1. MarketShare
THIRD QUARTER 2011
A COMPREHENSIVE ANALYSIS OF THE RESIDENTIAL
REAL ESTATE MARKET IN THE VANCOUVER LOWER MAINLAND
OCTOBER 2011
2. TABLE OF
CONTENTS
WELCOME TO MARKETSHARE 1
RESEARCH METHODOLOGY 2
OVERALL – MARKET SUMMARY 3
MARKET SUMMARIES
Vancouver – Downtown 4
Vancouver – West 5
Vancouver – East 6
Richmond/South Delta/Tsawwassen 7
Burnaby/New Westminster 8
North Shore: North Vancouver & West Vancouver 9
Tri-Cities: Coquitlam, Port Coquitlam & Port Moody 10
Ridge Meadows: Maple Ridge & Pitt Meadows 11
Surrey Central/North Delta 12
South Surrey/White Rock 13
Cloverdale/Langley 14
WHAT TO WATCH 15
THIRD QUARTER 2011
3. WELCOME TO
MarketShare
As our team gathered to review and discuss our view Finally, as I mentioned in the last edition of MarketShare we have
committed to a long-term approach in building sales distribution channels
of the markets this past quarter, we were again
in China for both Vancouver and Toronto developers to satisfy what we
inspired to see such buoyant activity in Toronto and
believe will be sustained demand. We are increasing the size of our teams
Vancouver while economies around the world are in this market, investing in technology, people development and
experiencing such volatility. communication infrastructure and building multiple partnerships with
banks, immigration agencies as well as with other real estate agencies.
The global macroeconomic view continues to lean towards the negative
Our aim is to be the ‘go to’ organization for Canadian real estate in China.
side. Depending on which economist you follow, the U.S. and Europe will
This year our teams in Hong Kong, Singapore and China have already sold
resolve their current issues soon and the world will ‘get back to business’
over USD $400 million of UK and Australian product. Together we are
or, they won’t. How the U.S. and multiple countries in Europe can run their
now expanding the market for Canadian product. We believe the best
finances into the ground with debt is simply mind-boggling (where’s their
approach to maximize success for Canadian developers in China is a
proforma?). What is even more amazing is that when they try to address the
long-term sustained approach as opposed to a “launch and leave”. For
problems, political partisanship and self-interest seemingly get in the way of
the right projects, we believe this is a long-term sales channel for
constructive and corrective action.
Canadian real estate but it is not a quick fix problem project solver.
While the global economy continues to experience many issues, the
In summary, while the global economy has caused angst over the past
Vancouver Lower Mainland real estate market continues to demonstrate
month or so the Vancouver Lower Mainland real estate market continues
resilience and reinforces that ‘this is the place to be’ for real estate
to perform steadily and assuming no major global economic meltdown we
developers. Low interest rates and an influx of new buyers into the market
expect it to continue.
will help to sustain this resilience. With current global economic challenges
expected to keep interest rates low into the foreseeable future, the I hope you enjoy this edition of MarketShare and as always we welcome
Vancouver Lower Mainland is a great place to be a real estate buyer as well. your thoughts and comments.
Looking ahead, we do however see challenges in the local market
surrounding the need for affordable housing options. In talking to our
colleagues in land sales the limited supply of quality new development sites
is resulting in escalating land prices. The higher the price for land, the
greater the price the buyer will be required to pay. At the same time the
number of active and planned projects may push construction costs higher, Greg Ashley
again resulting in higher sales prices for the buyer. This situation will PRESIDENT AND MANAGING PARTNER,
necessitate innovation. We are beginning to see this innovation on the COLLIERS INTERNATIONAL RESIDENTIAL MARKETING
development side - more efficient floor plans and reduced parking being two
of them. If one lives close to transit or downtown and does not require a car
why does a developer have to build or provide the buyer a parking space?
And if one does have a car, there are under-utilized parking structures that
would be happy to offer long-term leases as an option to purchasing a
residence without parking. Our team is currently working on an innovative
project in Chinatown that offers exactly this.
THIRD QUARTER 2011 1
4. RESEARCH
Methodology
Urban Analytics (UAI) is Metro-Vancouver’s leading 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
source for analytical interpretation of relevant real
type occurred”.
estate market data, trends and strategic
recommendations. This quarter we were also interested to find out how the rejection of the
HST and the ensuing uncertainty was impacting the new home market.
