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Toronto Real Estate Board:
Over 600,000 Square Feet Leased in May
Toronto Real Estate Board Commercial Members reported 644,130 square feet of space leased in May through the TorontoMLS® system, reported Commercial Council Chair Garry Lander. "While still below 2008 levels, this figure represents an improvement over the first four months of the year," said Mr. Lander.
Prices declined for Industrial and Commercial space in May. Industrial space (all size categories) traded at $5.34 sfn, down 12 per cent from May of 2008 when the price was $6.08 sfn. Commercial space traded for $11.27 sfn, a 22 per cent decline from the same month last year.
Sales Market Highlights
Of the 50 IC&I sales recorded through TorontoMLS® last month, 28 were industrial properties, which averaged $69.20 per square foot. Non-MLS®.
See a complete copy of the Commercial Realty Watch for May »
June 17, 2009 in Toronto Real Estate Update | Permalink
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Comments
Well sales were terrible for the first 3 months, so it looks like a lot of people waited until June and July to buy, usually when prices peak. Clearly it shows that the market is struggling as the price increases are pretty much remaining flat, since Realtors in Canada use average price the price can be skewed to the upside very easy when more properties in the higher range sell. It looks like people are buying the higher range properties to avoid the hassle with the new tax.
Currently, new homes are exempt from PST. Under the HST, new homes worth less than $400,000 will qualify for a 6% tax rebate, but new homes worth more than $500,000 will be subject to an additional 8% tax.
Posted by: Investor | Jun 18, 2009 9:25:18 AM
