Photo: Robert S. Donovan/Flickr
The number of land transactions in the Greater Toronto Area in the third quarter was up from both the previous quarter and the same period last year, with residential land sales leading the way, according to the latest data from RealNet.
Activity was up 19 per cent and 23 per cent compared to Q2 and the third quarter in 2013, respectively. RealNet’s report covers all land purchases in the GTA, including office, industrial and residential.
Not only did residential land lead activity — accounting for 26.5 per cent of all transactions — the sector also had its second best quarter on record in dollar volume, totaling $821 million, nearly 60 per cent of which was attributed to high-density transactions alone.
The three most significant residential land deals of the quarter were: Greenland Group’s acquisition of King Blue ($113 million); Lee Development’s acquisition of 88 Queen Street East ($87.5 million); and Greybrook’s acquisition of 215 Lake Shore Boulevard East ($60 million). All three are slated to be future condo sites.
The third quarter also exceeded the 10-year quarterly dollar volume average by 12 per cent.
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