The Fifth Dimension Winter Edition 2023

THE FIFTH DIMENSION WINTER EDITION 2023

A Comprehensive Analysis of the Metro Vancouver Multi-family Market

Provided Collaboratively By:

WELCOME TO THE FIFTH DIMENSION

In the previous quarter, we emphasized that some neighbourhoods were either over or under supplied. We stated that those neighbourhoods with unique and strategic sites in under-supplied areas could still be successful, whereas those in over-supplied areas should proceed with caution as consumers have more options and time to consider. This was proven in the final quarter with several successful new project launches across Metro Vancouver.

This report is produced collaboratively by Fifth Avenue Real Estate Marketing Limited, a leading full service, suburban market-focused residential real estate sales and development marketing organization and our Central Vancouver based organization, Baker West Real Estate Incorporated. Baker West and Fifth are part of the Peerage Realty Partners network whose other BC interest include Sotheby’s International Canada and Okanagan-based Epic Real Estate Solutions Inc. We also enjoy strategic Vancouver Island partnerships with DFH Real Estate and Island Realm Real Estate. Together we cover British Columbia’s ever changing and expanding new home market.

The supporting data for this report is objectively collected and presented by renowned and renamed Zonda Urban (formerly Urban Analytics), a leading provider of advisory services on the new Multi-family home market and a vital contributor to this report since 2010.

The passing of one year and the arrival of the next creates hope. As we hop into this Year of the Rabbit we pause to celebrate our 14th year of creating this report. For more than 50 editions we have reviewed the numbers from the prior quarter of 2022. We provide a concise summary of trends and implications, with respect to the Multi-family real estate market throughout Metro Vancouver and the Fraser Valley.

In our latest report, we explored the diverse views on certainty and uncertainty. The discussion was prompted by the noticeable slowdown in absorption rates and the drop in prices in some areas. It appears that the summer and fall marked the bottom of the market as we observed surprising quarter-over-quarter sales growth. Although we are still

down significantly from last year, the increase in sales in the fourth quarter compared to the previous quarter is a positive sign. Given that this occurred during two additional interest rate hikes by the Bank of Canada (BoC), with interest rates at 450 basis points at the time of the previous report, it is a significant indication of either market improvement or stabilization as we move into 2023.

As winter came upon us, there were new signs of hope in the market as the challenging year of 2022 ended. Despite two additional interest rate increases by the Bank of Canada, there were several new development sales launches and quarter-over-quarter increases in sales activity. A season usually associated with darkness and despair actually saw signs of stabilization and light.

Last issue we asked how certain or uncertain you were about the market and discussed that we had experienced a clear slow down and even a price decline in some neighbourhoods. It seems that Q3 was our bottom as we saw unexpected sales gains quarter to quarter. Year-to-year we are still down significantly; however, the gains seen in Q4 compared to Q3 are optimistic.

Recently, the Bank of Canada has indicated a potential pause in rate increases, which could result in greater market stability and higher consumer confidence. As we approach 2023, it’s crucial to maintain a balance between optimism and caution. Despite the current difficulties, which are still present but not as severe as the second and third quarters of 2022, there are signs that the worst may be behind us. Stability is a positive aspect as it provides more opportunities for market analysis and pre-sales. In addition, it allows developers and builders to design communities that cater to the current market conditions and meet the needs of both home buyers and the industry. Furthermore, areas that previously experienced a significant sales slowdown and price decreases, such as Willoughby in Langley, have seen a recovery in the fourth quarter with increased sales seen at most townhome communities. This suggests that we are seeing market stabilization across the board as both developments and home buyers have adapted to the new market

conditions. This is not just a result of one-off success in under-supplied areas. This gives us confidence for the arrival of the 2023 market. As we move into 2023, we still need to be strategic and cautious. However, it seems the worst is now behind us with the light seen from this final quarter. Times are still harder than they were a year ago, but not as unfavorable as the second or third quarter of 2022 were. With more time to market and pre-sell than ever before, we have time to design sought after communities, with homes adapted to the current market conditions for home buyers and builders alike.

The BOC has hinted of a rate pause for the remainder of the first quarter of 2023, furthering the potential of increased market stability and consumer confidence. Eliminating this fear driver will only help maintain people’s ability to purchase and maintain demand.

The sign of Rabbit is a symbol of longevity, peace, and prosperity in Chinese culture. 2023 is predicted to be a year of hope. It has been a hopeful start to be sure.

All the best to you,

Jamie Squires

Jamie Squires

President & Managing Broker

Fifth Avenue Real Estate Marketing Ltd.

Jamie@fifthave.ca

OVERALL MARKET SUMMARY

In this Winter edition of the Fifth Dimension our data collection and analysis partner Zonda Urban chronicle the concluding quarter of 2022, the year to date totals and what to expect as Winter concludes and the Spring market arrives.

Q4 — New Home Market

Metro Vancouver’s new home market showed signs of recovery in the Fourth Quarter of 2022, as there was an increase in activity across several new project launches throughout the region. Although overall sales in the Fourth Quarter were significantly below the record-setting levels of 2021, stakeholders are anticipating an increase into 2023 as interest rates stabilize and more product becomes introduced to the market.

The 2,027 sales recorded in the Fourth Quarter were 74 percent lower than the same quarter last year but were 33 percent higher than the previous quarter. There were 8,199 released and unsold units at the end of the year, a two percent decrease from the previous quarter and a 40 percent increase from the same quarter last year. There were 970 move-in ready and unsold new multi-family homes available at the end of the Fourth Quarter, up 43 percent from the previous quarter and up 70 percent from the same quarter last year.

A total of 836 High Rise sales were recorded in the Fourth Quarter of 2022; a 31 percent increase from the previous quarter, but 80 percent fewer than the same quarter last year. High Rise sales accounted for 41 percent of new home sales during the quarter. There were 5,546 released and unsold High Rise units available at the end of the Fourth Quarter, a five percent decrease from the previous quarter but a 22 percent increase year-over-year. The majority of High Rise sales in the Fourth Quarter were in the Central Surrey/North Delta sub-market, which accounted for 36 percent of all High Rise sales. Combined High Rise sales in the

Central Surrey/North Delta, Burnaby/New Westminster, and Tri Cities submarkets accounted for 84 percent of sales in this sector, and 35 percent of all new multi-family home sales during the quarter.

