Canada CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Pacific Canada  + Canada + Cross Border News  + Finance  | 

B.C. Land Sales Sink as Buyers Become More Selective

B.C. land deals are becoming scarce as buyers become more selective and less confident, according to Avison Young.

In the first half of 2023, total B.C. land sales dollar volume sank 87% year-over-year to $1.1 billion, the commercial real estate services firm reported.

Industrial, commercial and investment land sales declined 76%. Most deals involved land intended for industrial and mixed-use projects as office-development opportunities struggled. High office vacancy has prompted owners, investors and developers to contemplate conversions to other uses.

In the largest first-half ICI land deal, Toronto-based institutional investor GWL Realty Advisors purchased 1525 Robson Street in Vancouver for about $63 million from Vancouver-based Logan Faith Ltd. The deal spells more positive signs for the next six months, said Avison Young.

However, the company said heightened interest rates and cost pressures have reduced developer appetite. Investor confidence is expected to remain low until interest rates stabilize.


Inside The Story

Avison YoungGWL Realty AdvisorsMonte Stewart

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Sale/Acquisition
  • ◦Financing
  • ◦Economy
New call-to-action
New call-to-action