The Fifth Dimension Spring Edition 2022

THE FIFTH DIMENSION SPRING EDITION 2022

A Comprehensive Analysis of the Metro Vancouver Multifamily Market

Provided Collaboratively By:

WELCOME TO THE FIFTH DIMENSION Fifth Avenue Real Estate Marketing Limited (Fifth Avenue) specializes in

costs. Meanwhile, the last threads of the Covid-19 restrictions have been

be fluctuation, swinging back and forth due to increases in demand and

new multifamily home sales and marketing in suburban markets of Metro

mostly removed during this season, whatever the rest of 2022 may have in

decreases in supply. In addition to the expected and yet to be known exterior

Vancouver and throughout the Fraser Valley.

store for us, with all factors it feels more like what one might call normal.

factors, such as further interest rate increases throughout the year, possible

Fifth Avenue is a proud

partner with Peerage Realty Partners, a network of premium real estate

stress test increases by the federal government, etc. We expect the market to

service providers throughout North America. To service the other primary

With boarders now opening up after two years of Covid-19 keeping them

markets of British Columbia, our related entities include Central Vancouver

closed, the welcoming arrival of Ukrainian refugees, and the continued local

focused BakerWest Real Estate Incorporated, Okanagan based EPIC Real

Canadian market (that was the cause of the record breaking 2021 real estate

Estate Solutions Incorporated; and Vancouver Island based Island Realm

market across Canada and in the Fraser Valley), there is still strong demand

Real Estate Incorporated. Collectively, our brokerages possess leadership

for homes in BC, albeit at a slower pace than the last year. It is still a seller’s

experience helping developers bring the best new multifamily residential

market.

communities to life in each market, by local experts that live and work in

we are starting to move towards more of an equilibrium. This could change

these unique communities.

once immigration is fully open and we see any effects on the market from

remain relatively stable for the remainder of 2022.

Demand is still clearly outweighing the current supply; however, Regards,

purchasing in a safe country like Canada to call their new home. However, We are pleased to present this Spring edition of the Fifth Dimension. This

it may be difficult to add to the supply at the same rate as this new and

analysis reviews the number of new home sales and new developments for

expected demand unless local municipalities can increase the approval pace

the First quarter of 2022 by region across Greater Vancouver and the Fraser

of new home permits, and thus the rate of new supply to the market.

Valley.

Sales have slowed moderately; prices continue to remain the same and The supporting data for this report is objectively collected and presented by

increase due to rising costs associated with inflation and municipal costs.

renowned and renamed Zonda Urban (formerly Urban Analytics), a leading

Because of these facts prices are not expected to drop or change, but rather

provider of advisory services on the new multifamily home market and a vital

remain where they are and perhaps continue to increase at a slower pace to

contributor to this report since 2010.

help keep up with the rising costs of construction. Construction costs rising are a result of labour costs to pay living wages and material costs such as

The First Quarter of 2022 continued to break new home sales records across

lumber and concrete. Lumber has tripled in price over 2021 as one example.

the board with 6,323 sales recorded. However, like any pendulum over the

This means there really is no room to lower prices on new supply, however

quarter the market slowed unusually as of late and swung in the opposing

developers may start taking more time to reach their pre-sale requirements.

direction creating initial signs of potential downward pressure on prices

This means selling out in weeks or months, instead of hours or days as we

when compared to the same period last year. That being said, what we are

saw over 2021 and this First Quarter of 2022.

experiencing is comparable to driving at 140 km/hour and then slowing down for a curve in the road to 80 km/hour. Suddenly everything feels very slow

Given this reality, more British Columbians are projected to continue to

even though you are still moving very fast.

abandon the big city life in favour of more affordable neighbourhoods and housing types, while maintaining their big-city jobs with remote work

Numerous factors are attributed to these changes within our local markets,

contracts. Smaller areas across the province continue to benefit from this

and that proverbial curve in the road we have slowed down for is now more

shift, with increases not just in the Fraser Valley, but in the Okanagan and on

representative of a winding road with multiple swerves. This includes the civil

Vancouver Island alike.

unrest in Europe, rising interest rates with two increases in the First Quarter of 2022 already (and more to come), and inflation resulting in rising construction

2 THE FIFTH DIMENSION

SPRING EDITION 2022

In predicting the market for the remainder of this year, there will definitely

Jamie Squires President & Managing Broker Fifth Avenue Real Estate Marketing LTD. jamie@fifthave.ca

TABLE OF CONTENTS WELCOME TO THE FIFTH DIMENSION OVERALL MARKET SUMMARY MARKET SUMMARIES

2 4-5 6-29

Vancouver Downtown

6

Vancouver West

8

Vancouver East

10

Richmond & South Delta

12

Burnaby & New Westminster

14

North Shore: North & West Vancouver

16

Tri-Cities: Coquitlam, Port Coquitlam & Port Moody

18

Ridge Meadows: Maple Ridge & Pitt Meadows

20

Surrey Central & North Delta

22

South Surrey & White Rock

24

Cloverdale & Langley

26

Abbotsford & Mission

28

LOOKING BACK & AHEAD

30

RESEARCH METHODOLOGY

31

Proud Peerage Realty Partner

PeerageRealty.com

OVERALL MARKET SUMMARY In this First Edition of the Fifth Dimension for 2022, our data

last year. High Rise sales were particularly strong in the Burnaby/

the same quarter last year. There were 499 new released and

collection and analysis partner Zonda Urban (formerly Urban

New Westminster market area, which recorded 2,017 sales. High

unsold Townhome units at the end of the Fourth Quarter, which

Analytics) shares its commentary on the most recent quarter,

Rise condominium sales in this market area accounted for 49

is four percent lower than last quarter and 44 percent lower than

market performance year to date, and what to expect in the

percent of High Rise sales and 32 percent of overall new home

the same quarter last year. Strong sales activity was recorded

upcoming quarter with respect to Metro Vancouver’s multifamily

sales over the quarter. Notable sales activity occurred at Shape

at Amacon Group’s McKenzie Mews (Central Abbotsford), Castle

residential real estate market.

Properties’ Brentwood Tower 5 (Brentwood), Concord Pacific’s

Hill Homes and Gatehouse Developments’ Madewell (Yorkson),

Oasis at Concord Brentwood (Brentwood), Appia Development’s

Domus Homes’ Laval (Maillardville), and Stone Ridge by Allaire

Q1 — New Home Market

Solo District – Aerius (Brentwood), Artesia by Qualex Landmark

(St. Johns).

Metro Vancouver’s new home market continued its momentum

(Metrotown), Nuvo by Anthem Properties (Metrotown), and The

from the record breaking 2021, as First Quarter sales were the

Keary by Wesgroup (Sapperton).

fifth highest quarterly sales recorded since Zonda Urban started tracking sales data in 2010. The 6,323 sales in the First Quarter of 2022 were driven by strong activity in the High Rise sector. Note that overall sales were still five percent lower when compared to the same quarter last year. There were 5,131 released and unsold units at the end of the First Quarter, a decrease of 12 percent from the previous quarter and a 27 percent decrease from the same quarter last year. There were 498 completed and unsold new multi-family homes available at the end of the First Quarter, which is down from the 570 recorded last quarter but up 18 percent from 423 recorded at the end of the same quarter last year.

The 1,551 new Low Rise condominium sales recorded in the First Quarter of 2022 were 31 percent lower than last quarter and two percent lower when compared to the same quarter last year. Lower sales activity in this sector can be partially explained by lower inventory levels of this product type. 15 new Low Rise projects launched over the quarter, releasing 1,418 units with 78 percent of them being absorbed. The total of 701 released and unsold inventory at the end of the First Quarter is down 10 percent compared to last quarter and down 48 percent compared to the same quarter last year. Notable sales activity was reported at Aquilini Group’s and Tsawwassen First Nation’s Boardwalk – Salt and Meadows (Tsawwassen First Nations), Flora and Fauna

A total of 4,116 High Rise sales were recorded in the First Quarter of 2022; this is a two percent decrease from last quarter but a 35

by Sage and Tangerine Developments (Willoughby), Fraser Manse by Manse Group Developments (Fleetwood), and Linc by

percent increase from the same quarter last year. High Rise sales

Vanhome Properties (Burquitlam).

accounted for 65 percent of all sales in the quarter. There were

A total of 656 new Townhome sales were reported in the First

3,931 released and unsold High Rise units available at the end of

Quarter of 2022, which represents a 45 percent decrease compared

the First Quarter, a 19 percent decrease from the same quarter

to last quarter and a 68 percent decrease when compared to

4 THE FIFTH DIMENSION

SPRING EDITION 2022

Q1 — Resale Market A total of 4,152 newer multi-family homes resold in the First Quarter of 2022. This figure is up eight percent from last quarter but down five percent when compared to the First Quarter of 2021.

