Key Findings from Q1-2019 Apartment Land Market
1. 34 transactions in the Greater Toronto Area were reviewed for this report. The properties
sold for $119 per-buildable-sf on average, an increase of 12% annually, but a decline of 6% quarterly (Q1-19 Median: $98 per-buildable-sf).
2. In Q1-2019, high-density lands sold on a buildable-sf basis for approximately 12% of projected overall average revenue, down from 13% in the fourth quarter.
3. The
average property with high-density redevelopment potential in Toronto (former City boundaries) sold for $161 per-buildable-sf in the first quarter, with a projected overall average sales price of $1,145 psf based on today's new condo market conditions (land-to-revenue ratio of 14%).
4. Over the past year, land transactions where a mid-rise apartment is appropriate, sold for $163 per-buildable-sf in Toronto, compared to $138 per-buildable-sf for high-rise sites.
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