colliers residential - market share - q2 - 2011

8/6/2019 Colliers Residential - Market Share - Q2 - 2011

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A COMPREHENSIVE ANALYSIS OF THE RESIDENTIALREAL ESTATE MARKET IN THE VANCOUVER LOWER MAINLAND

August 2011

MarketShareSECOND QUARTER 2011



ECOND QUARTER 2011

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



ECOND QUARTER 2011

As our team worked through the process o creating theatest edition o MarketShare the media was buzzing

with stories on the US debt ceiling crisis and the global

conomy - I think I have defnitely had enough CNN or

he summer.

he US is still a major global economic orce and continues to draw more

han its share o attention and concern when storms occur. However, the

umber o conficting view points out there with respect to the seriousness

the situation and the probable impacts create a sea o conusion. What

oes seem certain is this: there are signicant economic problems in the UShat will have to be addressed in the coming years. Will it aect our market?

may have a short term eect on some buyers’ condence but overall

nless there is a complete collapse the impact on our market will be

minimal. On the other hand, i there were similar chal lenges in Asia and

hina in particular we would see a negative eect on our local market.

n my view, there is no reason to believe Chinese immigration and buying

won’t continue to infuence our market or the oreseeable uture. It would

ake a very severe turn in government policy towards immigration to negate

his market trend. Since we have been producing MarketShare demand

rom this market has continued to increase pricing in select markets.

owever, this demand has primarily impacted a limited number o sub

markets in the Lower Mainland. There is continued demand or all product

ypes in Vancouver - West, Richmond and Metrotown and or detached

omes and townhome product in South Surrey.

rom an overall market perspective the lower mainland market continues to

mpress. I must admit upon reading the data collected on the past quarter’s

ales perormance my rst instinct was to check it again. The pace o sales

was simply astounding. To date nearly 80 percent o last years total volume

as been achieved. Congratulations to al l the developers who enjoyed thisuccess. We know ull well the countless hours that go into making a project

success. Incidentally, the impact o these successes in many areas like

Metrotown warrant additional study independent o the broader market area

hey encompass, i.e. Burnaby/New Westminister. As development evolves in

hese “micro” communities the gap in pricing and product oering may

astly change in contrast to the surrounding areas. This trend may alter

ow we need to view the market and produce this report.

Finally, having worked in real estate most o my career I have had the

privilege o working in and living in Vancouver while simultaneously be

involved in projects throughout the world. I appreciate the benet o

having a global perspective inormed by rich and ongoing dialogue with

my global colleagues in the business. My colleagues continue to be

impressed with our market and oerings and continue to be proactive

promoting Vancouver projects in Asia with a strong ocus in China. Our

long term view is that this market wil l be sustainable or the oreseeab

uture and we are investing in inrastructure to support this view. We

have commenced work on a website in China that will eature Canadia

properties with an emphasis on the Vancouver and Toronto markets. In

addition, we are also developing a newsletter and electronic magazine

which will showcase select Vancouver properties and be distributed to

our database as well as our immigration and banking partners. We are

also establishing a Private Buyer’s Service abroad to coordinate the

interest we are generating and help unnel these prospective buyers to

projects locally. These investments will be leveraged by our existing

international clients and will be oered more broadly in the uture.

We are in uncertain times globally, but have a real estate market locally

that is very much envied. Our long term view o this market remains

unchanged…”we wouldn’t want to be anywhere else.”

I hope you are enjoying your summer and taking time to appreciate am

and riends. And, as always I hope this edition o MarketShare is

enjoyable and inormative. We welcome your thoughts and opinions.

Greg Ashley

PRESIDENT AND MANAGING PARTNER,

COLLIERS INTERNATIONAL RESIDENTIAL MARKETING

WELCOME TO

MarketShare



ECOND QUARTER 2011

ales o multi-amily residential real estate rapidly accelerated in the Second

Quarter o 2011. A total o 4,839 units were sold in the Second Quarter o 2011

dramatic 85 percent increase rom the same period in 2010 and surpassing

he most active quarter in 2010 by a whopping 78 percent. When compared

with results in the First Quarter o 2011 sales were up 91 percent. To date,

,366 new units have been sold or 82 percent o last year’s total volume.

ew high prole projects in Vancouver - Downtown, Vancouver - West,

ancouver - East, Richmond, Metrotown, Coquitlam and New Westminster

rove the pace supported by steady absorptions o inventory in most areas.

ven with the number o launches inventory only increased approximately 12

ercent over the First Quarter o 2011 to 7,752 units. This is approximately 36

ercent more inventory than was on the market in the First Quarter o 2010.

EW HOME MARKET:

As indicated in the table below, in the Second Quarter o 2011, 56 percent o

ales occurred at high rise projects which is a 13 percent increase compared

o the First Quarter o 2011 but a 7 percent decrease compared to the Second

Quarter o 2010. Low rise sales represented 27 percent o sales which is

own 2 percent rom the previous quarter. Townhome sales ormed the

emaining 17 percent o total sales which decreased 11 per cent rom the First

Quarter o 2011 but only 1.5 percent less than Second Quarter 2010.

or the th consecutive quarter inventory has increased as developershowed condence and continued to bring new oerings to market. And,

ctive projects increased again this quarter albeit by a moderate 9 percent to a

otal o 279.

verall the second quarter perormance was astounding across all product

ypes as indicated in the ollowing table:

