Cedar City Developments

Ford announces construction on new Hamilton GO Station

This week witnessed an excellent level of transactions, with Brantford, in particular, picking up some slack.

Hamilton narrowly avoided a month without a multi-residential sale. On the books for September is the sale of an eight-unit building near Stoney Creek. It traded for close to $300,000 per unit, a high value.

Also in Hamilton, Spallacci Homes purchased 5.92 acres of land near Lime Ridge Mall for $3 million. It’s a peculiar purchase as the site appears to be a cemetery.

The largest purchase this week took place in Kitchener. The 401 Group of Companies purchased an 81,000 sq. ft industrial building for $28 million ($344/sq.ft). That’s a high purchase price for an industrial facility, but it also includes approximately 3.5 acres of excess land.

In the news, Doug Ford has announced construction on a new GO Station in Hamilton, twin towers have been proposed in Stoney Creek, and Ontario plans to cut development fees on affordable housing.

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.

News Headlines

Dundas seniors housing demo for 11-storey condo proposed
The Hamilton Spectator, October 3, 2022

Empire’s planning application for Hagersville quarry property explained
The Hamilton Spectator, September 27, 2022

Ontario government investing $90M in skilled trades programs
CBC News, September 26, 2022

Long approval times, high municipal fees adding ‘unnecessary costs’ to new GTA housing: Study
CBC News, September 27, 2022

Kitchener 8 storey, 166 unit development approved
The Record, September 27, 2022

Amazon fulfilment facility under construction in Cambridge
The Record, September 28, 2022

Toronto’s largest film studio announce major expansion
BlogTO, September 27, 2022

Dundas seniors housing demolition for 11-storey condo proposed

This week witnessed a subpar amount of transitions. It appears the CRE markets are feeling the impact of increased interest rates in what is already traditionally the slowest month of the year.

The largest transaction for the third consecutive week was a Hamilton residential land sale. Cedar City Developments purchased 31 acres of land on Stoney Creek mountain near Elfrida for $15.4 million ($487,000/acre).

Hamilton hasn’t witnessed a multi-residential transaction in the month of September. This is notable as the city hasn’t gone a month without a multi-residential transaction since November of 2021. However, September transactions are still trickling in. In addition, multi-residential remains arguably the strongest asset class, and rental rates continue to escalate as more home buyers are removed from the market with rising interest rates.

In the news, the proposal for an 11-storey condo tower includes plans to demolish Dundas seniors housing, the Hagersville quarry project explained, and the Ontario government is investing $90 million into skilled trades programs.

We’re moving!
Sept. 28 was Forge & Foster’s last day at 67 Frid St.
As of Oct. 11, our new address will be: 29 Harriet St. Hamilton, ON L8R 2E5

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.

News Headlines