The Fifth Dimension - Winter Edition 2022

THE FIFTH DIMENSION WINTER 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 and Vancouver based Baker

Local appetite plus projected rising immigration levels means the demand for

As young people continue this regional shift and seek to put down roots in

West Real Estate Incorporated, are an integral part of an ever growing

homes in Metro Vancouver are certain to once again outweigh the supply in

communities outside of Metro Vancouver, we will also see those communities

ecosystem of premium real estate services companies operating throughout

the region for both pre-sale and pre-owned markets. Given strong demand

benefit from new spending, creativity, investment, and business creation in

North America. Our related entities in BC include Okanagan based EPIC

and very low active listings, prices are also forecasted to rise about three

the coming months and years.

Real Estate Solutions Incorporated and Vancouver Island’s The Condo Group

percent in 2022.

Limited. Together in 2021, over 2,000 homes were sold and approximately

Despite the obstacles presented by the ongoing saga of the pandemic, and

$1,500,000,000 in sales revenue was generated for our developer partner

On the heels of record levels of new and pre-owned housing sales last year,

in concert with the lack of supply combined with rising costs, further upward

clients.

BC’s residential real estate market is poised for more of the same in 2022.

pricing pressure is to be expected. Meanwhile, there is a continuing desire for

While not likely as astounding as 2021, this year will prove to be a strong year

young professionals and young families to put down roots outside of Metro

for home sales in BC.

Vancouver, and those communities are eager to meet their needs. That is not

We are pleased to present this Winter edition of the Fifth Dimension. This edition highlights the all-time record setting Fourth Quarter and overall year that was 2021.

necessarily a bad thing given the chronic lack of supply and cost escalation in In Metro Vancouver and other communities around the province, demand to

Metro Vancouver amplified by projected population growth.

buy a home remains at a record high. Meanwhile, listings available are low.

The supporting data for this report is objectively collected and presented by

If we add rising construction prices and supply-chain challenges, signs are

Finally, if I were to pick an image to describe last year, I would use the

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

pointing to higher housing prices in 2022. Therefore, in the coming months,

inverted Canucks logo with the upward-facing portion of the stick blade

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

one can expect exacerbated affordability challenges brought on by inflation

representing the Fourth Quarter. For 2022 this image is waves. I expect

contributor to this report since 2010.

and continued escalating prices in the face of constrained multifamily supply.

overall sales to be at or moderately less than 2021. However, absorptions

Recent BC Assessment figures show that Condominium home valuations on

may come in waves, crescendoing a few weeks before each interest increase.

Stop the digital presses! 2021 was a record year for the new multifamily

Vancouver Island, Kamloops and other secondary markets, are rising quickly

development industry in Metro Vancouver. It is safe to say that one year ago,

while remaining a value play for post-urban buyers. Clearly, there are shifts

few in our collective fold would have projected an all-time record high for

taking place in BC’s housing market that are influencing where people are

sales. In 2021, 26,291 new multifamily homes were absorbed with a history

purchasing homes as well as the types of homes they need and want. These

setting quarterly sales mark of 7,655 in the Fourth Quarter driving the overall

changes are guided and complicated by the ongoing pandemic and we will

above the previous all-time high by 10+ percent.

increasingly see demand rise for new multifamily projects in emerging centres

What image would you use to describe the year ahead? Let me know.

Regards,

such as Kelowna, Kamloops, Langford and Penticton. The effects will also be Metro Vancouver development sales have accelerated, however, it is still not enough supply. Rising demand in Metro Vancouver is guiding developers to continue to market new multifamily projects at an accelerated pace heading

felt in smaller or suburban Metro Vancouver communities as buyers embrace remote working and opt to leave behind bid frenzies in the expensive central urban re-sale markets.

into 2022. This continues to give prospective buyers who continue to be priced out of the re-sale and single-family home market, an opportunity to buy a home.

Given this reality, more British Columbians are projected to continue to abandon the big city life in favour of more affordable locales while maintaining

It is of interest to note, that there are an expected 23,000 new homes set to start construction in 2022 however, most of these are sold already.

Furthermore, the BC Real Estate Association reports that 2022 started with the lowest number of homes for sale in the market.

2 THE FIFTH DIMENSION

WINTER EDITION 2022

their big-city jobs. Smaller cities throughout BC, are certainly capitalizing on shifting buying habits. Therefore, heading into 2022 we can expect more investors and developers of new multifamily projects to secure sites and projects in these areas, bringing newfound growth and economic vitality.

W Scott Brown President & CEO Fifth Avenue Real Estate Marketing LTD. scott@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 final installment of the Fifth Dimension for 2021, our data

percent of total High Rise sales recorded in the Fourth Quarter

lower when compared to last quarter. Strong sales activity was

collection and analysis partner Zonda Urban (formerly Urban

were in this market area. Notable sales activity occurred at Tien

recorded at Townline’s Forester 2 (Burke Mountain), Mosaic

Analytics) shares its commentary on the most recent quarter, the

Sher’s Flamingo (Surrey City Centre), Townline’s Holland Two

Homes’ Riley Park (Burke Mountain), Polygon Homes’ Ballantree

year that was and what to expect in the first quarter of 2022 and

(Surrey City Centre), Vesta Properties’ North and South buildings

North (Burke Mountain), Dawson & Sawyer’s Fleetwood Village II

beyond in the ever more dynamic Metro Vancouver multifamily

in The Towers (Yorkson), Beedie’s Slate (Brentwood), Ledingham

(Townhomes) (Fleetwood) and Anthem Properties’ Wood & Water

residential real estate market.

McAllister’s Azure 2 – High Rise (Edmonds), Concert Properties’

(Fleetwood)

North Harbour – Aire (Phase 2) (Norgate), and Bosa Properties’ Q4 — New Home Market

Fifteen Fifteen (West End).

Metro Vancouver’s new home market finished strong in late

There was a resurgence in the Low Rise sector this quarter after

2021 as Fourth Quarter sales were the highest quarterly sales

sales were somewhat slow in the Third Quarter of 2021. 2,261

recorded since Zonda Urban started tracking sales data in 2010.

sales were recorded in the Fourth Quarter of 2021, which is up 40

The total of 7,655 sales in the Fourth Quarter of 2021 was up

percent from last quarter and up an impressive 166 percent when

by an impressive 102 percent compared to the same quarter last

compared to the same quarter last year. The total of 775 released

year and was driven by an uplift in purchasing activity in both the

and unsold Low Rise condominium units at the end of the Fourth

High Rise and Low Rise sectors of the market. There were 5,854

Quarter was down 40 percent compared to last quarter and down

released and unsold units at the end of the Fourth Quarter which

50 percent from the same quarter last year. There was notable

is down 14 percent from the last quarter and is down 38 percent

demand for Low Rise product over the quarter as 91 percent of

from the same quarter last year. There were 570 completed and

the 1,691 new Low Rise Condominium units released in the Fourth

unsold new multifamily homes available at the end of the Fourth

Quarter were absorbed. Significant sales activity was reported

Quarter, which is down seven percent from the 613 recorded last

at ML Emporio’s Viktor (Surrey City Centre), Zenterra’s King +

quarter and up 15 percent from the 496 recorded at the end of the

Crescent (King George Corridor), Dawson & Sawyer’s Fleetwood

same quarter last year.