ESALE MARKET:

n the Second Quarter o 2011, an estimated 2,525 resale multi-amily homes

were sold which represents a 61 percent increase over the First Quarter o

011 and a 51 percent increase over the Second Quarter o 2010. More

pecically high rise sales were up 30 percent, low rise sales were up 76

ercent and townhomes sales were up a whopping 80 percent. Active listings

or all product types were moderately up resulting in a 15 percent increase

overall compared to the First Quarter o 2011. However in comparison to

Second Quarter o 2010 active listings are down approximately 13 percen

on aggregate even with a 9 percent increase in townhome listings taken in

account. Overall the rst quarter sales were distributed across all product

types accordingly:

THE QUARTER AHEAD:

Local and Asian investors were active at all high rise successes in the

Second Quarter o 2011. End users were very active at new low rise and

townhome oerings in more suburban areas such as New Westminster,

Burquitlam and South Surrey. This trend is expected to continue in the a

Towards the end o the Second Quarter concerns about the market emerg

based on launch results that were less than market expectations in a limit

number o locations, However, signicant successes in the later portion o

June somewhat eased these concerns. That being said, recent economic

events in Europe and the US has resulted in a resurgence o “bubble” talk

and developer sentiment seems more cautious than it otherwise might be

the heels o such a strong quarter.

The quarter ahead is typically the slowest quarter o the year as it

encompasses summer, a season during which investors tend to be less

active locally and with sales centre trac slowing due to summer vacatio

That said, we do expect sales to meet or modestly exceed absorptions

achieved in the Third Quarter o 2010 - 1,649 new multi-amily sales were

generated in that period.

W. Scott Brown

SENIOR VICE PRESIDENT, WESTERN CANADA


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 Second Quarter Sales 2,729 1,313 797 4,839

Total Inventory 3,998 2,521 1,233 7,752

Total No. Of Projects 90 94 95 279

HIGH RISE LOW RISE TOWNHOME TOTALS

Total Sales 1,009 644 872 2,525

Total Active Listings 1,929 1,466 1,404 4,799



ECOND QUARTER 2011

The ‘green light’ rating or the Vancouver - Downtown market is a tentative one. As the two most recent

project launches illustrated, success in this market area is largely dependent on whether a project appeal

to the local investor and Chinese buyer group. While Concert sold nearly 80 percent o its SALT project a

Hornby and Drake, Cressey achieved more modest absorptions at Maddox.

MARKET SUMMARY

VANCOUVER – DOWNTOWN

MARKET HIGHLIGHTS:

The success o Concert’s SALT illustrates

that there is demand or condo units without

parking as long as they are priced

appropriately relative to comparable units

with parking.

There are now six completed projects with acombined 76 units o standing inventory.

The anticipated completion o Jameson

House and The Beasley buildings could add to

this total.

Launch timing or a number o contemplated

new projects is uncertain. These include

Townline’s 999 Seymour and Concord’s

Panorama.

The Residences at Hotel Georgia is expected to

have completed and merchandised displaysuites ready or viewing by early 2012.

MARKET HIGHLIGHTS:

Sales have increased by 49 percent

compared to the Second Quarter o 2010.

Listings have decreased by 36 percent


Prices or both one and two bedroom

condominiums have increased by 4 percent


Anticipate potential price increases due to

lower inventory levels.

NEW PROJECT MARKET STATUS

PRODUCTQ2 ACTIVE

PROJECTS

Q2

SALES

Q2

SUPPLY

ACTIVE SALES

RANGE ($ PSF)

High Rise 18 232 569 $690 - 710

Low Rise n/a n/a n/a n/a

Townhome n/a n/a n/a n/a

HIGH RISE

LOW RISE

TOWNHOME

Maps or illustrative purposesonly. Locations are approximate.

NEW DEVELOPMENTS - Q2 2011

MLS RESALE - Q2 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 554 4.6 361 100 $709 37 $370,000 - 855,000

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 $437,441 $686 $711,842 $722

Low Rise n/a n/a n/a n/a


Townhome n/a n/a n/a n/a

Q2 NEW RELEASES AND PROJECTED Q3 NEW RELEASES

C a r d e r o S t

T h u r l o w S t

B u r r a r d S t

B u t e S t

B u t e

S t

J e r v i s S t B r

o u g h t o n S t

N i c o l a

S t

N i c o l a S t

H o w e

S t

H o r n b y

S t

G r a n v i l l e S t

S e y m o u r S t

R i c h a r d s S t

H o m e r S t

H a m i l t o n S t

C a m b i e S t

B e a t t y S t

B i d w e l l

D e n m a n S t

a r w o o d S t

W G e o r g i a S t

M e l v i l l e S t

D u n s m u i r S t

W H a s t i n g s S t

W P e n d e r S t

B U R R

A R D S

T

B R I D G

E

G R A N

V I L L E S T

B R I D G E

C o r d o v a S t

E x p o

P a c i f

c B l v d

C o m o x S t

P a c i f c S t

B e a c h A

v e

N e l s o n S t P e n d r a l l S t

D a v i e S t

CANADA

PLACE

BC PLACE

STADIUM

Q 2 r e l e a s e

P r o j e c t e d Q 3



ECOND QUARTER 2011


MLS RESALE - Q2 2011


Vancouver - West retains its ‘green light’ rating in spite o the increase in unsold inventory and months o supply in

the high rise and townhome sectors, which can be attributed to the launch o new projects. Sales activity at various

projects illustrated the importance o being appropriately positioned relative to comparable and competing product

Vancouver - West and Vancouver - Downtown. The projects that were appropriately positioned outsold projects that

weren’t by a signifcant margin.

