MISSISSAUGA, ONT. — Morguard’s 2024 Economic Outlook and Market Fundamentals Third Quarter Update reveals sales of Canadian multi-suite residential rental properties surged during the third quarter.
“This jump can be attributed to an increase in large-scale property and portfolio availability,” states a release. “Attractive Canada Mortgage and Housing Corporation financing supported the rise in sales activity.” “The multi-suite residential rental sector remains popular with a range of investment groups seeking attractive yields and stable and rising income streams,” said Angela Sahi, president and chief operating officer of Morguard in a statement. “While some buyers are waiting for borrowing costs to decline further, the continued easing of inflation and future rate cuts have created a solid foundation for Canada’s real estate market to strengthen starting next year.
“The Canadian office leasing market shifted into neutral gear in the third quarter with absorption rates varying significantly across regions. The Greater Toronto Area outperformed, recording over 650,000 square feet of positive net absorption, while the Greater Vancouver Area underperformed with negative net absorption. Overall, tenants continued to show a preference for shorter-term subleases that were already improved and move-in ready.