Amid high interest rates and rising construction costs, real estate investors shied away from the Greater Toronto Area in the first half of 2023.’s GTA Q2 2023 Market Report, commercial investment activity declined 27% year over year in the second quarter, with transaction volume dropping to $6.68B compared to $9.21B in Q2 2022.
"There are still definitely investors who want to purchase assets in the GTA, but at the right price," he said.The only sector to experience growth on an annual basis was industrial, which reported $3.39B in dollar volume in Q2 2023, a 36% increase from Q2 2022. However, the uncertain economic climate has led investors to take a more cautious approach. As such, the availability rate jumped from 1.3% to 2.3% on an annual basis in Q2 2023.
While investors remained relatively confident in the industrial sector, faith in the residential component faltered. Investment transactions in the sector fell to $563M in Q2, an annual decline of 44%. The return to office has stalled across Canada, leading the national office availability rate to climb to 18% in Q2; in the GTA, it stood at 18.5%. Sublet space represented 24.9% of the total available office space in Q2, a 4% annual increase.
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Source: TheTorontoSun - 🏆 23. / 68 Read more »