MARKET SUMMARY

VANCOUVER – WEST

MARKET HIGHLIGHTS:

Sales at The Village at False Creek remained

steady, which should result in more product

being released during the Third Quarter.

It will be interesting to gauge buyer response

to upcoming project releases and the higher

average sale values they are anticipated toseek.

The land prices being attained or land

assemblies along the Cambie Corridor is

raising some concern as to the end sale values

that will be required and how consumers will

respond to these values.

MARKET HIGHLIGHTS:

For high rise product, sales increased by 13

percent and active listings were down 35

percent compared to the same period last

year.

Low rise product experienced similar supply

and demand characteristics as the SecondQuarter o 2010 (5.3 months o supply).

Townhomes are currently under supplied in

this market (4.4 months o supply).

Overall prices or all product types increased

by 2 percent compared to the Second

Quarter 2010.


PRODUCTQ2 ACTIVE

PROJECTS

Q2

SALES

Q2

SUPPLY

ACTIVE SALES

RANGE ($ PSF)

High Rise 17 235 1,066 $740 - 790

Low Rise 3 10 20 $675 - 725

Townhome 5 21 53 $730 - 780

MLS RESALE MARKET STATUS ( product less than 10 years of age)



OF SUPPLY#

% OF TOTAL

SOLD*$ PSF

AVG. DAYS

ON MARKET

ACTIVE SALES RANGE

(75% of sales)

High Rise 161 5.4 90 44 $719 38 $415,000 - 860,000

Low Rise 127 5.3 72 35 $700 34 $442,000 - 850,000

Townhome 64 4.4 44 21 $642 42 $590,000 - 1,075,000






High Rise $448,124 $669 $741,619 $741

Low Rise $441,189 $658 $662,113 $713


Townhome $830,305 $652 $913,953 $629

C . P . R .

University of British Columbia

70th Ave W Kent Ave NSE M

41

57th Av eW

F r a s e r S t

M a i n

S t

33

G r e at N

K ing Edward Ave

33r d Av e W

C a m b i e S t

O a k S t

G R A N V I L L E S T R E E T

A r b u t u s S t

W B

o u l e v a r d

41st Av e W

49 t h Av eW

B l e n h e i m S t

12th AveW

D u n b a r S t

C r o w n S t

S W M a r i n e D r

16t h Av eW

10th Av e W

b r o o k M

a l l

4t h Av eW

BROADW AY W

Cornwall Stt G r e y Rd

M a c d o n a l d S t

HIGH RISE

LOW RISE

TOWNHOME


Q 2 r e l e a s e




ECOND QUARTER 2011

As in the First Quarter o 2011, Vancouver - East is considered a ‘green light’ market. This market

continues to beneft rom the gentrifcation o Vancouver as more young proessionals are priced out o th

Vancouver - West market. It is anticipated that demand or new product in this market will remain stron

or the remainder o 2011.

MARKET SUMMARY

VANCOUVER – EAST

MARKET HIGHLIGHTS:

Although townhome product in the market

showed a higher month o supply gure than

low rise and high rise product, most o the

actively selling townhome projects are

nearing the end o their respective sales

programs. These developers are comortable

accepting lower absorptions in order to

maximize revenues on their remaining units.

Onni enjoyed a very positive reception to its

Central project on Quebec Street. Investor

and end user buyers responded to the

unique architectural design and the

appropriate positioning o the project.

Polygon’s successul launch at its New Water

low rise project has brought much attention

and interest to this area,

MARKET HIGHLIGHTS:

High rise product is currently under supplied in

this market (4.1 months o supply).

Overall sales gures or all product types

increased by 33 percent compared to the

Second Quarter o 2010.

Very low days on the market average or

townhomes in this market (19 days on

average).


PRODUCTQ2 ACTIVE

PROJECTS

Q2

SALES

Q2

SUPPLY

ACTIVE SALES

RANGE ($ PSF)

High Rise 5 196 147 $625 - 675

Low Rise 13 181 217 $475 - 525

Townhome 4 16 35 $450 - 500





OF SUPPLY#

% OF TOTAL

SOLD*$ PSF

AVG. DAYS

ON MARKET

ACTIVE SALES RANGE

(75% of sales)

High Rise 91 4.1 66 50 $549 22 $296,000 - 515,000

Low Rise 121 9.1 40 30 $473 42 $273,000 - 454,000

Townhome 48 5.3 27 20 $482 19 $488,000 - 697,000






High Rise $380,755 $553 $486,773 $544

Low Rise $297,394 $504 $405,936 $455


Townhome $580,685 $521 $612,986 $424


Burke St

Kincaid St

W a y b u r n e D r

Collingwood

Eton St

Parker St

Deer LaMoscrop St

G r a n g e S t

Canada Wy

R u p e r t S t

W i l l i n g d o n A v e

G i l m o r e A v e

McGill St

Dundas St

HASTINGS STREET E

R e n r e w S t

1st Ave

Venables St

BROADWAY E

N a n a i m o S t

41st Ave E

C l a r k D r

33rd Ave E

K I N G S W A Y

12th Ave E

G r e at Nor t h e r n

W y

D e n m

a n S t

D a v i e S t

P a c i f c S t

K ing Edward Ave

33rd Av eW

T R E E T 41st Av e W

12th Av eW

Grandview Hw y

m o r i a l B r i d g e

HIGH RISE

LOW RISE

TOWNHOME


Q 2 r e l e a s e




ECOND QUARTER 2011

Strong demand across all product types continues to match the supply brought to market. Townhome and low rise

absorption continues to be strong especially in the Alexandra neighbourhood o West Cambie. While values or concre

condominiums in this market have risen over the same period last year, it should be noted that demand or larger

product with higher price points is still modest. While many pre-sale developments in the this market are currently

experiencing sales success, uture developments are recommended to proceed with conservative pricing expectation

MARKET SUMMARY

RICHMOND/SOUTH DELTA/TSAWWASSEN

MARKET HIGHLIGHTS:

Price increases or townhomes in Richmond

can be attributed to the increased pricing o

single amily homes.

