According to the latest from the Toronto Real Estate Board’s Commercial Network members, there was a, 18.9 per cent decrease in the amount of leased commercial, industrial and office space in the Greater Toronto Area during the third quarter of 2015 compared to the same time last year.
“Economic conditions in the Greater Toronto Area remain relatively strong compared to some other regions across the country,” said the president of the Toronto Real Estate Board, Mark McLean. “However, it seems safe to assume that the GTA export sector still has room to grow on the back of the lower value of the Canadian dollar vis-à-vis the US. So, while commercial leasing and sales activity through TREB’s MLS system in Q3 was slower this year compared to last, the expectation is that we will see a pick-up later this year or into 2016 as firms start to experience an uptick in demand for their goods or services south of the border.
The number of sales in the third quarter of this year also decreased compared to the same time last year in all three market segments.