Ontario passes housing bill, Bill 23

This week’s largest transaction occurred on Hamilton Mountain, where a sizable 72-unit multi-residential sold for $16.75 million ($232,000/unit).
This price is slightly above market value, and overall it’s great to see a multi-residential transaction take place in Hamilton as it continues to hold the lowest capitalization rates.

Most of the remaining deals occurred in rural areas throughout the region, with the Arlington Hotel and Dominion Telegraph Centre in Paris standing out, selling at $6.2 million.

In the news, Ontario passed Bill 23, Adi Developments settled with a building regulator, and RBC will buy HSBC Canada in a record-breaking domestic banking deal worth $13.5 billion.