Polygon’s Mayair Place continues to show

strong absorptions as purchasers seek a

more aordable alternative to concreteconstruction in Richmond.

Townline is expected to commence sales at

its site at the ormer Fantasy Gardens in the

Third Quarter.

Quintet successully launched its second and

nal phases in the Second Quarter.

MARKET HIGHLIGHTS:

High rise sales are up slightly and active

listings are down considerably compared to

the Second Quarter o 2010.

Low rise sales and listings totals are similar

to the Second Quarter o 2010.

Lower sales or low rise product can beexplained by the large volumes occurring on

the pre-sale ront (i.e. Mayair Place).

Both sales and listings or townhomes have

increased compared to the Second Quarter

o 2010.

Townhomes have increased by 7 percent in

price compared to the Second Quarter o

2010.


PRODUCTQ2 ACTIVE

PROJECTS

Q2

SALES

Q2

SUPPLY

ACTIVE SALES

RANGE ($ PSF)

High Rise 9 510 425 $550 - 600

Low Rise 7 103 149 $425 - 475

Townhome 19 93 138 $375 - 425

C . N . R .

Steveston

G e o r g e M

R

t

Westminster Hwy

N o .

6 R d

N o .

7 R d

F R A S E R - D E L T A

T H R U W A Y

V u l c a n

RICHMOND ANNACIS H

N o .

5 R d

Alderbridge Wy

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

StevestonHwy

G a r d e n C i t y R d

N o .

4 R d

S h e l l R d

R a i l w a y A v e

G i l b e r t R d

N o .

3 R d

N o .

2 R d

N o .

1 R d

Moncton St

Russ B a k e r





OF SUPPLY#

% OF TOTAL

SOLD*$ PSF

AVG. DAYS

ON MARKET

ACTIVE SALES RANGE

(75% of sales)

High Rise 289 7.5 115 37 $526 50 $338,800 - 598,000

Low Rise 122 6 61 20 $447 45 $335,000 - 491,000

Townhome 257 5.9 131 43 $423 34 $523,000 - 712,000






High Rise $354,720 $522 $486,845 $526

Low Rise $323,367 $473 $424,186 $440


Townhome $529,515 $426 $608,100 $423


HIGH RISE

LOW RISE

TOWNHOME


Q 2 r e l e a s e




ECOND QUARTER 2011

The ‘green light’ rating assigned to the Burnaby/New Westminster area is primarily due to the continued sal

successes o high rise projects launched in Metrotown during the Second Quarter. It should be noted that

buyer activity has increased in areas outside o Metrotown, such as North Burnaby, Edmonds and New

Westminster. The launch and subsequent sell-out o Wanson’s Eight West low rise project in New Westminste

provides proo that eectively designed and positioned pre-sale product can be successul in this market.

MARKET SUMMARY

BURNABY/NEW WESTMINSTER

MARKET HIGHLIGHTS:

Many successul project launches occurred

in both Burnaby and New Westminster in the

Second Quarter. Mosaic’s Union low rise

project in North Burnaby and Wanson’sEight

West low rise project in New Westminster

both sold out within a ew weeks o launch.

Metrotown continues to see strong demand

as the neighbourhood experienced over 500

concrete condominium pre-sales in the

Second Quarter (primarily at Metroplace and

Chancellor ).

Other notable launches include Aragon’s

Flow townhomes in Port Royal, Listraor’s

Westridge Living townhomes in North

Burnaby and Bosa’s Viceroy high rise tower

in Uptown New Westminster.

MARKET HIGHLIGHTS:

Active listings or all product types are down

compared to the same period last year.

Strong demand or low rise product as sales

have risen by 128 percent compared to the

Second Quarter o 2010.There is currently less than 3 months supply

o low rise product in this market. Anticipate

potential price increases or this product type.

Prices or all product types have stabilized

relative to the same period last year.


PRODUCTQ2 ACTIVE

PROJECTS

Q2

SALES

Q2

SUPPLY

ACTIVE SALES

RANGE ($ PSF)