Urban Analytics Inc. (UAI) was engaged by Colliers to provide aggregate We found that the impact has been modest on lower priced product.
data on the multi-family residential real estate market in the Vancouver However, product priced between $525,000 and $1 million that completes
Lower Mainland. prior to February 2013 appears to be getting hit the hardest. That said,
most end-user buyers (and many realtors) seeking product priced under
The methodology used to collect the data was as follows:
the $525,000 threshold simply don’t understand how the tax applies. So
GENERAL PARAMETERS to avoid the confusion and encourage purchasing, many developers are
Vancouver Lower Mainland refers to the area from West Vancouver to now including the HST in the price. The provincial government must
Aldergrove. The focus of this study is limited to the multi-family market. provide clarity on this issue swiftly.
MULTI-FAMILY PROJECT DATA – NEW HOME SALES Finally, with the continued “bubble” talk by economists based thousands
The primary method used to collect information is a personal visit to each of miles from here, our analysts made a conscious effort to determine the
project being actively marketed. In addition to collecting current sales amount of standing inventory and assess whether these concerns are
information, UAI representatives engage on-site sales staff to determine warranted. We do not think they are as a) inventory levels do not present
additional relevant information such as incentive offerings, traffic trends and a concern at this time, b) any speculative buying that is typical of a
active buyer profiles. In all instances active sales range quoted in tables is growing bubble represents a microscopic fraction of the total buying
defined as “The per square foot sales range in which 75 percent of sales of this activity taking place today and c) investors are taking a much longer term
product type occurred”. approach with their purchases, unlike 2006 to 2008 when most investors
had no intention – and in many cases no ability – to close on their
For the purposes of the MarketShare publications, UAI contacts various
purchases.
municipal planning departments along with developers (and/or their
representatives) of proposed new developments to determine the We hope you find this aggregate data combined with Colliers’
anticipated timing of their approval and marketing launch. analysis, observations and opinions thought provoking.
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, UAI
Michael Ferreira
closely monitors the resale market for multi-family homes in order to
PRINCIPAL, URBAN ANALYTICS INC.
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, UAI 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
urban
A N A LY T I C S I N C
(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 www.urbananalytics.ca
THIRD QUARTER 2011 2
5. OVERALL – SUMMARY
VANCOUVER LOWER MAINLAND
As expected, Third Quarter sales were slower than the previous two quarters. Finally, given the slower season and increased competition in markets
However, even accounting for the usual seasonal dip in sales during this where the predominant buyer is an end user, such as Langley/Cloverdale
quarter, a total of 2,315 units were sold which is up 40 percent from the same and Central Surrey/North Delta, a number of projects offered price-
quarter in 2010. Year to date, 9,681 units have been sold, or 108 percent of reducing incentives while other of more centrally located projects worked
2010’s total sales volume. Our prediction of 12,000+ units sold in 2011 to generate sales through increased realtor commissions.
appears to be attainable.
RESALE MARKET:
Sales at new and high profile projects in False Creek, UBC, South Vancouver, This past quarter, 1,792 multi-family homes were sold on MLS. Sales were
Richmond, Coquitlam, and South Surrey contributed greatly as did continued up 48 percent over this same period last year. The increase was across all
demand for townhome product in all markets. Reasonably strong traffic and product types with high rise representing the lowest increase at 22 percent,
sales activity during the first part of the quarter was reported. However, low rise sales increasing by 70 percent and townhome sales increasing by
traffic and sales slowed towards the end of August and through September. 76 percent. However, when compared to the torrid pace of the Second
Quarter, sales were off 30 percent as a whole. Overall Third Quarter sales
Overall unsold inventory levels in the Lower Mainland were reduced by were distributed across all product types as indicated in the following table.
approximately 10 percent in the Third Quarter relative to Second Quarter of
this year. Like many buyers, Mainland Chinese investors and end users were
HIGH RISE LOW RISE TOWNHOME TOTALS
somewhat less active overall except for in key markets such as UBC.
