GTA Flash Report 2020
GTA Flash Report 2020
2020 promises to be another solid year for both the new home and investment property sectors in the GTA.
Commercial investment & land market
- Total investment property sales volumes in the Greater Toronto Area rebounded in 2019 to $22.6 billion, the 2nd highest annual volume yet recorded by Altus Group.
- The Industrial and Apartment sectors were the biggest contributors to increased investment property sales volumes in
the GTA in 2019. - The decline in total Residential Land sales volumes was led by Low Density land sales.
- The $640 million purchase of the Atrium on Bay contributed to another record year for Office transactions in the GTA.
Industrial & office markets
- Demand for industrial space continues to outstrip new supply.
- Office vacancy rate approaching pre-recession levels.
- Tight Downtown submarket is home to overwhelming majority of space under construction.
Residential development market
- After a slow start to the year, total new home sales in the GTA rebounded in 2019, up 47% from 2018.
- The gap in the benchmark price for a new single-family home and a new condominium apartment in the GTA continued to narrow in 2019.
- Relatively low new condominium apartment inventories driving price increases.
Homebuyers
- More hesitation in homebuying intentions.
- Most younger renters would like to own a home someday.
- Not all younger households are being priced out of homeownership.