The long-term outlook for the multifamily market remains positive and liquidity has made the sector resilient in the face of economic shifts.
- Market rents have risen significantly with the average rent in Toronto up 17.1% YoY for a one-bedroom unit and up 24.3% for a two-bedroom unit.
- The average price per suite in the GTA has risen to $351,812 year-to-date, which represents an increase of 7.2% YoY.
- The construction of new purpose-built rentals has nearly come to a halt with only two rental projects (totaling 314 units) starting construction over the last two quarters.
- Transaction volume fell to $627 million this quarter, which represents a YoY decrease of 49.4%.