{"id":18934,"date":"2021-11-24T10:10:00","date_gmt":"2021-11-24T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18934"},"modified":"2021-11-17T09:32:43","modified_gmt":"2021-11-17T17:32:43","slug":"multi-family-land-sales-dropped-23-y-y-in-metro-vancouver-sub-markets-193-increasing-south-of-fraser-river","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/11\/multi-family-land-sales-dropped-23-y-y-in-metro-vancouver-sub-markets-193-increasing-south-of-fraser-river\/","title":{"rendered":"Multi-Family Land Sales Dropped 23% Y\/Y in Metro Vancouver Sub-Markets, 193% increasing South of Fraser River"},"content":{"rendered":"

Telling a tale of two regions, residential land acquisition totals went in opposite directions on either side of the Fraser River during the last year.<\/p>\n

According to Zonda Urban\u2019s Q3-2021 Metro Vancouver Residential Land Report, released today, the total dollar amount of multi-family land sales decreased 7% year-over-year in sub-markets north of the Fraser River, while transaction volume rose 73% in sub-markets south of the river, demonstrating a shift southeast across the Lower Mainland.<\/p>\n

The majority of northern sub-markets actually saw year-over-year totals rise, led by West Vancouver and Squamish with increases of 662% and 128% respectively, but couldn\u2019t offset declining numbers in the region\u2019s core.<\/p>\n

Despite a modest increase in Vancouver East, year-over-year sales totals dropped a combined 23% in the three Vancouver sub-markets. Downtown saw the biggest decline, plunging 47% with approximately $620 million in transactions after nearly $1.2 billion during the previous 12 months.<\/p>\n

It was a different story south of the Fraser River, as each sub-market posted a year-over-year increase in transaction volume. Abbotsford experienced the most dramatic shift, increasing $118 million for a difference of 193% year-over-year.<\/p>\n

\u201cCentral Surrey\/North Delta remained the highest grossing sub-market in the South of Fraser areas for total sales dollar volume with over $604 million in multi-family residential land transactions being recorded over the past year,\u201d Zonda Urban reported, noting the area had the third-highest total across all Metro Vancouver sub-markets, trailing only Vancouver West and Vancouver Downtown.<\/p>\n

On a quarterly basis, multi-family residential land sales reflected the same divergent narrative. Northern sub-markets totalled $714 million during the third quarter, a 29% decrease, while their southern counterparts saw a 42% increase, exceeding $450 million to post the region\u2019s highest quarterly sales figure since Zonda began tracking the metric in 2016.<\/p>\n

A transition from higher to lower density helped explain the money movement, specifically investment in low rise designed properties, which rose 93% year-over-year, an increase of more than $1 billion. Low rise and townhome sites combined for 66% of sales volume during the last year compared to 39% during the previous 12 months.<\/p>\n

Metro Vancouver’s Multi-Family Land Sales Shift to The South<\/a> by Ryan Garner | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

Telling a tale of two regions, residential land acquisition totals went in opposite directions on either side of the Fraser River during the last year. According to Zonda Urban\u2019s Q3-2021 … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-18934","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nMulti-Family Land Sales Dropped 23% Y\/Y in Metro Vancouver Sub-Markets, 193% increasing South of Fraser River • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/11\/multi-family-land-sales-dropped-23-y-y-in-metro-vancouver-sub-markets-193-increasing-south-of-fraser-river\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Multi-Family Land Sales Dropped 23% Y\/Y in Metro Vancouver Sub-Markets, 193% increasing South of Fraser River • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Telling a tale of two regions, residential land acquisition totals went in opposite directions on either side of the Fraser River during the last year. 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