{"id":8305,"date":"2019-04-25T22:11:10","date_gmt":"2019-04-25T22:11:10","guid":{"rendered":"https:\/\/www.canadianrealestatemagazine.ca\/toronto-multiresidential-segment-in-the-doldrums\/"},"modified":"2023-10-24T04:06:28","modified_gmt":"2023-10-24T04:06:28","slug":"toronto-multiresidential-segment-in-the-doldrums","status":"publish","type":"post","link":"https:\/\/www.canadianrealestatemagazine.ca\/news\/toronto-multiresidential-segment-in-the-doldrums\/","title":{"rendered":"Toronto multi-residential segment in the doldrums"},"content":{"rendered":"<p>The power of the multi-residential asset class has waned in Toronto, ending up as the least traded commercial property type during the first quarter of the year, according to Avison Young\u2019s latest <em>Commercial Real Estate Investment Review:<\/em> Greater Toronto Area study.<\/p>\n<p>Avison Young cited extreme scarcity, rather than thinning interest among investors, as the main driver of the trend.<\/p>\n<p>GTA\u2019s multi-residential property had $236 million in sales during Q1 2019 (with a 9% market share), considerably lower than the $288 million seen during the same time last year.<\/p>\n<p>\u201cThe top transaction was the $30-million sale of 15 Walmer Rd. in Toronto\u2019s Annex neighbourhood, representing nearly $385,000 per unit and a cap rate of 2.2%,\u201d the report noted.<\/p>\n<p>\u201cStarlight Investments, among the sector\u2019s most active players in 2018, also made the top five with its purchase of a 79-unit Mississauga townhouse complex for almost $27 million.\u201d<\/p>\n<p>A significant drop was observed from Q4 2018 (activity representing a total of $602 million), which itself already suffered an even more massive decline from Q3 2018 (activity reaching a peak of $1.2 billion).<\/p>\n<p>GTA\u2019s overall commercial sales \u2013 covering industrial, retail, office, multi-residential, and ICI properties \u2013 fell by 18% quarter-over-quarter to end up at $2.7 billion. Q1 2019 was the second consecutive quarter that saw no commercial asset class getting more than $1 billion in transactions.<\/p>\n<p>Overall commercial investment for 2018 was a record-high $15.6 billion.<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The power of the multi-residential asset class has waned in Toronto, ending up as the least traded commercial property type during the first quarter of the year, according to Avison Young\u2019s latest Commercial Real Estate Investment Review: Greater Toronto Area study. Avison Young cited extreme scarcity, rather than thinning interest among investors, as the main [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":19971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8305"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=8305"}],"version-history":[{"count":1,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8305\/revisions"}],"predecessor-version":[{"id":21860,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8305\/revisions\/21860"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/19971"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=8305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=8305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=8305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}