When compared to last quarter, High Rise and Low Rise re-sales have increased by 14 percent and seven percent, respectively, while Townhome re-sales had a negligible increase in re-sales.

When compared to the same quarter one year ago, re-sales of High Rise product increased by 25 percent, while Low Rise and Townhome re-sales decreased by three percent and 33 percent, respectively. Overall active listings decreased by 43 percent when compared to the same quarter last year but increased by 88 percent when compared to the previous quarter. Active listings for High Rise, Low Rise, and Townhome product have decreased by 33, 61, and 40 percent, respectively when compared to the First Quarter of 2021.

OVERALL MARKET SUMMARY - CONTINUED New Home Aggregates Q1-2022

Q1 — Observations and Opinions

levels since the Second Quarter of 2018 and the Third Quarter of

While the First Quarter of 2022 experienced strong sales activity,

2017, respectively. Diminishing inventory combined with steady

there were some signs of slowing down from the feverish and record-breaking pace of late 2021. A total of 6,323 sales were

demand levels has resulted in increased pricing from developers over the past quarter.

achieved this quarter, which is the second highest volume of First Quarter sales recorded since Zonda Urban started tracking sales data in 2010. After interest rates remained at record lows since March of 2020, the Bank of Canada increased interest rates by 0.25 percent to remain in line with the Federal Reserve and help slow inflationary pressures. Several more increases are anticipated to follow over the year. Despite this, consistent price increases and low supply levels are still encouraging for end users and investors seeking to purchase into pre-sale developments that may not complete for several years. While sales decreased from the previous quarter, strong demand in the market is evidenced by the statistic that 71 percent of all units released from new project launches over the quarter were absorbed. Investor activity has been most noticeable in projects located in growing, transit accessible neighbourhoods. This was especially evident in the Central Surrey and Langley areas where eight investor-oriented projects launched here over the quarter, releasing 1,427 units and recording a total of 1,245 sales. There were 5,131 released and unsold units available in Metro Vancouver at the end of the First Quarter of 2022. This is the lowest quarterly total of available inventory recorded since the end of Third Quarter of 2018. This is also the first time since the Third Quarter of 2018 that the amount of released and unsold High Rise units has dropped below 4,000 units. The released and unsold inventories of Low Rise and Townhome units at the end of this recent quarter are at their lowest

5 THE FIFTH DIMENSION

SPRING EDITION 2022

Notable projects anticipated to launch in the Second Quarter and Third Quarter of 2022 include: in Vancouver Downtown – Landa Global Properties’ 1818 Alberni, Brivia Group CURV; in

High Rise

Low Rise

Townhomes

Total

Total Q1-2022 Sales

4,116

1,551

656

6,323

Total Inventory

3,931

701

499

5,131

Standing Inventory

446

32

20

498

Total # of Projects

154

70

96

320

Sales Comparison Totals Q1-2022

Vancouver West – Hathstauwk’s Kitsilano Block, Solterra’s

YTD 2020 Sales

YTD 2021 Sales

YTD 2022 Sales

Change from 2021

High Rise

1,013

3,038

4,116

35%

Low Rise

584

1,590

1,551

-2%

Aquilini Group’s Seymour Village – Lupine Walk; in the Tri-Cities

Townhomes

728

2,023

656

-68%

– Ledingham McAllister’s Precidia, Strand’s Alina, and Mosaic

Total

2,325

6,651

6,323

-5%

Italia, and Anthem’s Form; Vancouver East – Wesgroup’s Ace on the Drive and Coromandel’s Frame;

in Burnaby – Keltic’s

O2 and Kirpal Group’s Contour; on the North Shore – Executive Group’s Executive on the Park, Beedie Living’s Hawksley, and

Homes’ Moody Yards; in Richmond/South Delta – Thind Properties’ Minoru Square and Anderson Square’s Prima; in South Surrey/ White Rock – Century Group’s Holland Parkside; in Central Surrey/

Resale Market Totals Q1 - 2022

North Delta – Thind’s District Northwest – North Tower, West Fraser Developments’ Radley, and Vanquish Homes’ Onyx and Ivory; in Langley/Cloverdale – Hayer Builders Group’s Hayer Town Centre, Jayen Properties’ Park & Maven, and Streetside’s Emory;

High Rise

Low Rise

Townhomes

Total

Total Resales

1,756

1,283

1,113

4,152

Total Active Listings

1,006

360

498

1,864

in Abbotsford/Mission – AB Wall Group Highstreet Village; Janda Group Aldergrove Town Centre; Infinity Properties’ Rail District; and in Ridge-Meadows – Platinum Group of Companies’ Inspire – Phase 2 and Azure Group’s Hillside Homes.

HIGH RISE SALES

LOW RISE SALES

TOWNHOME SALES

4,116

1,551

656

MARKET SUMMARY - NEW

VANCOUVER DOWNTOWN The Downtown Vancouver market will maintain its ‘Green Light’ status for the fourth consecutive quarter as sales increased by 27 percent when compared to last quarter. Two projects accounted for 46 percent of total sales over the quarter. One project resumed sales after being on hold for the last two years, releasing its final 69 units. The second project is a luxury-tiered product that launched last quarter and is now 50 percent sold. This project has since brought local end users and international buyers back into the Downtown Luxury Market. In the First Quarter of 2022, 30 percent of available inventory was absorbed in this market area. This is an eight percent increase when compared to the absorption rate in the previous quarter. The Downtown market area is expecting a 54 unit High Rise project to launch in Spring 2022, continuing the momentum that has been observed over the last four quarters.

Released

Projected

High Rise

New Market Highlights (Q1-2022) ̵

Bosa Properties’ 43 storey High Rise, Fifteen Fifteen, has been reported as being 50 percent sold since its sales campaign began in late October and is blending at an overall price per square foot of $2,900 ̵

Reliance Properties’ High Rise Condominium, 2 Burrard Place, achieved 17 sales in the First Quarter of 2022 and is blending at $1,837 per square foot with two units remaining ̵

1289 Nichola by Dimex, which commenced sales in December 2021, sold five units over the quarter while blending at an overall price per square foot of $2,271 and has one unit remaining ̵

Landmark on Robson – East Tower by Asia Standard Americas Ltd. resumed sales and released their remaining inventory, selling 39 units over the quarter at a blended average price of $3,300 per square foot ̵

Brivia Group’s 60 storey High Rise Condominium, CURV, will be the talleast passive house structure in the world ̵

There are 57 move-in ready homes in this market area

Low Rise Townhome Locations are approximate

HIGH RISE SALES

142

↑

LOW RISE SALES

0↔

TOWNHOME SALES

0↔

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

12 ↑

338 ↓

$1,330 - $3,300

Low Rise

—

—

—

Townhome

—

—

—

**Note: The greater variation in active Sales Price Range is the result of the achievable sale value differential between comparable product in the different Downtown neighbourhoods.

