Commercial Real Estate Toronto and Area (2022 Report)

28. May 2022 06:51


                                                                                                                               Commercial Real Estate Toronto and Area (2022 Report)

May 26th, 2022

Commercial real estate in Toronto and area continues to display extraordinary resilience, with total investment activity up over 68 per cent to $10.6 billion* in the first quarter of 2022. Industrial and multi-unit residential asset classes lead the way, with some retail tenants repositioning and segments of the office market seeing recovery. This, according to the new 2022 Commercial Real Estate Report from RE/MAX Canada.

Industrial continues to experience unprecedented demand, with availability rates hovering at 1.1 per cent *in the first quarter of the year, compared to 1.8 per cent in the first quarter of 2021. Vacancy rates are significantly off last year’s levels and now sit well under one per cent. Institutional and private investors continue to compete with business owners for industrial product, which has contributed to the largest increase in the value of industrial properties in the Greater Toronto Area, with prices almost doubling in under five years. Overall lease rates have soared as well, rising significantly over the past two years as inventory levels have dwindled. 

Sustainability is top of mind in today’s market as interest rates and expenses climb. Industrial tenants are facing difficult decisions regarding their businesses, many asking if they should take a chance on finding space at a lease rate they’re more comfortable with or renegotiate based on new and higher lease rates. Expansion is also limited in this market given the hardship in finding suitable space, leaving performance at less than optimal, which could hurt businesses in the long run. 

With more than eight million square feet* currently under construction in the Greater Toronto Area, some relief may be in sight for the extremely tight industrial/warehousing segment where “it’s like playing musical chairs to find a location for clients in need of larger space.” Many of the premises underway offer more optimal ceiling heights and better flexible use designs, preferable for companies that want to have online shopping and physical presence within the same location. Splits are modified in older buildings as well, offering some retail/showroom with alternative proportionate shares, depending on the tenants needs and at the tenant’s expense. 

Demand for retail storefront in prime shopping areas throughout the city continues unabated, with end users and investors seeking to amass infill vying for available product and presenting challenges to longer-term leases. On major arteries such as Yonge Street and Avenue Road in the centre core, along the city’s subway lines, mixed-use developments are becoming increasingly common with retail on the ground floor and residential condominiums above. For landlords, in addition to rising expenses, challenges exist in the form of an already fragile retail footprint that is over-saturated in fast food and cannabis operators that might not survive the fierce competition on every major block on high traffic streets. Extra precautions are now taken as a result to ensure prospective tenants have good credit scores, put larger deposits down on property, and offer personal guarantees (if possible).

Given the severe housing shortage in the city, opportunities exist for the re-design of existing buildings and increasing purpose-built rental complexes in the residential sector. According to Urbanation, purpose-built rental vacancy rates hovered at 1.8 per cent in Toronto in the first quarter of the year**. Absorptions surpassed the supply for the third straight quarter. While 118,203 purposed built rentals units are planned and underway, only 7,684 are scheduled for completion in 2022. The increase represents significant growth, up 122 per cent over the 3,461 units delivered in 2021, but still falls short of meeting ever-growing demand. Re-purposing is transpiring in many of the city’s established neighbourhoods where retail strip plazas have been under-utilized. Mixed-use developments consisting of retail, commercial and residential components remain integral to city’s commitment to increase density. 

Land designated for employment and residential has been and will continue to be the largest and strongest sector for investment. To accommodate aggressive expansion plans, municipalities and the provincial government need to make changes to official plans and zoning bylaws that fast-track approvals and allow builders to manage rising costs and make developments feasible. The development community is struggling to find enough sites that are approved or can be approved for housing or new industrial development at present. 

Institutional and private investors in commercial real estate in Toronto are also looking to the office sector, which is just now starting to stabilize in the downtown core. The January 2022 sale of the Royal Bank Plaza in downtown Toronto for $1.2 billion was hailed as a positive sign, underscoring the sentiment that this segment of the market has much room for growth. There have, however, been some challenges with shared office space and buildings that are not updated, renovated or ready for immediate occupancy. Space that hasn’t already been modified to meet the demands of today’s tenants will require greater transition time as the landlord moves to assemble trades to complete to the tenants’ specifications, given current challenges with labour shortages in the construction industry. In some instances, tenant timelines may not be achievable. Availability rates hovered at 15.5 per cent* in the first quarter of 2022, but improvement is expected as employees return to work.

