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GTA Multifamily Market Report Q3 2023

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research article

In Q3 2023, the Greater Toronto Area's multifamily market faced reduced transaction numbers and sales volume, influenced by rising financing costs and a shift towards smaller deals. While the sector faced challenges, the consistent rise in Toronto's rental rates prevented further value erosion.

  • The total sales volume for Q3 2023 was $91.1 million, a significant drop compared to the $627.3 million in Q3 2022.
  • The average price per suite YTD is $324,192, which is a 9.1% decline year-over-year.
  • The Bank of Canada's key interest rate reached 5%, its highest since 2001. The CMB 5-Year rate, crucial for CMHC financing, rose to 4.49%, about 90 basis points higher than the previous year. This has reduced the leverage buyers had in the past.
  • On September 14th, the federal government removed the GST on new purpose-built rentals, and the Ontario government exempted these rentals from PST. This has revitalized many rental developments.
  • Rental rates in Toronto continue to rise. One-bedroom units average $2,620 per month (a 10.5% increase year-over-year), and two-bedroom units average $3,413, up 7.1% year-over-year.
 

GTA Multifamily Market Report Q3 2023

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Pour plus d’informations, veuillez contacter:

Kyle Lindsay

Sales Representative

Toronto Downtown

Kyle Lindsay is a member of Colliers’ Multi-Family Advisory Group working out of the Toronto North office, and extends his services to investors throughout the province. Engaged in multi-residential sales since 2010, Kyle brings with him over a decade of combined real estate and sales 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 international buyers, REIT’s, developers, and private investors. 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

Sales Representative | Private Capital Investment Group

Toronto West

As part of the National Investment Team at Colliers International, Dayma focuses on complex apartment and townhouse dispositions in the Ontario region.  With a diligent focus on quantitive analysis and market presence - Dayma consistently exceeds his clients' disposition objectives. His team executes flawlessly, ensuring a smooth progression through the marketing process from beginning to end - all while maximizing value and mitigating any potential risks.

Prior to Multifamily Investment Sales, Dayma worked alongside Andrew Barnicke and Scott Chandler on the Capital Markets Team.

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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Zoe Prachter

Transaction Manager

Toronto Downtown

Zoe is the Transaction Manager on the Colliers Multi-Family Investment Team in Toronto.  After graduating with a Bachelor's of Commerce from the Ted Rogers School of Management in 2020,  Zoe started her career in property management, later moving to brokerage in 2021.  Since  joining Colliers, Zoe has quickly progressed from Listing Coordinator to her current position as Transaction Manager. Zoe works diligently to assist in the process of facilitating the disposition and acquisition of multi-family real estate properties by providing assitance and customer service to clients, and producing analytical, marketing and research materials to assist in the closing of transactions. 

Zoe also works to expand the team's market awareness and the team's brand and service offering in the multi-market market by managing  the team's social media, mailing list, and overall customer relationship strategy. She is also a licensed Sales Representative with RECO, which allows Zoe to  participate in property tours and negotiations. 

 

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