High Rise 17 821 497 $525 - 600

Low Rise 14 308 186 $400 - 475

Townhome 6 56 122 $400 - 450

F R A S

E R RI VE

R

Burke St

Kincaid St

W a y b u r n e D r

1

Collingwood

Metrotown

Edmonds

Sapperton

Whalley

Maillardville

Burquitlam

C l a r k e

R d

St. Johns St

Como Lake Ave

L i n t o n S t

G a t e n s b u r y R d

A

o

116th Ave

U n i t e d B l v d

Har t ley Av e

Parker St Curtis St

G a g l a r d i W y

G e r a l d A v e

S p e r l i n g S t

N o r t h R d

C a n a d a W y

6 t h S t

1 0 t h A v e

8 t h A v e

6 t h A v e

Q u e e n s

A v e

K I N G S W A Y

Deer Lake PkwyMoscrop St

G i l l e

y A

v e

R o y a l O a k A v e

Imperial St

Rumble St

Oakland St

E d m o

n d s S

t

W a l k e r A v e

N e l s o n A v e

M a rine D r

Marine Wy

T y n e S t

B o u n d a r y R d

G r a n g e S t

Canada Wy

Sprott StWinston St R

u p e r t S t

W i l l i n g d o n A v e

H o l d o m

S t

G i l m o r e A v e

K e n t Av e

andview Hw y

B l u e

M o u n t a i n S t

T R A N S C A N A D A H I G H W AY

L O U G H E E D H I G H W A Y

Simon Fraser

University

P a t u l l o Bridge

t e w a

rdso n W y

C o l u

m b i a

S t





OF SUPPLY#

% OF TOTAL

SOLD*$ PSF

AVG. DAYS

ON MARKET

ACTIVE SALES RANGE

(75% of sales)

High Rise 454 5.2 264 47 $467 42 $315,500 - 555,000

Low Rise 145 2.7 164 29 $423 37 $259,900 - 408,870

Townhome 129 3.0 130 23 $391 40 $364,900 - 573,000






High Rise $315,634 $470 $441,100 $467

Low Rise $275,210 $439 $361,204 $416


Townhome $423,237 $418 $524,903 $377


HIGH RISE

LOW RISE

TOWNHOME


Q 2 r e l e a s e




ECOND QUARTER 2011

The North Shore retains its ‘yellow light’ rating as we head into the second hal o 2011 due to the moderate

absorptions being achieved by most projects and the amount o inventory that is slated to enter the market

the coming months. As in most market areas where the Mainland Chinese buyer is not overly active, it is

very important or developers to appropriately position their product here. This market area is being primar

driven by end user buyers. The wood rame condominium sector o this market remains the most active.

MARKET SUMMARY

NORTH SHORE: North Vancouver & West Vancouver

MARKET HIGHLIGHTS:

With District Crossing and the initial phase o

Polygon’s Anderson Walk nearing sell out

status, there is some room in this market or

additional, well-positioned wood rame

condominium product.

The sales oce or Anthem Properties’ Local project will be moved into a Lonsdale

Avenue retail space in the Third Quarter to

allow or the start o construction.

The anticipated approval by council o

rezoning applications or Citimark/Grosvenor

and Wesgroup projects will clear the way or

the sales launch o these projects later this

all.

Townhome supply continues to be extremely

limited and little new product is projected or2011.

MARKET HIGHLIGHTS:

Active listings or low rise product currently

on the rise.

Low price per square oot values or

townhomes can be attributed to larger

product that caters to the local downsizer.

1 bedroom low rise prices have increased by 13

percent compared to the same quarter 2010.

Balanced supply and demand dynamics or this

marketplace.


PRODUCTQ2 ACTIVE

PROJECTS

Q2

SALES

Q2

SUPPLY

ACTIVE SALES

RANGE ($ PSF)

High Rise 9 25 324 $575 - 625

Low Rise 11 109 353 $500 - 540

Townhome 2 2 1 n/a

Burrard Inlet

1

LynnValley

De

Co M t

S e y m o u r R d

D e e p C o v e R d

Mt Seymour Pk wy B e r k l e y

R d

e Dr

W A Y

15th St

C a p i l a

n o

R d

E d g e m o n t B l v d

Welch St

L a r s o n

R d

D e l b

r o o k

29th St E

G r a n d B l v d E

B r o o k s b a n k A v e

M o u n t a i n H w y E s p l a

n a d e E M a i n S t R

i v e r s i d

e D r W

R i v e r

s i d e

D r E

E s p l a n a d e W

L o n s d

a l e A v e

C h e s t e r f e l d A v e

S t G e o r g e s A v e

13th St W

B r a e m

ar Rd

M o u n t

a i n H w y

L y n n V

a l l e y

R d

L i

l l

o o e t

3 r d S t W

3 r d S t E

H y a

n n i s D r

Harbourside Dr

Harbourside Pl

F

e l l

A v e

K e i t h Rd E

Dollarton Hw y O l d Dollarton Rd

I r o n

W o r k e r s M e m o r i a l B r

A v e

R d





OF SUPPLY#

% OF TOTAL

SOLD*$ PSF

AVG. DAYS

ON MARKET

ACTIVE SALES RANGE

(75% of sales)

High Rise 94 7.8 36 37 $655 53 $394,000 - 860,000

Low Rise 98 8.6 34 35 $535 35 $359,900 - 599,900

Townhome 56 6 28 29 $405 45 $482,200 - 825,000






High Rise $458,792 $648 $721,226 $653

Low Rise $416,870 $546 $499,801 $532


Townhome $525,111 $477 $778,100 $387


HIGH RISE

LOW RISE

TOWNHOME


Q 2 r e l e a s e




ECOND QUARTER 2011

Tri-Cities has been upgraded to a ‘green light’ rating due to the successul launches o new projects.

However, developers seeking to launch new projects in this market in the coming months should be

cautioned that this market remains price-sensitive. Actively marketed projects in Port Coquitlam have

been experiencing slower absorption than Coquitlam and Port Moody.

