By Altus Group | January 2, 2019

GTA Flash Report 2019

The strong absorption of office and industrial space is expected to persist over the next year.

Commercial investment & land market

  • Total investment property sales volumes in the Greater Toronto Area totalled $21.1 billion in 2018, down from the record set in 2017, but still the 2nd highest annual volume yet recorded by Altus Group.
  • The Residential Land market was the biggest factor in reduced investment property sales volume in the GTA in 2018.
  • The decline in total Residential Land sales volumes was led by Low Density land sales.
  • The $155 million acquisition by Starlight Investments in Scarborough contributed to a record year for Apartment transactions in the GTA.

Industrial & office markets

  • The industrial vacancy rate continued to fall in 2018, despite significant new supply.
  • Completions of new office space drop to lowest level on 15 years.
  • Vast majority of new office supply under construction is in the tighter Downtown submarket.

Residential development market

  • Total new home sales in the GTA drop to their lowest level since 1996.
  • The average asking price for a new condominium apartment in the GTA has increased 57% in the past 2 years.
  • New home inventories in the GTA have increased from 2017’s lows.


  • Homebuying intentions are up from last year.
  • Over half of recent first-time homebuyers in the GTA get some funds from family for their downpayments.
  • Half of recent homebuyers in the GTA were first-time buyers.
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