![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2021\/11\/suzanne-rushton-eDPUl34xn7I-unsplash.jpg\")
<\/a>Photo: Suzanne Rushton<\/a> \/ Unsplash<\/a><\/em><\/p>\nTelling a tale of two regions, residential land acquisition totals went in opposite directions on either side of the Fraser River during the last year.<\/p>\n
According to Zonda Urban\u2019s Q3-2021 Metro Vancouver Residential Land Report, released today, the total dollar amount of multi-family land sales decreased seven per cent year-over-year in sub-markets north of the Fraser River, while transaction volume rose 73 per cent in sub-markets south of the river, demonstrating a shift southeast across the Lower Mainland.<\/p>\n
The majority of northern sub-markets actually saw year-over-year totals rise, led by West Vancouver and Squamish with increases of 662 per cent and 128 per cent respectively, but couldn\u2019t offset declining numbers in the region\u2019s core.<\/p>\n
Despite a modest increase in Vancouver East, year-over-year sales totals dropped a combined 23 per cent in the three Vancouver sub-markets. Downtown saw the biggest decline, plunging 47 per cent with approximately $620 million in transactions after nearly $1.2 billion during the previous 12 months.<\/p>\n\n
It was a different story south of the Fraser River, as each sub-market posted a year-over-year increase in transaction volume. Abbotsford experienced the most dramatic shift, increasing $118 million for a difference of 193 percent year-over-year.<\/p>\n
\u201cCentral Surrey\/North Delta remained the highest grossing sub-market in the South of Fraser areas for total sales dollar volume with over $604 million in multi-family residential land transactions being recorded over the past year,\u201d Zonda Urban reported, noting the area had the third-highest total across all Metro Vancouver sub-markets, trailing only Vancouver West and Vancouver Downtown.<\/p>\n
On a quarterly basis, multi-family residential land sales reflected the same divergent narrative. Northern sub-markets totalled $714 million during the third quarter, a 29 per cent decrease, while their southern counterparts saw a 42 per cent increase, exceeding $450 million to post the region\u2019s highest quarterly sales figure since Zonda began tracking the metric in 2016.<\/p>\n
A transition from higher to lower density helped explain the money movement, specifically investment in low rise designed properties, which rose 93 per cent year-over-year, an increase of more than $1 billion. Low rise and townhome sites combined for 66 per cent of sales volume during the last year compared to 39 per cent during the previous 12 months.<\/p>\n
Telling a tale of two regions, residential land acquisition totals went in opposite directions on either side of the Fraser River during the last year.<\/p>\n","protected":false},"author":47,"featured_media":221156,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/u48r14.digitalhub.com\/sections\/09b86915-7d2b-3acd-915b-b215002d01b7"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11269],"tags":[],"coauthors":[],"apple_news_notices":[],"yoast_head":"\n