Village II (Condos) (Fleetwood), and Janda Group’s Aldergrove

A total of 4,205 new High Rise sales were recorded in the Fourth

Town Centre – Buildings Jackman and Shortreed (Aldergrove).

Quarter of 2021; up 44 percent from last quarter and up a

A total of 1,189 new Townhome sales were reported in the

staggering 203 percent compared to the same quarter last year.

Fourth Quarter of 2021, which represents a 23 percent decrease

There were 4,560 released and unsold High Rise units available

compared to the same quarter last year and a 25 percent increase

at the end of the Fourth Quarter; which is less than the 4,687

compared to last quarter. There were 519 new released and

released and unsold High Rise units available last quarter. High

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

Rise sales were most notably strong in Burnaby/New West, as 25

71 percent lower from the same quarter last year and 38 percent

4 THE FIFTH DIMENSION

WINTER EDITION 2022

Q4 — Resale Market A total of 3,846 newer multi-family homes resold in the Fourth Quarter of 2021. This figure is up three percent from last quarter and is up by 22 percent compared to the same quarter last year.

High Rise and Low Rise resales have increased by 55 percent and 37 percent, respectively, whereas Townhome sales have decreased by 14 percent when compared to the same quarter last year. When compared to the previous quarter, resales of High Rise and Low Rise product have increased by four and six percent, respectively, and Townhome sales have decreased by one percent. Overall active listings were down 67 percent compared to the same quarter last year and were down 56 percent when compared to the previous quarter. Active listings for newer product were down for High Rise, Low Rise, and Townhomes; by 49, 83, and 79 percent, respectively when compared to the Fourth Quarter of 2020.

OVERALL MARKET SUMMARY - CONTINUED New Home Aggregates Q4-2021 High Rise

Low Rise

Townhomes

Total

Total Q4-2021 Sales

4,205

2,261

1,189

7,655

Total Inventory

4,560

775

519

5,854

Townhomes units remaining. Diminishing inventory combined

Standing Inventory

511

47

12

570

with steady high demand has resulted in increased pricing from

Total # of Projects

165

90

108

363

Q4 — Observations and Opinions

since the Third Quarter of 2018. Most notably, the Low Rise and

The Fourth Quarter of 2021 has proven to remain active after

Townhome sectors are experiencing supply shortages as the

three consecutive quarters of extremely high sales volumes. A total of 7,655 sales were achieved this quarter, surpassing the previous highest quarterly sales record of 6,735 sales in the Second Quarter of 2016. With borrowing rates remaining low and working remotely remaining popular, at least on a hybrid basis, prospective homeowners continue to seek housing options further from their workplace to obtain the maximum amount of space for their purchasing dollar. This was evident as 98 percent of the 2,299 released units from Fourth Quarter project launches in the

released and unsold inventory has decreased by 40 and 38 percent over the quarter, respectively, leaving just 775 Low Rise and 519

developers and this is anticipated to continue as new projects launch and new phases in existing projects become released.

Sales Comparison Totals Q4-2021

Significant projects anticipated to launch in the First Quarter and Second Quarter of 2022 include: Vancouver Downtown – Landa

YTD 2019 Sales

YTD 2020 Sales

YTD 2021 Sales

Change from 2020

Global Properties’ 1818 Alberni; Vancouver West – Gryphon

High Rise

3,556

3,648

13,124

260%

Mission neighbourhoods were absorbed by the end of the quarter.

Developments’ Gryphon Nova, Polygon’s Claridge House, and

Low Rise

2,117

2,611

7,700

195%

Speculation of interest rates increasing in 2022 along with

Ardea and Ace, and Lotus & Omicron’s Linx; in Burnaby – Shape’s

Townhomes

2,049

4,472

5,467

22%

Total

7,722

10,731

26,291

145%

Central Surrey/North Delta, Langley/Cloverdale, and Abbotsford/

extremely

low

supply

levels

are

encouraging

end-users

and investors to purchase into new pre-sale Condominium developments that may not complete for several years versus resale product. Investors including parents assisting their children purchase their first home, have been most active in projects located in growing and transit accessible neighbourhoods. This was evident in Surrey City Centre where four investor driven High Rise and Low Rise project launches performed extremely well over the quarter and accounted for 1,102 total sales. There is clearly a strong demand and a lack of supply in the market as 80 percent of released units from projects that launched this past quarter were absorbed. There were 5,854 total units available in Metro Vancouver at the end of the Fourth Quarter of 2021. This is the lowest quarterly total of available and released units recorded

5 THE FIFTH DIMENSION

WINTER EDITION 2022

Hathstauwk’s Kitsilano Block; in Vancouver East – Wesgroup’s Brentwood – Tower 5, Qualex Landmark’s Artesia, Wesgroup’s The Keary, and Anthem Properties’ Nuvo; on the North Shore – Woodbridge Homes’ Emerald by Ebb & Flow; in the Tri-Cities – Vanhome Properties’ Linc, Domus Homes’ Laval, and Allaire’s

Resale Market Totals Q4 - 2021

Stone Ridge; in Richmond/South Delta – Minglian’s The Capstan –

High Rise

Low Rise

Townhomes

Total

Building A; in South Surrey/White Rock – Isle of Mann’s Nautilus; in

Total Resales

1,542

1,194

1,110

3,846

Central Surrey/North Delta – Thind Properties’ District Northwest,

Total Active Listings

692

147

154

993

BlueSky Properties’ PARKWAY, and Mountain Creation’s Prosper; in Langley/Cloverdale – Janda Group’s Aldergrove Town Centre – Vanetta Building, Whitetail Homes’ Forme on 54th, and Gatehouse Developments’ Madewell; and in Abbotsford/Mission – Amacon’s McKenzie Mews; and in Ridge Meadows – Tridecca Developments’ Thomas and Concost’s Sequoia Living.

HIGH RISE SALES

LOW RISE SALES

TOWNHOME SALES

4,205

2,261

1,189

MARKET SUMMARY - NEW

VANCOUVER DOWNTOWN The Downtown Vancouver market will maintain its ‘Green Light’ status for the third consecutive quarter despite 41 percent decrease in sales. The drop in sales can be attributed to two projects having high absorption rates in the previous quarter, which left less inventory available to be absorbed in the Fourth Quarter of 2021. Before this quarter, there were no new end-user-oriented Downtown luxury project launches. However, midway through the Fourth Quarter of 2021, a luxury-tiered product launched in this market area and performed very well, accounting for 66 percent of total sales over the quarter. This project has since brought local end-users and international buyers back into the Downtown Luxury Market. As three successful 2021 project launches brought back both investors and end-user interest into the market area after years of slow sales actively, the future of the downtown market looks bright.

