Investment in Greater Toronto Area (GTA) commercial real estate amounted to $22.3 billion during 2022 (down just 5% from 2021’s record-breaking volume), but with a marked difference between the first-half and second-half dollar volumes. Strong momentum from 2021 carried through the first half of 2022, but repeated interest-rate hikes and the shifting economic landscape put a damper on activity later in the year as buyers and sellers adjusted their pricing expectations given increased capital costs and an uncertain outlook. Nevertheless, capital is still available for the right transactions, and there is deal activity.

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