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Sales of new multi-family residential units in the Lower Mainland in the second quarter of 2011 were up 85 per cent over the same period last year and 91 per cent from the first quarter of 2011, says a report from the Colliers real estate company.

The report, which noted 4,839 new multi-family units sold during the quarter, said local and Asian investors were active in the market, absorbing "signature" highrise projects in Vancouver, Burnaby and Richmond.

Meantime, "end users were active at new, value-priced, low-rise offerings and townhouse projects in New Westminster, Burnaby, Coquitlam and South Surrey," said MarketShare.

"The quarterly results surpassed the best quarter of last year and bring year-to-date sales to 7,366 units or 82 per cent of the total volume of sales in 2010," said Scott Brown, Collier International's senior vice-president of residential project marketing and sales.

"We are expecting the momentum to continue through the fourth quarter after the expected summer lull, provided more recent concerns regarding the U.S. economy do not negatively impact consumer confidence in a significant way."

In the second quarter, 56 per cent of sales of new multi-family homes were at highrise projects, with 27 per cent and 17 per cent at low-rise and townhouse projects, respectively.

Source: Vancouver Sun

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