The Fifth Dimension - Summer Edition 2021 - Preview Report

THE FIFTH DIMENSION SUMMER EDITION 2021

A Comprehensive Analysis of the Metro Vancouver Multifamily Market

Data and Insight Provided by

WELCOME TO THE FIFTH DIMENSION On the heels of two record-setting quarters, the new multifamily market in Metro Vancouver is as hot as the summer temperatures. The story outlined in this Summer Edition of the Fifth Dimension is a summer sales blockbuster. The teams at Fifth Avenue Real Estate Marketing Limited (Fifth Avenue) and BakerWest Real Estate Incorporated (BakerWest ) certainly hope you enjoy the read as we aim to share and inform you of the market that is and is to come through 2021.

The supporting data for this report is objectively collected and presented by renowned Urban Analytics (UA) a leading provider of advisory services on the new multifamily home market. UA has been tracking the new multifamily home market in Metropolitan Vancouver since 1994 and has been a vital contributor to this report for over a decade.

Fifth Avenue is a full service, suburban market focussed, residential real estate sales and project marketing organization. We collaborate closely with our affiliate organization BakerWest, who is focused on the central and highly densified core markets of Metro Vancouver including Downtown, Vancouver West, Vancouver East, Burnaby, Richmond and the North Shore. Fifth Avenue and BakerWest are part of a growing ecosystem of premium real estate services companies operating throughout North America. In Canada, this includes Sotheby’s International Realty Canada; leading Toronto based pre-sale powerhouse Baker Real Estate Incorporated; luxury brokerage and Christie’s affiliate Chestnut Park; Okanagan based, EPIC Real Estate Solutions; and Greater Victoria’s The Condo Group Limited.

The times since the market doldrums of 2019 certainly have had their share of firsts for me. From a market perspective, this list includes back to back quarters of 6,000+ sales for the market area and an ever shortening summer pause. It seems more and more like when I worked in Asia, where the only time you could not conduct a sales launch was a couple of weeks in late Summer, Christmas and Chinese New Year.

2 THE FIFTH DIMENSION

SUMMER EDITION 2021

These firsts also included something I never thought we’d be able to do or want to do – start sales of a new project successfully on the August Long Weekend. That happened too. The demand for homes in Surrey City Centre, Guildford Town Centre, and along the new SkyTrain corridor that recently received confirmation of federal government funding is something I have been public about for some time. The pace, however, at which demand has accelerated and pricing and absorptions increased was a first, east of the Alexander Fraser bridge, and South of the Fraser.

Another first for me has been turning 55. Funny how they call it “turning” a certain age. I suppose it can be that transformative. I do not recall being quite so introspective about my age and birthday since the year I turned 25. For some reason that was a tough one; this one was too. Back then I really questioned my path and what was next. I never thought it was an intensive career solely focussed on the development and promotion of real estate and people. 55 was a tough one too but not for questioning my path. The loss of a close friend and business partner and the more recent passing of my wife’s beloved mother, Alice Folk, certainly impacted my double nickel celebration. By the way, I call Alice that because the term “mother in law” sounds cold. Alice was never cold to me.

These firsts for me among others awoke the desire in me to be more present and vulnerable as a human; their lives and passings encouraged me to act with greater conviction and boldness each day and drilled home how short life is and all I have to be grateful for.

Speaking of gratitude, I start each day with a little exercise called 5G. I list in my journal five things I am grateful for that transpired in the past 24 hours. Many days I can get to five lightning fast; some days it takes work. When it comes to our work I am grateful for the folks at Fifth Avenue who show up everyday and engage in our craft and share themselves and their lives with each other. For instance, we have a chat called Our Home Team where we share ourselves to the extent we are comfortable. I have been inspired and encouraged countless times by the sharing including profound truths from our “quieter voices” in the firm.

I am also extremely grateful for each of our developer partner clients who put their trust in us. I am thankful for the partners at BakerWest who have put themselves out there in the real estate style Olympic competition and their near immediate success listing over $1,000,000,000 in product and selling nearly $200,000,000 in sales since they started the business this past Spring. Given their success and focus, this is the First Edition of the Fifth Dimension that has been produced in collaboration with BakerWest and Urban Analytics (UA). I am grateful for the team at UA. Speaking of grateful, the older I get, the more grateful I am to be Canadian. I love Canada. I love British Columbia. I love Metro Vancouver.

Of course, being grateful does not deny the wrongs of the past and the heavy lifting to come to set things right (#everychildmatters).

I am also grateful for the competitors and collaborators in the industry throughout BC. I believe in the Olympic ideal definition of competition.

The notion that we press on to do our best and challenge each other to be and do better. Each of you working hard challenges me to be a better marketer, a better sales professional, a better leader, a good husband, a good Dad and a better man. I am grateful for you all.

So…what are you grateful for? Think about it.

Regards, SB

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 summer edition of the Fifth Dimension for 2021, Urban

There were 5,376 released and unsold High Rise units available

A total of 1,305 new Townhome sales were reported in the

Analytics (UA), the data collection and analysis collaborator with

at the end of the Second Quarter; which is more than the 4,831

Second Quarter of 2021, which represents an 84 percent

suburban-focused Fifth Avenue Real Estate Marketing Limited,

released and unsold High Rise units available last quarter. The

increase compared to the same quarter last year and a 35

and Central Vancouver focused sibling company BakerWest Real

Surrey / North Delta market recorded the highest number of

percent decrease compared to last quarter. There were 987 new

Estate Incorporated, shares its commentary on the most recent

High Rise sales in the Second Quarter of 2021. Notable sales

released and unsold Townhome units at the end of the Second

quarter, market performance year to date, and what to expect

activity occurred at Reliance’s 2 Burrard Place (West End),

Quarter, which is 53 percent lower from the same quarter last

in the upcoming quarter with respect to Metro Vancouver’s

Concord Pacific’s Concord Metrotown (Metrotown), Ledingham

year and 10 percent higher when compared to last quarter.

multifamily residential real estate market.

McAllister’s Azure at Southgate City (Edmonds), Beedie Group’s

Strong sales activity was recorded at Belford Properties’ Revive

The Heights on Austin (Central Coquitlam), Maple Leaf Homes’

(South Cambie Corridor), Fabric Living’s Assembly (Hastings

Ascent (Surrey City Centre), and PCI Group’s King George Hub

Corridor), Vesta Properties’ Latimer Heights Townhomes –

(Surrey City Centre).

Rooftop Patios (Phase 4) (Yorkson), Miracon’s Foundry (Yorkson),

Q2 — New Home Market Metro Vancouver’s new home market continued its frenzied pace and achieved yet another quarter of strong sales for the Second Quarter of 2021. The total of 6,504 sales in Second Quarter was down by just 147 sales from the First Quarter of 2021, which was the highest recorded sales since the Fourth Quarter of 2018. This figure is down two percent from the previous quarter and is up 311 percent compared to the same quarter last year. There were 7,738 released and unsold units at the end of the Second Quarter which is up seven percent from the last quarter and is down 18 percent from the same quarter last year.

There were 514 completed and unsold new multifamily homes available at the end of the Second Quarter, which is up from the 423 recorded last quarter and down 17 percent from the 620 recorded at the end of the same quarter last year.

and Polygon Homes’ Archer Green (Mission).

New home sales in the Low Rise sector were very strong as 2,233 sales were recorded in the Second Quarter of 2021. This figure is up 40 percent from last quarter and up 415 percent when compared to the same quarter last year. The total of 1,375 released and unsold Low Rise condominium units at the end of the Second Quarter was up two percent compared to last quarter and down 43 percent from the same quarter last year. There were 24 new Low Rise condominium projects that launched in the Second Quarter, which is 16 more than last quarter and 23 more than the Second Quarter last year.

