In the first month of the year, a total of $91 million through 14 multi-residential properties traded throughout the Greater Toronto Area region (deals above $1 million).
The price per unit for the month averaged $193,795, while the average yield was 5.42 per cent, remaining in line with the average yield in 2013 of 5.46 per cent.
This new and notable transaction is 2808-2810 Keele St., located north of Wilson Avenue in Toronto. The property is comprised of a 52-unit apartment building, and a single detached residential dwelling.
Built in 1937, it was purchased by a local private investor for a total consideration of $6.45 million, representing a price per unit of $121,698. The transaction was brokered by Mysak Realty Inc., and was on the market for approximately 11 days.
- Address: 2808-2810 Keele St., Toronto, Ont.
- Date of sale: Jan. 31, 2014
- Sale price: $6.45 million
- Capitalization rate: 5.1 per cent
- Total number of units: 52, plus one detached dwelling
- Price per unit: $131,692
This “new and notable transaction” was provided by Richard Vilner, research manager at RealNet Canada Inc., a leading Canadian real estate information services company that powers the decisions of firms involved in approximately 75 per cent of the market activity. He can be reached at rvilner@realnet.ca.