Released

New Market Highlights (Q4-2021)

Projected

High Rise

Bosa Properties’ 43 storey High Rise, Fifteen Fifteen, has been reported as being almost 40 percent sold since its sales campaign in late October and is blending at an overall price per square foot of $2,757 ̵

̵

Reliance Properties’ High Rise Condominium, Two Burrard Place, achieved 30 sales in the Fourth Quarter of 2021, and with the release of the Penthouse collection, the project is now blending at $1,837 per square foot ($17 increase over the quarter) ̵

The Pacific by Grosvenor, achieved an additional eight sales over the quarter, blending at an overall price per square foot of $2,120 ̵

Out of the 11 active projects, four are finished product, three are in pre-construction, and four are in framing or interior finishing with anticipated completions slated for 2022-2023 ̵

There are a total of 80 move-in ready homes in this market area

Low Rise Townhome Locations are approximate

HIGH RISE SALES

112

↓

LOW RISE SALES

0↔

TOWNHOME SALES

0↔

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

11 ↔

405 ↑

$1,350 - $2,757

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

WINTER EDITION 2022

RESALE MARKET SUMMARY

VANCOUVER DOWNTOWN MLS Resale Highlights (Q4-2021) Average sales values per square foot have increased by $104 when compared with the Fourth Quarter of 2020 for High Rise product ̵

Total number of listings have decreased from 219 to 156, while total number of resales increased by 31 when compared to the Fourth Quarter of 2020 ̵

The average per square foot values of one-and-two-bedroom High Rise condominiums have increased by $140 and $39, respectively, since the Fourth Quarter of 2020 The months of supply for resales in the High Rise market has decreased by 7.6 months to 4.0 months when comparing to the same quarter last year The sales range has increased on the lower-end by $120,000 and decreased by $523,000 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

155

4.0

115

98%

$1,323

69

$649,900-$1,475,000

Low Rise

1

-

-

-

-

-

-

Townhomes

-

-

2

2%

$1,143

7

$880,800-$1,226,000

MLS Resale by Unit Type

The average time a unit is on the market has decreased for High Rise by 22 days since the Fourth Quarter of 2020

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$712,555

$1,273

$1,356,432

$1,351

Low Rise

-

-

-

-

2 Bedroom Townhomes

7 THE FIFTH DIMENSION

WINTER EDITION 2022

PSF

$1,226,000

3 Bedroom $1,238

-

-

NEW MARKET SUMMARY

VANCOUVER WEST Vancouver West will continue to hold its ‘Green Light’ status for the Fourth Quarter of 2021 after recording 493 sales, an increase of 41 percent from the previous quarter. Sales were largely driven by the High Rise sector, which accounted for 60 percent of overall sales and saw sales increase by 52 percent from the previous quarter. The Low Rise sector accounted for 15 percent of sales, with sales increasing by an enormous 825 percent from the previous quarter. The increase in Low Rise sales was driven by one project that launched over the quarter which recorded 51 sales. Townhomes accounted for 25 percent of total sales but saw a 16 percent decrease in sales compared to the previous quarter. There were four new project launches over the quarter: one High Rise and three Townhome projects, adding 167 units to the market and achieving an absorption rate of 47 percent.

Released High Rise

New Market Highlights ̵

Bosa’s Townhome development, Rowe, launched a sales campaign in late October and reported 41 sales at a blended per square foot of $1,450 ̵

Pure, a Low Rise Condominium project by Lavern Developments, recorded 51 sales over the quarter at a blended price per square foot of $1,403 ̵

Vantac’s Park House sold the final 22 units in the development at a blended price per square foot of $1,512 ̵

Everbright Properties released Lina at QE Park in early October and reported 30 sales at a blended value of $1,552 per square foot ̵

Oku, by Ulmac Development, completely sold out the first building and released the second building, selling 39 units at a blended price per square foot of $1,414 ̵

Gryphon Developments is anticipated to release Gryphon Nova, a 43-unit concrete Condominium project in the First Quarter of 2022

8 THE FIFTH DIMENSION

Projected

WINTER EDITION 2022

Low Rise Townhome Locations are approximate

HIGH RISE SALES

297

↑

LOW RISE SALES

74

↑

TOWNHOME SALES

122 ↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

32 ↔

599 ↓

$1,188 - $2,899

Low Rise

6↑

73 ↓

$1,181 - $1,520

Townhome

23 ↔

206↓

$1,096 - $1,600

RESALE MARKET SUMMARY

VANCOUVER WEST MLS Resale Highlights (Q4-2021) Total resales have increased by 98 when compared to the Fourth Quarter of 2020 while total listings have decreased by 139 in that same time span ̵

The average time a unit is on the market has increased for Low Rise and Townhomes by 15 and eight days since the Fourth Quarter of 2020 ̵

Average price per square foot sales values have increased across all product types over the past four quarters; High Rise by $62, Low Rise by $65, and Townhomes by $155 ̵

̵

One bedroom High Rise and Low Rise product saw a $107 and $58 increase in average price per square foot sales values when compared to four quarters ago ̵

High Rise product saw an increase of 69 sales when comparing to the Fourth Quarter of 2020 ̵

The Townhomes sales range has increased by $454,286 on the lowerend and by $813,800 on the higher-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

133

2.1

186

71%

$1,216

66

$670,000 - $1,499,900

Low Rise

11

1.2

27

10%

$1,080

72

$730,000-$1,288,800

Townhomes

58

3.6

48

18%

$1,201

95

$1,300,000-$2,688,800

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$698,280

$1,222

$1,120,376

$1,192

Low Rise

$681,948

$1,092

$1,029,282

$1,077

2 Bedroom Townhomes

9 THE FIFTH DIMENSION

WINTER EDITION 2022

PSF

$1,605,967

3 Bedroom $1,251

$1,817,103

$1,174

NEW MARKET SUMMARY

VANCOUVER EAST The Vancouver East market area continues to maintain its ‘Green Light’ status after recording 126 total sales in the Fourth Quarter of 2021. Townhome sales decreased by 71 percent as demand has shifted to the Low Rise and High Rise sectors. High Rise and Low Rise product saw an increase in sales of 12 and 30 percent, respectively. The increase in Low Rise sales can be attributed to a new project launch successfully selling half of its released inventory. There has been a lack of new inventory being released with only one new launch over the Fourth Quarter of 2021. The market area saw 22 percent of all available units absorbed over the quarter. Buyers continue to comprise of local end-users and a handful of investors interested in smaller units.

Market Highlights (Q4-2021)

Released

̵

Grafia, a woodframe development by Porte Homes, launched a sales campaign in late November and sold 60 percent of its 66 units (38 sales) at an estimated value of $1,170 per square foot ̵

Cressey Development’s Format (Condos), recorded 24 sales over the Fourth Quarter of 2021 ̵

Reliance’s Low Rise Condominium, The Saint George, started sales in June and sold 90 percent of the 91-unit project (83 units) at an overall blended price per square foot of $1,136 ̵

Nexst Properties’, Clive at Collingwood, achieved 13 sales over the quarter at an average value of $1,136 per square foot ̵

Wesgroup is anticipating to launch Adera and Ace on the Drive in the Fraserview and Commercial Drive neighbourhoods over the next Quarter