Significant sales activity was reported at Apcon Developments’ The Hive (Yorkson), Zenterra’s Camden (Willoughby Heights), Mortise Construction’s Nova (Fleetwood), Tien Sher Properties’ Q5 (Surrey City Centre), and Belford Properties’ Dansey

A total of 2,966 new High Rise sales were recorded in the Second Quarter of 2021; down two percent from the last quarter and up 576 percent compared to the same quarter last year.

4 THE FIFTH DIMENSION

SUMMER EDITION 2021

(Burquitlam).

Q2 — Resale Market A total of 4,444 pre-owned multifamily homes sold in Second Quarter of 2021. This figure is up one percent from the previous quarter and is up by 115 percent compared to the same quarter last year. Resales across all product types have more than doubled when compared to the same quarter last year; re-sales of High Rise, Low Rise and Townhome product have increased by 124, 142 and 88 percent respectively. Overall active listings were down 30 percent compared to the same quarter last year.

Active listings for newer product were down for High Rise, Low Rise, and Townhomes; by 15, 40, and 49 percent respectively when compared to the same quarter last year.

OVERALL MARKET SUMMARY - CONTINUED Q2 — Observation and Opinions

last quarter. Demand remains strong despite a steady supply of

New Home Aggregates Q2-2021

project launches, and it is anticipated that pricing will continue The Second Quarter of 2021 has proved to be extremely active

to experience upward pressure as a result.

similarly to the first quarter of the year, particularly with an

Significant projects anticipated to launch in the second half

increase in demand for the Low Rise sector. With borrowing rates remaining low and working remotely becoming the new normal, homeowners are no longer anchored to the city they work in and are looking to invest in new home sales. Purchasers do not want to miss out on the current opportunities presented in the market and are taking advantage of low interest rates by investing into new developments that may not complete for a few years. The continued demand in the market is evident from the 6,504 new home sales recorded in Metro Vancouver for the Second Quarter of 2021, which is 2 percent down from the previous quarter and is up 311 percent compared to the same quarter last year. Steadily high demand has resulted in increased pricing from developers and is anticipated to continue as new projects launch and existing phased projects become released. There are 7,738 released and unsold units that remain at the end of the Second Quarter of 2021. This figure is a 7 percent increase from the previous quarter and is an 18 percent

of 2021 include: Downtown Vancouver – Amacon’s Block; in Vancouver West – Aria Pacific Developments’ Savoy at QE Park and Integulf’s Lilibet; in Vancouver East – Nexst Properties’ Clive at Collingwood and Porte Homes’ Grafia; in Burnaby – Beedie

High Rise

Low Rise

Townhomes

Total

Total Q2-2021 Sales

2,966

2,223

1,305

6,504

Total Inventory

5,376

1,375

987

7,738

Standing Inventory

286

188

40

514

Total # of Projects

152

117

134

403

Group’s Slate and Thind Properties’ Lumina (Eclipse); on the North Shore – Concert Properties’ North Harbour and Lotus Capital and Omicron’s Silva; in the Tri-Cities – Amacon’s Vue and

Sales Comparison Totals Q2-2021

Polygon Homes’ Balantree; in Richmond/South Delta – Townline

YTD 2019 Sales

YTD 2020 Sales

YTD 2021 Sales

% Change from 2020

High Rise

1,895

1,452

6,004

413%

– Allure’s The Grand on King George and ML Emporio’s Oak &

Low Rise

838

1,018

3,823

375%

Onyx; in Langley/Cloverdale – RF Properties’ Eastleigh, Apcon

Townhomes

741

1,438

3,328

231%

Total

3,474

3,908

13,155

337%

and Canderel’s Luxe Lansdowne and Chen Developments’ Luxio on the Park; in South Surrey/White Rock – Streetside Developments’ The Boroughs; in Central Surrey/North Delta

Group’s The Hive (Phase 2), and Streetside Developments’ Emory; and in Abbotsford/Mission – Amacon’s McKenzie Mews; and in Ridge Meadows – Tridecca Developments’ Thomas.

decrease from the same quarter last year.

Resale Market Totals Q2 - 2021

In the Second Quarter of 2021, the Low Rise sector experienced the most notable increase in demand as new home sales were very strong at 2,233 sales recorded, a 40 percent increase from last quarter and a 415 percent increase from the same quarter last year. In the Second Quarter of 2021, 24 new Low Rise condominium projects were launched, which is 16 more than

5 THE FIFTH DIMENSION

SUMMER EDITION 2021

HIGH RISE SALES

2,966

LOW RISE SALES

2,223

TOWNHOME SALES

1,305

High Rise

Low Rise

Townhomes

Total

Total Sales

1,483

1,464

1,497

4,444

Total Active Listings

1,247

587

503

2,337

MARKET SUMMARY - NEW

VANCOUVER DOWNTOWN The Vancouver Downtown market transitioned from a Red Light rating to a ‘Green Light’ rating.

A new successful launch was observed after almost four years of minimal activity. The number of sales increased by over 1,000 percent and the inventory level increased by 46 percent compared to the previous quarter. This is the highest number of sales in this market area since the First Quarter of 2018 (174 sales) and is higher than the combined number of sales in the past eleven quarters (93 sales). 90 percent of the total sales comes from a new launch with most units being investor type, smaller one-bed and one-bed plus den units. With the increased interest in this market, Amacon’s High Rise Condominium, The Block, is expected to come to market in the Third Quarter. Additionally, Kingswood and Bosa’s High Rise Condominium development, Fifteen Fifteen, is anticipated to start previews in the Third Quarter and commence sales in the Fourth Quarter.

Released

New Market Highlights

High Rise

̵ Reliance Properties’ High Rise, Two Burrard Place, achieved 100 sales in the Second Quarter of 2021, with an overall blended price per square foot value of $1,820

Low Rise

̵ The Arc – Sky Collection, by Concord Pacific sold six homes over the quarter with one final Penthouse unit remaining in the project

Projected

Townhome Locations are approximate

̵ The Pacific by Grosvenor sold five homes in the Second Quarter of 2021 as construction nears completion and the sales office will be relocating at the site with 64 homes remaining in the project ̵ Seven of the twelve active projects are currently in framing or interior finishing stages of construction with anticipated completions set out for 2021-2023 ̵ There were no reported price changes at any of the active tempo projects

HIGH RISE SALES

111

6 THE FIFTH DIMENSION

SUMMER EDITION 2021

↑

LOW RISE SALES

0↔

TOWNHOME SALES

0↔

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

Townhome

—

—

—

High Rise

12 ↑

269 ↑

$1,500 - $2,500

Low Rise

—

—

—

RESALE MARKET SUMMARY

VANCOUVER DOWNTOWN MLS Resale Highlights

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

̵ Average sales values per square foot have decreased by $52 when compared with the Second Quarter of 2020 for High Rise product

Active Listings

̵ Total number of listings have increased from 184 to 223, while total number of resales increased by 105 when compared to the Second Quarter of 2020 ̵ The average price per square foot values of one and two bedroom High Rise condominiums have decreased and increased by $53 and $103, respectively, since the Second Quarter of 2020 ̵ The months of supply for resales in the High Rise market has decreased by five months to 4.1 months when comparing to the same quarter last year ̵ The sales range has remained the same on the lower-end and decreased by $15,000 on the higher end over the past four quarters for High Rise product

Sold Listings

Active Listings

Monthly Supply

#

%

PSF

DOM

Active Sales Range (75% of sales)