Notable sales activity occurred at Gilmore Place – Tower 2 by Onni Group (Brentwood), Keltic’s O2 (Metrotown), Oasis by Concord Pacific (Brentwood), SOCO Two (Coquitlam),and Anthem’s Georgetown Two (Central Surrey).

The 943 Low Rise condominium sales recorded in the Fourth Quarter of 2022 were 38 percent higher than the previous quarter but were 58 percent fewer than in the same quarter last year. The increase in sales when compared to the previous quarter can be partially explained by an increase in units of this product type added to the market; ten new Low Rise projects were launched during the quarter, which added 1,049 units to the market. The 1,566 released and unsold Low Rise units at the end of the Fourth Quarter represent a five percent decrease from the previous quarter. 260 of the total Fourth Quarter Low Rise sales were in the TriCities sub-market.

Notable sales activity across Metro Vancouver’s Low Rise condominium sector was observed at Sol (Burquitlam), Florin by Allaire and The Circadian Group (Burquitlam), and First & Royal by Areva Living (New Westminster), Adera’s Pura (Surrey City Centre), Whitetail Homes’ Galilea (Surrey City Centre), and Highstreet Village by AB Wall (Abbotsford).

A total of 248 Townhome sales were recorded in the Fourth Quarter of 2022, which represents a 23 percent increase from the previous quarter but a 79 percent year-over-year decline. There were 1,087 released and unsold Townhome units at the end of the Fourth Quarter, which is four percent higher than the previous quarter and 109 percent higher than the same quarter last year. The available Townhome inventory continued to

rise as sales activity for this product remained low and ten new Townhome projects representing a total of 332 units were launched in the Fourth Quarter.

Notable sales activity was observed at Parc Portofino by Dava (Bridgeport), and Headwater by Apcon Group (Guildford), Westhampton at Hampton Cove by Polygon (Ladner), Garcha’s Union (Willoughby), and AB Wall’s Highstreet Village (Abbotsford),

Q4 — Resale Market

The resale market in the Fourth Quarter of 2022 saw a significant decrease in activity compared to the previous quarter and the same quarter in the previous year. A total of 1,458 newer multi-family homes were resold, which is 19 percent lower than the previous quarter and 62 percent lower compared to the same quarter in 2021. The High Rise, Low Rise, and Townhome sectors saw a decrease in re-sales of 29, eight, and 15 percent, respectively, compared to the previous quarter and a decrease of 63, 58, and 65 percent, respectively, compared to the same quarter last year.

The decrease in re-sales can be attributed to the Bank of Canada’s efforts to combat inflationary pressures, which led to an increase in the overnight lending rate twice during the Fourth Quarter, bringing the rate up to 450 basis points. This higher borrowing rate has negatively impacted purchaser sentiment, leading to reduced home buying activity and an increased demand for rental housing. However, there is optimism on interest rates peaking in 2023 as BoC Governor Tim Macklem indicated a conditional short-term “pause” on further rate increases in his most recent address in January.

Despite the decrease in re-sales, there were positive developments in the new home market in the Fourth Quarter. Multiple projects were

OVERALL MARKET SUMMARY

successfully launched and achieved an overall absorption rate of over 50 percent, attracting hundreds of attendees. Developers are expected to release more inventory into Metro Vancouver in the coming year, and well-located and positioned projects with attractive incentives are likely to generate pre-sale activity.

Overall, the active listings for multi-family homes decreased by 36 percent compared to the previous quarter but increased by 88 percent compared to the same quarter last year. The active listings for the High Rise, Low Rise, and Townhome sectors decreased by 31, 39, and 43 percent, respectively, compared to the previous quarter.

In conclusion, while the Fourth Quarter of 2022 saw a decrease in the resale market due to higher borrowing rates, there were still positive developments in the new home market and optimism for the future with a potential pause on interest rate increases and the release of new inventory in the coming year.

Q4 — Observations and Opinions

The Bank of Canada’s decision to raise the overnight lending rate twice during the Fourth Quarter of 2022 was part of the trend established in early 2022 to combat inflationary pressures. The increase brought the overnight lending rate up to 450 basis points, which has continued to impact the sentiment of potential home buyers. Higher borrowing rates have resulted in a decrease in home buying activity and an increase in demand for rental housing.

Despite this negative impact, there is still optimism in the real estate market, as indicated by BoC Governor Tim Macklem’s recent address in January. In his address, he indicated a conditional short-term “pause” on further rate increases, leading to the belief that interest rates may have

peaked in 2023. This sentiment was reflected in the successful launches of multiple projects in the Fourth Quarter of 2022, which achieved an overall absorption rate of over 50 percent and attracted hundreds of attendees.

Developers are expected to release more inventory into the Metro Vancouver area in the coming year, and projects that are well-located, well-positioned, and offer attractive incentives are likely to generate pre-sale activity. This positive outlook for the future, combined with the successful launches in the Fourth Quarter, suggests that despite the impact of higher borrowing rates, the real estate market remains optimistic and continues to attract investment and interest.

Notable projects that could launch in the First or Second Quarter of 2023 include: Vancouver Downtown – Brivia Group’s CURV, Marcon’s 2030 Barclay; Vancouver West - Solterra’s Italia, Alabaster’s Thesis, Forme Properties SOTO on West 28th; Vancouver East - First Track Development’s Woodland Block, Streetside Developments’ Bailey; Burnaby - Anthem’s South Yards (Phase 1), Polygon’s Perla, Kingborn’s Koi; North Shore -Polygon Homes’ Lennox; Tri-Cities - Townline’s Terrayne, Onni Group’s Pine & Glen; Richmond/South Delta – Westmark Development’s Camden Square, Executive Group Development’s West Coast Estates (Condos); South Surrey/White Rock - Gramercy Developments’ The Loop; Central Surrey/ North Delta - Concord Pacific’s The Piano, Westland’s Core, Landa Group’s Lucent; Langley/Cloverdale – Inspira’s Insignia, Mortise’s Unison, Streetside Development’s Cascadia; Abbotsford/Mission - Pacific Hills Development’s Westminster Plateau, AB Wall’s Highstreet Village Phase 3, Redekop Faye’s Jacob; Ridge-Meadows - Pacific Vision Development’s La Riviere.

