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GTA Multifamily Market Report 2023 Year in Review

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research article

The multifamily market experienced challenges, evidenced by a decline in activity. However, inherent market resilience suggests a resurgence is likely in the upcoming year. Despite a slow 2023, persistent interest and strategic investments are expected to catalyze a market rebound.

  • Total sales volume decreased by 51.2% from the year prior to $1.12 billion while the number of transactions slipped by 15.8% to just 64 for the year.
  • The average price per suite decreased to $315,090, which represented a decrease of 11.3% from the year prior.
  • The average cap rate rose 77 basis points from the year prior to 3.80%.
  • The vacancy rate for purpose-built rental apartments compressed from 1.7% in 2022 to 1.5% in 2023, reflecting a return to pre-pandemic tightness. 
  • The year saw a remarkable 8.7% increase in the average rent for 2-bedroom apartments, marking the steepest increase since the turn of the millennium. 

GTA Multifamily Market Report 2023 Year in Review

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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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