High Rise

218

4.1

160

97%

$1,216

44

$575,000-$1,345,000

Low Rise

-

-

-

-

-

-

-

Townhomes

5

3.0

5

3%

$1,175

175

$1,200,000-$1,350,000

MLS Resale by Unit Type

̵ The average price per square foot values of two bedroom Townhomes has increased by $48 in the last year

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$687,944

$1.177

$1,524,521

$1,390

Low Rise

-

-

-

-

2 Bedroom Townhomes

7 THE FIFTH DIMENSION

SUMMER EDITION 2021

PSF

$1,240,300

3 Bedroom $1,175

-

-

NEW MARKET SUMMARY

VANCOUVER WEST Vancouver West will maintain its “Green Light” status for the Second Quarter of 2021. Sales have increased across all product types. In the quarter, 409 home sales were recorded, a 200 percent increase from the previous quarter. A majority of the sales can be attributed to the High Rise sector, accounting for 54 percent of the total sales. One High Rise project accounts for 40 percent of the sales this quarter. Within the Low Rise sector, one project came to market and achieved 79 percent of the sales. The Low Rise sector had an absorption rate of 40 percent, a 344 percent increase from the previous quarter. Once again, the Townhome sector attained the highest absorption rate, selling 41 percent of available inventory in the Second Quarter. Overall sales absorptions in the Second Quarter were 26 percent while the First Quarter had a 14 percent absorption rate.

Released

New Market Highlights

Projected

High Rise

̵ Polygon Homes’ High Rise development, The Conservatory, led the entire market in sales and sold 88 units since sales commenced in April at an average price per square foot of $1,305 ̵ W68, a 63-unit development by Westland commenced sales in June and achieved 32 sales at a blended price of $1,475 per square foot

Low Rise Townhome Locations are approximate

̵ Concord Pacific’s High Rise development, Avenue One, sold the final 6 units at a blended per square foot average of $1,542 after spending 55 months on the market ̵ Autograph, a 4 storey woodframe building by Pennyfarthing commenced sales in May and achieved 42 sales at an average price of $1,329 per square foot ̵ Modus, by Centred Developments sold all 17 townhomes over the quarter at an average price of $1,112 per square foot ̵ Belford Properties’ Revive achieved 55 townhome sales since April at a blended price per square foot of $1,350

8 THE FIFTH DIMENSION

SUMMER EDITION 2021

HIGH RISE SALES

219

↑

LOW RISE SALES

53

↑

TOWNHOME SALES

137

↑

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

Townhome

22 ↑

201 ↑

$1,095 - $1,600

High Rise

31 ↑

870 ↑

$1,190 - $2,900

Low Rise

5↔

81 ↑

$1,180 - $1,520

RESALE MARKET SUMMARY

VANCOUVER WEST MLS Resale Highlights

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

̵ Total resales have increased by 163 when compared to the Second Quarter of 2020 while total listings have decreased by 42 in that same time span

Active Listings

Sold Listings

Active Listings

Monthly Supply

#

%

PSF

DOM

Active Sales Range (75% of sales)

High Rise

250

4.5

165

60%

$1,244

66

$594,000-$1,452,000

̵ Average price per square foot sales values have increased across all product types over the past four quarters; High Rise by $54, Low Rise by $68, and Townhomes by $103, respectively

Low Rise

26

1.7

47

17%

$1,087

37

$710,000-$1,259,900

̵ One bedroom High Rise product saw a $71 increase in average price per square foot sales values when compared to the past four quarters

Townhomes

83

4.0

62

23%

$1,138

50

$1,230,000-$1,999,900

̵ The average time a unit is on the market has decreased for High Rise, Low Rise, and Townhomes since the Second Quarter of 2020; 17, 30, and 62 days less, respectively

̵ High Rise product saw an increase of 90 sales when comparing to the Second Quarter of 2020

MLS Resale by Unit Type

̵ The High Rise sales range has decreased by $31,000 on the lowerend and decreased by $183,000 on the higher-end over the past four quarters

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$687,784

$1,212

$1,226,033

$1,249

Low Rise

$701,769

$1,110

$1,016,704

$1,053

2 Bedroom Townhomes

9 THE FIFTH DIMENSION

SUMMER EDITION 2021

PSF

$1,434,927

3 Bedroom $1,124

$1,721,893

$1,158

NEW MARKET SUMMARY

VANCOUVER EAST The Vancouver East improved from a Yellow Light rating to a Green Light one as the number of sales in the Low Rise and Townhome sectors saw significant increases. There was a total of five new launches in the Low Rise and Townhome sector over the quarter, resulting in an increase in total sales by 297 percent. The Townhome sector recorded the strongest absorptions rate at 118 percent.

As the Broadway Subway Project has progressed in construction, new projects near the future transit line launched at a higher price point (approx. $150 PSF - $190 per square foot higher than average price per square foot of active projects) and attracted not only the local end-users, but also investors from Vancouver and nearby municipalities. Additionally, the relocation of the Strathcona Park to government accommodations has aided in the successful sales campaign of a project in the neighbourhood.

New Market Highlights

Released

Projected

High Rise

̵ Westbury’s Low Rise development, Aura, commenced sales in June and achieved 39 sales over the quarter at an overall blended price per square foot of $928 ̵ The Saint George, a Low Rise development by Reliance Properties sold 40 percent of their inventory (36 sales) since its sales start in June at an overall blended value of $1,136 per square foot

Low Rise Townhome Locations are approximate

̵ E15, Stacked Townhome development by OpenForm Properties commenced sales in early June with an overall blended price per square foot value of $1,263 and recorded 31 sales with 18 units remaining in the project ̵ Fabric Living’s Stacked Townhome project, Assembly, launched in May and sold out all 40 units in June, achieving a blended price per square foot value of $1,150 ̵ Porte Homes, Fabric Living , and Hudson Morris’ joint venture development, Habitat, recorded 14 sales over the quarter and is now sold out, achieving overall value $1,146 per square foot

10 THE FIFTH DIMENSION

SUMMER EDITION 2021

HIGH RISE SALES

58

↑

LOW RISE SALES

107

↑

TOWNHOME SALES

113

↑

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

Townhome

6↑

96 ↑

$844 - $1,250

High Rise

9↑

295 ↑

$905 - $1,300

Low Rise

12 ↑

144 ↑

$875 - $1,150

RESALE MARKET SUMMARY

VANCOUVER EAST MLS Resale Highlights

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

̵ The average time a unit is on the market has decreased for High Rise and Low Rise since the Second Quarter of 2020; 20, and 15 days less, respectively

Active Listings Active Listings

Monthly Supply

#

%

PSF

DOM

Active Sales Range (75% of sales)

High Rise

77

1.1

205

57%

$1,042

23

$529,000-$1,025,000

Low Rise

39

1.3

91

25%

$943

19

$540,000-$926,000

Townhomes

45

2.2

62

17%

$965

32

$833,000-$1,385,000

̵ The average time a unit is on the market has increased by 2 days for Townhomes since the Second Quarter of 2020 ̵ The sales range increased by $29,100 on the lower-end and increased by $74,500 on the upper-end for High Rise product since the past four quarters ̵ Compared to the Second Quarter of 2020, average per square foot sales values have increased by $57 for High Rise, $72 for Low Rise, and $72 for Townhomes ̵ The average price per square foot for a two bedroom unit in a High and Low Rise is up $49 and $105 since the Second Quarter of 2020

Sold Listings

MLS Resale by Unit Type

̵ Total number of listings have decreased by 52 to 161, while total number of resales increased by 188 to 358 in the last four quarters

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$594,050

$1,062

$919,047

$1,016

Low Rise

$589,489

$935

$830,446

$961

2 Bedroom Townhomes

11 THE FIFTH DIMENSION

SUMMER EDITION 2021

PSF

$1,085,844

3 Bedroom $1,012

$1,171,400

$926

NEW MARKET SUMMARY

RICHMOND/SOUTH DELTA The Richmond/South Delta market once again maintains a Green Light rating despite the moderate decrease in sales volume. While Low Rise Condominiums and Townhomes sales showed modest decreases of 14 percent and 24 percent, respectively, High Rise Condominium sales decreased by 69 percent, resulting in a decrease in overall sales by 46 percent in comparison to the previous quarter. Three small Townhome developments launched over the quarter adding 65 units to available inventory. However, with the lack of new project launches in the High Rise and Low Rise sectors of the market, and along with steady absorption rates, the overall unsold inventory decreased by nine percent. The overheated interest for High Rise product has cooled in this market for the Second Quarter, but may quickly heat up again with the anticipated launches of High Rise developments by Shape Properties and a joint venture by Townline & Canderel.

