Burnaby and New Westminster have the multi-family housing markets that Colliers International is most upbeat about in Metro Vancouver, according to a report the real-estate firm released May 17.
Those cities were the only ones in Metro Vancouver to receive what Colliers calls a “green light.” Every other city in the region received a “yellow light,” implying that participants proceed with more caution.
“Steady sales activity in all sectors of the new multif-amily market in Burnaby/New Westminster helps this market retain its green light rating for the first quarter of 2013,” Colliers noted in its report.
“While there were no significant new high-rise projects, actively selling projects – particularly in Burnaby – reasonable absorptions were reported.”
Colliers believes that there is more “price sensitivity,” or likely volatility, in New Westminster than Burnaby.
Colliers highlighted that Burnaby had significant buyer incentive offerings at some Burnaby projects during the period around Lunar New Year that helped generate sales activity.
The sellout of the 60-unit Metro townhome project by Mosaic illustrated the level and demand for aesthetically appealing and appropriately positioned townhome product in the Burnaby market, Colliers said.
The only significant new project launch in the area that is anticipated for the second quarter is the Altus, which is the second tower in Appia Developments’ Solo District.
