By Altus Group | January 29, 2018

GTA Flash Report 2018

Residential Land sales should continue to be robust in 2018, although higher prices and various policy changes have introduced more uncertainty to the land market.

Commercial investment & land market

  • Total investment property sales volumes reached $23.5 billion in 2017 – a seventh consecutive annual record, and a 38% increase in capital flows compared to 2016.
  • Total property investment was up by $6.4 billion in 2017.
  • Residential Land sales (including lots) set another record in 2017 at $8.5 billion, up from $5.7 billion in 2016.

Industrial & office markets

  • 3.2 million square feet of office space was absorbed in the GTA in 2017 – twice the level of the previous 10-year average.
  • The industrial leasing market in the GTA continued to tighten in 2017.
  • The overall office vacancy rate as at the end of the year fell for the first time in 6 years in 2017.
  • A total of 13 office buildings were completed in the GTA during 2017, adding about 2 million square feet of new space to the inventory.

Residential development market

  • Total new home sales in the GTA reached just over 44,000 units in 2017 (the fourth-highest level on record) with an estimated value of over $30 billion.
  • 2017 another record year for new condominium apartment sales.
  • Although the inventory of new single-family homes has risen from the low point in April 2017, there were still relatively few new single-family homes available to purchase on average in 2017 compared to historical levels.


  • Renters a bit more hesitant about buying a home this year.
  • Homeownership remains strong among younger renters, with only about 1 in 5 indicating that they simply prefer the renter lifestyle.
  • Being deep in the downtown action has appeal for many millennials in the GTA.
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