High-Density Land Sales Plunge To A 10-Year Low In GTA

According to data from Colliers and Altus Group, there have been just 20 transactions as of the first quarter of 2024, putting annualized sales in the territory of 2009.brokered a $90M sale of a high-rise development site in Toronto’s entertainment district.

Taking a few steps back and looking at the ‘why’ behind the drop-off in land sales, Shamess points to “a capitulation in what vendors are willing to receive for their land.” He adds that most land in the region is held by syndicated non-bank lenders — private investors — who are effectively “holding the bottom of the market.

It’s not all doom and gloom, though. Shamess shares that certain parcels of land are moving organically — in fact, he says he recently closed on a site at Bayview and Sheppard — however, competitive pricing is critical these days. In addition, he’s firmly of the belief that things are poised to look up. This is the GTA after all, where real estate demand runs fairly strong no matter the season, and conditions don’t tend to stay downcast for long.

Source: Real Estate Daily Report (realestatedailyreport.net)

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