MARKET SUMMARY

TRI-CITIES: Coquitlam, Port Coquitlam & Port Moody

MARKET HIGHLIGHTS:

The recent success o Mosaic’s Georgia

project in the Burquitlam neighbourhood

indicates buyers here are anticipating

construction o the Evergreen Line to

proceed in the oreseeable uture.

The successul launch o Cressey’s M-Two project at Coquitlam Centre shows there is

demand or new and appropriately

positioned concrete condominium product

– particularly rom Mainland Chinese

investors.

Demand or new townhome product in the

Burke Mountain neighbourhood continues to

be driven by local end user buyers.

MARKET HIGHLIGHTS:

While active listings or high rise product are

down compared to the Second Quarter o

2010, it is still a buyer`s market or this

product type.

Townhome sales are up by 77 percent


Prices or all product types have stabilized

relative to the same period last year.

Low rise and townhome product make up 80

percent o the newer multi-amily sales in this

market.


PRODUCTQ2 ACTIVE

PROJECTS

Q2

SALES

Q2

SUPPLY

ACTIVE SALES

RANGE ($ PSF)

High Rise 9 204 473 $410 - 440

Low Rise 9 127 260 $340 - 390

Townhome 6 86 153 $285 - 335

C .P .R .

7

Maillardville

Burquitlam

WestwoodPlateau

Victor

Prairie Av

C o a s t M e r i d i a n R d

K i n g s w a y A v e

B r o a d w a y S t

S h

a u

g h n e s s y S t

P ano r a m a D

r

J o h n s o n S t

L a n d s d o w

n e D r

P i n e t r e e W y

i

v e r

R d

I o c o R d

A p r i l R

d

H e r i t a g

e M o u n

t a i n

B l v d

C l a r k e

R d

St. Johns St

Como Lake Ave

M a

r i n e

r W

y

L i n t o n S t

G a t e n s b u r y R d

Austin Ave

B l u

e M o u n t a i n S t

s y S t





OF SUPPLY#

% OF TOTAL

SOLD*$ PSF

AVG. DAYS

ON MARKET

ACTIVE SALES RANGE

(75% of sales)

High Rise 192 9.9 58 20 $402 48 $299,000 - 443,500

Low Rise 222 5.5 121 42 $344 60 $260,000 - 378,800

Townhome 149 4.1 110 38 $307 34 $364,900 - 535,000






High Rise $290,991 $425 $386,133 $399

Low Rise $238,339 $354 $332,797 $344


Townhome $373,847 $313 $473,198 $312


HIGH RISE

LOW RISE

TOWNHOME


Q 2 r e l e a s e




ECOND QUARTER 2011

The Ridge Meadows market has been upgraded to a ‘ yellow light’ rating due to increased sales activity in the high

rise and townhome sectors. Signifcant price reductions at the Solaris high rise project in Pitt Meadows resulted i

substantial sales activity this past quarter. However, this increased sales activity does not justiy any new high ris

product releases in Ridge Meadows or the oreseeable uture. Developers should note that this market remains

very price-sensitive and projects must be appropriately positioned i they are to achieve desired absorptions.

MARKET SUMMARY

RIDGE MEADOWS: Maple Ridge & Pitt Meadows

MARKET HIGHLIGHTS:

Sales activity at Portrait Homes’ Brighton

townhome project remained very positive as

entry level amily buyers continue to respond

to this aesthetically appealing and

appropriately positioned product.

Absorptions o low rise condominium productremains moderate at best, which illustrates

there is little justication or any substantial

increase in new low rise supply here in the

oreseeable uture.

MARKET HIGHLIGHTS:

While sales o low rise product have doubled

compared to the same period last year, it

continues to be a strong buyer`s market or

this product type.

Low rise prices have decreased by 6 percent

compared to the same period last year.

Townhomes are airing much better in this

market than low rise condominiums and

represent nearly a third o the total multi-

amily sales.


PRODUCTQ2 ACTIVE

PROJECTS

Q2

SALES

Q2

SUPPLY

ACTIVE SALES

RANGE ($ PSF)

High Rise 1 72 84 $275 - 325

Low Rise 3 9 38 $250 - 300

Townhome 6 56 151 $200 - 250

C . N . R .

7

PITT MEADOWSAIRPORT

Hammond Rd

F r a s e r W y

128th Ave

N e a v e s R d

L a i t y S t

2 1 6 t h S t

R i v e r

R d

2 0 3 r d S

t

2 0 7 t h S t

E a r s B r i d g e

04thAve

08th Ave

P e r i m e t e r R d

W o o l r i d g e R d

g s w a y A v e

B r o a d w a y S t

L O U G H E E D H I G H W A Y

Dewdney Trunk Rd

H a r r i s R d

AS

BARNSTON

ISLAND





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 119 15.5 23 26 $254 193 $180,000 - 317,500

Townhome 79 3.7 64 74 $210 70 $301,000 - 425,000






High Rise n/a n/a n/a n/a

Low Rise $189,424 $261 $264,192 $247


Townhome $302,922 $231 $361,962 $212


HIGH RISE

LOW RISE

TOWNHOME


Q 2 r e l e a s e




ECOND QUARTER 2011

The Surrey Central/North Delta market has seen an increase in both end-user oriented townhome product a

well as investor oriented low rise product. Although the developers in the Central City marketplace are

attempting to draw end-user buyers rom other parts o Metro Vancouver, the primary purchaser or this ar

continues to be the investor. Nonetheless, this market is a ‘yellow light’ as there is a large amount o unsold

product in addition to the upcoming supply o product

MARKET SUMMARY

SURREY CENTRAL/NORTH DELTA

MARKET HIGHLIGHTS:

Much o the activity in the low rise market

or the Second Quarter occurred at projects

in Central City and Newton that oered

pre-sale incentives targeted at the investor

and rst time buyer.

