GTA Investment Property Sales Transaction Statistics – Q1 2017
Greater Toronto Area Residential Land Sales Set Another Record with Over $1.55 Billion in Transactions
The first quarter of 2017 saw a total of 596 investment property sales transactions over $1 million, representing a total investment value of $4.5 billion with residential land sales accounting for 35% of total activity
TORONTO ‒ Altus Group, a leading provider of commercial real estate services, software and data solutions, today announced results for the Greater Toronto Area (“GTA”) commercial real estate and land investment markets. The first quarter registered a total of 596 investment property sales transactions worth $4.5 billion, up 8% from the previous quarter. Residential land was the most active sector with 35% of the overall activity.
Source: Altus Group
The office market posted 41 sales transactions in the quarter worth $601 million, up 69% from Q4 2016 and up 24% from the same quarter last year. Significant transactions that took place in Q1 2017 include the sale of Dominion Public Building at 1 Front Street West for $275,100,000 ($758 per square foot).
There were 5 hotel sales transactions this quarter worth a total of $277 million, up 213% from the same quarter last year. The majority of the value was related to the sale of Delta Hotels by Marriott, located at 75 Lower Simcoe Street, which has 567 rooms and sold for a total price of $215,761,114. This significant transaction was part of the national hotel portfolio sold by bcIMC to Leadon Investment Inc. consisting of 26 hotels across the country with a purchase price of approximately $1 billion. Another property in the portfolio was TownePlace Suites Marriott, located at 5050 Orbitor Drive in Mississauga. With 171 rooms, the hotel sold for $20,090,211.
Industrial activity was up 7% this quarter compared to last quarter, with 117 transactions totaling $743 million. Notable transactions included the sale of 100 Alfred Kuehne Boulevard in Brampton, two buildings totaling 1,000,080 square feet which were acquired by HOOPP for $95,000,000. A 192,829 square foot warehouse and distribution facility at 107 Alfred Kuehne Boulevard was also sold to HOOPP (for $18,000,000).
With a total of 171 residential land transactions this quarter, the market set a record registering over $1.55 billion in transaction volume, up 5% from last quarter and a 52% increase from the same quarter last year. Large transactions this quarter included the sale of 70 Mississauga Road South, nearly 73 acres sold to Dream Unlimited and Kilmer Group for $175,000,000.00. Another large transaction was the sale of 11731 Tenth Line in Whitchurch-Stouffville, just over 91 acres which sold for $130,750,000.
“The residential land market shows no signs of slowing down,” says Shawna Rogowski, Director, Data Solutions, Altus Group. “The interest in residential land is aligned with expectations that the need for additional housing will continue to be robust throughout the GTA.”
ABOUT ALTUS DATA SOLUTIONS
Data Solutions connects the Canadian real estate industry through the delivery of data with unparalleled breadth, integrity, and relevance. We cover new homes, investment transactions and commercial market inventory in key markets, and also provide intelligence on the national housing market and consumer home buying and borrowing patterns.
Our solutions are used by real estate industry stakeholders to gain market intelligence, identify and validate opportunities, benchmark, strategically plan, manage risk and more.
Data Solutions is part of Altus Analytics, the software and data solutions business of Altus Group, where our focus is to empower real estate clients and partners to work collaboratively to enhance decision making, drive performance and optimize transactional efficiency. Our solutions enable firms to better organize and manage data and connect with the right information and analytics to help them gain a complete picture of real estate assets, portfolios and transactions.
For more information on Data Solutions, please visit www.altusgroup.com/datasolutions.
ABOUT ALTUS GROUP LIMITED
Altus Group Limited is a leading provider of independent advisory services, software and data solutions to the global commercial real estate industry. Our businesses, Altus Analytics and Altus Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,300 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world’s largest real estate industry participants across a variety of sectors. Altus Group pays a quarterly dividend of $0.15 per share and our shares are traded on the TSX under the symbol AIF.
For more information on Altus Group, please visit: www.altusgroup.com.
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