New Market Highlights

Released

Projected

High Rise

̵ Phase 2 of Berkeley House, by Polygon homes, recorded 62 sales over the quarter with price increases ranging from $20,000 to $70,000 and just 15 units remaining in the completed Low Rise Condominium

Low Rise Townhome Locations are approximate

̵ Seaside, by Mosaic Homes, released additional inventory with price increases and recorded 48 sales over the quarter ̵ Bene Group’s 17-unit Townhome project, Westgate, started selling early in the Second Quarter with an overall blended value of $808 per square foot, 14 sales were reported over the quarter and just three units remain ̵ ASPAC Development’s, Hollybridge at River Green, released all remaining units in the development, increasing the overall blended to $1,300 per square foot ($55 increase) and recorded 36 sales in the Second Quarter of 2021

HIGH RISE SALES

127

̵ The second phase of Hamilton Village (East building), by Oris Development Corp. recorded 27 sales and anticipates launching the West Building in the latter half of the year

12 THE FIFTH DIMENSION

SUMMER EDITION 2021

↓

LOW RISE SALES

125

↓

TOWNHOME SALES

178

↑

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

Townhome

17 ↓

128 ↓

$500 - $890

High Rise

19 ↓

684 ↓

$930 - $1,300

Low Rise

9↔

178 ↓

$620 - $900

RESALE MARKET SUMMARY

RICHMOND/SOUTH DELTA MLS Resale Highlights

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

̵ Total resales have increased by 307 to 549 when comparing to the Second Quarter of 2020

Active Listings

̵ The months of supply for resales for High Rise, Low Rise, and Townhomes have decreased since the Second Quarter of 2020; by 3.3, 5.5, and 3.7 months, respectively ̵ The lower-bound of the sales range for Townhome product increased by $61,900, while the upper-bound of the sales range increased by $218,100 when comparing to the same quarter last year ̵ The average per square foot sales values of all product types increased when comparing to the past four quarters: High Rise by $67, Low Rise by $63, and Townhome by $98 ̵ Price per square foot sales values for two bedroom Townhomes have increased by $96 and three bedroom Townhomes have increased by $92 over the past four quarters

Sold Listings

Active Listings

Monthly Supply

#

%

PSF

DOM

Active Sales Range (75% of sales)

High Rise

204

3.6

170

31%

$923

51

$565,000-$1,122,000

Low Rise

79

1.1

218

40%

$758

42

$518,800-$839,900

Townhomes

83

1.5

161

29%

$709

30

$759,900-$1,268,000

MLS Resale by Unit Type

̵ The average sales price of a one and two bedroom High Rise condominium increased by $72,385 and $71,465 since the Second Quarter of 2020

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$596,000

$961

$842,797

$897

Low Rise

$493,323

$772

$678,739

$746

2 Bedroom Townhome

13 THE FIFTH DIMENSION

SUMMER EDITION 2021

PSF

$767,064

3 Bedroom $644

$1,032,232

$730

NEW MARKET SUMMARY

BURNABY/NEW WESTMINSTER The Burnaby/New Westminster market will one more time retain its “Green Light” status. Sales did, however, decrease by 25 percent over the quarter after an extremely successful First Quarter that experienced a 481 percent increase in sales. There were 1,059 sales in the Second Quarter, 83 percent of which was from High Rise product, 14 percent from Low Rise, and the remainder from Townhomes. There were four High Rise launches in the Second Quarter that accounted for 68 percent of High Rise sales, pushing the active sales range up to $1,400 per square foot.

The Low Rise sector saw an increase in sales volume by 30 percent with 50 percent of Low Rise units absorbed during the quarter. The High Rise and Townhome sectors saw 35 percent and 57 percent of units absorbed, respectively. The market as a whole saw 37 percent of all available units absorbed.

New Market Highlights

Released

Projected

High Rise

̵ As part of the first phase of the masterplan community, Southgate City, Ledingham McAllister launched a High Rise and Low Rise building in May, and sold 75 percent of the 229 unit High Rise development, and sold all 53 units of the Low Rise building at a blended per square foot average of $1,027 and $871, respectively

Low Rise Townhome Locations are approximate

̵ Concord Pacific, launched their second and third tower in May and June of the masterplan community, Concord Metrotown, and sold out all 280 units in the second tower and sold 100 units in the third tower at a blended per square foot average of $1,334 and $1,400, respectively ̵ Concord Pacific sold the final 31 units of their first tower at Concord Metrotown at a blended per square foot average of $1,290 ̵ Bosa Properties’ Central Park House sold 77 units over the quarter at a blended per square foot average of $1,293

14 THE FIFTH DIMENSION

SUMMER EDITION 2021

HIGH RISE SALES

880

↓

LOW RISE SALES

153

↑

TOWNHOME SALES

26

↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

Townhome

8↓

20 ↓

$521 - $800

High Rise

33 ↑

1,659 ↑

$671 - $1,400

Low Rise

11 ↑

156 ↓

$691 - $971

RESALE MARKET SUMMARY

BURNABY/NEW WESTMINSTER MLS Resale Highlights

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

̵ Total resales are up by 342 compared to the Second Quarter of 2020

Active Listings

̵ The average time a unit is on the market has decreased for High Rise, Low Rise, and Townhome products since the Second Quarter of 2020; 24, 16, and 9 days less, respectively ̵ The average price per square foot sales values of High Rise, Low Rise, and Townhomes have increased when comparing to the Second Quarter of 2020; $99, $58, and $62, respectively ̵ Compared to the Second Quarter of 2021, the average price per square foot of two bedroom High and Low Rise product has increased by $98 and $72 respectively ̵ The average price per square foot of one bedroom High Rise and Low Rise product has increased by $114 and $66 respectively, over the past year

Sold Listings

Active Listings

Monthly Supply

#

%

PSF

DOM

Active Sales Range (75% of sales)

High Rise

244

2.0

369

64%

$972

31

$542,000-$915,000

Low Rise

40

1.1

110

19%

$790

30

$478,000-$717,000

Townhome

40

1.3

94

16%

$707

22

$700,000-$1,100,000

MLS Resale by Unit Type

̵ The average sales price of two and three bedroom Townhomes have increased by $98,306 and $106,534, when compared to the Second Quarter of 2020

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$585,667

$1,023

$828,123

$935

Low Rise

$496,055

$819

$651,630

$773

2 Bedroom Townhome

15 THE FIFTH DIMENSION

SUMMER EDITION 2021

PSF

$767,464

3 Bedroom $713

$955,863

$707

NEW MARKET SUMMARY

NORTH SHORE The North Shore will retain its ‘Green Light’ rating after achieving 249 home sales in the Second Quarter of 2021. Second Quarter sales did decrease by 17 percent from the 300 sales recorded in the First Quarter. While there was a total of 249 sales, 65 percent of the new home sales activity in the Second Quarter came from High Rise product. Sales for High Rise product increased by eight percent, where three projects accounted for 84 percent of the total High Rise sales. Sales for Townhome and Low Rise product dropped by 41 percent and 53 percent respectively, as most of the projects had little inventory remaining. The Low Rise sector of the market is notably under-supplied as there were just seven sales in the quarter and only 18 units currently available for sale. The market as a whole saw 38 percent of all available units absorbed.