Activity has increased particularly in theSouth Newton townhome market as the

launch o Fairborne’s Sequoia and ongoing

success o other surrounding projects has

increased absorptions in this area.

Polygon’s Eclipse townhome project in

Sunstone and Vesta’s Vantage townhome

project in Fleetwood both experienced

strong absorptions during their respective

the Second Quarter launches.

MARKET HIGHLIGHTS:

Townhomes continue to be the dominant

product type in this market, representing 61

percent o the newer multi-amily sales.

High rise product continues to struggle in

this market. Only 13 transactions wererecorded in the Second Quarter o 2011.

Strong buyer`s market or both high rise and

low rise product.


PRODUCTQ2 ACTIVE

PROJECTS

Q2

SALES

Q2

SUPPLY

ACTIVE SALES

RANGE ($ PSF)

High Rise 3 97 346 $350 - 400

Low Rise 14 158 501 $275 - 325

Townhome 17 183 256 $210 - 260

. N . R .

B .N .R .

S O U T H E R N

R A I L W

A Y

91

91A

99A

Sullivan

SurreyCentre

Newton

SouthWestminster

Guildford

C

64th Ave

1 6 8 t h S t

1 7 6 t h S t

80th Ave P A C I F I C H I G H W A Y

88th Ave

1 6 0 t h

S t

9

96th Ave

104th Ave

1 5 6 t h S t

108th Ave

t e r R d

58th Ave 4 8 t h S t

1 4 8 t h S t

64th Ave 68th Ave

72ndAve

76th Ave76th Ave

S c o t t R d

1 2 0 t h S t

K I N G

G E O R G

E

H I G H W

A Y

80th Ave

Kitson Pkwy

72nd Ave 1 4 0 t h S t

1 4 4 t h S t

1 5 2 n d S t

84th Ave

1 2 8 t h S t

1 1 2 t h S t

84th Ave

N o r d e l W y

t h S t

A N N A C I S

H I G H W A Y

88th Ave

92nd Ave

96th Ave

1 3 2 n d S t

100th Ave

F R A S E R H I G H W A Y

S c o t t R

d

100th Ave

104th Ave

108th Ave G r

e r w e n t W yA l e x F r a s e

r B r i d g

e

Q u e e n s b o

r o u g h B

r i d g e A v

e

Newton Rd

ANNACIS

ISLAND





OF SUPPLY#

% OF TOTAL

SOLD*$ PSF

AVG. DAYS

ON MARKET

ACTIVE SALES RANGE

(75% of sales)

High Rise 61 14.1 13 7 $377 59 $216,000 - 288,000

Low Rise 207 10.7 58 32 $275 71 $176,331 - 286,500

Townhome 260 7 112 61 $220 45 $303,000 - 407,500






High Rise $223,715 $388 $298,929 $370

Low Rise $185,145 $295 $256,991 $268


Townhome $309,277 $248 $348,349 $226


HIGH RISE

LOW RISE

TOWNHOME


Q 2 r e l e a s e




ECOND QUARTER 2011

This market continues to be driven by value-conscious end-users, as well as an emerging contingent o

local downsizers. Due to the large amount o unsold and upcoming inventory, this market has retained i

‘yellow light’ rating or the Second Quarter o 2011. As the primary buyer is an end-user, townhome

projects that oer product with closings within the zero to six month range have a competitive advantag

in this marketplace.

MARKET SUMMARY

CLOVERDALE/LANGLEY

MARKET HIGHLIGHTS:

The launch o Quadra Home’s Yorkson Creek

master-planned community was the most

notable o the quarter. Although

representatives or the project cite that a

large portion o the purchaser prole

consists o local rst time buyers and

downsizers there is speculation thatdeveloper insiders and investors also

contributed to the successul launch.

Other notable Second Quarter launches

include Parklane’s Winchester townhome

project in Murrayville as well as Sandhill’s

Elements low rise project in Langley.

Most pre-sale product oerings aside rom

Yorkson Creek are continuing to experience

modest absorptions due to the lack o

investor activity and buyer urgency.

MARKET HIGHLIGHTS:

Low rise product in this market continues to

be well supplied (15 months o supply).

Townhome sales have increased by 59

percent compared to the same period last

year.

Townhomes represent nearly 80 percent o

newer multi-amily sales in this market.

Prices or low rise and townhomes in this

market are consistent with the same period

last year.


PRODUCTQ2 ACTIVE

PROJECTS

Q2

SALES

Q2

SUPPLY

ACTIVE SALES

RANGE ($ PSF)


Low Rise 12 149 585 $280 - 330

Townhome 17 144 161 $225 - 275

C . N . R .