6 THE FIFTH DIMENSION

SPRING EDITION 2022

RESALE MARKET SUMMARY

VANCOUVER DOWNTOWN MLS Resale Highlights (Q1-2022) Average sales values per square foot have increased by $254 when compared with the First Quarter of 2021 for High Rise product ̵

The number of High Rise listings has decreased from 211 to 175, while High Rise resales increased by 23 when compared to the First Quarter of 2021 ̵

The average per square foot values of one and two bedroom High Rise condominiums have increased by $215 and $211, respectively, since the First Quarter of 2021 The months of supply for resales in the High Rise market has decreased from 5.3 months to 3.7 months when comparing to the same quarter last year The sales range has increased by $83,000 on the lower end and $680,000 on the higher end over the past four quarters for High Rise product ̵

̵

̵

̵

MLS Resale Statistics (Product 10 Years of Age or Less) Active Listings

Sold Listings

Active Listings

Monthly Supply

#

Percent

PSF

DOM

Active Sales Range (75 percent of sales)

High Rise

175

3.7

143

95%

$1,543

69

$665,000-$2,470,000

Low Rise

1

0.6

5

3%

$829

12

$360, 000 - $393,000

Townhomes

0

0

2

1%

$1,095

26

$1,500,000-$1,590,000

MLS Resale by Unit Type

The average time a unit is on the market has decreased for High Rise by 16 days since the First Quarter of 2021

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$787,565

$1,273

$1,683,240

$1,601

Low Rise

$376,600

$829

-

-

2 Bedroom Townhomes

7 THE FIFTH DIMENSION

SPRING EDITION 2022

PSF

$1,545,000

3 Bedroom $1,095

-

-

NEW MARKET SUMMARY

VANCOUVER WEST Vancouver West will continue to hold its ‘Green Light’ status for the First Quarter of 2022 after recording 394 sales. While this is a 20 percent decrease from the previous quarter, demand for new project launches remained strong. Three High Rise and two Townhome projects launched during the quarter, adding 407 units to the market with an absorption rate of 59 percent. These project launches helped the High Rise sector increase sales by 11 percent when compared to the previous quarter.

Despite the new Townhome projects adding additional inventory to the market, sales and inventory declined by 20 and nine percent, respectively, when compared to the previous quarter. Sales and inventory also declined in the Low Rise sector by 81 and 19 percent, respectively, with no projects launching over the quarter. Buyer interest has continued to include an even mix of local investors and end users.

Released

Projected

High Rise

New Market Highlights (Q1-2022) ̵

Polygon’s High Rise development, West Wind at Lelem, launched in early March and reported 92 sales at a blended per square foot of $1,548 ̵

Claridge House, a High Rise Condominium project by Polygon, recorded 80 sales over the quarter at a blended per square foot of $1,780 ̵

Coromandel Properties’ Townhome project, Oak + 52, is now sold out after 11 months on the market, achieving a blended per square foot of $1,203 ̵

Sightline Properties released their 19 unit Townhome project, Seasons, in early March and reported 9 sales at a blended per square foot of $1,524 ̵

Park Langara by Redekop Kroeker commenced sales in mid-February, selling 47 units at a blended per square foot of $1,510 ̵

Kitsilano Block, a 59 unit concrete Condominium project by Hathstauwk, is anticipated to release early in the Second Quarter of 2022

8 THE FIFTH DIMENSION

SPRING EDITION 2022

Low Rise Townhome Locations are approximate

HIGH RISE SALES

330

↑

LOW RISE SALES

14

↓

TOWNHOME SALES

50 ↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

34 ↑

723 ↑

$1,188 - $2,899

Low Rise

5↓

59 ↓

$1,242 - $1,560

Townhome

23 ↔

177 ↓

$1,096 - $1,600

RESALE MARKET SUMMARY

VANCOUVER WEST MLS Resale Highlights (Q1-2022) Total resales have increased by 86 when compared to the First Quarter of 2021, while total listings have decreased by 167 in that same time span ̵

The average time a unit is on the market has decreased for High Rise and Low Rise by 16 days, while Townhomes have decreased by 75 days since the First Quarter of 2021 ̵

̵

Average price per square foot sales values for High Rise, Low Rise, and Townhome units have increased over the past four quarters by $192, $213, and $128, respectively ̵

Two bedroom High Rise and Low Rise product saw increases of $222 and $276 in average price per square foot sales values when compared to four quarters ago ̵

The sales range has increased by $25,000 on the lower end and by $643,000 on the higher end since the First Quarter of 2021 for Low Rise product ̵

The Townhomes sales range has increased by $379,500 on the lower end and by $349,900 on the upper end over the past four quarters

MLS Resale Statistics (Product 10 Years of Age or Less) Active Listings

Sold Listings

Active Listings

Monthly Supply

#

Percent

PSF

DOM

Active Sales Range (75 percent of sales)

High Rise

170

2.1

245

72%

$1,356

53

$670,000 - $1,543,000

Low Rise

32

2.6

37

11%

$1,278

71

$760,000 - $1,750,000

Townhomes

79

4.0

59

17%

$1,221

54

$1,454,500 - $2,349,900

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$758,691

$1,336

$1,313,727

$1,381

Low Rise

$756,690

$1,219

$1,256,183

$1,307

2 Bedroom Townhomes

9 THE FIFTH DIMENSION

SPRING EDITION 2022

PSF

$1,571,080

3 Bedroom $1,185

$1,925,963

$1,254

NEW MARKET SUMMARY

VANCOUVER EAST The Vancouver East market area will maintain its ‘Green Light’ status after recording 215 sales over the quarter, a 34 percent increase from the previous quarter. Compared to the Fourth Quarter of 2021, Low Rise and Townhome sales increased by 42 and 238 percent, respectively, while High Rise sales decreased by two percent. Sales were largely driven by the Low Rise sector, which accounted for 58 percent of all sales. The Low Rise sector saw one new project launch, releasing 54 units with an absorption rate of 85 percent. The Townhome sector released an additional 12 units on the market over the quarter, while no new units were released in the High Rise sector. The market area saw 61 percent of all available units absorbed over the quarter. Unsold inventory declined across the High Rise, Low Rise, and Townhome sectors, with decreases of 25, 30, and 42 percent seen across the respective sectors.

Released

Projected

High Rise

Market Highlights (Q1-2022)

Low Rise

̵

Linx, a 54 unit woodframe development by Omicron and Lotus Capital, commenced sales in late February and sold 46 units at a blended value of $1,186 price per square foot ̵

Porte Homes’ woodframe development, Grafia, achieved 35 sales in the First Quarter of 2022 at an average price per square foot of $1,170 ̵

Format (Condos) by Cressey Development recorded 21 sales over the quarter ̵

Second + Main by Create Properties sold 18 units and is now sold out after being on the market for 52 months ̵

Cressey Development’s Townhome project, Format, released their final 17 units and recorded 17 sales ̵

Peterson Group and Coromandel Properties are preparing to launch Frame, a 217 unit concrete project, to the Renfrew-Collingwood neighborhood in the Second Quarter of 2022

10 THE FIFTH DIMENSION

SPRING EDITION 2022

Townhome Locations are approximate

HIGH RISE SALES

63

↓

LOW RISE SALES

125

↑

TOWNHOME SALES

27↑

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

10 ↔

189 ↓

$905 - $1,320

Low Rise

12 ↑

100 ↓

$875 - $1,185

Townhome

5↔

38 ↓

$850 - $1,265

RESALE MARKET SUMMARY

VANCOUVER EAST MLS Resale Highlights (Q1-2022) The average time a unit is on the market has decreased for High Rise, Low Rise, and Townhomes since the First Quarter of 2021 by 14, 19, and 17 days, respectively ̵

Average price per square foot sales values for High Rise, Low Rise, and Townhome units have increased by $150, $168, and $152, respectively ̵

The sales range increased by $70,100 on the lower end and increased by $217,500 on the upper end for Low Rise product since the same quarter last year ̵

̵

The average price per square foot for a one bedroom and two bedroom unit in a High Rise is up by $158 and $149 since the First Quarter of 2021 ̵

The Townhomes sales range has increased by $44,000 on the lower end and by $320,000 on the upper end over the past four quarters ̵

The average price per square foot for two bedroom and three bedroom Townhome units has increased by $144 and $162 since the First Quarter of 2021, respectively

MLS Resale Statistics (Product 10 Years of Age or Less) Active Listings

Sold Listings

Active Listings

Monthly Supply

#

Percent

PSF

DOM

Active Sales Range (75 percent of sales)

High Rise

100

1.5

194

60%

$1,157

34

$585,000 - $1,129,000

Low Rise

30

1.2

77

24%

$1,049

22

$570,000 - $1,086,500

Townhomes

23

1.3

52

16%

$1,041

43

$970,000 - $1,618,800

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$658,871

$1,183

$990,948

$1,130

Low Rise

$644,332

$1,072

$900,841

$1,016

2 Bedroom Townhomes

11 THE FIFTH DIMENSION

SPRING EDITION 2022

PSF

$1,138,363

3 Bedroom $1,072

$1,300,623

$1,029

NEW MARKET SUMMARY

RICHMOND/SOUTH DELTA The Richmond/South Delta market will maintain a ‘Green Light’ rating for the First Quarter of 2022 after recording 316 sales. Although sales decreased by 56 percent when compared to the previous quarter, interest in new projects remained strong as 72 percent of new project launches were absorbed. The First Quarter of 2022 saw the release of one Low Rise project, which brought 165 units onto the market and had an absorption rate of 78 percent. Two Townhome projects also launched over the quarter, bringing 30 units to the market while achieving an absorption rate of 37 percent. There were no High Rise launches over the past quarter. Sales across the market area were largely driven by the Low Rise sector, which accounted for 47 percent of sales over the quarter. In comparison, the High Rise and Townhome sectors accounted for 38 and 15 percent of sales, respectively.

