Colliers Q1 2023 - GTA Multi-Family Market Report

Canadian Multi-Family Apartment Building

Colliers GTA Multi-Family Market Report

The multi-family market in the GTA declined in Q1 2023 due to the Bank of Canada’s interest rate hikes. Despite the challenges, the market fundamentals remain strong, and the sector continues to be undersupplied.

  • During Q1, the multi-family market in the GTA recorded a significant reduction in transaction volume, with the number of transactions dropping by 64.7% YoY.
  • Total sales volume in Q1 2023 reached $305.8 million, which was 61.5% lower than the year prior.
  • The market averages in Q1 were more sensitive to each sale, and the average price per suite fell by 12.7% YoY to $312,158.
  • The average reported cap rate rose by 40 basis points YoY to 3.55%.
  • The recent stabilization of interest rates offers hope for a positive shift in the market throughout the remainder of the year.

Read Colliers' Original Article and Report

Lindsay, Kyle. Itamunoala, Dayma. Bruchkowsky, Matthew. Prachter, Zoe. (2023, April 20). GTA Multifamily Report Q1 2023. Colliers.

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