GTA Flash Report 2019

Getting Below the Surface in Toronto’s Commercial and Residential Real Estate Market

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Report Highlights

Key findings from Altus Group’s annual review of the Greater Toronto Area real estate markets.

COMMERCIAL INVESTMENT & LAND MARKET

  • Total investment property sales volumes in the Greater Toronto Area totalled $21.1 billion in 2018, down from the record set in 2017, but still the 2nd highest annual volume yet recorded by Altus Group.
  • The Residential Land market was the biggest factor in reduced investment property sales volumes in the GTA in 2018.
  • The decline in total residential land sales volumes was led by low density land sales.
  • The $155 million acquisition by Starlight Investments in Scarborough contributed to a record year for Apartment transactions in the GTA.

INDUSTRIAL & OFFICE MARKETS

  • The industrial vacancy rate continued to fall in 2018, despite significant new supply.
  • Completions of new office space drop to lowest level in 15 years.
  • Vast majority of new office supply under construction is in the tighter Downtown submarket.

RESIDENTIAL DEVELOPMENT MARKET

  • Total new home sales in the GTA drop to their lowest level since 1996.
  • The average asking price for a new condominium apartment in the GTA has increased 57% in the past 2 years.
  • New home inventories in the GTA have increased from 2017’s lows.

HOMEBUYERS

  • Homebuying intentions are up from last year.
  • Over half of first-time homebuyers in the GTA get some funds from family for their downpayments.
  • Half of recent homebuyers in the GTA were first-time buyers.

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