The Toronto Multifamily Sector continues to be one of the most resilient asset classes in commercial real estate. Values have maintained trends seen pre-pandemic and Q3 investment volume increased above the five-year average after experiencing a significant slowdown in Q2 of this year.
- Average price per suite year-to-date is $276,884, increasing 5.2% (YoY)
- GTA cap rates have continued to compress to 3.35% and are down 13 bps from 2019
- Rental rates have decreased for condominiums by 7.5% and 2.4% for newer purpose-built rentals
- 72,053 Purpose-built rental units proposed in the GTA with a 36% increase from a year ago