Projected

High Rise Low Rise Townhome Locations are approximate

HIGH RISE SALES

58

10 THE FIFTH DIMENSION

WINTER EDITION 2022

↑

LOW RISE SALES

60

↑

TOWNHOME SALES

8

↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

10 ↓

252 ↓

$905 - $1,325

Low Rise

11 ↔

143 ↑

$875 - $1,170

Townhome

5↔

65 ↓

$880 - $1,260

RESALE MARKET SUMMARY

VANCOUVER EAST MLS Resale Highlights (Q4-2021) ̵

The average time a unit is on the market has decreased for High Rise, Low Rise, and Townhomes since the Fourth Quarter of 2020; five, 18, and five days less, respectively ̵

High Rise listings have decreased by 49 while resales increased by 33 since the same quarter in 2020 ̵

Average price per square foot sales values have increased across all product types; High Rise by $99, Low Rise by $41, and Townhomes by $133 ̵

The High Rise sales range increased by $30,100 on the lower end and increased by $11,400 on the upper end 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 $113 and $85, respectively, since the Fourth Quarter of 2020 ̵

The Townhomes sales range has increased by $44,000 on the lowerend and by $320,000 on the higher-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

98

2.0

148

54%

$1,070

38

$550,000-$1,050,400

Low Rise

7

0.3

64

23%

$939

33

$570,000-$975,000

Townhomes

18

0.9

61

22%

$989

48

$924,000-$1,500,000

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$616,707

$1,098

$912,315

$1,041

Low Rise

$631,308

$950

$866,690

$940

2 Bedroom Townhomes

11 THE FIFTH DIMENSION

WINTER EDITION 2022

PSF

$1,015,993

3 Bedroom $987

$1,222,867

$1,001

NEW MARKET SUMMARY

RICHMOND/SOUTH DELTA The Richmond/South Delta market will maintain a ‘Green Light’ rating after recording 711 sales over the quarter, a 15 percent increase from the previous quarter. Contrary to the previous quarter, sales in all sectors increased over the Fourth Quarter of 2021. High Rise, Low Rise, and Townhome sales all increased over the quarter by 16, 18, and eight percent, respectively. High Rise Condominium sales contributed to 68 percent of total sales, while Low Rise Condominiums and Townhomes accounted for 15 and 17 percent of sales, respectively. The High Rise sector obtained the same absorption as the Third Quarter of 2021 at 45 percent. The Low Rise and Townhome sectors saw an increase in absorption over the quarter and absorbed 45 and 56 percent of units, respectively. The overall high absorption rates in this market area caused an increase in pricing and a decrease in available inventory over the quarter.

Released

Market Highlights (Q4-2021)

Projected

High Rise

̵

Townline Homes’ 363-unit High Rise, Luxe Lansdowne, sold 108 units over the quarter at an overall blended price of $1,100 per square foot ̵

Hamilton Village – Phase 2 West, a 138-unit Low Rise by Oris, sold 45 units over the quarter at an average value of $745 per square foot ̵

Century Group’s Southlands District Flats, a 34-unit Low Rise Condominium, launched sales in November and sold out by the end of the quarter at an average price per square foot of $875 ̵

Innova30, a 30-unit Townhome project by Enrich Developments, launched a sales campaign in October and sold 28 units over the quarter at an overall value of $929 per square foot ̵

Boardwalk, by Aquilini Group and Tsawwassen First Nation, a 107-unit Townhome development, sold 26 units over the quarter overall blended per square foot value of $480; two Townhomes remain unsold

Low Rise Townhome Locations are approximate

HIGH RISE SALES

487

↑

LOW RISE SALES

106

↑

TOWNHOME SALES

118

↑

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

19 ↔

596 ↑

$605 - $1,300

Low Rise

8↓

127 ↓

$620 - $915

Townhome

16 ↔

93 ↓

$465 - $930

**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

WINTER EDITION 2022

RESALE MARKET SUMMARY

RICHMOND/SOUTH DELTA MLS Resale Highlights (Q4-2021) Total resales have increased by 120 to 439 when comparing to the Fourth Quarter of 2020 ̵

The months of supply for resales for High Rise, Low Rise, and Townhomes have decreased since the Fourth Quarter of 2020; by 4.0, 3.5, and 2.0 months, respectively ̵

The lower-bound of the sales range for High Rise product increased by $71,800, while the upper-bound of the sales range increased by $60,100 when compared to the same quarter in 2020 ̵

̵

̵

Average price per square foot sales values have increased across all product types; High Rise by $79, Low Rise by $79, and Townhome by $187, respectively

̵

Price per square foot sales values for one-and-two-bedroom High Rise product have increased by $83 and $82, respectively 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

72

1.2

180

41%

$931

73

$581,800-$1,030,000

Low Rise

17

0.4

137

31%

$778

38

$519,900-$765,000

Townhomes

24

0.6

122

28%

$796

44

$859,900-$1,428,000

MLS Resale by Unit Type

The average sales price of a two-and-three-bedroom Townhome increased by $254,255 and $250,665 since the Fourth Quarter of 2020

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$619,772

$982

$831,206

$902

Low Rise

$526,009

$790

$679,134

$772

2 Bedroom Townhome

13 THE FIFTH DIMENSION

WINTER EDITION 2022

PSF

$937,044

3 Bedroom $778

$1,109,664

$788

NEW MARKET SUMMARY

BURNABY/NEW WESTMINSTER The Burnaby/ New Westminster market area will continue to hold its ‘Green Light’ status this quarter as sales increased across all sectors. There was a total of 1,312 sales this quarter, up from the 770 sales in the previous quarter. The Low Rise and High Rise sectors saw a 331 and 52 percent increase in sales, respectively. This increase in sales can be attributed to the market area having three High Rise and two Low Rise project launches in the Fourth Quarter of 2021. Even with the new inventory hitting the market over the quarter, total unsold inventory declined by seven percent. Burnaby/New Westminster saw 49 percent of all available units absorbed over the quarter. With a great deal of inventory anticipated to be released in the upcoming months, the First Quarter of 2022 is expected to see strong sales activity.

Released High Rise

Market Highlights (Q4-2021) ̵

Slate, a High Rise Condominium by Beedie, recorded 272 sales out of its 341-unit development since its sales start in early October, at an estimated value of $1,110 per square foot ̵

After commencing sales in early November, Azure 2 - High Rise, by Ledingham McAllister, sold 60 percent of the 213 unit project at a blended value of $1,051 per square foot ̵

Ledingham McAllister’s two Low Rise buildings in Azure 2, sold all 108 units at an average price per square foot of $900, after launching a sales campaign in November ̵

Dimex’s, Eternity, sold the final two units in the 112-unit woodframe Condominium at an average price per square foot of $900 ̵

Concord is anticipating launching Oasis in the Brentwood neighbourhood over the next Quarter ̵

Wesgroup’s 30 storey High Rise Condominium in the Sapperton neighbourhood, Keary, is anticipated to launch in the First Quarter of 2022

14 THE FIFTH DIMENSION

Projected

WINTER EDITION 2022

Low Rise Townhome Locations are approximate

HIGH RISE SALES

1044

↑

LOW RISE SALES

234

↑

TOWNHOME SALES

31 ↑

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

36 ↑

1,229 ↓

$675 - $1,400

Low Rise

8↓

131 ↑

$745 - $970

Townhome

5↑

10 ↑

$605 - $900

RESALE MARKET SUMMARY

BURNABY/NEW WESTMINSTER MLS Resale Highlights (Q4-2021) ̵

Total resales are up by 129 compared to the Fourth Quarter of 2020 ̵

The average time a unit is on the market has decreased for High Rise, Low Rise, and Townhomes since the Fourth Quarter of 2020; 17, six, and 11 days less, respectively ̵

