This week witnessed lower than typical volumes, with Hamilton being the top performer for the third consecutive week and Kitchener-Waterloo/Cambridge providing a very, very rare no-show. St. Catharines also did not register a commercial real estate transaction.
With the Bank of Canada interest rate increases, we’re beginning to materially see a slowing in the market, however, values have continued to hold.
This week’s largest transaction occurred in Brantford, where 102 acres of vacant prospective residential land at 531 Powerline Rd. sold for approximately $24 million or $238,000/acre, which usually indicates the land requires substantive land entitlement before development can be implemented.
Of note for Hamilton, Vrancor Group purchased 21 Queen St N, a house abutting their King St and Queen St block development, for $500,000 or $10 million/acre.
In the news, The Spec provided a story on Hamilton’s highest value development projects for 2022, IKEA purchases 65 acres of Hamilton land (as reported last week), and the unemployment rate drops in Hamilton.