Released High Rise

Market Highlights (Q1-2022) ̵

Reliance’s 14 unit Townhome project, Richstone, commenced sales in February and sold 10 units at an overall blended price per square foot of $1,004 ̵

Granville Gardens II by Pakland Homes launched in March 2022 and released 16 units at an overall blended price of $1,116 per square foot ̵

Aquilini Group and Tsawwassen First Nation’s Boardwalk – Salt and Meadows, a 165 unit Mid Rise development, launched sales in February and sold 126 units at a blended price of $763 per square foot ̵

Luxe Lansdowne, a 363 unit High Rise project by Townline Homes and Canderel, sold 40 units over the quarter at an overall value of $1100 per square foot ̵

Projected

West Coast Estates by Executive Group, a 22 unit Townhome development, sold ten units over the quarter at a blended price of $643 per square foot

Low Rise Townhome Locations are approximate

HIGH RISE SALES

119

↓

LOW RISE SALES

150

↑

TOWNHOME SALES

47

↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

15 ↓

477 ↓

$930 - $1,300

Low Rise

5↓

142 ↑

$747 - $890

Townhome

14 ↓

91 ↓

$480 - $1,116

**Note: The greater variation in Active Sales Price Range is the result of the achievable sale value differential between comparable product in Richmond and South Delta

12 THE FIFTH DIMENSION

SPRING EDITION 2022

RESALE MARKET SUMMARY

RICHMOND/SOUTH DELTA MLS Resale Highlights (Q1-2022) Total listings have decreased from 513 to 227 when comparing to the First Quarter of 2021 ̵

The lower-bound of the sales range for High Rise product increased by $91,200, while the upper-bound of the sales range increased by $177,200 when comparing to the same quarter in 2021 ̵

The sales range of Townhomes increased by $250,000 on the lower end, while the top end price range increased by $385,100 when compared to the First Quarter of 2021 ̵

̵

̵

Average per square foot sales values of High Rise, Low Rise, and Townhome units increased by $132, $140, and $234, respectively, when compared to four quarters ago

̵

Price per square foot sales values for one bedroom High Rise units have increased by $150, while one bedroom Low Rise units have increased by $171 over the past four quarters

MLS Resale Statistics (Product 10 Years of Age or Less) Active Listings

Sold Listings

Active Listings

Monthly Supply

#

Percent

PSF

DOM

Active Sales Range (75 percent of sales)

High Rise

162

2.5

197

45%

$1,020

40

$610,000 - $1,129,900

Low Rise

21

0.4

147

33%

$853

30

$555,000 - $835,000

Townhomes

44

1.4

95

22%

$895

36

$1,000,000 - $1,585,000

MLS Resale by Unit Type

The average sales price of a two and three bedroom Townhomes increased by $280,643 and $297,675, respectively, since the First Quarter of 2021

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$652,844

$1,077

$906,402

$961

Low Rise

$544,477

$925

$736,424

$836

2 Bedroom Townhome

13 THE FIFTH DIMENSION

SPRING EDITION 2022

PSF

$1,049,543

3 Bedroom $794

$1,220,205

$903

NEW MARKET SUMMARY

BURNABY/NEW WESTMINSTER The Burnaby/New Westminster market area will maintain its ‘Green Light’ status for the First Quarter of 2022. There were seven new Condominium projects that launched within the first quarter, amounting to 2,371 new units being released. 66 percent of the newly released inventory was absorbed at the end of the quarter. As more comprehensive products were released on the market, High Rise Condominium sales have increased by 69 percent. The majority of new projects launches were in the Metrotown and Brentwood neighbourhoods, with five new High Rise projects in these neighbourhoods releasing a combined 1,818 units, 72 percent of which were absorbed. The overall blended values for these projects ranged from $1,290 - $1,371 per square foot. There is minimal available inventory for Low Rise condominiums and Townhomes in this market area as High Rise condominium inventory accounts for 94 percent of the total available unsold inventory.

Released

Projected

High Rise

Market Highlights (Q1-2022)

Low Rise

Phase Two of Concord’s Brentwood High Rise development, Oasis, consists of 409 units in the west tower and sold 300 units at an average value of $1,300 per square foot ̵

Shape Properties’ High Rise development, The Amazing Brentwood (Tower 5), released 503 units while blending at $1,371 per square foot ̵

Appia Development’s last High Rise tower in the Solo District development, Aerius, launched in early February at a blended per square foot value of $1,310, selling 288 units over the quarter ̵

Nuvo, Anthem’s 44 storey High Rise development in Metrotown, started sales in late February and sold 300 units while blending at an average value of $1,290 per square foot ̵

̵

Wesgroup’s final 30 storey High Rise tower in the Brewery District, The Keary, launched in late February and sold all 292 units at an average value of $1,001 per square foot

14 THE FIFTH DIMENSION

SPRING EDITION 2022

Townhome Locations are approximate

HIGH RISE SALES

2,017

↑

LOW RISE SALES

297

↑

TOWNHOME SALES

29 ↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

43 ↑

1,410 ↑

$675 - $1,400

Low Rise

9↑

98 ↓

$745 - $970

Townhome

2↓

1↓

$610 - $900

RESALE MARKET SUMMARY

BURNABY/NEW WESTMINSTER MLS Resale Highlights (Q1-2022) The average time a unit is on the market has decreased for High Rise, Low Rise, and Townhomes since the First Quarter of 2021 by 30, 26, and 17 days, respectively ̵

The number of High Rise listings has decreased from 320 to 173 when compared to the First Quarter of 2021 ̵

The average per square foot sales values of High Rise, Low Rise, and Townhomes have increased when comparing to the First Quarter of 2021 by $172, $134, and $112, respectively ̵

̵

̵

Compared to the First Quarter of 2021, the average price per square foot of one bedroom High Rise and Low Rise product has increased by $194 and $158, respectively

̵

The average price per square foot of two bedroom High Rise and Low Rise product has increased by $168 and $112, respectively, over the past year

MLS Resale Statistics (Product 10 Years of Age or Less) Active Listings

Sold Listings

Active Listings

Monthly Supply

#

Percent

PSF

DOM

Active Sales Range (75 percent of sales)

High Rise

173

1.2

428

72%

$1,112

29

$675,000 - $1,099,000

Low Rise

18

0.6

94

16%

$883

24

$538,000 - $860,000

Townhome

23

1.0

72

12%

$814

28

$883,000 - $1,240,000

MLS Resale by Unit Type

The average sales price of two and three bedroom Townhomes have increased by $150,493 and $205,849, respectively, when compared to the First Quarter of 2021

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$689,112

$1,169

$945,611

$1,080

Low Rise

$571,745

$924

$767,169

$859

2 Bedroom Townhome

15 THE FIFTH DIMENSION

SPRING EDITION 2022

PSF

$968,240

3 Bedroom $845

$1,098,151

$789

NEW MARKET SUMMARY

NORTH SHORE The North Shore will maintain its ‘Green Light’ status for the First Quarter of 2022. Although there were no new project launches, the First Quarter of the year saw 46 percent of inventory absorbed, a four percent increase when compared to the absorption rate noted the previous quarter. The High Rise sector experienced 100 percent of the sales activity in the market area with 208 sales. 48 percent of available inventory was absorbed. Currently, there is an extremely limited supply of Low Rise and Townhome product in the market area, as there are only 13 Low Rise units and one Townhome unit available for purchase. The primary purchasers in the High Rise sector were either investors purchasing smaller units or downsizers buying the higher-end luxury product. After experiencing no project launches over the First Quarter of 2022, the market area is expecting to see multiple projects launch in the next quarter.