MARKET SUMMARY

VANCOUVER DOWNTOWN

The Downtown Vancouver market area will have a ‘Red Light’ status for the Fourth Quarter of 2022. Total sales decreased by eight percent when compared to the last quarter. The continual decrease in sales can be attributed due to the lack of new inventory in the market area. Only four of 13 projects in Downtown Vancouver recorded sales and there were no project launches observed over the Fourth Quarter of 2022 with the exception of The Curv taking Registrations. Four percent of the available inventory was absorbed in this market area. To increase demand, developers have decreased deposit structures and have added more favourable incentives. To start the New Year, higher sales volume is anticipated over 2023 with the Lunar New Year promotions set to take place and with the release of new inventory as a new tower is in preparation to launch in early 2023.

New Market Highlights

Brivia Group and Henson Developments High Rise development, The Curv is introduced to the market to gather registrations leading up to their public release with 358 units, acheving 60 stories in height marking Vancouvers tallest residential building and the worlds tallest passive house.

Landa Global Properties’ High Rise development, 1818 Alberni, achieved four sales over the Fourth Quarter of 2022 that offered a realtor incentive of six percent commission on select homes

The Pacific, a High Rise Condominium by Grosvenor, reported five sales over the quarter with 19 move-in ready homes

Brenhill’s High Rise Condominium, 8X On The Park, has sold 190 units since commencing sales in May 2016 and has one move-in ready unit remaining

Brivia Group and Henson Developments 60-storey tower called Curv, is estimated to be launched in 2023

Westbanks’ 331-unit High Rise development, Butterfly, will be completing construction in 2023 There are 106 move-in ready homes in this market area

**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.

VANCOUVER DOWNTOWN RESALE MARKET SUMMARY

MLS Resale Highlights

Average sales values per square foot have increased by $152 when compared with the Fourth Quarter of 2021 for High Rise product

The number of High Rise listings has increased from 155 to 193, while High Rise resales decreased by 70 when compared to the Fourth Quarter of 2021

The average per square foot values of one bedroom High Rise condominiums decreased by $17 while the two bedroom High Rise condominiums increased by $193 since the Fourth Quarter of 2021

The months of supply for resales in the High Rise market has increased from 4.0 months to 12.9 months when comparing to the same quarter last year

The sales range has increased by $38,100 on the lower end and increased by $315,000 on the higher-end over the past four quarters for High Rise product

The average time a unit is on the market has increased for High Rise by 27 days since the Fourth Quarter of 2021

VANCOUVER WEST

Vancouver West will maintain its ‘Yellow Light’ status for the Fourth Quarter of 2022. This market area recorded 83 sales, a 15 percent decrease from the previous quarter. The High Rise sector had the most sales activity with 68 sales accounting for 82 percent of total sales in Vancouver West. The Low Rise sector did not achieve any sales while the Townhome sector saw a 63 percent decrease, dropping from 41 to 15 sales. This can be attributed to the lack of new inventory in those sectors. Amidst reduced sales activity and uncertain market conditions, two new projects were released late in the Fourth Quarter of 2022 – one concrete Mid Rise and one Townhome project - which added 115 units to the market with 12 percent absorbed. Combined with new project launches reported to release in the following quarter and upcoming Lunar New Year promotions in Q1-2023, buyer activity is expected to increase.

New Market Highlights

5656 Balaclava, a 79-unit concrete condominium project by Hon Developments launched in early November with 11 sales at an overall blended price of $1,894 per square foot

IMANI Development’s 36-unit Townhome project, Savannah began sales in mid-November and sold three homes at a blended price of $1,390 per square foot

Solterra is anticipated to release Italia, a 46-unit concrete condominium project in the First Quarter of 2023

SOTO on West 28th, a 20-unit Townhome project by Forme Properties Inc. Is expected to be released in February 2023

The Hillcrest, a 17-unit Townhome by Vertex Developments is nearing completion and expected to be move in ready for early 2023

Polygon’s High Rise development, The Conservatory, led all High Rise sales this quarter with 16 sales blending at an overall price per square foot of $1,382 with a realtor bonus of up to $10,000

VANCOUVER WEST RESALE MARKET SUMMARY

MLS Resale Highlights

Total listings have increased by 19 while total resales have decreased by 157 when compared to the Fourth Quarter of 2021

The average time a unit is on the market has decreased for High Rise and Low Rise by 17 and 12 days, respectively while Townhomes increased by 40 days since the Fourth Quarter of 2021

Average price per square foot sales values for High Rise and Low Rise units have increased over the past four quarters by $55 and $155, respectively, while Townhomes units experienced no change

Two bedroom High Rise and Low Rise product saw increases of $65 and $243 in average price per square foot sales values when compared to four quarters ago

The sales range has decreased by $19,000 on the lower end and increased by $86,100 on the higher end since the Fourth Quarter of 2021 for High Rise product

The Townhomes sales range has decreased by $37,000 on the lower end and by $263,800 on the higher-end over the past four quarters

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

MLS Resale by Unit Type

VANCOUVER EAST

The Vancouver East market area will have a ‘Red Light’ status after recording 13 total sales in the Fourth Quarter of 2022, a decrease of 48 percent from the previous quarter. Current market conditions continually affect sales activity and the release of new products. There has been only one project launch which released 69 units with an absorption rate of 14 percent. The High Rise sector had one unit returned to the developer while the Low Rise and Townhome sector saw a decrease of 20 and 78 percent in sales, respectively. With worsening market conditions, developers have halted the launches of many projects that were expected for the Fourth Quarter and the rising construction costs prevented any price decreases to attract buyers. However, there is optimism in the new year that interest rates will stabilize and the overall market conditions will improve leading to more product launches in the First Quarter of 2023.