Released

New Market Highlights

Projected

High Rise

̵ Millennium Central Lonsdale, a 162 unit High Rise development by Millennium Development launched a sales campaign in May and sold 40 units at an overall estimated square foot value of $1,390 ̵ Mosaic Homes’ Parkside at Lynn sold 50 additional homes over the quarter at an overall estimated per square foot value of $1,025

Low Rise Townhome Locations are approximate

̵ Hunter at Lynn Creek, a 326 unit High Rise development by Intergulf, sold 46 additional homes at an overall estimated per square foot value of $987 ̵ Creo Developments’ Townhome project, Morrison on the Park, achieved an additional 23 sales at an average estimated unit price of $949,158 over the quarter ̵ C ressey Developments’ Townhome project, Mason, sold an additional 13 homes at an estimated average unit price of $1,422,960 ̵ Crest, a 179 unit Low Rise development by Adera has officially sold out after selling the final 2 units at an overall estimated per square foot value of $947

16 THE FIFTH DIMENSION

SUMMER EDITION 2021

HIGH RISE SALES

162

↑

LOW RISE SALES

TOWNHOME SALES

↓

↓

7

80

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

Townhome

10 ↓

37 ↓

$686 - $895

High Rise

11 ↓

355 ↑

$987 - $2,200

Low Rise

3↓

11 ↓

$900 - $1,000

RESALE MARKET SUMMARY

NORTH SHORE MLS Resale Highlights

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

̵ Total sales increased by 121 to 256 compared to the Second Quarter of 2020

Active Listings

̵ The months of supply for resales for High Rise, Low Rise, and Townhome products have decreased since the Second Quarter of 2020; 6.3, 2.3, and 1.1 months lower, respectively ̵ The average per square foot sales values for Low Rise and Townhomes have increased; $107 and $35, whereas, High Rise decreased by $36 when comparing to the Second Quarter of 2020 ̵ The sales range increased by $99,250 on the lower-end and increased by $168,000 on the upper-end for High Rise product since four quarters ago ̵ One and two bedroom Low Rise product increased in per square foot sales values by $115 and $104, respectively, when compared to the Second Quarter of 2020

Sold Listings

Active Listings

Monthly Supply

#

%

PSF

DOM

Active Sales Range (75% of sales)

High Rise

52

1.9

82

32%

$1,077

24

$651,600-$1,388,000

Low Rise

25

0.6

126

49%

$948

17

$582,000-$1,040,000

Townhome

35

2.2

48

19%

$840

32

$1,130,000-$1,689,000

MLS Resale by Unit Type

̵ The average sales price of two and three bedroom Townhome have increased by $276,622 and $260,067, when compared to the Second Quarter of 2020

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$693,178

$1,088

$1,065,650

$1,069

Low Rise

$601,955

$938

$871,700

$957

2 Bedroom Townhome

17 THE FIFTH DIMENSION

SUMMER EDITION 2021

PSF

$1,322,189

3 Bedroom $947

$1,363,127

$824

NEW MARKET SUMMARY

TRI-CITIES The Tri-Cities will continue to be ‘Green Light’ rated for the Second Quarter of 2021. However, total sales have decreased by 31 percent from the previous quarter to 738 sales, as the focus has shifted from the High Rise sector to the Low Rise sector. Two new Low Rise projects came to market with strong absorption rates, accounting for 54 percent of the total sales in the sector. Total sales in the High Rise sector were down by 44 percent from last quarter, and one High Rise project released this quarter accounted for 43 percent of the sector’s sales. With the lack of Townhome supply paired with the record high demand, unsold inventory decreased by 24 percent compared to the First Quarter of 2021. High demand continues to put upward pressure on the pricing for all product types.

New Market Highlights

Released

̵ Dansey, a Low Rise development by Belford Properties commenced its sales campaign in late April achieving 121 sales over the quarter at an average price per square foot of $845

Projected

High Rise Low Rise

̵ The Heights on Austin – West Tower, by Beedie Group commenced sales in June and achieved 125 sales blending at an average price per square foot of $905

Townhome

̵ Anthem Properties’, Jinju, a 42 storey tower commenced its sales campaign in early March and sold out this quarter blending at an average price per square foot of $995

Locations are approximate

̵ Strand Development’s Low Rise project, The Oaks Phase 3 (Willow), commenced its sales campaign in April and achieved 75 sales blending at an average price of $830 per square foot ̵ Will, by Marcon sold 30 Townhomes after sales commenced early June at an average price per square foot of $742 ̵ Amacon Group’s, Vue, is a 44 storey High Rise anticipated to launch this summer

18 THE FIFTH DIMENSION

SUMMER EDITION 2021

HIGH RISE SALES

294

↓

LOW RISE SALES

366

↑

TOWNHOME SALES

78

↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

Townhome

12 ↓

55 ↓

$485 - $760

High Rise

16 ↑

603 ↑

$820 - $1,015

Low Rise

23 ↑

204 ↑

$585 - $845

RESALE MARKET SUMMARY

TRI-CITIES MLS Resale Highlights

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

̵ Total listings were down by 151 in the Second Quarter of 2021 from the same quarter last year

Active Listings

̵ Total resales have nearly doubled from 226 to 437 sales observed in the same period last year ̵ The average sales value per square foot for High Rise, Low Rise, and Townhome product have increased by $64, $104, and $97, respectively, since the Second Quarter of 2020 ̵ The months of supply has decreased for every product type over the past year: High Rise decreased by 2.9 months, Low Rise decreased by 3.2 months, and Townhome product has decreased by 0.9 months ̵ The average price per square foot of a one bedroom is up $74 and $82 for High Rise and Low Rise product compared to the Second Quarter of 2020

Sold Listings

Active Listings

Monthly Supply

#

%

PSF

DOM

Active Sales Range (75% of sales)

High Rise

67

1.3

155

35%

$877

19

$521,000-$814,000

Low Rise

53

0.9

171

39%

$749

22

$467,900-$743,000

Townhome

24

0.6

111

25%

$628

15

$775,000-$1,160,000

MLS Resale by Unit Type

̵ The average two and three bedroom Townhome unit has seen a $67,132 and $154,349 price increase, respectively, compared to the same period last year

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$534,037

$940

$732,576

$837

Low Rise

$495,565

$762

$661,951

$735

2 Bedroom Townhome

19 THE FIFTH DIMENSION

SUMMER EDITION 2021

PSF

$704,966

3 Bedroom $602

$930,363

$645

NEW MARKET SUMMARY

RIDGE MEADOWS Ridge Meadows will maintain its ‘Green Light’ rating for the Second Quarter of 2021. There were 201 total home sales recorded this quarter. A majority of the sales can be attributed to the Low Rise sector where sales account for 69 percent of the market area’s total sales. One project sold almost half the Low Rise sales. Sales for this product type increased by 82 percent since the First Quarter of 2021. Townhome sales decreased by 64 percent from the previous quarter and unsold inventory has increased by 315 percent accounting for newly released phases of actively selling projects. One Townhome project came to the market this quarter that accounted for 34 percent of the sales in the sector. As additional inventory is expected to be released in the upcoming months, we will likely see continued demand in both the Townhome and Condominium sectors under existing phased projects and newly released pre-sale developments.