Strong economic growth is forecast for commercial real estate in Toronto and surrounding areas in the year ahead, with GDP growth expected to rise 4.1 per cent*** in 2022, falling just short of last year’s 4.7 per cent growth rate. The city’s robust financial sector will remain strong, with a rebound expected in the food and hospitality, entertainment, and travel and tourism sectors. Unemployment will continue to fall. Given solid fundamentals, the commercial market is expected to remain active. Inflationary pressure may impact high demand down the road, but so far, intentions remain strong and investors continue to demonstrate exceptional creativity for deals that make sense. 

*Altus Group

**Urbanation, Q1 2022 Rental Market Results, April 19th 2022

***Conference Board of Canada, Major City Insights, Toronto – March 2022

National Commercial Real Estate Highlights

With North American stock markets dangerously close to correction, bricks-and-mortar commercial real estate continues to resonate with institutional and private investors, particularly those who are personally vested, across almost every commercial asset class in major Canadian centres, say RE/MAX brokers.

The RE/MAX Canada 2022 Commercial Real Estate Report found demand for industrial, multi-unit residential—particularly purpose-built rentals—and farmland was unprecedented in the first quarter of 2022, with values hitting record levels, while retail and office are starting to show signs of growth in multiple markets.

The report examined 12 major Canadian centres from Metro Vancouver to St. John’s. Regional highlights include the following:

  • 92 per cent of markets surveyed (11/12) reported extremely tight market conditions for industrial product in the first quarter of 2022. Newfoundland-Labrador was the only outlier.
  • 67 per cent of markets surveyed (8/12) found challenges leasing industrial space. Included in the mix were Vancouver, Edmonton, Calgary, Winnipeg, Ottawa, the Greater Toronto Area, Hamilton-Burlington-Niagara and London. Some realtors are recommending tenants start their search for new premises at least 18 months before their current leases come up for renegotiation.
  • While demand for overall office space in the core remains relatively soft in 92 per cent of markets (11/12) across the country, Metro Vancouver continues to buck the trend.
  • Suburban office space continues to prove exceptionally resilient in 67 per cent of markets surveyed (8/12). Those markets include Vancouver, Calgary, Saskatoon, Winnipeg, Hamilton-Burlington-Niagara, Ottawa, Halifax-Dartmouth and Newfoundland-Labrador.
  • Development land remained sought after (industrial/residential) in 67 per cent of markets surveyed (8/12) including Vancouver, Calgary, Regina, Saskatoon, Winnipeg, Ottawa, the Greater Toronto Area and Halifax-Dartmouth.
  • End users are encountering challenges in terms of expanding their businesses due to land constraints/shortages, with specific mentions of this noted in Vancouver, the Greater Toronto Area and Regina.
  • Retail is on the rebound in 75 per cent of major Canadian markets (9/12), with strong emphasis on prime locations in neighbourhood microcosms. The trend has been identified in Vancouver, Edmonton, Calgary, Saskatoon, Regina, Winnipeg, Hamilton-Burlington-Niagara, Toronto and Ottawa. 


Patterson Real Estate Market Activity APRIL 2022

28. May 2022 06:38


Staging your home is important......

24. January 2022 06:21

At times, the amount of detail required for staging when you sell houses can seem a bit much. Does it really make a difference what colours my walls are, or what music I may be playing? For people viewing the home? Well, actually, yes!

Human senses can be incredibly sensitive and can influence our decisions greatly, even if it doesn’t seem obvious on the surface. It's the same principle that makes stores or restaurants pay so much attention to their choice of music or lighting and the same reason why product packaging is such an art form despite having little to do with the function of the product.

 A home is a product that you are selling and the context that you can put that product in and the way you make your customers feel about it can actually do a lot to influence their feelings.So you've cleaned, got all your walls painted in the perfect colour, curated the perfect furniture and decorations, and set everything up just right. Now you're done! Or are you?Well, if you want to go the extra mile, there is even more you can do to take your staging a step further. Today we are going to look at one such thing, that being the smell of your home.

Powerful smells

The fact is, smells can be one of the most powerful senses when it comes to how people feel about your house. From the smell of freshly baked bread to the smell of a landfill, many emotions can be evoked by the right scent. So, it's really important that you consider the smell in your home when you are trying to sell.