Market Highlights

Bucci released 2550 Garden Drive in early October, a near completed 69-unit Low Rise development that achieved 71 percent of all total sales in the market area with 10 sales over the quarter; interest mainly came from end-users

Hudson Projects’ Block 1910 accounted for all the sales of the Townhome sector with two sales at an overall blended price of $1,239 per square foot

Georgia Pacific Holdings Corp. is expected to release Gemini Mount Pleasant (previously called Grand and owned by Green Oak Development) in Late March, a near-completed 18-unit concrete Condominium at an overall blended price of $1,429 per square foot

V on E49, a 26-unit Low Rise Condominium by 1969 East 49th Avenue Ltd Partnership and Rupert by Kaval Properties accounted for two remaining sales of the Low Rise sector with one sale each over the Fourth Quarter of 2022

First Track Development is expected to release a 72-unit Townhome project called Woodland Block this upcoming quarter

VANCOUVER EAST RESALE MARKET SUMMARY

MLS Resale Highlights

The average time a unit is on the market has increased for High Rise, Low Rise, and Townhomes by 4, 21, and 7 days, respectively, since the Fourth Quarter of 2021

Average price per square foot sales values for High Rise, Low Rise, and Townhome units have increased by $11, $45, and $41, respectively

The months of supply for resales in the Low Rise market has increased from 0.3 months to 4.0 months when compared to the same quarter last year

The average price per square foot in a Low Rise for a one bedroom is up $123 while it is down by $22 for a two bedroom unit since the Fourth Quarter of 2021

Total resales have decreased by 175 when compared to the Fourth Quarter of 2021, while total listings have increased by 34 in that same time span

The average price per square foot for a two bedroom Townhome has increased by $81 while it has decreased by $22 for a three bedroom Townhome since the Fourth Quarter of 2021

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

MLS Resale by Unit Type

RICHMOND/SOUTH DELTA

The Richmond/South Delta market area will have a ‘Yellow Light’ status after recording 145 total sales in the Fourth Quarter of 2022, a decrease of 61 percent from the previous quarter. Sales continue to be a mix of investors and end users with a heavier focus on end users in South Delta. The majority of sales have been driven by the High Rise sector as it accounted for 79 percent of all total sales. Whereas the Low Rise and Townhome sector saw significant decreases in sales activity as it dropped by 93 and 63 percent, respectively, when compared to the Third Quarter of 2022. There has been one High Rise project launch that released 143 units onto the market and 12 percent of those units have been absorbed. The overall absorption rate in the Fourth Quarter of 2022 reached 13 percent with the Low Rise sector achieving the highest absorption rate of 17 percent.

Market Highlights

One Park by Grand Long recorded the strongest concrete condominium sales of 19 units amongst the three buildings that have been released

Polygon’s Townhome development in Ladner, Westhampton, quietly launched in late November and recorded 27 sales of the 34 initially released units at an average value of $590 per square foot

Parc Portofino, a stacked Townhome project by Dava Developments, recorded 15 sales over Q42022 after three consecutive quarters of no sales; the overall price per square foot value increased by $29 and the majority of recent purchasers have been noted as first-time buyers and downsizers from central Richmond areas

There are six completed High Rise condominium projects equating to 293 move-in-ready homes, which accounts for 40 percent of the 721 unsold inventory in this sector

Shape’s Richmond Centre development is anticipated to launch its Penthouse collection in early 2023

**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

RICHMOND/SOUTH DELTA RESALE MARKET SUMMARY

MLS Resale Highlights

Total resales have decreased from 439 to 170 when comparing to the Fourth Quarter of 2021

The High Rise sales range has increased by $23,000 on the lower end and by $16,000 on the higher-end when comparing to the same quarter in 2021

The sales range of Townhomes increased by $40,000 on the lower end, while the top-end price range increased by $141,000 when compared to the Fourth Quarter of 2021

Average per square foot sales values of High Rise and Low Rise units increased by $58, and $57, respectively, while Townhomes decreased by $26 when compared to four quarters ago

Price per square foot sales values for one bedroom High Rise and Low Rise units have increased by $45 and $86, respectively, over the past four quarters

The average sales price of a two and three bedroom Townhomes decreased by $71,744 and $14,622, respectively, since the Fourth Quarter of 2021

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

MLS Resale by Unit Type

BURNABY/NEW WESTMINSTER

The Burnaby/New Westminster market area will have a ‘Green Light’ status for the Fourth Quarter of 2022 after recording 429 sales, a 117 percent increase from the previous quarter. The High Rise and Low Rise sectors predominantly showcased the increase in buyer activity in this market area with 97 and 198 percent increases, respectively. These sales numbers were concentrated in a small but extremely successful number of projects. The Townhome sector went from 18 to 9 sales, experiencing a 50 percent decrease in sales from the previous quarter. Absorption rates in the Low Rise sector totaled 60 percent due to the launch of one very successful project. The overall absorption rate this quarter is 21 percent. One High Rise and one Mid Rise project were released in the Fourth Quarter of 2022, accounting for 554 units being added to the market.