New Market Highlights

Released

Projected

High Rise

̵ Inspire, a 5 storey Low Rise by Platinum Group commenced sales in June and achieved 65 sales at an average price per square foot of $625 ̵ SwissReal Group’s Low Rise, Era, sold out its first phase over the quarter blending at $510 per square foot

Low Rise Townhome Locations are approximate

̵ The 222 (Building 2), a Low Rise by ML Properties, sold out over the quarter achieving an average price of $507 per square foot ̵ Grandview Construction’s Low Rise, The Crest, sold out over the quarter achieving an average price of $456 per square foot ̵ Nature’s Walk by Onni achieved 21 new Townhome sales and released 21 new townhomes into the market with a price increase of $10,000; the price per square foot for the project is now estimated to average $500

HIGH RISE SALES

1

↓

̵ Gatehouse Developments’ Townhome project, Livewell, commenced sales in early April and achieved 26 sales at an average price per square foot of $460

20 THE FIFTH DIMENSION

SUMMER EDITION 2021

LOW RISE SALES

TOWNHOME SALES

↑

↓

138

62

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

Townhome

9↔

54 ↑

$355 - $555

High Rise

1↔

1↓

$590 - $600

Low Rise

7↔

105 ↓

$455 - $625

RESALE MARKET SUMMARY

RIDGE MEADOWS MLS Resale Highlights

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

̵ Total listings are down by 82 to 24 and resales are up by 31 to 147 compared to the Second Quarter of 2020

Active Listings

̵ In the same quarter last year, there were no resales for the High Rise sector ̵ Months of supply has decreased for Low Rise product by 3.6 months and decreased for Townhomes by 1.6 months when comparing to the Second Quarter of 2020 ̵ Two bedroom and three bedroom Townhome units saw an increase in average price per square foot on sold units by $50 and $95 respectively, over the past year ̵ The lower and upper bound of the sales range for Low Rise product increased by $35,000 and $80,000, respectively since the same quarter last year

Sold Listings

Active Listings

Monthly Supply

#

%

PSF

DOM

Active Sales Range (75% of sales)

High Rise

3

4.5

2

1%

$639

168

$294,900-$605,785

Low Rise

15

0.7

67

46%

$563

38

$365,000-$580,000

Townhome

6

0.2

78

53%

$488

15

$660,000-$810,000

MLS Resale by Unit Type

̵ Since the Second Quarter of 2020, the lower and upper bound of the sales range for Townhome product increased by $135,000 and $125,000, respectively

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

-

-

$605,785

$667

Low Rise

$388,646

$600

$508,338

$537

2 Bedroom Townhome

21 THE FIFTH DIMENSION

SUMMER EDITION 2021

PSF

$651,244

3 Bedroom $519

$738,943

$493

NEW MARKET SUMMARY

SURREY CENTRAL/NORTH DELTA The Surrey Central/North Delta market receives another ‘Green Light’ status as total sales volume increased by 31 percent when compared to the First Quarter of 2021. After setting the record for sales volume in the First Quarter with 1,204 sales, the market achieved a new record of 1,579 sales.

This was heavily driven by the High Rise sector with three projects recording over 200 sales each.

The High Rise sector accounted for 69 percent of the sales volume in the market. 67 percent of all released homes got absorbed during the quarter. There are declining levels of unsold inventory in the High Rise and Low Rise sectors even with four new project launches which released 906 units into the market. Sales volume is expected to remain high during the summer with multiple project launches slated for the Third Quarter of the year.

Released

New Market Highlights

Projected

High Rise

̵ Unison, an 80 unit Low Rise by Ecogen Properties sold the final 20 homes in the Second Quarter and sold out at a blended per square foot average of $671 ̵ PCI Group’s Plaza Two at King George Hub commenced sales in the Second Quarter and sold 343 units at a blended per square foot average of $870

Low Rise Townhome Locations are approximate

̵ PCI Group’s other tower, Plaza One at King George Hub has now sold out after selling 138 homes in the Second Quarter in Surrey City Centre ̵ Ascent, a 31 storey tower by Maple Leaf Homes launched in April and sold 228 of 234 units during the quarter ̵ Tien Sher Properties launched and sold out of their 141 unit Low Rise project, Q5, in the Second Quarter while selling at a blended per square foot average of $713 ̵ Westcorp’s Townhome development, Oakcrest, recorded the highest number of quarterly sales since with 51 homes sold over the quarter ̵ Prosper is a new Guildford woodframe project adjacent to Unison, set to start sales in September at $700+ per square foot

22 THE FIFTH DIMENSION

SUMMER EDITION 2021

HIGH RISE SALES

LOW RISE SALES

TOWNHOME SALES

↑

312

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

Townhome

13 ↓

169 ↑

$370 - $550

High Rise

13 ↑

534 ↓

$780 - $870

Low Rise

11 ↓

71 ↓

$560 - $800

1,084

↑

183

↓

RESALE MARKET SUMMARY

SURREY CENTRAL/NORTH DELTA MLS Resale Highlights

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

̵ Total listings are down by 111 and resales are up by 313 compared to the Second Quarter of 2020

Active Listings

̵ The total number of resales for Low Rise product in the First Quarter of 2021 is 154 percent greater than the number of resales seen for this product in the same period last year ̵ The price per square foot value increased for High Rise, Low Rise and Townhomes when compared to the Second Quarter of 2020; $64, $78, and $96 respectively ̵ Townhome product has seen a decrease in average days spent on the market, averaging 26 days shorter on the market

Sold Listings

Active Listings

Monthly Supply

#

%

PSF

DOM

Active Sales Range (75% of sales)

High Rise

99

2.2

135

24%

$765

30

$396,000-$560,000

Low Rise

72

1.5

142

25%

$633

34

$360,000-$555,000

Townhome

72

0.7

296

52%

$505

15

$701,000-$885,000

̵ One and two bedroom High Rise units increased by $52,827 and $21,409 over the year ̵ The largest relative price increase by average price per square foot was seen by one bedroom Low Rise units, accounting for a 19 percent increase when compared to the Second Quarter of 2020

MLS Resale by Unit Type Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$420,532

$788

$533,366

$722

Low Rise

$387,318

$665

$528,813

$604

2 Bedroom Townhome

23 THE FIFTH DIMENSION

SUMMER EDITION 2021

PSF

$606,598

3 Bedroom $539

$755,070

$515

NEW MARKET SUMMARY

SOUTH SURREY/WHITE ROCK South Surrey/White Rock will maintain its ‘Green Light’ status for the Second Quarter of 2021 due to continued strong sales activity leading to an overall absorption rate of 42 percent. Of the 113 total sales recorded in the quarter, Townhomes accounted for 79 sales. All Townhome developments that had available inventory sold product in the quarter. Larger price increases seen in Townhomes in the prior quarter remained stable with fewer price changes in the current quarter. There is dwindling inventory of new multifamily product available in the market, with only 155 homes available at the end of the Second Quarter. New product entering the market throughout the remainder of the year is anticipated to be well-received due to the current lack of pre-sale options. There has been little woodframe Condominium inventory in the past few years and the upcoming quarter is expected to have two woodframe launches.

