GTA Property Sales Down 42% in Q1 2019
Urbanation released the results of our Q1-2019 Commercial Property Market research, with highlights presented in the following summary.
Highlights of the release include:
– The first quarter of 2019 was quiet as the total value of property sales in the GTA fell 42% from a year ago to $3.8 billion, with the number of transactions in Q1-2019 declining 18% to 287 sales.
– Annual declines were experienced by all regions, including Toronto (-$1.7 billion, -43%), Peel (-$517 million, -46%), York (-$201 million, -26%), Halton (-$88 million, -24%) & Durham (-$256 million, -60%).
– Sectors that experienced growth compared to last year were limited to residential lots (+$33 million, +30%) and apartment development sites (+$149 million, +20%)
– The average sale price for apartment development sites reached $33 million, the second highest quarterly level on record.
– The largest valued apartment development site sale was 844 Don Mills Road & 1150 Eglinton Avenue East for $347 million ($70 psf of approved GFA).
– By sector, the largest decline was a 72% drop in office building sales to $717 million ($482 psf) from a record high of $2.6 billion ($545 psf) in Q1-2018.
– Declines were also substantial for retail buildings, which fell 59% to $227 million.
– The total value of industrial buildings fell 12% from a year ago to $735 million but managed to achieve a record high selling price of $164 psf.
– The largest recorded office transaction in Q1-2019 was the Dynamic Funds Tower at 1 Adelaide Street East for $473 million ($728 psf).
– Rental apartment building sales fell 18% from a year ago to $182 million but managed to achieve a record high selling price of $301,000 per suite.
– Cap rates for rental building sales averaged 3.58% in Q1-2019, a level that has held relatively steady from one year ago.
– The highest valued multi-residential building sale was 15 Walmer Road for $30 million ($385K per suite), which yielded a cap rate of 2.40%.
– The average sale price for commercial land reached an all-time high of $1.4 million per acre while residential land traded at $507K per acre and house lots reached $331K per dwelling.
Thinking to sell your house or Condo in Central Toronto areas and/or in downtown Toronto areas? Please visit http://www.TorontoHomesMax.com for a FREE Home Evaluation“ or please call, text or email Max Seal, Broker at 647-294-1177. NO obligation.
Thinking to buy a House or Condo in Central Toronto areas and/or in Downtown Toronto areas? please call or text Max Seal, Broker at 647-294-1177 to buy your dream home or Condo. I offer you a 30-min “FREE buyer’s consultation” with NO obligation.
Please visit my website http://www.centraltorontorealestate.com/ to find out available homes and Condos for sale in Central Toronto areas and/or in downtown Toronto areas.
This Toronto housing market may be a better time for “Move-up”, “Move-down” or “Empty-nester” Sellers and Buyers. Want a “Market Update” of your home in 2019? Please click the image below or call or text Max Seal, Broker at 647-294-1177 or send an email.