Toronto’s rate will jump from 2.9 per cent to 6.0 per cent and Vancouver’s will go from 2.0 per cent to 6.0 per cent, according to a report from CoStar, a Washington D.C.-based real estate research firm. (Bloomberg)
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Toronto’s rate will jump from 2.9 per cent to 6.0 per cent and Vancouver’s will go from 2.0 per cent to 6.0 per cent, according to a report from CoStar, a Washington D.C.-based real estate research firm. (Bloomberg)
Talking point: The increase will partially be driven by an influx of new office towers—25 in Toronto and 15 in Vancouver—being built by some of Canada’s most powerful companies. The Canada Pension Plan Investment Board and Oxford Properties are building “The Stack,” which will be Vancouver’s largest office building; though it counts Ernst & Young and Blake, Cassels & Graydon as anchor tenants, it still has a lot more space to fill. In Toronto, Allied Properties and RioCan are building “The Well,” which will be Shopify’s new home and was 71 per cent leased as of September 2018. The extra supply is expected to dampen rental price increases, which are already declining slightly. In Toronto, for example, they were at six per cent in the most recent quarter, down from eight per cent at the end of 2017.
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