The value of commercial property sales in the GTA was down 42% year-over-year to $3.8 billion in the first three months of 2019.
A new report from Urbanation shows that there were 18% fewer transactions (287) than a year ago with a drop of 24% quarter-over-quarter (Q4 2018: 348 transactions).
The value of sales was down across the region including Toronto (-$1.7 billion, -43%), Peel (-$517 million, -46%), York (-$201 million, -26%), Halton (-$88 million, -24%) & Durham (-$256 million, -60%).
There were some bright spots including the residential lots and apartment development sites markets which gained 30% ($33m) and 20% ($149m) respectively.
The average sale price for apartment development sites reached $33 million, the second highest quarterly level on record.
But the office sector saw a 72% drop in sales value ($717m) from its record high a year earlier ($2.6 billion) with price per square foot of $482; retail was down 59% ($227m); and industrial was down 12% ($735m) despite a record selling price of $164psf.
Commercial land reached an average sale price of $1.4 million per acre – an all-time high - while residential land traded at $507K per acre and house lots reached $331K per dwelling.