Market Highlights (Q1-2022)

Released

Projected

High Rise

̵

Cascadia Green Development’s concrete Condominium, Innova, commenced sales in October and recorded 48 sales this quarter at a blended price per square foot of $1,238 ̵

Seylynn Village – Apex, a High Rise project by Denna Homes which launched in October, achieved 44 sales this quarter at an overall blended value of $1,142 per square foot ̵

Millennium Development Corp’s Millennium Central Lonsdale started sales in May and sold 27 units over the quarter at a blended price per square foot of $1,413 ̵

Hunter at Lynn Creek by Intergulf sold 20 units over the quarter at a blended price of $991 per square foot, with 2 units remaining unsold ̵

There are numerous releases anticipated for the beginning of the Second Quarter of 2022: Executive on the Park by Executive Development Corp which will contain 88 units, Aquilini Development’s 109 unit Lupine Walk: Seymour Village, and Areva Living’s 26 Townhome project called 1515 Rupert

Low Rise Townhome Locations are approximate

HIGH RISE SALES

208

↓

LOW RISE SALES

TOWNHOME SALES

↓

↓

0

0

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

12 ↓

228 ↓

$990 - $1,565*

Low Rise

1↓

13 ↔

$1,565*

Townhome

2↓

1↔

$840 - $900

*Note that the large sales range is due to the price differences observed in West and North Vancouver.

16 THE FIFTH DIMENSION

SPRING EDITION 2022

RESALE MARKET SUMMARY

NORTH SHORE MLS Resale Highlights (Q1-2022)

̵

There were 102 total listings, which is a decrease of 99 listings when compared to the First Quarter of 2021 ̵

Compared to the First Quarter of 2021, the average time a unit is on the market has decreased for High Rise and Low Rise units by 45 and 30 days, respectively ̵

The average per square foot sales values for High Rise, Low Rise, and Townhomes have increased when comparing to the First Quarter of 2021 by $96, $140, and $191, respectively ̵

The sales range increased by $103,000 on the lower-end and increased by $260,000 on the upper-end for Low Rise product since four quarters ago ̵

One bedroom High Rise and Low Rise product increased in per square foot sales values by $184 and $108, respectively, when compared to the First Quarter of 2021 ̵

The average sales price of two and three bedroom Townhome have increased by $360,655 and $444,009, when compared to the First Quarter of 2021

MLS Resale Statistics (Product 10 Years of Age or Less) Active Listings

Sold Listings

Active Listings

Monthly Supply

#

Percent

PSF

DOM

Active Sales Range (75 percent of sales)

High Rise

73

2.1

102

43%

$1,229

28

$750,000 - $1,500,000

Low Rise

12

0.4

88

37%

$1,047

12

$668,900 - $1,210,000

Townhome

17

1.1

47

20%

$979

57

$1,150,000 - $1,940,000

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$774,724

$1,270

$1,207,920

$1,183

Low Rise

$706,928

$1,015

$986,255

$1,064

2 Bedroom Townhome

17 THE FIFTH DIMENSION

SPRING EDITION 2022

PSF

$1,419,413

3 Bedroom $980

$1,781,554

$983

NEW MARKET SUMMARY

TRI-CITIES The Tri-Cities will retain its ‘Green Light’ rating for the First Quarter of 2022 after recording 618 sales.

While this is a 28 percent decrease from the previous quarter, demand in the market remained strong as evidenced by the market achieving an absorption rate of 71 percent. Interest in new projects also remained high. There were five new project launches over the quarter – two Low Rise projects and three Townhome projects – which released 281 total units while having an absorption rate of 79 percent. Sales continue to be drive by the High Rise sector, which accounted for 44 percent of all sales. The Low Rise and Townhome sectors accounted for 39 and 17 percent of sales, respectively.

Compared to the Fourth Quarter of 2021, sales in the High Rise and Townhome sectors decreased by 40 and 57 percent, respectively. In contrast, the Low Rise sector saw sales increase by 48 percent.

Released

New Market Highlights (Q1-2022)

High Rise

̵

Linc by Vanhome Properties commenced sales in late January and sold 70 percent (101 units) of the 144 unit Low Rise development at an average blended price per square foot of $889

Low Rise

̵

Mosaic Homes’ Allison, a 96 unit Low Rise development, released and sold 44 units at an average blended price per square foot of $890 ̵

Baycrest West, a 24 unit Townhome project by Woodbridge Homes, commenced sales in mid-June at an average price of $1,349,720 and sold 12 units ̵

Domus Homes’ Townhome project, Laval, released 41 units and sold 38 at an average price per square foot of $829 after launching in early January ̵

Stone Ridge by Allaire commenced sales in late January, releasing and selling 28 units at an average price per square foot of $786 ̵

Forester Two, a 112 unit Townhome project by Townline Homes, sold out after 6 months on the market ̵

Chroma by Forte Living launched in April and sold over 50% of its inventory

18 THE FIFTH DIMENSION

SPRING EDITION 2022

Projected

Townhome Locations are approximate

HIGH RISE SALES

273

↑

LOW RISE SALES

242

↑

TOWNHOME SALES

103

↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

18 ↔

225 ↓

$819 - $1019

Low Rise

15 ↓

15 ↓

$596 - $890

Townhome

7↓

7↓

$568 - $829

RESALE MARKET SUMMARY

TRI-CITIES MLS Resale Highlights (Q1-2022) Compared to the First Quarter in 2021, sales in High Rise and Low Rise product increased by 63 and 17, respectively, while Townhome sales decreased by 51 ̵

Total listings have decreased by 115 when compared to the same period last year ̵

The average sales value per square foot for High Rise, Low Rise, and Townhome product have increased by $193, $157, and $201, respectively, since the First Quarter of 2021 ̵

̵

̵

The lower end sales range for High Rise, Low Rise, and Townhome product has increased by $119,500, $126,900, and $272,900, respectively, since the same quarter last year

̵

The average price per square foot of a one bedroom is up by $191 and $177 for High Rise and Low Rise product compared to the First Quarter of 2021

MLS Resale Statistics (Product 10 Years of Age or Less) Active Listings

Sold Listings

Active Listings

Monthly Supply

#

Percent

PSF

DOM

Active Sales Range (75 percent of sales)

High Rise

67

0.8

237

50%

$1,018

16

$620,000 - $968,000

Low Rise

32

0.6

155

32%

$880

18

$569,900 - $899,900

Townhome

6

0.2

85

18%

$801

10

$1,029,900 - $1,401,000

MLS Resale by Unit Type

The average sales price of two and three bedroom Townhome has increased by $236,429 and $235,219, when compared to the First Quarter of 2021

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$640,539

$1,087

$872,020

$982

Low Rise

$594,244

$921

$775,935

$856

2 Bedroom Townhome

19 THE FIFTH DIMENSION

SPRING EDITION 2022

PSF

$959,854

3 Bedroom $838

$1,172,053

$818

NEW MARKET SUMMARY

RIDGE MEADOWS The Ridge-Meadow market area will hold its ‘Green Light’ status for the First Quarter of 2022, with sales increasing by 15 percent when compared to the Fourth Quarter of 2021. Strong investor activity was observed in Low Rise Condominium projects that launched during the quarter. End-users continued to value the spacious living area that Townhomes provide as newly released inventory was quickly absorbed. The increase in unsold inventory for Low Rise condominiums is due to the launch of a 108 unit project at the very end of the quarter. Without the launch, total unsold inventory would have been 27 units. The lack of supply in this market area has put immense pressure on pricing, pushing the upper end of the active sales range by approximately $100 per square foot in both Low Rise Condominiums and Townhomes.