Total Third Quarter Sales 722 478 592 1,792
Surprisingly, the first time or entry level buyer remained active taking
advantage of developer incentives and low interest rates. Total Active Listings 1,961 1,403 1,458 4,822
NEW HOME MARKET:
THE QUARTER AHEAD:
In the Third Quarter 36 percent of sales occurred at high rise projects, which is
The Fourth Quarter of 2010 proved to be the most active sales period for
a 20 percent decrease compared to the previous quarter. Low rise sales
that year. This year, we think that it is unlikely we will see the same number
represented 38 percent of sales, which is up 12 percent from the previous
of sales due to the limited number of projects likely to launch in the Fourth
quarter while townhome sales increased by 6 percent to 26 percent. Of the
Quarter. We do however, still expect a positive quarter and continue to
7,067 units of inventory available to purchase 2,130 are complete with three
project annual sales of 12,000+ units.
projects accounting for approximately 31 percent of the completed and unsold
inventory. Active projects decreased by approximately 2 percent. Overall Third
Quarter performance across all product types is summarized in the following
table.
HIGH RISE LOW RISE TOWNHOME TOTALS
Total Third Quarter Sales 825 893 597 2,315
Total Inventory 3,484 2,404 1,179 7,067 W. Scott Brown
Total Number Of Projects 80 99 94 273 SENIOR VICE PRESIDENT, WESTERN CANADA
COLLIERS INTERNATIONAL RESIDENTIAL MARKETING
Note To Reader - At the end of this report we have included a commentary on ‘What to Watch’
Like any typical summer there were a limited number of higher profile new and invite you to read our thoughts on the future of the Lower Mainland market. In coming
project launches. These included: Concord Pacific/Millennium’s quiet and editions, we will provide additional insight to the market through our ‘What to Watch’
commentary, critiquing our earlier assumptions and sharing your views.
successful release of Alexandra in the West End; China based Modern
Green’s UBC offering YU; Bastion’s re-launch of Opsal Steel, Forrester
Homes’ Granville Mews; Townline’s Magnolia at the Gardens; and,
Springbank’s Bloom.
THIRD QUARTER 2011 3
6. MARKET SUMMARY
VANCOUVER – DOWNTOWN
The ‘green light’ rating for Vancouver - Downtown is largely the result of the limited supply of product, the
wildly successful response to the Alexandra project in the West End, and the continued steady absorptions
at most existing pre-construction projects. A healthy supply of higher-end new and resale condominiums
in this market has resulted in more moderate absorptions in this sector.
NEW DEVELOPMENTS - Q3 2011
MARKET HIGHLIGHTS: Q3 NEW RELEASES AND PROJECTED Q4 NEW RELEASES
t ll S
nS we
* The positive response to the Concord/ nm
a Bid
De Me CANADA
St PLACE
Millennium offering Alexandra in the West ero W
lvi
lle
St
Ge
ard
Projected Q4
C St org
End (75 of 85 units sold with little to no ola ia
Q3 release Nic St
St Du
ns
Co
advertising at average sale values upwards Ha Bute mu W
rd
ov
rw ir S Ha aSW
oo t t Ne W sti t ater
dS t Pe
t olaS nS lso nd ng
of $950 per square foot) illustrates the level Nic gh
to
Pe
Co
mo
nS
t
er
St
sS
t
ou St
Br s n dra xS
of demand for well-located and optimally rvi ll S t
Je St t
te
HIGH RISE Bu St St
positioned product. low
St rn
by
St St ha
rds K
Pa
ur Ho St
cifi
Th we vil
le Ric r nS
t
me
Be
cS St Ho ran ilto d
Ho
ac
t d G t Blv
* City-imposed moratorium on new LOW RISE rar am ie S
hA
ur H po
B mb y St Ex
ve
GM
Ca t
at BC PLACE PLA
development approvals in the West End will Be
T St Da STADIUM
TOWNHOME DS ur vie
RAR mo St lvd
further exacerbate the demand/supply BUR GE y cB
BRID Se cifi
Pa
T
ES
imbalance for the foreseeable future in the VIL
L
AN E
Maps for illustrative purposes GR RIDG
Vancouver – Downtown market. only. Locations are approximate. B
* There are now five completed projects with
NEW PROJECT MARKET STATUS
a combined total of 76 units of standing Q3 ACTIVE Q3 Q3 ACTIVE SALES
PRODUCT
inventory. PROJECTS SALES SUPPLY RANGE ($ PSF)
High Rise 13 155 483 $690 - 710
Low Rise n/a n/a n/a n/a
Townhome n/a n/a n/a n/a
MLS RESALE - Q3 2011
MLS RESALE MARKET STATUS (product less than 10 years of age)
MARKET HIGHLIGHTS:
ACTIVE LISTINGS SOLD INVENTORY
* Overall months of supply is 6.7. This is up
MONTHS % OF TOTAL AVG. DAYS ACTIVE SALES RANGE
from 4.6 in the Second Quarter of 2011. PRODUCT LISTINGS
OF SUPPLY # SOLD*
$ PSF
ON MARKET (75% of sales)
High Rise 527 6.7 235 100 $707 38 $364,000 - 828,000
* Overall sales were up 11 percent compared
to this same quarter in 2010. Low Rise n/a n/a n/a n/a n/a n/a n/a
* Average sale price of $707 per square foot Townhome n/a n/a n/a n/a n/a n/a n/a
- this is 5 percent higher than during the Change over the last quarter: Increase, Decrease, No Change
* % of Total is the percentage of product sold under ten years of age relative to the total sold for each product category
Third Quarter of 2010.