Average price per square foot sales values have increased across all product types; High Rise by $134, Low Rise by $85, and Townhomes by $113, respectively ̵

Compared to the same quarter of 2020, the average price per square foot of two-bedroom High Rise and Low Rise product has increased by $134 and $72 ̵

The average price per square foot of one-bedroom High Rise and Low Rise product has increased by $138 and $112 respectively, compared to four quarters ago ̵

The average sales price of two-and-three-bedroom Townhomes have increased by $108,946 and $235,833, when compared to the Fourth Quarter of 2020

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

90

0.7

373

70%

$1,023

50

$647,000-$915,000

Low Rise

37

1.1

102

19%

$812

42

$515,000-$832,000

Townhome

14

0.7

57

11%

$743

40

$756,500-$1,169,900

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$619,665

$1,070

$880,693

$994

Low Rise

$529,302

$857

$690,747

$795

2 Bedroom Townhome

15 THE FIFTH DIMENSION

WINTER EDITION 2022

PSF

$835,719

3 Bedroom $758

$1,066,557

$732

NEW MARKET SUMMARY

NORTH SHORE The North Shore will maintain its ‘Green Light’ status for the Fourth Quarter of 2021. There were three new project launches in the High Rise sector, which increased the market area overall inventory and sales by 41 and nine percent, respectively. 57 percent of the units in the new projects that launched over the quarter have now been absorbed. Currently, there is an extremely limited supply of Townhome product as there is only one unit available for purchase in this market area. The primary purchasers in the High Rise sector were either investors purchasing smaller units or downsizers buying the higherend luxury product. The mid-priced and mid-quality product was observed as being the most difficult to sell in this market area. Buyer interest for product near completion has increased significantly as supply is extremely limited in this market area.

Released

Projected

High Rise

Market Highlights (Q4-2021) ̵

Low Rise

Denna Homes’ relaunched its High Rise project, Seylynn Village – Apex, a year after its initial release in 2020 and achieved 164 sales at an overall blended value of $1,142 per square foot ̵

Cascadia Green Development’s concrete Condominium, Innova, commenced sales in October and recorded 61 sales at a blended price per square foot of $1,238 ̵

The second phase of Concert Properties’ North Harbour – Aire, achieved 82 sales at a blended price per square foot value of $1,530 with only 22 units remaining in both the first and second phase of the project ̵

Tatlow Homes by Spring Olive Development, sold the last two remaining units in the project, achieving an overall blended value of $911 per square foot ̵

All available Townhomes in this market area has been absorbed, except for one unit remaining at Citimark & Woodbridge Properties’ joint venture project, Ebb+Flow; the next phase, Emerald, is anticipated for early 2022 release

Townhome Locations are approximate

HIGH RISE SALES

293

↑

LOW RISE SALES

TOWNHOME SALES

↑

↓

2

17

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

14 ↑

436 ↑

$990 - $1,550*

Low Rise

2↔

13 ↓

$900 - $1,400*

Townhome

5↓

1↓

$825 - $900

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

16 THE FIFTH DIMENSION

WINTER EDITION 2022

RESALE MARKET SUMMARY

NORTH SHORE MLS Resale Highlights (Q4-2021)

̵

Total sales decreased by nine to 190 compared to the Fourth Quarter of 2020 ̵

The months of supply for resales for High Rise, Low Rise, and Townhome products have decreased since the Fourth Quarter of 2020; 1.3, 1.3, and 1.5 months lower, respectively ̵

The average per square foot sales values for High Rise, Low Rise, and Townhomes have increased when comparing to the Fourth Quarter of 2020; $91 and $98, $185, respectively ̵

The sales range increased by $60,500 on the lower-end and increased by $105,000 on the upper-end for High Rise product since four quarters ago ̵

Two-bedroom High Rise and Low Rise product increased in per square foot sales values by $99 and $88, respectively, when compared to the Fourth Quarter of 2020 ̵

The average sales price of two-and-three-bedroom Townhomes have increased by $583,387 and $362,658, when compared to the Fourth Quarter of 2020

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

53

1.7

95

50%

$1,135

39

$643,000-$1,350,000

Low Rise

5

0.3

59

31%

$971

41

$636,000-$1,028,000

Townhome

15

1.3

36

19%

$929

57

$899,900-$1,850,000

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$698,756

$1,121

$1,183,669

$1,154

Low Rise

$659,339

$960

$887,107

$974

2 Bedroom Townhome

17 THE FIFTH DIMENSION

WINTER EDITION 2022

PSF

$1,498,400

3 Bedroom $1,038

$1,657,058

$914

NEW MARKET SUMMARY

TRI-CITIES The Tri-Cities will retain its ‘Green Light’ rating for the Fourth Quarter of 2021 after achieving 856 total sales, a 78 percent increase from the previous quarter. The majority of sales occurred in the High Rise sector, which accounted for 53 percent of total sales. High Rise sales increased by 109 percent; one project that launched over the quarter accounted for 77 percent of total High Rise sales. Townhome sales increased by 88 percent over the quarter due to four projects releasing a great deal of new inventory into the Burke Mountain neighbourhood. It is evident that the Townhome sector is undersupplied as 93 percent of Townhome units on the market were absorbed over the quarter, leaving just 18 units remaining as unsold inventory. Given the extremely high demand and low supply of Townhome product in this market area, many price increases were observed in the active Townhome projects.

Released

New Market Highlights (Q4-2021)

Projected

High Rise

̵

Concert Properties’, Myriad, commenced sales in mid October and sold 75 percent (351 units) of the 468-unit High Rise development at an average price per square foot of $1,017 ̵

Riley Park, by Mosaic Homes’, started sales in early October and sold 63 units at a blended price of $757 per square foot ̵

Ballantree North, by Polygon Homes, began sales in mid November and sold all 58 Townhome units over the quarter at an average price of $1,328,600 ̵

Townline Homes, Forester Two, a Townhome project achieved 75 sales over the quarter and is now blending at an average price per square foot of $715 ($27 increase) ̵

Cardinal, by Polygon Homes’, launched a sales campaign in early October and sold 85 units at a blended price of $873 per square foot ̵

Polygon Homes’, Ballantree, sold out over the quarter after being on the market for four months

18 THE FIFTH DIMENSION

WINTER EDITION 2022

Low Rise Townhome Locations are approximate

HIGH RISE SALES

456

↑

LOW RISE SALES

163

↑

TOWNHOME SALES

237

↑

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

18 ↑

701 ↑

$830 - $1,015

Low Rise

17 ↓

140 ↓

$590 - $875

Townhome

8↓

18 ↓

$555 - $760

RESALE MARKET SUMMARY

TRI-CITIES MLS Resale Highlights (Q4-2021) ̵

Total listings are down by 166 in the Fourth Quarter of 2021 from the same quarter last year ̵

Total resales have increased by 25 to 424 sales 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 $114, $103, and $157, respectively, since the Fourth Quarter of 2020 ̵

