The sector accounted for 35 per cent of activity in the commercial real estate and land investment markets, the Altus Group reports, with 171 transactions and a new record $1.55 billion in transaction volume.
“The residential land market shows no signs of slowing down,” says Shawna Rogowski, Director, Data Solutions, Altus Group. “The interest in residential land is aligned with expectations that the need for additional housing will continue to be robust throughout the GTA.”
Offices and hotel sales were sharply higher with year-over-year dollar volume increases of 24 per cent and 213 per cent respectively.
The overall sector gained 8 per cent from the last quarter of 2016 to $4.5 billion.
More market update:
Residential land was the hottest sector in investment real estate sales in the GTA in the first quarter of 2017.