Clean and remove unpleasant scents

First of all, you should make an effort when cleaning your home to clear out any bad smells that may linger. Areas like the bathroom and the kitchen will be especially important for this as they tend to have strong scents like smells from cooked food.

This also means that you should consider the cleaning materials you are using. If you need powerful cleaning solutions to clean a particularly dirty spot, these may not smell great, so try to finish off with a more pleasant smelling product. Baking soda can be a lifesaver for its neutral scent and ability to absorb unwanted odours. Ideally, you want your home to be a blank canvas that you can then build upon.




Popular fresh scents for homes

So now your whole house is clean and hopefully smelling neutral, now you may be wondering where to go from here. Let's look at some of the most popular scents you should consider.

In general, there is a fine line when it comes to scents. You don't want anything that is too overpowering as this can be off-putting as well as being an accessibility issue for people with scent sensitivities. However, you also want to actually smell the scent that you chose. Generally, simple scents that are subtle will be the best bet.


When it comes to home scents, citrus is undoubtedly one of the most popular. Be it lemon, orange, or any other, these scents offer a pleasantly sweet fragrance that calls to mind tropical destinations and summer sunshine. However, as a common scent in cleaning products, it can be easy to veer into the realm of artificial or overpowering citrus scents that will mostly call to mind washing dishes. Whenever possible, go for a more subtle and natural source for these scents.

Pine and cedar

These scents can evoke the feeling of time outdoors, of a cozy cabin, or of Christmas trees. Like most other natural scents, the aroma of these trees is produced by many complex organic scent compounds and the artificial version just won't cut it, so stick to natural scents whenever possible.


Vanilla is a classic ingredient in baking and sweet treats and can give your house a similar pleasant smell. Vanilla can also be a very calming scent that can help with a comfortable mood.

Fresh linens

Strangely enough, the clean smell of fresh linens is consistently cited as one of the best smells, though it is hard to say what it actually smells like. However, it may be worth doing a load of fresh laundry just before your open house and cleaning all the linens that prospective buyers may come in contact with. Alternatively, there are actually linen scented products you may want to buy.



Spices and herbs

There are a number of spices and herbs that may fit with your home that potential buyers will love. For example, the scent from a few cinnamon sticks can be very pleasant and warm, especially in the winter months. You can also consider scents from potted herbs like rosemary, lavender, or mint. These will add a touch of life to your space and provide a pleasant smell.

Match the scent to the space

When it comes to choosing a scent to go with, you want something that fits the vibe of your space. If it’s a cozy home with lots of exposed wood, consider a pine or cedar scent to really drive home that cabin feel. If you are selling a home that features a lot of floral landscaping outside, consider using a more flowery scent inside to reflect that. These are only suggestions, and this step may take a bit of creativity on your part, but the right scent should be the one that amplifies the feelings you want the home to convey.

Also, consider the seasonal aspect of smells. In the fall and winter, people may want to smell more spicy and warm scents while in the spring and summer you may want to go with brighter floral or citrus scents.

What products to use

In terms of getting the smell in your home, you have a few options. Avoid air freshener sprays, as these often have overpowering smells to start that then quickly dissipate. Instead go for longer-lasting sources like scented candles, or a few drops of essential oil in a diffuser. When it comes time to have a showing, open the windows shortly before to let the fresh air in, then set up your scents just before prospective buyers are set to arrive. Now your showing should not only look good but smell great too!






by Corben Grant on 19 Jan 2022



Market Stats Dec 2021

13. January 2022 07:28













Canadian Housing Market Trends to Watch in 2022

6. January 2022 09:29

The Canadian housing market has been a fixture in media headlines and an ever-present topic of conversation around dinner tables and water coolers by those who continue to work in an office setting in the wake of COVID-19. Early on in the pandemic, some expected a steep decline in home sales and prices in Canada, but nobody could have predicted what actually materialized in the market. Come May 2020, regional real estate markets began their rebound. The spike in demand continued through 2021, resulting in record-breaking price growth and what many would consider to be the hottest year in Canadian real estate. So, what can we expect in 2022? Here are five trends to keep your eye on.

Interest rates are expected to rise.