MLS RESALE BY UNIT TYPE
AVG. PRICE $ PSF AVG. PRICE $ PSF
PRODUCT 1 BEDROOM 2 BEDROOM
High Rise $439,283 $692 $707,254 $721
Low Rise n/a n/a n/a n/a
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome n/a n/a n/a n/a
THIRD QUARTER 2011 4
7. MARKET SUMMARY
VANCOUVER – WEST
The ‘green light’ rating applied to the Vancouver - West market remains. While sales at most of the actively marketed
projects remain steady, the amount of product contemplated for the South East False Creek neighbourhood over the
next two to three years will make this a highly competitive market for the foreseeable future. Vancouver - Downtown
product remains in higher demand than product in South East False Creek. That said, sales success at Kits 360 and
6th + Fir illustrated the strong demand for product in the Kitsilano and Burrard Slopes areas.
NEW DEVELOPMENTS - Q3 2011
MARKET HIGHLIGHTS: Q3 NEW RELEASES AND PROJECTED Q4 NEW RELEASES
Point G
rey Rd Cornwall St
* The positive response to the latest
We
4th Ave W Gr
sb
University of e at Nor
the
r oo
condominium offering at UBC’s Wesbrook British Columbia 10th Ave W BROADWAY W
kM
Projected Q4
all
community, Modern Green’s YU, illustrates 12th Ave W
Q3 release
12
16th Ave W
the continued appeal of this neighbourhood
Arbutus St
Dunbar St
Crown St
Macdonald St
Blenheim St
SW
M
to the new immigrant Chinese buyers. King Edward Ave
ar
in
Dr
e
* There are indications the Mainland Chinese 33rd Ave W 33rd Ave
HIGH RISE
Buyer has discovered The Village on False
W Boulevard
41st Ave W
Creek. Several units were sold to this buyer
GRANVILLE STREET
41st Ave
LOW RISE
group during the Third Quarter.
Main St
Cambie St
Fraser St
49th Ave W
TOWNHOME
Oak St
* Local developer interest in assembled 57th Ave W
57th A
properties along the Cambie Corridor has
C.P.R
Maps for illustrative purposes
apparently cooled in light of some seemingly
.
SE Marine
only. Locations are approximate. 70th Ave W Kent Ave N
O
irrational land sale values attained earlier this
year. NEW PROJECT MARKET STATUS
Q3 ACTIVE Q3 Q3 ACTIVE SALES
* Marine Gateway at the foot of Cambie Street is PRODUCT
PROJECTS SALES SUPPLY RANGE ($ PSF)
anticipated to launch in the First Quarter of High Rise 18 226 948 $680 - 750
2012 rather than in the Fourth Quarter of this
Low Rise 3 6 14 $600 - 680
year.
