VANCOUVER—The fall of commercial real estate transactions continued into the second quarter of this year, with fewer transactions compared to recent years.
The Real Estate Board of Greater Vancouver reports there were 569 commercial real estate sales in the Lower Mainland in the second quarter, a 16 per cent decrease during the same period last year that recorded 680 sales.
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“Similar to our residential market in recent months, we’re starting to see fewer transactions across all categories in our commercial market,” board president Phil Moore said in a statement. “Higher interest rates, reduced retail activity and other economic factors are contributing to this change.”
However, the combined dollar value of second quarter transactions, $4 billion, was 13 per cent higher versus last year.