WHATS HAPPENING IN WEST VANCOUVER?
Will new ownership be in place at Evelyn this quarter? What will they d
WHAT DO YOU THINK?
As always, we value your input. I you have views youd like to share a
or questions that you would like to see answered in uture editions pleacontact us directly at [email protected].
W. Scott Brown
SENIOR VICE PRESIDENT, WESTERN CANADA
COLLIERS INTERNATIONAL RESIDENTIAL MARKETING
RESIDENTIAL MARKET SUMMARY
WHAT TO WATCH
8/6/2019 Colliers Residential - Market Share - Q1- 2011
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