Metro Vancouver real estate developments thriving as Maple Ridge & Pitt Meadows slump: Colliers Report
There are still plenty of opportunities for new residential developments in the Lower Mainland, according to a report out this week by Colliers International. But some areas are definitely more attractive than others, and developers should steer clear of at least one neighbourhood.
Colliers gives neighbourhoods a green, yellow or red light indicating whether there is room for more development. Four areas were coded go-ahead green, six were a cautious yellow and only one, Maple Ridge and Pitt Meadows got a red light.
“Nearly eighteen months after the completion of the Golden Ears Bridge, demand for multi-family product remains sluggish with the exception of townhome product priced appropriately below the single family market,” Colliers wrote of Maple Ridge and Pitt Meadows. “The development landscape in this area appears to be losing ground to areas to the southeast, in particular Abbotsford and Langley.”
Overall, though Colliers continues to have a positive view of the Lower Mainland market.
“The fact that we are ‘the best pace on earth’ creates a steady stream of buyers entering this market,” the report said.
Chinese immigrants and investment demand will also continue to push the market, especial in Vancouver West, Richmond and Metrotown, the report said. On the other hand, first-time buyers will continue to be negatively impacted by changing mortgage rules and possible rate hikes. So projects targeting first-time buyers may have more trouble selling than other projects, the report said.
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