The months of supply has decreased for every product type over the past year: High Rise decreased by 1.2 months, Low Rise decreased by 1.8 months, and Townhome product has decreased by 1.1 months ̵

The average price per square foot of a one-bedroom is up $164 and $131 for High Rise and Low Rise product compared to the Fourth Quarter of 2020 ̵

The average sales price of two-and-three-bedroom Townhomes have increased by $156,113 and $221,690, when compared to the Fourth Quarter of 2020

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

38

0.6

199

47%

$926

28

$545,000-$909,000

Low Rise

15

0.3

141

33%

$779

27

$480,000-$810,000

Townhome

3

0.1

84

20%

$697

20

$835,000-$1,288,000

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$569,001

$1,000

$783,992

$878

Low Rise

$516,985

$821

$646,105

$730

2 Bedroom Townhome

19 THE FIFTH DIMENSION

WINTER EDITION 2022

PSF

$813,382

3 Bedroom $691

$1,044,177

$702

NEW MARKET SUMMARY

RIDGE MEADOWS Ridge-Meadows will maintain its ‘Green Light’ rating as 155 total sales were recorded over the Fourth Quarter of 2021, a decrease of only 24 sales compared to the previous quarter. The decrease in sales can be attributed to the lack of available inventory and product offerings in the market area, given unsold inventory had decreased by 62 percent amongst all sectors with just 51 units remaining in all product types at the end of the quarter. Some Townhome projects reached overall blended per square foot values that were on par with older Low Rise projects that sold out over the quarter due to the extremely low supply of Townhome product. Prices are increasing rapidly in the Low Rise and Townhome sectors due to the low supply levels and substantial demand. Purchasers comprised of mainly first-time buyers, growing families, and downsizing elders.

Released High Rise

Market Highlights (Q4-2021) ̵

The last building of Falcon Homes’ Low Rise Condominium, Brickwater, achieved 42 sales over the quarter with just nine two bedroom units remaining, ranging in price from $730,000 to $800,000 ̵

Atterra Development Group’s Low Rise Condominium project, Sierra Ridge, released all available inventory with increased prices ranging from approximately $50,000 to $100,000 and achieved 17 sales at an overall blended value of $589 per square foot ̵

Polygon’s Townhome project, Provenance, released 46 additional homes and sold all 46 Townhome units at an overall blended value of $681 per square foot; additional releases are anticipated for early 2022 ̵

Saiya Developments’ 41-unit Townhome project, Havenridge, sold the final 25 units in the development, achieving an average per square foot value of $554 ̵

Onni Group’s Townhome project, Nature’s Walk, achieved 22 sales over the quarter with increased pricing of $290,300 on average for the remaining three and four-bedroom Townhomes

20 THE FIFTH DIMENSION

Projected

WINTER EDITION 2022

Low Rise Townhome Locations are approximate

HIGH RISE SALES

0↔

LOW RISE SALES

TOWNHOME SALES

↓

↑

62

93

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

1↔

1↔

$590 - $600

Low Rise

4↓

33 ↓

$516 - $636

Townhome

5↓

17 ↓

$461 - $555

RESALE MARKET SUMMARY

RIDGE MEADOWS MLS Resale Highlights (Q4-2021) Total listings are down by 69 to nine and resales are down by six to 134 compared to the Fourth Quarter of 2020 ̵

The average sales value per square foot for Low Rise and Townhome product has increased by $105 and $157, respectively, since the same quarter last year ̵

Months of supply has decreased for Low Rise product by 2.3 months and decreased for Townhomes by 1.1 months when comparing to the Fourth Quarter of 2020 ̵

̵

̵

Since the Fourth Quarter of 2020, the lower and upper bound of the sales range for Townhome product increased by $194,900 and $247,250, respectively

̵

Two-bedroom and three-bedroom Townhome units saw an increase in average price on sold units by $106,500 and $190,462 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

-

2

1%

$676

206

$539,000-$569,900

Low Rise

8

0.3

74

55%

$623

33

$444,000-$657,900

Townhome

1

0.1

58

43%

$558

12

$749,900-$957,250

MLS Resale by Unit Type

The lower and upper bound of the sales range for Low Rise product increased by $78,200 and $158,000, respectively compared to the same period last year

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$539,900

$645

$569,900

$619

Low Rise

$451,562

$659

$591,661

$606

2 Bedroom Townhome

21 THE FIFTH DIMENSION

WINTER EDITION 2022

PSF

$684,500

3 Bedroom $578

$803,251

$571

NEW MARKET SUMMARY

SURREY CENTRAL/NORTH DELTA The Surrey Central/North Delta market receives another ‘Green Light’ status with a record breaking 1,770 sales in the Fourth Quarter of 2021. Sales increased by 20 percent when compared to the previous quarter. The increase in sales has raised the top end price per square foot values across all sectors. Sales were heavily driven by the High Rise sector, with two projects recording 683 sales. The Low Rise and Townhome sectors were also strong, with sales increasing by 18 and 197 percent, respectively. High Rise and Low Rise product accounted for 51 and 33 percent of sales, while Townhomes accounted for 16 percent of total sales. Seven new projects launched over the quarter, adding 1,245 units to the market with an absorption rate of 97 percent. Despite the new project launches, unsold inventory at the end of the quarter decreased from 655 to 277 units.

Released High Rise

Market Highlights (Q4-2021) ̵

Flamingo Block, by Tien Sher Properties, commenced sales in mid-November, selling all 375 units at a blended price of $965 per square foot ̵

Townline Homes released The Holland Two at the end of October, selling all 308 units by the end of the quarter at an average price per square foot of $950 ̵

ML Emporio’s Viktor, launched at the end of October, selling all 254 units by the end of the quarter ̵

Dawson + Sawyer launched the first condo building for Fleetwood Village II, releasing, and selling 165 units at a blended price per square foot value of $796 ̵

Dawson + Sawyer released 90 Townhomes as part of Fleetwood Village II, selling 69 units at a blended price of $670 per square foot ̵

The First Quarter of 2022 is expected to see two High Rise project launches that have a blended per square foot average of more than $1,000

22 THE FIFTH DIMENSION

Projected

WINTER EDITION 2022

Low Rise Townhome Locations are approximate

HIGH RISE SALES

LOW RISE SALES

TOWNHOME SALES

↓

586

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

14 ↓

161 ↓

$780 - $965

Low Rise

11 ↔

53 ↓

$570 - $812

Townhome

14 ↑

63 ↓

$368 - $678

905

↑

279

↑

RESALE MARKET SUMMARY

SURREY CENTRAL/NORTH DELTA MLS Resale Highlights (Q4-2021) ̵

Total listings are down by 218 and resales are up by 195 compared to the Fourth Quarter of 2020 ̵

The total number of resales for High Rise product increased by 125 to 217 total sales when compared to the same period last year ̵

The per square foot sales value has increased for High Rise, Low Rise and Townhomes when compared to the Fourth Quarter of 2020; $105, $149, and $164, respectively ̵

High Rise, Low Rise, and Townhome product has seen a decrease in average days spent on the market, averaging 16, 16, and 28 days shorter on the market ̵

