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

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