Rumour has it that interest rates will start rising as early as April. This will be the first movement by the Bank of Canada, following a trio of rate cuts in March 2020, prompted by the pandemic and the ensuing economic impacts. The economy started to bounce back with vaccines making their way into arms, businesses reopening and consumer confidence returning. We’re not out of the woods yet, as the Omicron variant prompts further public health measures and threatens lockdowns in some provinces, pumping the brakes on certain industries. Real estate is not one of them. The Canadian housing market resumed its upward trajectory after a steep but short-lived decline in activity at the start of the pandemic, seemingly with no end in sight. High demand resulted in record-breaking price growth, with sales held back only by a lack of supply.

With interest rates expected to start rising in time for the busy spring real estate market, some buyers may be looking to lock in a rock-bottom rate now, since they aren’t likely to get any breaks on prices. Will higher interest rates serve to cool the hot Canadian housing market? The Big 6 banks have predicted the Bank of Canada will raise its overnight rate by one per cent by the end of 2022. Only time will tell what impact this will have on the market, but given current levels of supply and demand, a one-per-cent hike is unlikely to be a significant factor on sales or prices.

Canadian real estate prices will likely continue rising.


Speaking of prices, the 2022 Canadian Housing Market Outlook Report analyzed 38 Canadian housing markets, identifying rising prices in 100% of them in 2021 and further growth expected across the board in 2022. RE/MAX brokers and agents anticipated price growth ranging from a low of +2.5 per cent in Calgary, to a high of +20 per cent in Muskoka. From a national perspective, the average residential price expected to increase by 9.2 per cent.

Low supply will remain a concern across the Canadian housing market.


Housing affordability has been on a steady decline in Canada, and was a key focus for all political parties in the 2021 federal election. Ontario has become ground zero for unaffordability, so it’s expected that this will also be a hot topic in the provincial election slated for June 2, 2022. What’s the culprit behind rising prices? Low supply.

Industry experts have attributed the rapidly rising price of homes to the housing supply shortage, which was amplified by a notable spike in demand in 2020 and 2021. This is expected to continue, with 1.2 million people expected to immigrate to Canada by 2023 and all of them presumingly in need of a home. With no major increase in listings or new construction expected, industry experts suggest market pressures could mount, putting ever greater pressure on prices.

While opinions vary on how to effectively add supply to the market, RE/MAX executives have pointed to a few possible solutions, including:

  • National Housing Strategy to boost supply, in a coordinated effort between the federal, provincial and municipal governments.
  • Incentivizing developers to build more affordable, family-sized homes close to transit hubs, such as tax rebates, cutting the prohibitive red tape and easing the building application and approval process.
  • Incentivizing homeowners to move and easing the financial burden associated with selling a home by offering tax rebates and re-evaluating Toronto’s double Land Transfer Tax (currently, homebuyers here pay a provincial and municipal LTT). This could help increase the supply of listings.

The federal and provincial governments are also encouraged to collaborate on ways to improve local economies to help attract residents. Canada has lots of “affordable” cities which don’t always have the same appeal as large urban centres do. Shifting the focus from cities like Toronto and Vancouver could help ease the pressure and prohibitive price growth.

Canadian real estate will be dominated by seller’s markets.


By the end of 2021, 97 per cent of Canadian housing markets analyzed by RE/MAX Canada (37 out of 38) were expected to be seller’s markets in 2022, characterized by low supply, high demand and rising prices. This is likely to continue in 2022, given that adding supply to the market isn’t a quick fix.

Virtual transactions are the way of the future.


Virtual home-buying and -selling wasn’t just a temporary trend that carried us through the pandemic lockdowns. Quite simply, consumers have had a taste of this sweet convenience and they’re unlikely to give it up when COVID-19 is behind us. From websites like and bringing listings right to your fingertips, and virtual tours offering opportunities to view a home without ever leaving the comfort of your own, to the ease of digital paperwork, it’s safe to say the virtual trend will be the new reality for many buyers and sellers.


Another Sold Over Asking for Record Price*

23. April 2021 06:26



Another Sold Over Asking Price!!!

Call RE/MAX Award Winning VIP TEAM now!!!

Do not risk your biggest investment and I'll repeat Do not risk it!!!Call professionals who can bring you Excellent Results call RE/MAX VIP TEAM. 



Happy Easter From Our Family To Yours!

2. April 2021 12:43

Dear Mila

We want to wish you all a very Happy Easter to all who celebrate.

