Concord condos for sale toronto. Record CRE investment in the Greater Toronto area in the first quarter.After several months of shelving after the entry into force of the COVID-19 and its associated restrictions, activities began to recover in the second half of 2020 and continued until the first half of 2021.
“the reason we see continued activity this year is that investors are implementing and implementing the repositioning of their core and non-core assets through acquisitions or disposals,” Ray Wong, vice president of data operations at Altus Group data Solutions, told RENX about the information gathered by his team.
“people are more optimistic and think the economy is starting to move in the right direction.”
There is still a buying gap between what the seller is looking for and what the buyer is looking for, but Wong says it has narrowed a bit compared with 2020.
“there is uncertainty in the market at any time, and that’s where you see delays, especially when disposing of certain assets. If the seller is not under sales pressure, they want to get the highest possible price. “
Residential land continues to dominate transactions, indicating the need for future housing and development.
In addition to the fastest growth and the second highest number, industry is also the only asset class to see rent increases in 2020. This growth is expected to continue by 2021.
In the eastern part of the greater Toronto area, interest in industrial land is growing because there is more land to choose from and prices are lower than at the western end. The expansion of Highway 407 and other infrastructure investments also make the area more attractive, Wong said.
“Multires is very popular, but the challenge is to find a product,” Wong said. ” “this figure should be higher than that shown in the market.”
As a result of the bankruptcy and closure of stores, private investors are looking for opportunities to take advantage of the weakness of retail real estate.
“although there is still uncertainty in the retail sector in the market, given all the negative comments about the industry, the event is OK,” Wong said. ” “it’s not a shopping mall. This is anything that has a chance to rebuild, or a higher and better use. “
Vacancy rates and vacancy rates in offices increased in the first quarter and there were still questions throughout the industry about the need for tenants to bring employees back to the office and how much space they would need.
Despite these headwinds, Wong said valuations of offices in downtown Toronto have not fallen sharply.