One-and-two-bedroom High Rise units saw an increase in average price per square foot on sold units by $122 and $131 over the year ̵

The average two-and-three-bedroom Townhome unit has seen a $192,935 and $225,774 price increase, 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

31

0.4

217

38%

$838

39

$412,500-$675,000

Low Rise

20

0.4

155

27%

$720

33

$405,000-$610,000

Townhome

13

0.2

200

35%

$583

17

$770,000-$1,020,000

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$466,923

$881

$624,698

$794

Low Rise

$443,623

$744

$571,301

$690

2 Bedroom Townhome

23 THE FIFTH DIMENSION

WINTER EDITION 2022

PSF

$743,671

3 Bedroom $614

$878,323

$589

NEW MARKET SUMMARY

SOUTH SURREY/WHITE ROCK South Surrey/White Rock will maintain its ‘Green Light’ status for the Final Quarter of 2021 as sales continue to exceed previous quarter records. Overall sales increased by 37 percent while overall inventory only increased by nine percent. The increase in inventory is mainly caused by a High Rise project launch leaving 42 units out of the 97 units in the development unsold at the end of the quarter.

Despite many Townhome projects releasing additional inventory onto the market at record breaking price points, 88 percent of Townhome units were still absorbed over the quarter. Two Low Rise Condominium projects launched over the quarter, also at record breaking prices, and sold 99 percent of the 288 units released to the market. Given the price points and absorption rates in the Low Rise and Townhome sectors, it is evident that there is not enough supply to keep up with demand in this market area.

Released

Market Highlights (Q4-2021)

Projected

High Rise

̵

Solterra Development’s new 97-unit High Rise project, Monaco, commenced sales in mid-November, achieving an overall blended value of $1,083 per square foot and recorded 55 sales. ̵

Zenterra released two of the four Low Rise buildings as part of King + Crescent, and recorded 231 sales at an overall blended per square foot value of $781; the third building will be released in early 2022 BM Group’s 53-unit Low Rise Condominium, Holden Residences, launched a sales campaign in mid October and sold out over the quarter, achieving an overall blended per square foot value of $781 ̵

The first phase of Streetside Developments’ masterplan Townhome community, The Boroughs – Holloway, sold all 50 Townhomes over the quarter, achieving an overall blended value of $615 per square foot ̵

̵

The Oak, by Quarry Rock Developments, commenced sales in early November and achieved 37 sales over the quarter, leaving just four units remaining in the development

24 THE FIFTH DIMENSION

WINTER EDITION 2022

Low Rise Townhome Locations are approximate

HIGH RISE SALES

72

↑

LOW RISE SALES

333

↑

TOWNHOME SALES

100

↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

6↔

152 ↑

$900- $1,085

Low Rise

5↑

36 ↓

$710 - $780

Townhome

5↓

14 ↑

$460 - $615

RESALE MARKET SUMMARY

SOUTH SURREY/WHITE ROCK MLS Resale Highlights (Q4-2021) ̵

When compared to the same quarter last year, the total number of listings have decreased by 177 while resales have decreased by five ̵

Townhomes saw an increase in the lower-bound of the sales range by $222,100 when compared to the same period last year and by $266,800 on the upper-bound ̵

Average per square foot sale values for High Rise and Low Rise product has increased by $231 and $146, respectively when compared to the Fourth Quarter of 2020 ̵

Months of supply has decreased for High Rise, Low Rise, and Townhomes by 6.6, 4.5, and 1.3 months, respectively ̵

One-and-two-bedroom High Rise units saw an increase in average price per square foot on sold units by $335 and $200 over the past year ̵

Two-and-three-bedroom Townhome product saw an increase in average sales price of $259,270 and $243,541, 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

22

2.6

25

11%

$1,000

48

$833,000-$1,450,000

Low Rise

4

0.2

74

33%

$742

23

$542,000-$790,000

Townhome

4

0.1

122

55%

$612

20

$820,000-$1,120,000

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$817,300

$1,005

$1,199,582

$999

Low Rise

$570,257

$770

$701,438

$740

2 Bedroom Townhome

25 THE FIFTH DIMENSION

WINTER EDITION 2022

PSF

$852,774

3 Bedroom $659

$956,268

$615

NEW MARKET SUMMARY

LANGLEY/CLOVERDALE Langley and Cloverdale will maintain a ‘Green Light’ rating as overall sales saw a significant increase of 129 percent over the quarter. High Rise and Low Rise Condominiums accounted for the largest proportion of total sales; 43 and 46 percent, respectively. Langley/Cloverdale had its first-ever concrete Condominiums launched over the quarter. The three concrete projects achieved a combined 474 sales, leaving just two homes as unsold inventory, and equating to an absorption rate of nearly 100 percent. Absorption in the Low Rise and Townhome sectors equated to 100 and 85 percent, respectively. Overall absorption was 98 percent in the Fourth Quarter of 2021. Overall available inventory in the market area decreased by 87 percent from the Third Quarter of 2021. High demand combined with limited new inventory put upward pressure on pricing, as seen in the Low Rise sector, with square footage prices rising from $702 to $765 ($63 increase).

Released

Projected

High Rise

Market Highlights (Q4-2021)

Low Rise

̵

Vesta Properties launched the North and South Tower of The Towers, in October and November, and sold out both projects at a blended price of $804 and $840 per square foot, respectively ̵

Isle of Mann’s, Ellery, a 22-unit concrete building started sales mid December and achieved 20 sales at an overall blended value per square foot value of $864 ̵

Jackman and Shortreed, Janda Group’s first two buildings in Aldergrove Town Centre, started sales in December and both sold out by the end of the quarter, achieving an overall blended price of $622 and $645 per square foot, respectively ̵

Eastin, a 117-unit Low Rise project by Essence Properties, started sales in late November and sold out over the quarter while achieving an overall blended per square foot value of $763 ̵

Zenterra’s 61-unit Townhome project, Mayfair, sold out over the quarter after spending nine months on the market

26 THE FIFTH DIMENSION

WINTER EDITION 2022

Townhome Locations are approximate

HIGH RISE SALES

474 ↑

LOW RISE SALES

513 ↑

TOWNHOME SALES

127

↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

3↑

2↑

$804 - $865

Low Rise

13 ↔

0↓

$550 - $765

Townhome

14 ↓

22 ↓

$380 - $570

RESALE MARKET SUMMARY

LANGLEY/CLOVERDALE MLS Resale Highlights (Q4-2021) ̵

Total listings decreased by 289 to 22 in the Fourth Quarter of 2021 when compared to the same quarter in 2020 ̵

Total resales are up by 75 to 501 when compared to the Fourth Quarter of 2020 ̵

The sales range increased by $106,500 on the lower-end and increased by $196,100 on the upper-end for Low Rise product since four quarters ago ̵

Average price per square foot values rose for Low Rise condominiums by $126 and rose by $158 for Townhomes when compared to this quarter last year ̵

The average sales price for two-and-three-bedroom Townhomes increased by $174,860 and $227,225, respectively compared to the Fourth Quarter of 2020 ̵

The average price per square foot value for one-and-two-bedroom Low Rise rose by $147 and $145 when compared to the Fourth Quarter of 2020

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

-

-

-

-

-

-

-

Low Rise

19

0.2

276

55%

$663

33

$470,000-$740,000

Townhome

3

0.0

225

45%

$577

18

$780,000-$1,062,450

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

-

-

-

-

Low Rise

$467,835

$724

$623,694

$662

2 Bedroom Townhome

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PSF

$777,680

3 Bedroom $642

$877,922

$584

NEW MARKET SUMMARY

ABBOTSFORD/MISSION The Abbotsford/Mission market will hold its ‘Green Light’ status for the Fourth Quarter of 2021 as sales increased by 122 percent from the previous quarter. The only project to launch in the Fourth Quarter of 2021 accounted for 85 percent of Low Rise sales and 67 percent of overall sales. Overall unsold inventory is down 41 percent when compared to last quarter. Given an extremely high absorption rate of 86 percent for both Townhome and Condominium product in the market area, it is evident that there is a clear lack of supply as only 23 units of unsold inventory in both product types remain.

