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.
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
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