Colliers 2023 Year in Review - GTA Multi-Family Market Report

Canadian Multi-Family Apartment Building

Colliers 2023 Year in Review - GTA Multi-Family Market Report

The multifamily market experienced challenges, evidenced by a decline in activity. However, inherent market resilience suggests a resurgence is likely in the upcoming year.

Despite a slow 2023, persistent interest and strategic investments are expected to catalyze a market rebound.

  • Total sales volume decreased by 51.2% from the year prior to $1.12 billion while the number of transactions slipped by 15.8% to just 64 for the year.
  • The average price per suite decreased to $315,090, which represented a decrease of 11.3% from the year prior.
  • The average cap rate rose 77 basis points from the year prior to 3.80%.
  • The vacancy rate for purpose-built rental apartments compressed from 1.7% in 2022 to 1.5% in 2023, reflecting a return to pre-pandemic tightness.
  • The year saw a remarkable 8.7% increase in the average rent for 2-bedroom apartments, marking the steepest increase since the turn of the millennium.

Read Colliers' Original Article and Report

Lindsay, Kyle. Itamunoala, Dayma. Bruchkowsky, Matthew. Prachter, Zoe. (2024, Feb 14). GTA Multifamily Report 2023 Year In Review. Colliers.

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