The Greater Toronto Area’s multi-family market has almost doubled its transaction volume the last quarter. Prices per unit have declined since the last quarter due to the lack of Toronto-centric portfolio dispositions – remaining well above the 2018 average of $248K/Unit.
Toronto just experienced a 25-year high for rental unit completions – with 3,078 suites completed over the past 12 months – an increase of 1% of the total purpose-built rental supply (excluding government housing).
The+ average cap rate this quarter was 3.52% - a 6 bps increase from last quarter, but also well below the 2018 average. Twenty-seven buildings were sold across the GTA totaling over $745M – almost twice the transaction volume seen in the previous quarter.