Townhome 3 3 50 $670 - 700
MLS RESALE - Q3 2011
MLS RESALE MARKET STATUS (product less than 10 years of age)
MARKET HIGHLIGHTS:
ACTIVE LISTINGS SOLD INVENTORY
* Active listings for low and high rise product
MONTHS % OF TOTAL AVG. DAYS ACTIVE SALES RANGE
increased by 43 percent compared to the PRODUCT LISTINGS
OF SUPPLY # SOLD*
$ PSF
ON MARKET (75% of sales)
Third Quarter of 2010. High Rise 172 8.5 61 43 $723 41 $309,900 - 940,000
* At the same time, overall sales have Low Rise 125 7.1 53 38 $706 51 $427,000 - 796,600
increased by 81 percent compared to the Townhome 52 5.8 27 19 $663 26 $575,000 - 1.1M
Third Quarter of 2010. Change over the last quarter: Increase, Decrease, No Change
* % of Total is the percentage of product sold under ten years of age relative to the total sold for each product category
* The townhome sector showed the strongest
sales increase compared to this same MLS RESALE BY UNIT TYPE
quarter last year. This helps explain the low AVG. PRICE $ PSF AVG. PRICE $ PSF
‘average days on market’ for townhome PRODUCT 1 BEDROOM 2 BEDROOM
product.
High Rise $391,383 $643 $785,205 $758
Low Rise $432,950 $659 $649,891 $717
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome $805,321 $665 $952,303 $671
THIRD QUARTER 2011 5
8. MARKET SUMMARY
VANCOUVER – EAST
Limited supply of new multi-family home product is the primary reason for the continued ‘green light’
rating for this market. The Main and Fraser Street corridors continue to attract new home buyers seeking
more affordable pricing in quickly gentrifying areas. Developers contemplating new projects in Vancouver
- East should be conscious of the fact buyers are typically seeking greater value here relative to more
established Vancouver - West neighbourhoods.
NEW DEVELOPMENTS - Q3 2011
MARKET HIGHLIGHTS: Q3 NEW RELEASES AND PROJECTED Q4 NEW RELEASES
morial Bridge
* Polygon continues to receive a very positive
St
an
nm
McGill St
response to its New Water development at
De
Eton St
Da cific
Projected Q4
Dundas St
vie
the River District.
Pa
Q3 release
St
HASTINGS STREET E
St
Willingdon Ave
Parker St
Gilmore Ave
* The execution and marketing of many of the Venables St
Holdom St
Clark Dr
low rise projects located along Kingsway has Gr 1st Ave
e at Nor
thern
Wy
been poor.
HIGH RISE BROADWAY E
12th Ave W
12th Ave E
* Panther Constructors Ltd. is set to launch its Grandview Hwy
LOW RISE
Nanaimo St
KIN Canada Wy
Renfrew St
GS
Rupert St
first residential project, The Flats at 219 WA
Wayburne Dr
King Edward Ave Y
Kincaid St Spro
Georgia East, early in the Fourth Quarter. TOWNHOME
Collingwood
Moscrop St
This innovative project is the first of its kind 33rd Ave W 33rd Ave E Deer Lake Pk
for Chinatown. 41st Ave W
Burke St
Maps for illustrative purposes
TREET
41st Ave E Gran
only. Locations are approximate. ge S
t
* Two Vancouver - East areas that will see
increased development activity in the coming NEW PROJECT MARKET STATUS
quarters are Chinatown and a large land Q3 ACTIVE Q3 Q3 ACTIVE SALES
PRODUCT
PROJECTS SALES SUPPLY RANGE ($ PSF)
assembly adjacent to the Collingwood Village
High Rise 2 27 120 $580 - 630
community near Kingsway and Boundary.
