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Commercial real estate sales heightened in 2021

Vancouver's jammed warehouses show why inflation is running so hot

Sales activity in the Lower Mainland’s commercial real estate market reached the second-highest annual total on record in 2021. There were 2,659 commercial real estate sales in the Lower Mainland in 2021, a 65.3 per cent increase from the 1,609 sales in 2020, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV). Last year’s sales total is the second highest on record behind 2016 when 2,848 sales were recorded. The total dollar value of commercial real estate sales in the Lower Mainland was $14.396 billion in 2021, a 66.7 per cent increase from $8.635 billion in 2020.

Vancouver's jammed warehouses show why inflation is running so hot

The vacancy rate for space in the city’s warehouses has fallen below one per cent, according to data from real estate advisory Altus Group Ltd. Industrial rents are soaring and so are land values — if you can find any land to buy, that is. The average home is $1.4 million and developers are eager for new places to build. It’s so hard for firms to find space that goods destined for Vancouver are sometimes brought in through the port and sent about 1,160 kilometres east, to Calgary, where they’re stored before being shipped back again. “Industrial space has now been infected with the same disease as houses,” said Murray Mullen, chief executive officer of one of Canada’s largest trucking and logistics firms, Mullen Group Ltd. Companies that are renewing industrial leases will, in some cases, be paying double what they were before, Mullen said.

Disclosure by Existing Landowners Required by November 30, 2021

As of November 30 last year, any transferee applying to register an interest in land must file a transparency declaration with the Land Owner Transparency Registry (“LOTR”). Each transferee that is a “reporting body” as defined by the Land Owner Transparency Act (“LOTA”) must also file a transparency report with the LOTR.

In addition, existing “reporting bodies” that hold an interest in land (acquired prior to November 30, 2020) are required to file a transparency report with the LOTR by November 30, 2021. Failure to file a transparency report is deemed to be an offence under the LOTA and could trigger a significant fine, the greater of: (i) $25,000 for individuals or $50,000 for corporations or other entities; and (ii) 15 percent of the assessed value of the property.

In essence, all Companies that own an interest in land are now required to file a Land Owner Transparency Register (LOTR) Report for all properties they own in BC prior to the November 30, 2021 deadline (for more information please click below on Find Out More.

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Commercial real estate sales heightened in 2021

Vancouver's jammed warehouses show why inflation is running so hot

Vancouver's jammed warehouses show why inflation is running so hot

Vancouver's jammed warehouses show why inflation is running so hot

Vancouver's jammed warehouses show why inflation is running so hot

Vancouver's jammed warehouses show why inflation is running so hot

Disclosure by Existing Landowners Required by November 30, 2021

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