In the Greater Vancouver Area, presales of new concrete condominium units are high due to downtown demand. A 9% transaction rise has been recorded overall, despite 2018 land sale volumes being down from last year.
Five residential land sales have been recorded in the area, with 30 in the Tri-Cities (totalling $239.7 million) and 11 in Richmond. Most Richmond sales have been low density (average price $6.77 million), with a few high (average $20.643 million) and one medium ($2.64 million) on the books. Activity in Burquitlam is increasing with 3 prime land assemblies currently on offer.
The Broadway Corridor became the second largest employment centre in British Columbia, and a Development Contribution Expectation has been established by the Vancouver Council. The Cambie Corridor Plan will be completed soon, with the third and final phase approved at the start of May.
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