Low Rise 16 130 185 $480 - 530
Townhome 4 6 39 $450 - 500
MLS RESALE - Q3 2011
MLS RESALE MARKET STATUS (product less than 10 years of age)
MARKET HIGHLIGHTS:
ACTIVE LISTINGS SOLD INVENTORY
* Average sale values for high rise product
MONTHS % OF TOTAL AVG. DAYS ACTIVE SALES RANGE
increased 8 percent over the Third Quarter of PRODUCT LISTINGS
OF SUPPLY # SOLD*
$ PSF
ON MARKET (75% of sales)
2010. High Rise 107 7.8 41 39 $554 34 $328,888 - 557,500
* Active listings increased by 9 percent Low Rise 117 8.8 40 38 $479 72 $288,000 - 448,000
compared to the previous quarter. Townhome 59 7.1 25 24 $484 35 $522,000 - 765,000
* Overall sales were up 45 percent compared to Change over the last quarter: Increase, Decrease, No Change
* % of Total is the percentage of product sold under ten years of age relative to the total sold for each product category
the Third Quarter of 2010 - much of which can
be attributed to higher sales activity in the low MLS RESALE BY UNIT TYPE
rise condominium sector. AVG. PRICE $ PSF AVG. PRICE $ PSF
PRODUCT 1 BEDROOM 2 BEDROOM
High Rise $396,863 $569 $523,974 $551
Low Rise $329,487 $476 $398,114 $483
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome $588,110 $492 $692,109 $484
THIRD QUARTER 2011 6
9. MARKET SUMMARY
RICHMOND/SOUTH DELTA/TSAWWASSEN
Richmond retains its ‘green light’ rating as a result of the continued strong absorptions of high and low rise
condominium product. The lack of new product releases in the Third Quarter also resulted in very little movement in
achievable sale values. Developers contemplating new product here should be aware of the considerable amount of
condominium product proceeding through the planning process, and design and position their projects appropriately.
NEW DEVELOPMENTS - Q3 2011
MARKET HIGHLIGHTS: Q3 NEW RELEASES AND PROJECTED Q4 NEW RELEASES
y
W
Vulcan
er
* The most notable project launch of Third Russ Bak
Alderbridge Wy RICHMOND ANNACIS HIGHW
Quarter was Townline’s The Gardens low rise River Rd
Projected Q4
project on the former Fantasy Gardens Westminster Hwy
Q3 release
C.N.R.
property. The positive response to the
No 8 Rd
No. 7 Rd
Granville Ave
project’s first phase will likely result in the
THRUWAY
Blundell Rd
launch of Phase II during the Fourth Quarter.
No. 1 Rd
Gilbert Rd
No. 3 Rd
No. 4 Rd
No. 5 Rd
No. 6 Rd
Railway Ave
Garden City Rd
HIGH RISE Francis Rd
FRASER - DELTA
* Slower absorptions in the high rise product
T
category can be attributed to the lack of LOW RISE Williams Rd I
H
product launches in the market area. Most
TOWNHOME Steveston Hwy r Rd
Rive
pre sale offerings for this product type are
No. 2 Rd
Steveston
Shell Rd
nearing the end of their respective sales Moncton St
Maps for illustrative purposes
campaigns.
Ge
or
only. Locations are approximate.
ge
M
t
a
* Note that the Quintet sales office has now
NEW PROJECT MARKET STATUS
closed to allow for the start of construction. Q3 ACTIVE Q3 Q3 ACTIVE SALES
PRODUCT
Nearly 650 of the approximately 700 units in PROJECTS SALES SUPPLY RANGE ($ PSF)
this five-tower development are sold. High Rise 9 147 456 $540 - 590
Low Rise 7 119 204 $430 - 470
Townhome 14 31 126 $375 - 425
MLS RESALE - Q3 2011
MLS RESALE MARKET STATUS (product less than 10 years of age)
MARKET HIGHLIGHTS:
ACTIVE LISTINGS SOLD INVENTORY
* Overall active listings are up 21 percent
MONTHS % OF TOTAL AVG. DAYS ACTIVE SALES RANGE
compared to the Third Quarter of 2010. PRODUCT LISTINGS
OF SUPPLY # SOLD*
$ PSF
ON MARKET (75% of sales)
* Months of supply for high rise product is 11. High Rise 308 11 84 38 $521 66 $333,000 - 613,500
This is up from 9 in the Third Quarter of last Low Rise 144 9.2 47 21 $445 51 $339,900 - 529,900
year.
Townhome 225 7.6 89 40 $410 49 $480,000 - 731,000
* Demand for townhome product remains
Change over the last quarter: Increase, Decrease, No Change
strong. * % of Total is the percentage of product sold under ten years of age relative to the total sold for each product category
MLS RESALE BY UNIT TYPE
AVG. PRICE $ PSF AVG. PRICE $ PSF
PRODUCT 1 BEDROOM 2 BEDROOM
High Rise $352,639 $520 $484,204 $520
Low Rise $337,686 $500 $427,951 $442
PRODUCT 2 BEDROOM 3 BEDROOM
Townhome $484,414 $395 $598,749 $410
THIRD QUARTER 2011 7
