CPABC Industry Update Summer 2015 - BC Real Estate Industry | Page 5

HOUSING DEMAND3
Nine of BC’s 11 real estate
board areas are forecast to
experience increased housing
demand in 2015.

Housing demand for 2015
is expected to produce
the highest level of
unit sales since 2007.
BC Multiple Listing Service
(MLS) residential sales
are forecast to rise 12%
to 94,300 units in 2015.

Drivers of housing demand:

• Vancouver & Fraser Valley
are forecasted to lead the
province with a 16% to 17%
increase in residential sales.

economic growth
consumer confidence
low mortgage interest rates

Commercial Real Estate Outlook
The non-residential construction sector
is strong in BC, as work continues on
3.2 million sq. ft. of office space in
Metro Vancouver. This space is
expected to become available
throughout 2015-2016.

Investment in Non-Residential Building
Construction in BC (Q2 2015):

0.3%
Spending is up: +4.5%
+1.0%
Investment is up

institutional
buildings
industrial
sector

Source: BC Stats, non-residential building investments, July 28, 2015

Office Market Outlook by Canada’s
Major Markets (Q1 2015)
Indicator

Vancouver

Calgary

Toronto

Vacancy downtown

7.2%

10.7%

2.7%

Vacancy suburbs

11.5%

10.4%

9.1%

Net rent downtown

$27.31

$28.00

$28.55

Net rent suburbs

$19.21

$23.00

$14.88

Source: Colliers Q1 2015 Office Market Outlook report

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WorkBC industry profile: finance, insurance, real estate and leasing, workbc.ca
BCREA Housing Market Update (July 2015)
BCREA Housing Forecast, second quarter – June 2015

SUMMER 2015

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