Released High Rise

Market Highlights (Q1-2022) ̵

TriDecca Development’s Low Rise Condominium, Thomas, launched sales in early February at a blended price per square foot value of $728 and sold all 57 units within the first two weeks of their sales campaign ̵

Brickwater IV, Falcon Homes’ 79 unit Low Rise Condominium project, sold its final nine units over the quarter while achieving an average blended value of $635 per square foot ̵

The second phase of Polygon’s Townhome project, Provenance South, released 47 units and recorded 42 sales at an average value of $708 per square foot ̵

Harwest Homes’ 30 unit Townhome project, Sequoia, started sales in mid-January at an average blended price per square foot value of $656 and reported four homes remaining at the end of the quarter ̵

Onni’s Townhome project, Nature’s Walk, recorded nine sales over the quarter even with price increases of over $70,000 on the ten units remaining in phase eight

20 THE FIFTH DIMENSION

Projected

SPRING EDITION 2022

Low Rise Townhome Locations are approximate

HIGH RISE SALES

0↔

LOW RISE SALES

TOWNHOME SALES

↑

↓

87

91

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

1↔

1↔

$580

Low Rise

5↑

111 ↑

$590 - $780

Townhome

6↑

23 ↑

$520 - $650

RESALE MARKET SUMMARY

RIDGE MEADOWS MLS Resale Highlights (Q1-2022) ̵

Total listings and resales decreased by 41 and 19, respectively, when compared to the First Quarter of 2021 ̵

The average sales value per square foot for Low Rise and Townhome product have increased by $176 and $201, respectively, since the same quarter last year ̵

The average sales price of one and two bedroom Low Rise units increased by $111,782 and $164,593, respectively ̵

The lower and upper bound of the sales range for Low Rise product increased by $115,000 and $124,000, respectively compared to the same period last year ̵

Since the First Quarter of 2021, the lower and upper bound of the sales range for Townhome product increased by $260,100 and $425,000, respectively ̵

Two bedroom and three bedroom Townhome units saw an increase in average price on sold units by $174,571 and $275,925 respectively, over the past year

MLS Resale Statistics (Product 10 Years of Age or Less) Active Listings

Sold Listings

Active Listings

Monthly Supply

#

Percent

PSF

DOM

Active Sales Range (75 percent of sales)

High Rise

0

0

0

0%

-

-

-

Low Rise

16

0.5

104

56%

$720

17

$490,000 - $753,900

Townhome

19

0.7

81

44%

$652

8

$880,000 - $1,180,000

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

-

-

-

-

Low Rise

$500,572

$750

$697,480

$702

2 Bedroom Townhome

21 THE FIFTH DIMENSION

SPRING EDITION 2022

PSF

$810,000

3 Bedroom $614

$955,494

$668

NEW MARKET SUMMARY

SURREY CENTRAL/NORTH DELTA The Surrey Central/North Delta market receives another ‘Green Light’ status with 1,104 sales in the First Quarter of 2022. Although sales decreased by three percent when compared to last quarter’s record breaking numbers, the Surrey Central/North Delta market remained very active. High demand for this market area resulted in the top end price per square foot values increasing across all sectors.

The highest activity was seen in the High Rise sector, where two project launches accounted for 71 percent of total sales. The High Rise sector achieved an absorption rate of 80 percent. The Low Rise and Townhome sectors saw decreases in sales by 76 and 71 percent respectively when compared to last quarter. These sectors experienced fewer project launches when compared to the Fourth Quarter of 2021 and saw absorption rates of 75 percent for Low Rise product and 46 percent for Townhomes.

Released High Rise

Market Highlights (Q1-2022) ̵

Parkway 1 – Aspect by Bluesky Properties, is a 363 unit High Rise that commenced sales in midFebruary and sold all 318 released units by late February at $1,115 per square foot ̵

Thind released District Northwest at the beginning of the year, selling 470 out of 610 units by the end of the quarter at a blended price per square foot of $1,001 ̵

Prosper by Mountain Creations launched in early March, selling all 65 units by the end of the quarter at a blended price per square foot of $792 ̵

Manse Group Developments launched Fraser Manse in late January, releasing and selling 72 units at a blended price $880 per square foot ̵

Vesterra Properties released 38 out of 60 Townhomes at Westwood at Tynehead, selling 35 units at a blended price of $693 per square foot ̵

Yale Gardens by Tangerine Developments launched late October 2021 and sold out over the quarter

22 THE FIFTH DIMENSION

Projected

SPRING EDITION 2022

Low Rise Townhome Locations are approximate

HIGH RISE SALES

LOW RISE SALES

TOWNHOME SALES

↓

142

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

9↓

222 ↑

$780 - $1,115

Low Rise

6↓

48 ↓

$580 - $880

Townhome

12 ↓

95 ↑

$470 - $926

880

↓

82

↓

RESALE MARKET SUMMARY

SURREY CENTRAL/NORTH DELTA MLS Resale Highlights (Q1-2022) Total listings and resales decreased by 95 and 10, respectively, when compared to the First Quarter of 2021 ̵

The total number of resales for Townhouse product decreased by 90, while High Rise and Low Rise resales increased by 37 and 43, respectively, when compared to the same period last year ̵

The per square foot value has increased for High Rise, Low Rise and Townhomes by $211, $241, and $213, respectively, when compared to the First Quarter of 2021 ̵

̵

High Rise, Low Rise, and Townhome product have seen a decrease in average days spent on the market, averaging 48, 41, and 11 fewer days on the market ̵

One and two bedroom Low Rise units saw an increase in average price per square foot on sold units by $237 and $220 over the year ̵

The average two and three bedroom Townhome unit have seen price increases of $284,790 and $314,605, respectively, compared to the same period last year

MLS Resale Statistics (Product 10 Years of Age or Less) Active Listings

Sold Listings

Active Listings

Monthly Supply

#

Percent

PSF

DOM

Active Sales Range (75 percent of sales)

High Rise

52

1.0

164

33%

$934

23

$455,000 - $720,000

Low Rise

77

1.4

163

33%

$846

14

$460,000 - $737,000

Townhome

105

1.8

174

35%

$682

13

$908,800 - $1,269,900

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$516,713

$975

$664,665

$886

Low Rise

$510,572

$872

$686,328

$802

2 Bedroom Townhome

23 THE FIFTH DIMENSION

SPRING EDITION 2022

PSF

$875,388

3 Bedroom $698

$1,021,876

$694

NEW MARKET SUMMARY

SOUTH SURREY/WHITE ROCK South Surrey/White Rock will maintain its ‘Green Light’ status for the First Quarter of 2022 after seeing 203 sales. While this is a 60 percent decrease in sales when compared to the Fourth Quarter of 2021, demand in the market area remains strong as evidenced by 52 percent of all inventory being absorbed over the quarter. The decrease in active projects and inventory can be attributed to five projects selling out in the previous quarter, while only one Low Rise project launched in the First Quarter of 2022. This launch added 64 units to the market, 47 percent of which was absorbed. Despite the low inventory, demand for Low Rise and Townhome product remained strong, with absorption rates of 65 and 87 percent observed in these sectors. There were only four Townhomes remaining at the end of the quarter; however, two new Townhome projects are anticipated to launch in April.

Released High Rise

Market Highlights (Q1-2022) ̵

Forge Properties 160 unit Low Rise project, Odyssey, has sold out at an average price per square foot of $715 ̵

Solterra Developments 97 unit High Rise project, Monaco, is 80 percent sold after launching sales in November, accounting for 22 new sales over the quarter ̵

Panorama West’s new 64 unit Low Rise Condominium building, Douglas Green Living, sold 30 units over the quarter while achieving an overall blended value $913 per square foot ̵

King + Crescent by Zenterra recorded 72 sales in the First Quarter of 2022 and has achieved 303 sales since launching in November ̵

28 Townhomes are anticipated to be released at Douglas Green Living in the Second Quarter of 2022 ̵

The Boroughs (Phase 2) by Streetside Developments is anticipated to launch 82 Townhome projects in early April ̵

The Loop by Gramercy Developments Ltd. will be lauching in the Third Quarter of 2022

24 THE FIFTH DIMENSION

Projected

SPRING EDITION 2022

Low Rise Townhome Locations are approximate

HIGH RISE SALES

42

↓

LOW RISE SALES

134

↓

TOWNHOME SALES

27

↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

5↓

110 ↓

$948 - $1,083

Low Rise

4↓

73 ↑

$712 - $913

Townhome

2↓

4↓

$496 - $506

RESALE MARKET SUMMARY

SOUTH SURREY/WHITE ROCK MLS Resale Highlights (Q1-2022) ̵

When compared to the same quarter last year, the total number of listings have decreased by 54 while resales have decreased by 117 ̵

