Published:The real estate world in BC and Canada at large has been very focused on supply chain issues and rising interest rates this year, but new real estate market investment statistics show that those factors did not noticeably affect the market in terms of transactions.published by Avison Young, BC saw approximately $8.29B worth of commercial real estate investment in the first half of 2022, across a “near-record” amount of 458 transactions.
Avison Young says that although the pandemic changed how people shop, with fears that it would destroy brick-and-mortar retail, investment statistics such as that increase in transactions are showing that those fears have turned into confidence. The Province of BC announced in late August that it had a surprising budgetary surplus of $1.3B, with a re-opened economy also cited as a significant reason.
Meanwhile, outside of Vancouver, multiple deals involved significantly more money. Those include the sale of New Westminster’s Columbia Square for $136M, Valley Fair Mall in Maple Ridge for $76M, Trenant Park Square in Delta for $70M, and Logan Creek Plaza in Langley for $57.3M.Both industrial and land markets were hot in the first half of the year, according to statistics. The BC industrial market saw 79 deals for a total value of $1.26B, up slightly from the 73 deals and $1.
For land, which is primarily valued-based on redevelopment potential, BC registered 61 ICI deals for a total of $1.36B in the first half of 2022, while the residential sphere registered 182 deals for a total of $2.88B.