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More signs point to a real estate sales slowdown in the province

By Peter Mitham for Business in Vancouver

Several reports in the last week point to investors seeking breathing room, which means a break, if not a brake, for the market.

On the commercial side, Altus Group reported that 2018’s first quarter ranked among the top 10 in a historical sense, but with lower volumes than a year ago.

“Private, institutional and government purchasers were all active in the first quarter, an indication that confidence in the market remains strong, and from an array of stakeholders,” Paul Richter, director of data solutions for Altus, said in announcing the results.

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Altus tracks sales worth $1 million and up. The quarter’s biggest sale was the $501 million deal Mesirow Financial Holdings Inc. struck for the Gateway Casinos & Entertainment Ltd. portfolio.

All told, 480 sales totalling $2.9 billion occurred in the quarter, down from 498 worth $3.4 billion in the same period a year ago.

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