Market Highlights

First & Royal, a 189-unit Mid Rise condominium by Areva Living launched in late October achieved 174 sales at an overall blended price of $940 per square foot

Brentwood Tower 6, the sixth tower in the Brentwood masterplan, a 365-unit High Rise by Shape Properties launched in late 2022 with a targeted price per square foot of $1,450

Anthem is launching South Yards, an 8-acre 2,500-unit masterplan community in Brentwood in early January with a 363-unit High Rise for Phase 1 of Tower A

The East Tower of Oasis at Brentwood by Concord Pacific helped to drive sales in the Fourth Quarter of 2022 with 60 new sales

The second tower of Gilmore Place, sold its remaining inventory by recording 78 sales over the quarter and achieved an overall monthly absorption of 13.1 units; the incentives being offered was a two percent credit on all homes and a reduced deposit structure

Polygon is anticipated to launch Perla a 38 storey, 339-unit High Rise in Metrotown in late March 2023

BURNABY/NEW WESTMINSTER RESALE MARKET SUMMARY

MLS Resale Highlights

Total resales have decreased by 318 when compared to the Fourth Quarter of 2021, while total listings have increased by 125 in that same time span

The average per square foot sales values of High Rise, Low Rise, and Townhomes have increased when comparing to the Fourth Quarter of 2021 by $26, $53, and $38, respectively

The sales range of High Rise product decreased by $87,000 on the lower end, while the top-end price range increased by $65,000 when compared to the Fourth Quarter of 2021

Compared to the Fourth Quarter of 2021, the average price per square foot of one bedroom High Rise and Low Rise product has increased by $40 and $54, respectively

The average price per square foot of two bedroom High Rise and Low Rise products has increased by $11 and $60, respectively, over the past year

The average sales price of two and three bedroom Townhomes have decreased by $4,559 and $10,733, respectively, when compared to the Fourth Quarter of 2021

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

MLS Resale by Unit Type

NEW MARKET SUMMARY

NORTH SHORE

The North Shore market area holds the ‘Red Light’ status for the Fourth Quarter of 2022 after recording 43 sales, a 71 percent decrease compared to what was observed in the Third Quarter of 2022. The decrease in sales activity may be attributed to the lack of project launches as no new inventory was released over the quarter. Nine projects achieved sales over the quarter, resulting in a 10 percent overall absorption rate. The absorption rates for overall inventory in High Rise, Low Rise, and Townhomes have decreased to 3, 19, and 17 percent, respectively. It has been reported that buying activity from investors has been significantly affected by the continual interest rate hikes and has taken a step back in this market area. To combat the diminished sales activity, developers have been offering incentives of credit of up to $100,000, reduced deposit structures, and assistance with lower mortgage payments to help buyers enter the market.

Market Highlights

Yew, a Low Rise building part of Anthem’s North Vancouver masterplan, Baden Park, led all projects in the market area as it recorded 13 sales at a blended price per square foot of $1,075 this quarter with a purchaser credit of up to $20,000

Seymour, the Townhome portion of Anthem’s masterplan, Baden Park, led all Townhome sales with seven sales at an overall average value of $927 per square foot over the Fourth Quarter of 2022

The West building of Seymour Village – Lupine Walk by Aquilini Development recorded 10 sales after offering a reduced total deposit from 15 percent to 10 percent Mirage Pacific Lyte’s, 1331 Ambleside, started sales in early August and is currently offering a $100,000 purchaser credit and a $20,000 realtor bonus on the next five sales

The Sentinel by Denna Homes is offering a mortgage payment plan which allows buyers to own their home for $1,499/month with certain conditions

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

NORTH SHORE RESALE MARKET SUMMARY

MLS Resale Highlights

There were 81 total listings, an increase by 8 when compared to the Fourth Quarter of 2021

Compared to the Fourth Quarter of 2021, the average time a unit is on the market has increased for High Rise units by 35 days while Low Rise and Townhome units decreased by 10, and 23 days, respectively

The average per square foot sales values for High Rise units increased by $77 while Low Rise units experienced no change and Townhomes decreased by $20 when comparing to the Fourth Quarter of 2021

The sales range increased by $2,000 on the lower-end and decreased by $63,000 on the upper-end for Low Rise product since four quarters ago

Two bedroom High Rise product increased in per square foot sales value by $85 while it decreased in the Low Rise product by $14 when compared to the Fourth Quarter of 2021

The average sales price of two and three bedroom Townhome has decreased by $450,767 and $212,611, when compared to the Fourth Quarter of 2021

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

MLS Resale by Unit Type

TRI-CITIES

The Tri-Cities will retain its ‘Green Light’ for the Fourth Quarter of 2022. A 46 percent increase in total sales has been observed when compared to the last quarter. There has been a total of six new project launches and of the 645 units released, 55 percent of it has been absorbed. The 356 sales achieved from new projects launched in Q4-2022 make up 77 percent of the total sales. Grand opening incentives consisting of a reduced deposit structure, bonuses of up to $20,000, and lower entry price points attracted many investors and end-users to enter the market despite current market conditions. Actively selling projects that launched prior to the Fourth quarter have benefited from the launch of new projects but noticeably reduced sales activity. However, it has been noted that many incentives have been planned for the Lunar New Year to increase buyer activity. If projects are positioned optimally towards the right demographics and price points they will continue to see increased absorption.

New Market Highlights

SOCO Two, Anthem’s second phase of the SOCO masterplan, a 228-unit High Rise development achieved 136 sales at an average blended price per square foot of $1,050 since commencing sales in mid-October with their One-Price Program incentive

Allaire and The Circadian Group released Florin in early October, a 176-unit Low Rise development, and recorded 83 sales at an average blended price of $920 per square foot

Sol, Adera’s 92-unit Low Rise development was released in mid-October and achieved 69 sales at an overall blended price of $900 per square foot

Dulex Laidler Developments released 62 units at Sitka House, a Low Rise development in Port Moody, and achieved 49 sales at an overall blended price of $1,100 since starting sales in early December

JPS Developments released Amber Gate in mid-October, a 52-unit Townhome project in Burke and sold 12 units at an overall blended price per square foot of $735

Anthem Properties brought a 69-unit Townhome project in Burquitlam, Dwell, and achieved seven sales at an overall blended price of $905 per square foot

TRI-CITIES RESALE MARKET SUMMARY

MLS Resale Highlights

Compared to the Fourth Quarter of 2021, sales in High Rise, Low Rise, and Townhome products decreased by 139, 26, and 58, respectively Total listings have increased by 89 when compared to the same period last year

The average sales value per square foot for High Rise and Low Rise products have increased by $25 and $107, respectively, while Townhomes decreased by $7 since the Fourth Quarter of 2021

The lower end sales range for High Rise, Low Rise, and Townhome products has increased by $13,000, $27,000, and $151,000, respectively, since the same quarter last year

