Spotlight Development proposes bringing its “The Inclusive” brand of multi-residential housing to Kitchener. This rendering shows The Inclusive in Toronto.
Transaction levels were slightly below average this week, with Hamilton lagging behind. However, with the start of a new month of transactional data on the horizon, it is expected that levels will pick up next week.
The biggest transaction of the week occurred in Waterloo, where Wilfrid Laurier University sold a student residence for $23 million to London Property Corp.
Another noteworthy transaction was the sale of 9.59 acres of industrial land on Hutchings Rd. in Brantford, which sold for $879,000/acre and further highlights the strong demand in the Highway 2 corridor. The price-per-acre is also of note, as it’s been rare to see land transactions of “market” value since the impacts of interest rate increases.
In the news, the CBRE has noted that cap rates are trending up, and transaction levels are slow for Q1 in Canada — and based on our data, the same can be said for Hamilton. Additionally, HPL is planning to move to Pier 8, and the Hamilton Airport has released its 2022 report.
The GHA Sales Transaction Database offers you this week’s CRE transaction activity.
Take care,
Alex Manojlovich
Director, Strategy & Research
News Headlines
Spotlight reveals Kitchener development
RENX, May 2, 2023
CBRE: Cap rates trend up, transaction activity slows
RENX, May 3, 3022
Hamilton Public Library to spend $250,000 on Pier 8 move
The Hamilton Spectator, May 2, 2023
Dundas Pleasant View Columbia application deferral denied
The Hamilton Spectator, May 2, 2023
Connolly Development heritage permit extended
The Hamilton Spectator, May 3, 2023
The Delta Lofts
TIBRO Properties
Hamilton Airport releases 2022 report
The Hamilton Spectator, May 2, 2023
Just 2,100 homes reported empty through Toronto’s vacancy tax program
The Toronto Star, April 30, 2023