New Market Highlights

Released

Projected

High Rise

̵ S treetside Development’s 317 unit Townhome master plan development, The Boroughs, launched Phase 1 ‘Holloway’ in June with 35 released units and 17 sales recorded at an average price of $786,942 ($513 per square foot )

Low Rise Townhome Locations are approximate

̵ Veza, by Raicon, launched a 39 unit Townhome development in April at an average value of $565 per square foot and has sold 23 units to date ̵ South on 16 Premium Phase 2, by Aggarwal Construction, launched a 22 unit Townhome development in April at an average value of $561 per square foot and has sold 11 units to date ̵ Soleil, RDG Management’s High Rise in White Rock recorded six additional sales in the Second Quarter ̵ Holden Row, by BMGroup, sold the final two units in their 55 unit Townhome development at an average value of $503 per square foot

HIGH RISE SALES

30

̵ Hungerford Properties’ Hazelwood sold 18 townhomes over the Second Quarter of 2021

24 THE FIFTH DIMENSION

SUMMER EDITION 2021

↑

LOW RISE SALES

4

↑

TOWNHOME SALES

79

↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

Townhome

7↑

49 ↑

$450 - $565

High Rise

7↔

106 ↓

$900 - $1,165

Low Rise

1↔

0↓

$730

RESALE MARKET SUMMARY

SOUTH SURREY/WHITE ROCK MLS Resale Highlights

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

̵ When compared to the same quarter last year, the total number of listings have decreased by 71 percent while resales have increased by 112 percent ̵ Low Rise saw an increase in the lower-bound of the sales range by $97,000 when compared to the same period last year and by $122,413 on the upper-bound ̵ Average per square foot sale values for High Rise product has increased by 2 percent when compared to the Second Quarter of 2020 ̵ Months of supply has decreased for High Rise, Low Rise, and Townhomes by 12.2, 5.5, and 2.8 months, respectively, when compared to the Second Quarter of 2020 ̵ Two bedroom High Rise units saw an increase in average price per square foot on sold units by $87 over the past year

Active Listings

Sold Listings

Active Listings

Monthly Supply

#

%

PSF

DOM

Active Sales Range (75% of sales)

High Rise

30

2.4

38

12%

$939

74

$583,000-$1,499,000

Low Rise

17

0.6

87

28%

$660

39

$507,000-$765,000

Townhome

16

0.3

183

59%

$517

15

$690,000-$1,040,000

MLS Resale by Unit Type

̵ Two and three bedroom townhome product saw an increase in average sales price per square foot of $79 and $83, respectively, compared to the same quarter last year

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

$610,300

$903

$1,091,238

$927

Low Rise

$491,167

$736

$639,302

$650

2 Bedroom Townhome

25 THE FIFTH DIMENSION

SUMMER EDITION 2021

PSF

$703,173

3 Bedroom $544

$832,357

$526

NEW MARKET SUMMARY

LANGLEY/CLOVERDALE Langley and Cloverdale will retain a “Green Light” rating after achieving 901 home sales in the Second Quarter. Sales decreased by three percent after the First Quarter record breaking 932 home sales. Even with nine new project launches that supplemented existing inventory, 66 percent of the 1,372 new homes available for sale in the quarter were sold. 63 percent of Condominium product and 73 percent of Townhomes were sold in the quarter. Sales appear to be largely driven

by Condominium product rather than Townhomes, at 68 percent and 32 percent of the overall sales, respectively. In response to high demand, many of the new Low Rise projects that launched in the Second Quarter sold out in the quarter, forcing the active sales range up to $700 per square foot.

This is an increase of approximately $100 per square foot from the First Quarter.

Released

New Market Highlights

Projected

High Rise

̵ District, a Condominium development by Pollyco Group of Companies, launched a sales campaign in June and sold out all 92 units, achieving a blended per square foot average of $695 ̵ Alvair Development launched a sales campaign in April for the Jericho, and sold out all 66 units, achieving an overall estimated per square foot value of $656

Low Rise Townhome Locations are approximate

̵ Ezekiel, by Whitetail Homes launched a sales campaign in late May and sold out all 73 units released in the first phase ̵ Camden, a 115 unit Condominium development by Whitetail Homes sold 84 units at a blended per square foot average of $630 ̵ Foundry, by Miracon, launched a sales campaign in April 2021 and sold 70 units out of the 81 units released ̵ Apcon Development launched a sales campaign in May for the Hive, and sold out all 84 units released, achieving a blended per square foot average of $653 and offering larger homes than competitive higher priced projects

26 THE FIFTH DIMENSION

SUMMER EDITION 2021

HIGH RISE SALES

0↔

LOW RISE SALES

615

↑

TOWNHOME SALES

286

↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

Townhome

18 ↓

106 ↓

$345 - $555

High Rise

-

-

-

Low Rise

21 ↔

364 ↑

$512 - $700

RESALE MARKET SUMMARY

LANGLEY/CLOVERDALE MLS Resale Highlights

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

̵ Total listings decreased by 141 to 245 from 386 in the Second Quarter of 2021 when compared to the same quarter in 2020

Active Listings

̵ Total resales are up 125 percent to 623 when compared to the Second Quarter of 2020 ̵ The months of supply has decreased by 4.2 months for Low Rise product and 1.8 months for Townhome product from the same quarter last year ̵ Average price per square foot values rose for Low Rise condominiums by $79 and rose by $108 for Townhomes when compared to this quarter last year ̵ The average sales price for a one bedroom Low Rise condominium increased by $64,274 and two bedroom Low Rise condominiums increased by $102,433 compared to the Second Quarter of 2020

Sold Listings

Active Listings

Monthly Supply

#

%

PSF

DOM

Active Sales Range (75% of sales)

High Rise

-

-

-

-

-

-

-

Low Rise

176

1.7

307

49%

$609

27

$410,000-$659,900

Townhome

69

0.7

316

51%

$514

14

$670,000-$899,900

MLS Resale by Unit Type

̵ The average price per square foot value for two bedroom Townhomes rose by 25 percent while three bedroom Townhomes rose 24 percent higher when compared to the Second Quarter of 2020

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

-

-

-

-

Low Rise

$413,550

$650

$562,473

$602

2 Bedroom Townhome

27 THE FIFTH DIMENSION

SUMMER EDITION 2021

PSF

$670,489

3 Bedroom $547

$781,221

$512

NEW MARKET SUMMARY

ABBOTSFORD/MISSION The Abbotsford/Mission market retains its ‘Green Light’ status for the Second Quarter of 2021 as sales continued to increase from the prior quarter. There were 241 new home sales in the quarter which comprised of 161 Low Rise Condominium sales in and 80 Townhome sales. All actively selling projects recorded sales activity in the quarter with the highest amount occurring with newly launched product in the Mission area. Given an absorption rate of 74 percent for both Townhome and Condominium product in the market, it is evident that there is a lack of supply with only 86 units of unsold inventory in both product types remaining. With a woodframe building selling out in under one month during the quarter and strong demand seen for a Townhome masterplan, there is a clear appetite for affordable product targeted towards investors and first-time home buyers.

