A new report from the Municipal Property Assessment Corporation (MPAC) reveals that Ontario’s commercial and residential landscape is undergoing a massive structural transformation. Driven by shifting consumer behaviours and economic pressures, multi-residential development has reached its highest levels since the 1970s.
While we’ve seen a surge in one- and two-bedroom units to combat rising construction costs, a clear supply-demand imbalance has emerged. In the GTA, an oversupply of smaller units has pushed one-bedroom rents down to $1,945, while larger family-sized units remain chronically scarce, with rents in other regions climbing 60% since 2021. Meanwhile, the industrial sector has seen a decade’s worth of growth in just five years, largely due to the e-commerce warehousing boom. As vacancy rates in the office sector tick up to 16.1%, the province’s property market is clearly pivoting to meet modern needs. For a deeper dive into these sector-specific trends, read the full report at https://www.mpamag.com/ca/specialty/commercial/ontarios-multi-residential-boom-hits-levels-not-seen-since-the-1970s/574468.
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