We hope you all a wonderful long weekend, and have a chance to spend time with your loved ones. We are starting another lockdown in Ontario, however as an essential service, we are still very busy helping families sell and buy their homes!

In other exciting news, RE/MAX VIP TEAM is expanding!!! We are looking for some new agents to join our RE/MAX Award Winning Team, a part time client relations coordinator/administrator, and a graphics designer.

Even though we are getting busier, our team will continue to practice physical distancing and use all necessary precautions to protect our staff, clients and customers.

If you have any questions or just want some information, please do not hesitate to contact us, we are happy to help! To discuss the sale or purchase of a home, or to get pre-approved for mortgages, contact us directly at 416-562-3021 and Start Packing.



This Week's Newsletter:










Call Award Winning Professionals Now. A Real Estate RE/MAX VIP TEAM with experience, proven results and a give-back philosophy!







4. March 2021 09:33

If renting or communal living no longer aligns with your financial and lifestyle goals, you might be ready to purchase a home of your own. 

Are you sick of paying monthly rent that contributes to someone else’s mortgage payment? Are you craving the freedom to repaint walls? Or, are you looking to build wealth through what is often considered a smart investment? If so, it sounds like it may be time to start your homebuying process.Consider these six reasons that help affirm you’re ready to become a first-time homebuyer.

1. You crave the freedom to personalize and renovate

Owning a home gives you the freedom to express yourself by completely customizing interior and exterior spaces. You no longer have to abide by regulations regarding wall colors or hanging art. Additionally, you can remodel and renovate your home as you see fit. From small projects, like changing cabinet pulls, to big projects, like tearing down a wall or adding hardwood floors, you have the authority to make decisions regarding design.

2. You’ve outgrown your space

An obvious reason to move is when you’re tight on space. For many, this could be because you’re expanding your family – think a baby on the way, more pets, aging children who want their own bedrooms or in-laws that are here to stay.A shift in lifestyle patterns, like working from home and online schooling, means you may be on the hunt for more quiet workspaces. And, if you have hobbies or own outdoor equipment, it may also be time to assess your storage needs – like an attic or garage.

3. You seek outdoor accessibility

In apartment living, outdoor space is limited – and sometimes crowded. When you buy a home, a criterion may be a grassy yard, deck or patio space. Whatever your preference may be, you’re likely seeking a way to enjoy the outdoors with privacy.Having your own outdoor space means room for entertaining and room for exercise. Plus, you can accentuate the curb appeal of your home with exterior décor like potted plants, flower boxes, furniture and seasonal holiday flare.

4. You’re done with fees and rules

A major downside to renting is paying for a property that you do not own, and therefore is not your personal investment. Apartment fees go toward necessary services, like garbage disposal, but also may contribute to amenities you don’t use, like a gym or pool.Additionally, apartment communities often have time restrictions and limited hours on resources you would like to take advantage of.

5. You’re ready to make an investment

Have you been saving for a down payment? Though the initial cost can often be a barrier to entry for first-time homebuyers, the down payment may not need to be as high as you think.Once you’ve saved enough money for that initial investment, however, the monthly costs associated with homeownership can be similar to what you would have paid in monthly rent. Only this time, your payments contribute to your property becoming an asset. The more you pay off your mortgage, the more valuable your home is to your personal net worth.

6. Long-term happiness

One of the biggest reasons to purchase a home is for the stability and security it provides you and your family. You can truly settle into the space and life can slow down a bit.With the ability to personalize most aspects, and by thinking of it as a long-term investment, a home of your own becomes the place you cross milestones, celebrate holidays and create lasting memories.



11. February 2021 04:50


Market Watch to Your Inbox:
January 2021

With home sales increasing faster than supply, explore TRREB’s new digital digest to discover the latest consumer polling results and where the market is headed.


  • Read the complete Market Watch report for January here, a quick overview here, and TRREB’s News Release here.
  • See the latest Housing Market Charts comparing January’s housing figures across the last three years.


  • Don’t forget to share the Market Watch by the Numbers on your social channels, newsletters, emails, and with your clients.

Community Report York:Strong buyer interest driven by record low interest rates and low inventory led to a very strong seller's market. Realtors were identified earlu on as an "essenttial service" and we had to adapt our business practices to keep transactions running smoothly and safely. Many people are wondering if this level of interest and growth is sustainable, but January 2021 seems to be off to a strong start