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.
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.