"GTA Commercial Real Estate Investments Decline in First Quarter of 2013." That is the latest headline from RealNet Canada's first quarter report, announcing results for the GTA real estate investment market. According to the statistics, overall market activity was down 8% compared to 2012's first quarter results. On a positive note, investment activity remained 10% above in the long term quarterly average.
The Residential Land sector conpromised less than 15% of the overall volume of investments, with only 79 transactions totallying $415 million. This is a 40% drop from 2012. According to RealNet, the most significant was the two-acre investment by Lanterra Developments for $65 million, refering to Lanterra's controversial acquisition of 11 Wellesley.
The Apartment sector was the strongest investment growth, holding 23% of the total volume of investments, equaling $648 million, improving 197% against a year ago. The $150 million dollar sale of Maple Leaf Quay, a 502-unit apartment complex located at Spadina and Queens Quay, was a driving factor in the large percentage of investments.
Industrial transactions follow, taking 19% of the investment market share, mainly from a total of $355 million dollars worth of assets traded in three portfolio sales. Overall, according to the President of RealNet George Carras, "the decline in residential land investments which is following the decline in new home sales is the main driver behind the decline in investment activity".
|Related Companies:||BVGlazing Systems, IBI Group, Isotherm Engineering Ltd., KPMB Architects, Lanterra Developments, McIntosh Perry, Montana Steele, NAK Design Strategies, Studio Munge|