1

17

10

G l o

v e r R d

88th Ave

T e l e g r a p h T r

2 1 6 t h S t

T o p h a m R

2 0 0 t h S t

72nd Ave72nd Ave

2 0 8 t h S t

2 1 6 t h S t

G l o v

e r R d

Lo g a n A v e

HWY 10

BYPASS

S t

56th Ave

60th Ave

1 7 6 t h S t

1 8 4 t h S t

1 9 2 n

d S t

P A C I F I C H I G H W A Y

H a r v i e R d

92nd Ave

64th Ave

1 9

M





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 215 15 43 22 $290 57 $196,000 - 302,000

Townhome 282 5.4 157 79 $216 46 $293,000 - 418,500






Low Rise $203,614 $294 $285,031 $288


Townhome $292,658 $249 $353,394 $214


HIGH RISE

LOW RISE

TOWNHOME


Q 2 r e l e a s e




ECOND QUARTER 2011

The end o the Third Quarter and Fourth Quarter will ee a number o launches in areas such as the Cambie

Corridor, South East False Creek, Chinatown, UBC,

Central Lonsdale, Richmond and Burnaby’s Metrotown

and Brentwood areas as well as SFU. However, the

otal number o launches may be less than the frst hal

o the year and/or developers may elect to bring

maller phased oerings to market.

AST QUARTER

We expected a brisk quarter and suggested the possibility o 12,000 units in

otal sales or 2011 and the Second Quarter perormance supports this view.

We do, however, expect a more “normal” Third Quarter ollowed by a strong

ourth Quarter. That said, we do not predict Fourth Quarter sales

urpassing the volume achieved in the Second Quarter o 2011.

We also predicted that decisions on controversial projects or policies re:

evelopment in the City o Vancouver would likely be delayed or deerred in

he run up to municipal elections this all. This didn’t prove true with respect

o PCI as it gained the go ahead or its Marine Gateway transit oriented

evelopment and or a new development at 70th and Granville.

With price escalations in specic markets across the Lower Mainland we

ontinue to expect additional sales and development activity in the Eastern

raser Valley.

ur conversations with developers suggest that the sentiment in the

evelopment community is more cautious than in the past year. Global

conomic events and their impact are the primary root o this concern.

While the situation in the US is worrisome the probable impact – i any – on

ur market is dicult to determine at this time.

OOKING AHEAD

ooking ahead to the Third and Fourth Quarters o 2011 and beyond we

xpect:

Third Quarter 2011 sales to be roughly in line with Third Quarter

perormance o 2010.

Continued eorts to dierentiate product rom an architectural and design

perspective thus creating innovative and attractive living spaces that

should attract investors, renters and end users alike at greater rates

absorption over undierentiated alternatives.

* Continued Asian immigration and investment demand.

* Developers launching new projects in Greater Victoria attracting

renewed interest rom potential retirees, quasi recreational buyers a

rst time buyers. Developers will also continue to pursue opportuniti

in Calgary where there is less competition or sites and where energ

related investments are expected to drive the economy despite nega

economic events in the US.

Finally, there are a number of the questions we at Colliers are asking

ourselves as we enter the Third Quarter and Fourth Quarter of 2011:

HOW WILL THE SECOND HALF OF 2011 COMPARE TO THE QUI

START TO THE YEAR?

Will Third Quarter sales surprise anyone? Will the Fourth Quarter be th

most active quarter o the year as in years prior?

WHAT WILL THE OUTCOME OF THE HST REFERENDUM BE?

How will developers respond? Consumers respond?

WHAT WILL BE THE OUTCOME OF THE FORTHCOMING

MUNICIPAL ELECTIONS?

What will it mean or the uture development o key market areas

throughout the Lower Mainland and the need or additional transit

oriented and more aordable housing?

WHAT WILL THE IMPACT OF THE US DEBT CEILING AGREEMEN

HAVE ON OUR ECONOMY AND REAL ESTATE MARKET HERE IN

VANCOUVER?

Many pundits believe our economy and markets are more resilient and

will continue to be. Others are starting to preach doom and gloom to

anyone who will listen. Who is right?

WHAT DO YOU THINK?

As always, we value your input. I you have views you’d like to share aor questions that you would like to see answered in uture editions plea

contact us directly at [email protected].

W. Scott Brown

SENIOR VICE PRESIDENT, WESTERN CANADA


RESIDENTIAL MARKET SUMMARY

WHAT TO WATCH



COLLIERS INTERNATIONAL

RESIDENTIAL MARKETING SERVICES

WESTERN CANADA

W. Scott Brown, Senior Vice President

Suite 1900, 200 Granville StreetVancouver, British Columbia

Canada V6C 2R6

MAIN +1 604 681 4111

DIRECT +1 604 661 0877

EMAIL [email protected]

EASTERN CANADA

Christine Brennan, Vice President

One Queen Street East, Suite 2200

Toronto, Ontario

Canada M5C 2Z2

MAIN +1 416 777 2200

DIRECT +1 416 643 3462EMAIL [email protected]

www.colliers.com

www.urbananalytics.ca

urbanA NA LYTIC S INC

This document has been prepared by Colliers International or advertising and general inormation only. Colliers International makes no guarantees,

representations or warranties o any kind, express or implied, regarding the inormation including, but not limited to, warranties o content, accuracy

and reliability. Any interested party should undertake their own inquiries as to the accuracy o the inormation. Colliers International excludes

unequivocally all inerred or implied terms, conditions and warranties arising out o this document and excludes all liability or loss and damages

arising there rom. This publication is the copyrighted property o Colliers International and /or its licensor(s). © 2010. All rights reserved

Vancouver Lower Mainland : West Vancouver to Aldergrove. Excludes Abbotsord, Chilliwack, and Mission. Resale Data: MLS sold or attached

product (high rise, low rise, and townhomes) built within the last ten years or units valued less that $1.2 million. Single amily sales are excluded

rom the report.

colliers residential - market share - q2 - 2011

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