The average price per square foot of a High Rise and Low Rise one bedroom is up by $5 and $114, respectively, when compared to the Fourth Quarter of 2021

The average sales price of a two bedroom Townhome decreased by $44,382 while a three bedroom Townhome increased by $11,367 when compared to the Fourth Quarter of 2021

MLS Resale by Unit Type

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

RIDGE MEADOWS

The Ridge-Meadow market area will take a ‘Red Light’ status for the Fourth Quarter of 2022 as sales continue to decrease with a drop of 69 percent when compared to the Third Quarter of 2022. There were 16 total sales in this market area largely due to a lack of purchaser interest given high-interest rates and lack of inventory. The lack of available products over the quarter has resulted in decreased inventory and activity in the market area. New project launches have been delayed and projects have been placed on hold until completion due to market conditions. Project representatives report investor activity has decreased substantially and most of the sales have been coming from end users. To combat the reduction in sales activity, some developers have been offering reduced deposit structures and reduced pricing while others have stopped actively marketing until favorable market conditions arise. Overall absorption of remaining inventory equated to 11 percent this quarter.

Market Highlights

Platinum Group’s second phase of Inspire, a 108-unit Low Rise development achieved nine sales over the Fourth Quarter of 2022 with reduced deposit incentives and the overall blended value reduced by $22

Whitetail Homes’ 125-unit Low Rise development, Podium, achieved zero sales over the quarter despite recording 49 sales in the previous quarter; the project has been placed on hold

La Riviere, by Pacific Vision Development, a 111-unit Low Rise Condominium project that was expected to launch this past summer continues to be delayed and is expected to launch one-, twoand three-bedroom homes in Maple Ridge soon

Provenance, by Polygon’s 272-unit Townhome project has 16 units released and unsold remaining achieving three sales over Q4-2022 and is blending at an average value of $540 per square foot, a $20 increase

RIDGE MEADOWS RESALE MARKET SUMMARY

MLS Resale Highlights

Total listings have increased by 38 while resales have decreased by 91 when compared to the Fourth Quarter of 2021

The average sales value per square foot for Low Rise products increased by $55 while Townhomes decreased by $61 since the same quarter last year

The average sales price of a one bedroom Low Rise unit decreased by $7,644 while a two bedroom Low Rise unit increased by $44,277 when compared to the Fourth Quarter of 2021

The lower bound of the sales range for Low Rise products decreased by $19,000 and the upper bound decreased by $19,900 compared to the same period last year

Since the Fourth Quarter of 2021, the lower and upper bound of the sales range for Townhome product decreased by $21,900 and $104,250, respectively

Three bedroom Townhome units saw a decrease in average price on sold units by $22,501 over the past year

Resale Statistics (Product 10 Years of Age or Less)

MLS Resale by Unit Type

SURREY CENTRAL/NORTH DELTA

The Surrey Central/North Delta market will be upgraded to the ‘Green Light’ status for the last quarter of 2022 after recording 574 sales, a 244 percent increase when compared to the previous quarter. There has been six new project launches over the quarter releasing 663 units and achieving 456 sales. The 69 percent absorption rate achieved by new projects can be contributed to lower entry price points and grand opening incentives including reduced deposits and assignment fees. The new inventory of new products with longer completion dates added to the market area allowed end-users and investors to enter with the expectation that interest rates will fall by completion. Outside of the new project launches, developers continue to offer incentives such as price cuts of up to $200,000 to increase sales activity. With buyer activity increasing in this market area, more project launches are expected in the next quarter.

Market Highlights

Anthem’s 355-unit High Rise development, Georgetown Two, the second tower of the Georgetown masterplan, released 264 units at the beginning of the Fourth Quarter of 2022 and achieved 232 sales at an overall blended price of $1,052 per square foot with their One-Price Program incentive

Galilea, Whitetail Homes’ 129-unit Low Rise Condominium was released at the beginning of December and recorded 50 sales before the new year at an average price of $826 per square foot

Adera released the first phase of Pura, a 136-unit Low Rise development, and achieved 100 sales at an average price of $868 per square foot since commencing sales in early Q4-2022

Four Square Properties released a 71-unit Low Rise Condominium called Viva in mid-November and made 43 sales at an overall price of $879 per square foot

Lineage, a 35-unit Townhome project in North Delta developed by JPS Developments was released in mid-December and reported 13 sales at an overall blended price of $734 per square foot

Apcon Group’s Townhome project, Headwater, released 28 units into the market area and achieved 18 sales at an average price of $701 per square foot

Landa Global Properties’ 404-unit High Rise development, Lucent, another residential tower in the Surrey Central area is expected to release in February 2023

SURREY CENTRAL/NORTH DELTA RESALE MARKET SUMMARY

MLS Resale Highlights

Total listings increased by 188 while resales decreased 423 when compared to the Fourth Quarter of 2021

The months of supply for resales in the Townhouse market has increased from 0.2 months to 5.0 months when compared to the same quarter last year

The months of supply for resales for High Rise and Low Rise product has increased by 5.0 and 4.3 months, respectively, when compared to the Fourth Quarter of 2021

The per square foot sales value has increased for High Rise and Low Rise units by $83 and $21, respectively, while Townhomes decreased by $13 when compared to four quarters ago

One bedroom High Rise and Low Rise units saw an increase in average price per square foot on sold units by $48 and $46 over the year

The average two and three bedroom Townhome unit have seen price decreases of $52,171 and $2,290, respectively, compared to the same period last year

Resale Statistics (Product 10 Years of Age or Less)

MLS Resale by Unit Type

SOUTH SURREY/WHITE ROCK

The South Surrey/White Rock market area will be given a ‘Yellow Light’ rating as sales declined by 31 percent when compared to the Third Quarter of 2022. The decrease in overall sales is largely due to the lack of new inventory, as no new projects came to market over the quarter. There were zero sales recorded in the High Rise sector, an increase of twelve sales recorded in the Low Rise sector, and two fewer Townhome sales were recorded. The South Surrey/White Rock market area saw an overall absorption rate of 16 percent compared to the previous quarter of 21 percent. The absorption in the Low Rise sector was the highest at 37 percent. Project representatives have reported a slowdown in investor interest over the quarter, and make note that buyers are waiting on the sidelines for rising interest rates to slow down or flatten.