Townhomes saw an increase in the lower-bound of the sales range by $280,000 when compared to the same period last year and by $453,100 on the upper-bound ̵

Average per square foot sale values for High Rise and Low Rise product has increased by $187 and $217, respectively when compared to the First Quarter of 2021 ̵

Low Rise and Townhome product have seen a decrease in average days spent on the market, averaging 52 and 11 fewer days on the market ̵

One and two bedroom Low Rise units saw an increase in average price per square foot on sold units by $205 and $224 over the past year ̵

Two and three bedroom townhome product saw an increase in average sales price of $295,071 and $315,523, respectively, compared to the same quarter last year

MLS Resale Statistics (Product 10 Years of Age or Less) Active Listings

Sold Listings

Active Listings

Monthly Supply

#

Percent

PSF

DOM

Active Sales Range (75 percent of sales)

High Rise

33

2.2

45

18%

$1,097

35

$908,900 - $1,610,000

Low Rise

18

0.9

59

24%

$838

16

$560,000 - $935,000

Townhome

52

1.1

143

58%

$690

11

$945,000 - $1,411,100

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$640,947

$1,079

$1,278,592

$1,074

Low Rise

$581,153

$858

$849,623

$836

2 Bedroom Townhome

25 THE FIFTH DIMENSION

SPRING EDITION 2022

PSF

$995,278

3 Bedroom $745

$1,088,865

$708

NEW MARKET SUMMARY

LANGLEY/CLOVERDALE Langley/Cloverdale will continue to maintain a ‘Green Light’ rating after recording 436 sales over the First Quarter of 2022. Although this is a 59 percent decrease in sales when compared to the previous quarter, the decrease is largely due to a lack of supply as there were 13 fewer active projects on the market. Demand in the market continues to remain high as evidenced by the market achieving an overall absorption rate of 83 percent, leaving only 90 units of released and unsold inventory remaining. Ten new projects launched over the quarter, comprising of four Low Rise and six Townhome projects. These launches released 525 units onto the market, 77 percent of which were absorbed.

Strong demand combined with limited inventory has put upward pressure on both the Low Rise and Townhome sectors, with top end price per square foot values rising by $84 and $264, respectively.

Released

Market Highlights (Q1-2022)

High Rise

̵

SageBrooke Properties and Tangerine Developments launched sales two projects, Flora and Fauna, with both projects selling out at blended prices of $787 and $849 per square foot, respectively ̵

Janda Group’s Aldergrove Town Centre – Vanetta, a 64 unit Low Rise building, started sales in early February and sold out at the end of the quarter, achieving an overall blended value of $742 per square foot ̵

Madewell, a 44 unit Townhome project by Castle Hill Homes and Gatehouse Developments, started sales in January and sold out by the end of the quarter while achieving an overall blended price of $753 per square foot ̵

Zenterra’s 61 unit Townhome project, Mayfair, sold out at an overall price per square foot of $550 after spending nine months on the market ̵

Hayer Town Centre, a 177 unit Low Rise project by Hayer Builders Group, is anticipated to launch in April 2022 ̵

Insignia, a collection of 147 homes by Inspira Development is coming soon to East Clayton in the Fall of 2022

26 THE FIFTH DIMENSION

Projected

SPRING EDITION 2022

Low Rise Townhome Locations are approximate

HIGH RISE SALES

24 ↓

LOW RISE SALES

320 ↓

TOWNHOME SALES

92

↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

1↓

0↓

$812

Low Rise

4↓

42 ↑

$742 - $849

Townhome

11 ↓

50 ↑

$550 - $834

RESALE MARKET SUMMARY

LANGLEY/CLOVERDALE MLS Resale Highlights (Q1-2022) Total listings decreased by 164 and total resales decreased by 182 when compared to the First Quarter of 2021 ̵

Compared to four quarters ago, the average time Low Rise and Townhome units remained on the market decreased by 37 and 13 days, respectively ̵

The sales range increased by $130,000 on the lower-end and increased by $239,100 on the upper-end for Low Rise product since four quarters ago ̵

̵

̵

Average price per square foot values rose for Low Rise Condominiums by $203 and rose by $219 for Townhomes when compared to this quarter last year

̵

The average price per square foot value for one and two bedroom Low Rise units rose by $217 and $205 when compared to the Fourth Quarter of 2021

MLS Resale Statistics (Product 10 Years of Age or Less) Active Listings

Sold Listings

Active Listings

Monthly Supply

#

Percent

PSF

DOM

Active Sales Range (75 percent of sales)

High Rise

0

0

0

0%

-

-

-

Low Rise

92

1.0

270

55%

$770

14

$506,000 - $810,000

Townhome

81

1.1

219

45%

$679

9

$900,000 - $1,215,000

MLS Resale by Unit Type

Since the First Quarter of 2021, the average sales price for two and three bedroom Townhomes increased by $293,969 and $298,282

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

-

-

-

-

Low Rise

$523,819

$834

$712,387

$757

2 Bedroom Townhome

27 THE FIFTH DIMENSION

SPRING EDITION 2022

PSF

$925,895

3 Bedroom $708

$1,024,209

$689

NEW MARKET SUMMARY

ABBOTSFORD/MISSION The Abbotsford/Mission market will hold its ‘Green Light’ status for the First Quarter of 2022 after recording 127 sales. While this represents a 17 percent decrease in sales from the previous quarter, demand in the market remains high as evidenced by the market achieving an overall absorption rate of 91 percent. Interest was particularly high in new projects. Two projects launched over the quarter – one Low Rise and one Townhome project – bringing 70 units onto the market. Combined, the new projects achieved an absorption rate of 99 percent. Amongst the active projects, no Low Rise units are available while only 12 Townhome units remain unsold. Minimal inventory combined with strong demand has seen the upper end of price per square foot values in Low Rise and Townhome projects increase by $73 and $160, respectively. Buyers have been a mix of first-time homeowners seeking affordable product, as well as investors.

Released

Projected

High Rise

Market Highlights (Q1-2022)

Low Rise

‐

Montvue, a 50 unit Low Rise development by Parcel 7, released and sold 22 units at an average price per square foot of $727

‐

Polygon’s 161 unit Townhome development, Archer Green, sold 46 units over the quarter and is now sold out after nine months, achieving a final blended average of $416 per square foot

‐

McKenzie Mews, a 48 unit Townhome development by Amacon, sold 47 units within a month of launching at a blended price per square foot of $662

‐

Naturbana Properties 73 unit Low Rise development, Natura on Forest’s Edge, is now sold out after 33 months on the market

‐

A new master planned-community in Abbotsford, Rail District by Infinity Properties, is anticipated to release 91 Townhomes in early April

‐

Highstreet Village, a 157 townhome and 8 mid-rise condominium development by AB Wall Group is coming to West Abbotsford

28 THE FIFTH DIMENSION

SPRING EDITION 2022

Townhome Locations are approximate

HIGH RISE SALES

0

LOW RISE SALES

29

↓

TOWNHOME SALES

98 ↑

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

-

-

-

Low Rise

3↓

-

$559 - $727

Townhome

5↑

12 ↑

$391 - $662

RESALE MARKET SUMMARY

ABBOTSFORD/MISSION MLS Resale Highlights (Q1-2022) ̵

Total listings decreased by 24, while total resales increased by 10 when compared to the First Quarter of 2021 ̵

Over the past four quarters, the lower bound of the sales range has increased by $116,670 while the upper bound of the sales range has increased by $120,100 for Low Rise product ̵

Price per square foot sales values for Low Rise condominiums are up $252 and price per square foot sales values for Townhomes are up $194 from the First Quarter last year ̵

Low Rise and Townhome product has seen a decrease in average days spent on the market, averaging 34 and 22 fewer days on the market ̵

The average Low Rise price per square foot has increased $383 for one bedroom condominiums and $174 for two bedrooms when compared to the same quarter in 2020 ̵

The average two and three bedroom Townhome sold for $248,065 and $318,178 more than in the First Quarter of 2021

MLS Resale Statistics (Product 10 Years of Age or Less) Active Listings

Sold Listings

Active Listings

Monthly Supply

#

Percent

PSF

DOM

Active Sales Range (75 percent of sales)

High Rise

1

3.0

1

1%

$709

5

$780,000

Low Rise

11

0.4

84

50%

$749

15

$471,670 - $698,000

Townhome

49

1.8

84

50%

$602

10

$804,000 - $1,040,000

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

-

-

$780,000

$709

Low Rise

$554,585

$898

$628,386

$671

2 Bedroom Townhome

29 THE FIFTH DIMENSION

SPRING EDITION 2022

PSF

$802,981

3 Bedroom $666

$920,290

$610

LOOKING BACK & AHEAD Looking Back

Will government eliminate the stress test now that rates are increasing and effectively accomplish what stress test is intended to do?

