By Altus Group | August 3, 2016

Record High for Land Sales in the Greater Toronto Area

Total investment property transaction volumes hit $5.2 billion in Q2 2016, with residential and ICI land sales combined contributing $2 billion.

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.

Mark Twain once said, “buy land – they’re not making it anymore,” and that exact advice continues to be followed throughout the GTA.  Both Residential (land and lots) and ICI Land sales set record highs this quarter with over $2 billion of volume.  With total transaction volume in all sectors reaching nearly $5.2 billion, Q2 2016 was the second highest quarter in the last 10 years, falling behind Q4 2015’s high of $5.4 billion.  The quarter finished 70% higher than the 10-year average with strong sales across all sectors.


Source: Altus Group

The big story in Land transactions this quarter was the sale of the LCBO Lands, a total of 10.78 acres selling at $260 million.  The purchaser of the property, Menkes Developments (in partnership with Greystone Managed Investments and Triovest Realty Advisors), also purchased two additional properties from the City of Toronto for a total assembly of 11.35 acres.  An Official Plan Amendment, Rezoning Application, and a Subdivision Approval were submitted in May 2016, proposing the development of 7 mixed-use buildings as well as a two acre public park.  The development would comprise of over 4.7 million square feet of retail, office and residential space.  The applications are still under review.

The Office sector recorded double the 10-year average volume with the sale of 50% interest in Scotia Plaza representing nearly half of the total volume of office sales.  The Retail sector also experienced an active quarter with 149 transactions closing, including the sale of Woodbine Centre and the Shops of Summerhill.  The top Industrial transaction was the sale of 9501 & 9601 Highway No. 50 in Vaughan, the Sears Canada National Distribution Centre.  With the two buildings totaling almost 995,000 square feet, the property sold for $100 million.

These results were previously released under the REALNET® Canada name, whose independent and comprehensive data, analyses and insights on the commercial real estate investment and residential development markets is collected and compiled using a nationally consistent research process established in 1995. Going forward they will be released by Altus Group, powered by a proprietary data platform led by Altus Data Solutions Canada. This team is the formal unification of leading Canadian real estate data companies previously acquired by Altus Group, including REALNET® Canada.

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Altus Data Solutions connects the Canadian real estate industry through the provision of data with unparalleled breadth, integrity and relevance, delivered through a proprietary technology platform with integrated analytics.

This unified data solution, combined with trusted industry expertise, empowers our clients to make faster, more informed decisions in a competitive and dynamic real estate industry.

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 Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain market 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 securities are traded on the TSX under the symbols AIF and AIF.DB.A.

For more information on Altus Group, please visit:


Altus Group Limited

Shawna Rogowski


(416) 234-4257



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