Market Highlights

Zenterra’s King + Crescent, a 411-unit Low Rise project, accounted for all the Low Rise sales in the market area as it sold 15 sales over the quarter at a blended price of $816 per square foot

Horizon by Apcon Group, a 71-unit Townhome project is sold out after selling the final two units, the project achieved an average monthly absorption of 2.8 units and a blended price per square foot of $506

Silver Star Enterprises’ 22-unit Townhome project, Oak Meadows, started sales in August and sold a total of eleven units so far at a blended price per square foot of $706.

Streetside Developments’ The Boroughs (Phase 2) – Bexley, an 82-unit Townhome project, sold two units over the quarter at a blended price per square foot of $709; available homes range from $874,900 - $1,045,900

Gramercy Development’s 194-unit Townhome project, The Loop, publicly launched on January 28th with 30 units being released and ranging from $799,900 to $1,094,900.

SOUTH SURREY/WHITE ROCK RESALE MARKET SUMMARY

MLS Resale Highlights

When compared to the same quarter last year, the total number of listings have increased by 36 while resales have decreased by 140

The months of supply for resales for High Rise, Low Rise, and Townhome product has increased by 6.4, 0.7, and 1.7 months, respectively, when compared to the Fourth Quarter of 2021

Average per square foot sale values for High Rise units increased by $33 while Low Rise units decreased by $32 when compared to the Fourth Quarter of 2021

High Rise and Low Rise products have seen an increase in average days spent on the market, averaging 64 and 30 more days on the market when compared to the Fourth Quarter of 2021

One bedroom Low Rise units saw an increase in average price per square foot on sold units by $44 while two bedroom Low Rise units decreased by $53 over the past year

Two and three bedroom Townhome product saw a decrease in average sales price of $66,774 and $45,256, respectively, compared to the same quarter last year

Resale Statistics (Product 10 Years of Age or Less)

MLS Resale by Unit Type

NEW MARKET SUMMARY

LANGLEY/CLOVERDALE

The Langley/Cloverdale market area will have a ‘Yellow Light’ status after recording a total of 127 sales and experiencing a 52 percent decrease in total sales when compared to the previous quarter. The downward slope of sales experienced over the quarter can be contributed to the lack of new projects released in the market area. There has been only one new Townhome project over the quarter releasing 25 units with a 50 percent absorption rate. There is a common consensus for developers to release new products when more opportunistic market conditions arise. Despite developers offering reduced pricing on new projects and incentives including decreased deposit structures and assistance with mortgage payments to attract buyers, sales activity continues to decrease. An overall absorption rate of 28 percent has been achieved over the Fourth Quarter of 2022 with the Townhome sector absorbing 36 percent of unsold inventory.

Market Highlights

Heath, a 40-unit Townhome project by BM Group commenced sales in mid-November and achieved 12 sales at an overall blended price of $705 per square foot

Janda Group’s Aldergrove Town Centre masterplan fourth building, Creekside, a 66-unit Low Rise Condominium continues to report strong activity as it led all Low Rise sales with 32 sales over the quarter

The second phase of Hayer Town Centre by Hayer Builders Group achieved 24 sales through the quarter at an overall price of $919 per square foot

Union by Garcha Homes achieved a total of 23 townhome sales throughout the quarter with an overall blended price per square foot of $643

Oakley by Warwickshire Homes is expected to release 30 Townhomes into the market area in early 2023

LANGLEY/CLOVERDALE RESALE MARKET SUMMARY

MLS Resale Highlights

Resales for Low Rise and Townhome products both decreased by 151 when compared to the Fourth Quarter of 2021

Total listings increased by 139 when compared to the same quarter last year

The sales range decreased by $65,000 on the lower-end and decreased by $146,562 on the upper-end for Townhome product since four quarters ago

Average price per square foot values rose for Low Rise condominiums by $42 and dropped by $23 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 $39 and $10, respectively, when compared to the Fourth Quarter of 2021

Since the Fourth Quarter of 2021, the months of supply for Townhome product has risen from 0.0 months to 2.4 months

Resale by Unit Type

The Abbotsford/Mission market area will take a ‘Green Light’ status for the Fourth Quarter of 2022. The market area experienced a significant jump in sales activity as it achieved 138 total sales compared to the four sales achieved in the previous quarter. The significant increase in sales can be attributed to the release of a new masterplan, that launched two Low Rise buildings and Townhomes releasing 188 units into the market with an absorption rate of 71 percent. The new inventory that was released over the quarter accounted for all the sales in the market area. The success of the new launches showcased that buyer interest is still present despite market conditions. The low entry price points that are offered in the new products attracted many investors and end users to enter the market. Buyer activity is expected to persist into the new year as more inventory and project launches are expected in the following quarter.

Market Highlights

The first building of Highstreet Village, a 77-unit Low Rise Condominium in the masterplan community by AB Wall, was released in early November and sold out all 77 units at an overall blended price of $734 per square foot

Following the success of the first building, AB Wall released the second building of Highstreet Village in early December, an 80-unit Low Rise building, and achieved sold 40 sales at an overall blended price per square foot of $749

AB Wall also released 31 Townhomes in Highstreet Village in early November and achieved 16 sales at an average price of $566 per square foot

Westminster Plateau by Pacific Hills and Milkai Developments, a masterplan community, had a soft release of the Townhomes in Q4-2022 and sold 5 units at an overall blended price of $475 per square foot

Redekop Faye’s 140-unit Low Rise building in Abbotsford, Jacob is expected to launch its sales campaign in the following quarter with units starting at $379,900

ABBOTSFORD/MISSION RESALE MARKET SUMMARY

MLS Resale Highlights

Total listings increased by 57 while total resales decreased by 141 when compared to the Fourth Quarter of 2021

