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What’s driving the Toronto market?

Strong suburban growth creates multifamily, industrial bright spots

With robust population growth fueling suburban condo sales and investment volumes peaking for industrial assets, Toronto has emerged as a compelling commercial real estate investment hub. But before you invest, you need to truly understand what's driving the Greater Toronto Area to guide your decisions.

We've gathered the need-to-know insights across apartments, office, industrial and retail that will give you a crash course in the trends shaping the GTA.

Here are some highlights:

Last year marked the first time more condo sales and rental absorption occurred in Toronto’s 905 suburbs than in the 416 city core, highlighting opportunities to acquire amenity-rich multifamily properties in desirable suburban markets
Average downtown gross asking rents declined by 3.5% annually as landlords competed to attract office tenants. In contrast, the suburbs saw a steady 2.5% rent growth as costs and commuting challenges made peripheral areas more appealing
After a prolonged period of tepid investment activity, retail transaction volumes in the GTA recovered to $1.8 billion in 2023, up 20% relative to the average annual trade volume from 2018-2022
Toronto witnessed a staggering 17 million square feet of new industrial supply delivered in 2023. But even as the market softens, it’s likely the GTA will still be undersupplied with accelerating rental growth

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