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212 Glover Rd. in Hamilton

The week’s most significant transaction was for this 65-acre vacant industrial site at 212 Glover Rd. in Hamilton.

This week witnessed a decent volume of deals, with Hamilton being the top performer for the second consecutive week.

The volume of transactions continues to be steady since the Bank of Canada increased its rate by 1.00% to 2.50% on July 13.

This week’s largest transaction occurred in Hamilton, where IKEA Properties purchased a 65-acre vacant industrial site at 212 Glover Rd. for $82 million (approximately $1.25 million/acre). This looks to be a good price, as the cost of industrial land in Hamilton is rising quickly. Specifically, this industrial land node close to Nebo Rd. has witnessed land transactions of $1.5 million for smaller parcels. Also of note is the neighbouring industrial land at 190 Glover Rd., which was purchased by RFA Capital for approximately $6 million ($1.2 million/acre).

This week’s second-largest transaction occurred in Kitchener, where Fusion Homes purchased 6.9 acres of residential land for $3.2 million/acre.

In the news, LiUNA has filed two non-decision appeals to the OLT, Metrolinx has released a video previewing how the LRT will be constructed, and the Toronto rental market is tightening.

News Headlines

LiUNA files two non-decision appeals to OLT
The Public Record, July 25, 2022

CityHousing Hamilton projects face $5.4M gap
The Hamilton Spectator, July 25, 2022

Metrolinx releases new video highlighting how Hamilton’s LRT will be constructed
In The Hammer, July 25, 2022

New noise study underway on City Centre development application
The Public Record, July 29, 2022

OPM moves into former Walmart, future NHDG development
The Hamilton Spectator, July 22, 2022

Widespread support for car-free King St experiment
The Hamilton Spectator, August 2, 2022

Intelligent Investment: Canadian Cap Rates & Investment Insights Report
CBRE Research, Q2 2022

Toronto rental market tightens as ‘uneconomical” projects get scrapped
BNN Bloomberg, July 22, 2022

More families are choosing multigenerational living amid Canada’s housing crisis
The Globe & Mail, July 25, 2022

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