Over the past four quarters, the lower bound of the sales range for Low Rise product has decreased by $45,000 and the upper bound of the sales range also decreased by $16,000

Price per square foot sales values for Low Rise condominiums and Townhomes are down by $16 and $42, respectively, from the Fourth Quarter last year

The average days spent on market for Low Rise product has decreased by 2 days, while Townhomes has increased by 53 days compared to the same quarter last year

The average Low Rise price per square foot for one bedroom and two bedroom condominiums has decreased by $14 and $16, respectively, when compared to the same quarter in 2021

The average price per square foot for two bedroom and three bedroom Townhome has decreased by $67 and $58, respectively, when compared to the Fourth Quarter of 2021

Resale Statistics (Product 10 Years of Age or Less)

MLS Resale by Unit Type

LOOKING BACK & AHEAD

As one year ends and another begins we experienced absorption increases across Metro Vancouver and the Fraser Valley with the market stabilizing as predicted, despite two further unpredicted interest rate increases by the Bank of Canada. The 14,447 units sold is somewhat reminiscent of 2018 sales pace – a swift start and a decline of pace, albeit 2023 finished with an uptick that the end of 2018 and any quarter of 2019 never showed. There is optimism.

Looking Back

Last quarter we predicted further market stabilization for the fourth and final quarter of 2022 and into 2023. In review we saw more stabilization and market absorption than anticipated. In addition, the Bank of Canada has hinted at an interest rate pause furthering confidence in a more stable market ahead.

It was a further surprise to us, although perhaps less so, that the new real estate laws that came into effect in January 2023 may have contributed to the market’s surge last quarter.

For resales, a new three-day cooling-off period has been introduced, but it does not apply to the new home industry, which already has a seven-day right of rescission for all home buyers under REDMA and is therefore exempt from the new three-day rule for resale transactions in BC. According to the province, this allows the buyer time for inspections and financing, things that they are already allowed subject clauses for, if they choose. The province’s move to some is comic and seen as more electioneering while adding extra paperwork.

On the federal scene, the ban on foreign ownership across Canada was a seemingly unnecessary and largely symbolic move by the Liberal government, considering that statistics show it to be a minute factor, if any, in our real estate markets. Foreign ownership remained at less than 1.5% of all home sales during the buying frenzy of 2021. It appears to be a vote-seeking move by our leaders, while they continue to implement policies that make it harder for Canadian first-time home buyers to gain

entry into the market.

With interest rates where they are, is the stress test for entry-level buyers still necessary? Why make it harder for them to qualify in the current economic climate? What does this three-day prior allow resale buyers to accomplish?

From a product perspective, the year-to-year drop in townhome sales at first is troubling; however, with deeper review this was largely due to pricing overshooting buyer thresholds for mortgages. Many developers have since adjusted pricing and are now realizing absorptions similar to the last more stable market year of 2016.

What does this three-day period allow resale buyers to accomplish?

According to the province, this allows the buyer time for inspections and financing, things that they are already allowed subject clauses for, if they choose. The subject clause gives them a week or two, as no one can arrange any of those things to happen within 3 business days, not even in a slower market. The province’s move is laughable and seen as votebuying, adding extra paperwork with zero benefit to the consumer in the end.

The market had already been correcting itself over the last three quarters of 2022 without government intervention; however, recent government actions aimed at slowing it down through bureaucratic means have added red tape and extra costs for entry-level Canadian buyers, while removing them for those who can put 20% or more down.

Looking Ahead

With the new mayors and councils all in place, we expect to see some major changes and ideally progressive action coming through the local municipalities. This while the Provincial Government plans to take a more active role in ensuring new supply on a more timely basis. Communities we feel to keep an eye on for this include the Township of Langley, Surrey, and Maple Ridge.

The expected pause furthering interest rate hikes is likely to result in further market stability during the First Quarter and possibly First Half of 2023. Under-supplied neighborhoods will continue to see strong sales, and areas with abundant supply will experience steady absorptions, as long as they remain competitive and offer unique strategies.

We do not see the recent new regulations implemented by governments/ government intervention to have more than a minimal impact on the market ahead. We see the recent new regulations implemented by our government officials are expected to have minimal impact on the market, as the numbers and statistics from the previous hot market cycle in 2021 indicate their insignificance.

• What do you think the market will do in the first quarter of 2023?

• Will the foreign buyer ban have any measured impact on the market?

• Will we see distressed sales of development sites and/or new homes given the significant increase in borrowing costs for some?

• How do you think the market will do in the First Half of 2023?

• Do you think 2023 overall will be a better year? Why?

• What moves do you see will happen with the new local councils and mayors, with the development approval process in particular?

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

RESEARCH METHODOLOGY

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 Multi-family 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 Multi-family market.

Multi-family 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.

Multi-family 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”.

WHY ZONDA URBAN?

Zonda Urban (Formerly Urban Analytics) been monitoring the new Multi-family home market in Metro Vancouver and beyond since 1994. In addition to providing clients with the most current and accurate information on actively selling and contemplated new condominium and Townhome projects in Vancouver, Toronto, Ottawa, Calgary, Edmonton and Victoria on the market-leading NHSLive data product at nhslive.ca, Zonda Urban is also the leading provider of advisory services on the new Multi-family home market in these markets.

Zonda Urban also monitors the purpose-built rental apartment market, residential land transactions, and commercial property transaction data. Contact sales@zondaurban.com and/or advisory@zondaurban.com to learn more about these products and services.

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 NHSLive.

CEO W. Scott Brown

Address 8-15243 91st Avenue

Surrey, BC V3R 8P8

Phone Number 604.583.2212

Email scott@fifthave.ca

Website fifthave.ca

President & Managing Broker Jamie Squires

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

Phone Number 604.583.2212

Email Jamie@fifthave.ca

Website fifthave.ca

President Jacky Chan

Address 1480-1500 West Georgia Vancouver, BC V6G 2Z6

Email jacky@bakerwest.com

Website bakerwest.com

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. © 2023. All rights reserved.