The previous issue we looked at High-rise sales continuing strong which proved to be the case; however they were far stronger than we expected with 65% of all new home sales in the first quarter of this year being highrise sales, followed by low-rise sales, with the least sales in single family homes and townhomes over the First Quarter of 2022. The price increases seen in 2021 could be directly related to affordability and price points, with high-rise and low-rise condos being the most affordable of the four product types.

The exciting and yet frustrating days of new developments selling out in hours or days seems to be ending, however time always seems to remain of the essence when you find the home that is right for you. Even in slower markets we always have to be aware that the home we love, could be someone else’s dream home too. We anticipated a busy or active quarter but certainly did not foresee more than 5,500 homes sold, let alone 6,323 homes sold to date.

Looking Ahead Considering that our corner of the world only has so much space and is locked by mountains rivers and agricultural land in two directions, and an ocean and international border in the other two directions, it becomes obvious that we need to build ‘up’, instead of build ‘out’ in order to have enough homes for everyone that wants to live in the Lower Mainland and the Fraser Valley.

In addition to rising inflation and thus rising interest rates with at least two more increases anticipated this year, condominium sales are anticipated to remain the strongest of all the new home product types. Not only because they are the most affordable, but because they also offer a more social lifestyle, and most are now offering amenities that make working from home easy. How much more will interest rates increase?

30 THE FIFTH DIMENSION

SPRING EDITION 2022

With supply remaining as the key issue to affordability in the Lower Mainland due to high demand from locals, retirees (and other Canadians fleeing minus 50 winters in the prairies for example), and soon refugees and new immigrants, it is important we all recognize this key issue and pressure our local city or municipality to facilitate supply that matches the pace of demand in each of our communities.

Though a daunting time-consuming task in the past, today most cities take e-mail inquiries and email letters of support to their local planning departments. If each of us took 5 minutes to Google the correct contact email for this for each of our local cities or municipalities it could go a long way. The same with emailing a quick email of support on new communities in your city or town. Usually only the small opposition comes out or sends in letters as the rest of us don’t have the time.

Now more than ever the rest of us need to step up and make our voices heard in a real effort to start supplying much needed housing and community amenities for everyone. Increasing the rate of supply would help balance the market and if possible, even work to slightly outpace it and further slow price increases to help allow incomes to catch up.

How will housing policy influence the municipal election this Fall?

Four years ago, city officials were elected and many of them have been directly attributed to prohibit development creating the high prices we saw over the last two years. Bear this in mind October 15th when voting for your new local council. Will they help increase supply with development?

How will they continue to hinder it and slow it down for a few NIMBY’s

who are keeping the supply too low for the vast majority?

Recently in conversation with our CEO, W. Scott Brown, he commented “Don’t compare your 41st birthday party to your 40th”, I laughed. Yes, 2021 was an outlier and it helps to keep that in mind. While I do not care for the term normal (what does it mean anyway?) we do find ourselves in dynamic yet more typical market conditions compared to 2021.

If you have a view you would like to share and/or questions you would like to discuss, please contact jamie@fifthave.ca

RESEARCH METHODOLOGY WHY ZONDA URBAN? Zonda Urban is Metropolitan Vancouver’s leading source for analytical interpretation of relevant real estate market data, trends and strategic recommendations.

Zonda Urban (formerly Urban Analytics) has been retained by Fifth Avenue Real Estate Marketing Ltd. to provide aggregate data on the multifamily residential real estate market in the Vancouver Metropolitan.

The methodology used to collect the data was as follows: General Parameters Metropolitan Vancouver refers to the area from West Vancouver to Abbotsford. The focus of this study is limited to the multifamily market.

Multifamily Project Data – New Home Sales The primary method used to collect information is a personal visit to each project being actively marketed. In addition to collecting current sales information, Zonda Urban representatives engage onsite sales staff to determine additional relevant information such as incentive offerings, traffic trends and active buyer profiles. In all instances, active sales range quoted in tables is defined as “The per square foot sales range in which 75 percent of sales of this product type occurred” For the purposes of this publication, Zonda Urban contacts various municipal planning departments along with developers (and/or their representatives) of proposed new developments to determine the anticipated timing of their approval and marketing launch.

Multifamily Project Data – Resale The resale market provides an important barometer from which to assess demand and determine pricing for new home projects. Accordingly, Zonda Urban closely monitors the resale market for multifamily homes in order to identify trends that are relevant to the new home sector. However, the breadth and depth of product for sale can create findings that are less than helpful to the new home developer As a result, Zonda Urban recommends studying only product that is aged ten years or newer and valued at less than $1.2 million. While it could be argued that limiting the analysis to newer product (i.e. five years or newer) would be more relevant to the new home sector, we believe this would limit the sample size and potentially skew the data towards a specific type of product available in a small number of specific buildings/projects. In all instances active sales range quoted in tables is defined as “The active sales range in which 75 percent of sales of this product type occurred”.

31 THE FIFTH DIMENSION

SPRING EDITION 2022

Zonda Urban (Formerly Urban Analytics) has been monitoring the new multi-family home market in Metro Vancouver and beyond since 1994. In addition to providing clients with our web-based New Home Source data subscription product at nhslive.ca, Vancouver, Calgary and Edmonton’s most current and comprehensive data provider of active and contemplated new Condominium and Townhome projects. Zonda Urban is the leading provider of advisory services on the new multi-family home market. Zonda Urban also monitors land transactions, newer purpose-built rental data and commercial transaction data so let us know you are interested in learning more.

Need help with planning and/or positioning your next project? We can help. Want an unbiased, arm’s length opinion of the optimum unit mix and size for a contemplated project and what that product should sell for? Give us a call. Care to have us sit in on a strategy meeting or envisioning session? Not only will we be there, we might even bring some donuts.

Anyone who knows us knows we love to talk real estate. Let’s chat about how we can help you with your project or set you up with a subscription to the New Home Source at nhslive.ca.

Michael Ferreira

Jon Bennest

Principal, Advisory Zonda Urban michael@urbananalytics.ca

Vice President, Product Development Zonda Urban jon@urbananalytics.ca

Zonda Urban (Formerly Urban Analytics) (604) 569-3535 zondaurban.com

President & CEO

W. Scott Brown

President & Managing Broker

Jamie Squires

President

Jacky Chan

Address

8-15243 91st Avenue Surrey, BC V3R 8P8

Address

8-15243 91st Avenue Surrey, BC V3R 8P8

Address

1480-1500 West Georgia Vancouver, BC V6G 2Z6

Phone Number

604.583.2212

Phone Number

604.583.2212

Email

jacky@bakerwest.com

Email

scott@fifthave.ca

Email jamie@fifthave.ca

Website

bakerwest.com

Website

fifthave.ca

Website fifthave.ca

This document has been prepared by Fifth Avenue Real Estate Marketing Ltd. and BakerWest Real Estate Incorporated with data provided by Zonda Urban for advertising and general information only. Fifth Avenue, BakerWest, and Zonda Urban make no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. E.&.O.E. Metropolitan Vancouver: West Vancouver to Aldergrove. Excludes Chilliwack, and Mission. Resale Data: MLS sold for attached product (High Rise, Low Rise, and Townhomes) built within the last ten years for units valued less than $1.2 million. Single family sales are excluded from the report. This publication is the copyrighted property of Fifth Avenue Real Estate Marketing Ltd. © 2022.

32 THE FIFTH DIMENSION

SPRING EDITION 2022