Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
Development

Madison Pacific Properties Inc. Announces Resignation of CEO

Madison Pacific Properties Inc. Announces Resignation of CEO.

VANCOUVER, BRITISH COLUMBIA–(Marketwire – June 27, 2012) – Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C) (the “Company”) a Vancouver-based real estate company announced today that Alan Firth, its President and Chief Executive Officer, has tendered his resignation in order to pursue other interests. Mr. Firth will continue as Acting President and Chief Executive Officer until the Company concludes a search for a qualified replacement to ensure a smooth transition.

“Over the past 7 years, Alan has been instrumental in Madison Pacific’s growth and I thank him for his leadership. The Board is reluctantly accepting Alan’s resignation and will immediately begin the search for his replacement,” said Sam Grippo, Chairman of the Company.

 
June 29, 2012by david.taylor@colliers.com
Market Research

Market Spotlight: Downtown Condo Resales

Resales activity for Downtown Vancouver condos (including the West End, Coal Harbour and Yaletown) have remained steady in recent months, with an overall average since 2010 of 220 sales per month. June 2012 is on pace to be one of the slower months in recent memory, and at a projected 142 sales based on MLS statistics, is anticipated to be one of the slowest Junes since 2000.

Source: MLS Stats (June 2012 estimated based on sales to June 19, 2012)

It appears that a slowdown is forthcoming, but unlike some areas, Downtown Vancouver is not a submarket with a glut of inventory coming on the market. This should bode relatively well for pricing for both new and resale product moving forward despite any correction in the market.

June 29, 2012by david.taylor@colliers.com

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