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Greater Toronto Area Multifamily Market Update February 2021

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research article

Amid the uncertainty of the global pandemic, the multifamily sector has emerged as one of the most resilient asset classes in commercial real estate. Strong market fundamentals paired with a low cost of borrowing have maintained investment trends seen pre-pandemic.

  • As in recent years, large portfolio sales represented a significant portion of transaction volume.
  • Average price per suite increased 4.5% YoY to $286,443.
  • Average cap rate compressed 19 bps to 3.32%.
  • Average vacancy rate climbed to 3.4% with the largest disruption occurring in the downtown core – suburban locations were less adversely affected.
  • Apartment rental rates increased 4.6% YoY while the average condominium rental rate decreased 9.7% YoY. 
 

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Greater Toronto Area Multifamily Market Update February 2021

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Kyle Lindsay

Senior Sales Representative | Multifamily

Toronto Downtown

Kyle Lindsay leads the Multifamily Group for Colliers in Toronto, and is a core member of the National Multifamily Team.  Working out of the downtown Toronto office, he extends his services to investors locally and throughout the country. Engaged in multi-residential sales since 2010, Kyle brings with him over a decade of real estate and multifamily experience. Integrating a strong development and urban planning background, Kyle thoroughly analyzes market trends when investment planning and finding viable real estate solutions. Kyle has years of experience working with all tiers of investors, including institutions, international investors, REIT’s, developers, and private-capital individuals. He has merited long term customer loyalty due to his talent for providing strategic advisory solutions tailored to the needs of each client.

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Dayma Itamunoala

Associate Vice President | Sales Representative

Toronto West

Dayma leads the Colliers Multifamily Team in Toronto. As part of the National Investment Team at Colliers, Dayma is recognized as a leading specialist in the disposition of multifamily property across Ontario. As a member of the Federation of Rental-Housing Providers of Ontario (FRPO), he is an active member of the multifamily community, regularly participating on expert panels and in industry events. Dayma has a consistent and reliable pulse on the most active and aggressive purchasers, ensuring they are highly engaged on each transaction. In the last 6 months Dayma has sold over $300M worth of apartment buildings. His experience has allowed him to work with all tiers of investors, including institutions, international investors, REIT’s, developers, and private-capital individuals. He is recognized for his unsurpassed market knowledge, diligent focus on client success, and for his commitment to integrity.

Dayma was born and raised in Toronto, Ontario. He attended the Ivey School of Business at Western University where he graduated with Honors.

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Matthew Bruchkowsky

Executive Vice President

Toronto Downtown

Matt joined the real estate industry in 2008 after graduating from a Bachelor of Commerce degree specializing in Housing and Real Estate Management at the University of Guelph. Matt has worked in both the property tax consulting and fee appraisal sectors. Matt is the Ontario Practice Leader for the Self Storage and Multi-Family Investment teams.

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