Released

Market Highlights

Projected

High Rise

̵ Wren + Raven (Phase 2) by Elevate Development launched their 70 unit Condominium development in Mission in April and sold out in less than one month at an average value of $548 per square foot ̵ Archer Green, a highly anticipated master plan community in Mission by Polygon, launched the first release of 74 townhomes in June and sold 63 units in one month at an average value of $404 per square foot

Low Rise Townhome Locations are approximate

̵ Marq Rowhomes by TM Crest Homes sold their final four townhomes in the 30 unit complex and achieved an overall average value of $390 per square foot ̵ Parcel 7’s Unity, sold their final three townhomes in the 66 unit development and achieved an overall average value of $473 per square foot ̵ Cinema District Townhomes by Diverse Properties sold their final two townhomes in the 73 unit development and achieved an overall average value of $401 per square foot

HIGH RISE SALES

0↔

̵ Ventura, a Low Rise development by RDC group, sold an additional 11 units during the second quarter with only three units remaining for sale ̵ Court (West and East ), two Low Rise projects by Heinrichs Developments, are selling for $504 and $522 per square foot, respectively, and sold 10 and 12 units over the second quarter ̵ Naturbana Properties 73 unit Low Rise development Natura on Forest’s Edge, sold 10 units during the quarter and has 17 units remaining for sale

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LOW RISE SALES

161

↑

TOWNHOME SALES

80

↓

Active Projects

Unsold Inventory

Active Sales Range ($PSF)

Townhome

7↓

28 ↑

$300 - $470

High Rise

-

-

-

Low Rise

9↔

58 ↓

$470 - $555

RESALE MARKET SUMMARY

ABBOTSFORD/MISSION MLS Resale Highlights

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

̵ Total listings decreased by 27 percent while total resales are up 93 percent compared to the same quarter in 2020

Active Listings

̵ The lower bound of the sales range has increased by $82,600 over the past four quarters and the upper bound of the sales range has increased by $81,000 for Low Rise product ̵ Price per square foot sales values for Low Rise condominiums are up $89 and price per square foot sales values for Townhomes are up $107 from the Second Quarter last year ̵ The average Low Rise price per square foot has increased $119 for one bedroom condominiums and $93 for two bedrooms when compared to the Second Quarter of 2020 ̵ There were no sales on High Rise units in the Second Quarter of 2020 to compare to this quarter

Sold Listings

Active Listings

Monthly Supply

#

%

PSF

DOM

Active Sales Range (75% of sales)

High Rise

3

4.5

2

1%

$593

101

$615,000-$640,000

Low Rise

45

1.4

98

54%

$528

27

$407,500-$560,000

Townhome

25

0.9

81

45%

$456

15

$574,900-$730,900

MLS Resale by Unit Type

̵ The average two and three bedroom Townhome sold for $104,109 and $119,342 more than in the Second Quarter of 2020

Average Price

PSF

Average Price

1 Bedroom

2 Bedroom

High Rise

-

-

-

-

Low Rise

$360,108

$601

$491,804

$522

2 Bedroom Townhome

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PSF

$584,093

3 Bedroom $500

$658,292

$453

LOOKING BACK & AHEAD Last edition this section started with the quote “What a difference a year makes…”. This Summer edition has a sequel comment. A full year’s sales in half the time. Chronic undersupply and sustained demand in a gradually more post-pandemic world meant that in the first half of 2021 more homes already sold than the year end total for the majority of years in the past decade. Despite moderate cooling in the overall market the multifamily market in Metro Vancouver certainly does not appear to be cooling anytime soon.

Having collaborated on this report nearly 50 times over more than a decade, I have come up with my own metrics of market performance.

For instance, a quarterly sales figure below 2,000 indicates a slow or challenged market (read: 2019) and quarterly figure of 4,000+ represents an accelerated or heated market. So what do I do with two quarters of 6,000+ units sold? That means that 13,155 sales in the first half of 2021 which is 75 percent higher than the year end figure in 2019 and 24 percent more than the remarkable full on pandemic influenced year end total in 2020. I knew it was possible, but honestly did not see that happening. What’s next?

In the Spring edition, we identified increased multifamily interest from outside the province. This is occurring nearly everywhere from Bear Mountain on Vancouver Island to the Kootenays and Purcells. We also expected BC residents post-vaccination vacationing and who want to re-locate away from larger and less affordable areas and folks pre-retirement buying to be a positive contributor to this projected sales growth throughout BC. This is definitely the case especially in the playground that is BC and despite the smoke and tragic losses associated with wildfire season. gofundme.com/f/lytton-first-nation-community-emergency-support gofundme.com/f/Helping-our-friends-in-Lytton Now at the end of Winter, we projected a 20+ percent growth in annual absorptions, despite the ongoing saga of the pandemic. At a 24 percent increase over last year already, we were too conservative.

We did expect moderate price appreciation necessitated by concerns related to inflation with respect to development and construction related costs. I would say we are now beyond moderate.

Looking Back

Looking Ahead

For starters, we wondered if the first quarter was an anamoly.

Apparently not. Now, we did expect a hot market overall for 2021 as developers continued to price offerings appropriately for the location and targeted consumer. That being said, a predicted movement in the stress test and inflated costs which put additional upward pressure on pricing as expected did not quell the heat. Despite increases over a month of more than $100 per square foot in some areas absorptions continued at a pace two plus times the quarterly ten year average.

We do expect when 2021 has come and gone we will be looking at a gold or silver medal absorption year. It would only take another 6,000 unit quarter to achieve that.

We also mentioned that low interest rates, population growth and future immigration including a possible exodus of Canadian passport holders out of Hong Kong could result in sustained sales and market growth through 2021 and beyond. We have yet to see the coming immigration wave but borders will open.

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represent a larger share of market than ever recorded. Relaxations with respect to how and where people work and the ongoing housing supply and affordability challenges make this a relatively easy prediction to make.

As our team at Fifth and at our partner organization BakerWest advance, we continue an internal dialogue asking: 6,000+ units sold in two quarters in a row and little mention of the “f” word – foreign buyer. And immigration based demand builds at our borders waiting for entrance.

When will that wave/these waves happen? We do not foresee this until 2022. Will it be earlier? What will the impact be this time around?

Another wave of 6,000+ units sold quarters?

How deep is the demand for Skytrain oriented investment and end user demand on the Broadway corridor and in Surrey/ Langley?

At the present time, the demand seems insatiable resulting in sell out after sell out and experiencing price escalation partly due to costs that seriously challenge the old norms of how certain neighbourhoods and offerings should be priced. Does the future hold more of the same? What premium ceiling exists for these corridor offerings?

We do not project 6,000 sales sold per quarter in the second half of the year. We do project project 4,000 to 5,000 which is still impressive.

The older I get the less I like surpises. What will the biggest surprise of 2021’s second half be?

We do continue to foresee: a re-emergence of demand in downtown High Rise product; notably accelerated pricing and absorptions on the North Shore and Burnaby; continued appetite for wood frame and new high rise offerings in the Guildford Town Centre area, in Surrey City Centre and with the vicinity of all the future SkyTrain stations along Fraser Highway right to downtown in the City of Langley.

Could we see 7,000 units sold in one quarter? Could we see Burnaby High Rise prices exceed $1,500 per square foot on average? What is the highest price a woodframe project achieves? It is already approaching $1,000 per square foot in North Vancouver and actually making sense.

What next?

You will recall High Rise was the top selling product type year to date. It is set to resume its throne fuelled by suburban interest. Speaking of the suburbs, we expect that when 2021 is said and done the suburbs will

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 UA? Urban Analytics (UA) is Metropolitan Vancouver’s leading source for analytical interpretation of relevant real estate market data, trends and strategic recommendations.

Urban Analytics Inc. (UA) 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, UA representatives engage on-site 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, UA 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, UA 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, UA 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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Urban Analytics has been tracking the new multifamily 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, UA is the leading provider of advisory services on the new multifamily home market. UA also tracks data on the newer purpose-built rental 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 Urban Analytics Inc. michael@urbananalytics.ca

Principal Urban Analytics Inc. jon@urbananalytics.ca

(604) 569-3535 www.urbananalytics.ca

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 Urban Analytics for advertising and general information only. Fifth Avenue, BakerWest, and Urban Analytics 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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