With a new Low Rise project launch selling all 103 units in the development and a master-planned Townhome community selling out the 21 additional units released over the quarter, it is apparent that there is demand for affordable product targeted towards investors and first-time home buyers.

Released High Rise

Market Highlights ̵

Redekop Faye’s Low Rise Condominium, Preston, commenced sales in early late October and sold out the entire 103-unit development at an average price per square foot of $654 ̵

Onyx at Mahogany, by Quantum Properties, sold out its 87-unit Low Rise Condominium over the quarter after spending 43 months on the market and achieving an overall price of $543 per square foot ̵

Polygon’s Archer Green, a master-planned community in Mission released an additional 21 Townhomes (now 115 Townhomes released) and sold 23 homes over the quarter at an average price of $598,208 ̵

Natura at Forest’s Edge, by Naturbana Properties, sold eights units over the quarter and after increasing pricing on the remaining inventory, the project is now blending at an overall price of $559 per square foot ($11 increase)

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Projected

WINTER EDITION 2022

Low Rise Townhome Locations are approximate

HIGH RISE SALES

0↔

LOW RISE SALES

121

↑

TOWNHOME SALES

32

↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

High Rise

-

-

-

Low Rise

4↓

15 ↓

$543 - $654

Townhome

4↔

8↓

$290 - $502

RESALE MARKET SUMMARY

ABBOTSFORD/MISSION MLS Resale Highlights (Q4-2021) ̵

Total listings decreased by 103 to five while total resales are down by 17 to 182 compared to the Fourth Quarter of 2020 ̵

The lower bound of the sales range has increased by $80,100 over the past four quarters and the upper bound of the sales range has increased by $48,000 for Low Rise product ̵

Price per square foot sales values for Low Rise and Townhomes are up $135 and $140 from the Fourth 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

0

0.0

2

1%

$743

67

$485,000-$705,000

Low Rise and Townhome product has seen a decrease in average days spent on the market, averaging 35 and 10 days shorter on the market

Low Rise

4

0.1

85

47%

$583

35

$410,000-$598,000

̵

The average Low Rise price per square foot has increased $118 for one bedroom condominiums and $133 for two bedrooms when compared to the same quarter in 2020

Townhome

1

0.0

95

52%

$515

25

$669,900-$847,500

̵

The average two-and three-bedroom Townhome sold for $156,401 and $213,806 more than in the Fourth Quarter of 2020

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$485,000

$782

$705,000

$704

Low Rise

$423,233

$613

$556,155

$572

2 Bedroom Townhome

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PSF

$662,615

3 Bedroom $561

$771,697

$525

LOOKING BACK & AHEAD What in the world is going on? When we released our first ever issue of this report we certainly did not imagine 7,655 new home sales in one quarter and in the Fourth Quarter at that. Nor did we foresee 26,291 new homes for a year surpassing the prior record set four years ago by more than 10 percent. The “summer like no other” despite a Delta variant, has been surpassed by “a blizzard of sales” a top an Omicron blanket.

As we enter the “Year of the Tiger” our collaborative teams at Fifth Avenue and our partner organization BakerWest, continue an internal dialogue asking: Given current inflation levels, how much will interest rates be adjusted throughout 2022? How many times? By how much each time?

Looking Back How do we follow two consecutive quarters of 6,000+ units sold? We suggested a slight moderation of sales but not much. Turns out, we were wrong by 1,655 sales. We projected 90 days ago that the year-end total would hit a pinnacle of 24,000 homes and 26,000+ seemed moderately improbable. Wrong again. We did expect High Rise sales to set the pace again and anticipated a bump in Low Rise sales as well as steady Townhome sales. Hey, we got that spot on. We also stated not to expect any relief from current costing and pricing trends which remains the case for now.

In addition, we mentioned that throughout 2022, High Rise sales would resume its place as the top selling product type year to date. Last quarter clinched that title with more than half of 7,655 sales of the whopping 13,124 occurring as the year came to a close. High Rise sales were up 260 percent from 2020 when the best seller title went to Townhomes. We concluded by stating that when 2021 is said and done, suburbs would represent the largest share of market ever recorded. As our friends at Zonda noted, 98 percent of the 2,299 released units in the Valley were absorbed in the past 90 days. Meanwhile, the Fraser Valley Real Estate Board reported the highest recorded number of pre-owned sales in its 100 year history. This is clearly not our parent’s suburban market anymore.

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Looking Ahead

WINTER EDITION 2022

There is a general tendency for interest rates and the rate of inflation to have an inverse relationship. The need to stimulate the economy given the pandemic suppressed interest rates and forced savings. Given the demand for homes and the limited supply, we are experiencing inflation. The Government may also once again have concerns about Canadian’s debt load. With all this in mind, do we foresee interest rates increasing once or several times throughout 2022? What impact will that have on the market?

On the heels of a prior peak year - 2017, a number of Government interventions quelled demand significantly in 2018 and 2019 with the latter annual absorptions being nearly two thirds less than what we project for 2021. Given the record sales and low supply especially in pre-owned, will other interest rate increases be focused on demand suppression? We certainly appreciated a recent comment by the Minister for Housing David Eby with respect to true downside of NIMNBYism? What other actions will be done to accelerate the time it takes to get more supply to market?

Speaking of politics, 2022 is a municipal election year. Mark Saturday, October 15th in your calendars now. Last time around, there was quite the upheaval. Should we expect more of the same?

How many areas will make pro or anti development a rally cry? How many municipalities will tout change based on the local Government Act removing the default requirement for local Governments to hold public hearings for zoning bylaw amendments that are consistent with the official community plan? How many will promise to delegate decisions on minor development variance permits to staff? Amendments will update the Local Government Act to remove the default requirement for local Governments to hold public hearings for zoning bylaw amendments that are consistent with the official community plan. This will then enable local Governments to delegate decisions on minor development variance permits to staff. The big question is – which municipality(ies) will lead the way here?

If you have a view you would like to share and/or questions you would like to discuss please contact scott@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”.

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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

Jacky Chan

Address

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

Address

1480-1500 West Georgia Vancouver, BC V6G 2Z6

Phone Number

604.583.2212

Email

jacky@bakerwest.com

Email

scott@fifthave.ca

Website

bakerwest.com

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. © 2021.

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