Urbanation tracked 1,293 commercial property sales in 2020, a decrease in volume of 8% from 2019. The total value of sales transacted in the GTA in 2020 was $16.6 billion, a decrease of 24% ($22 billion; 2019). The largest annual decline in 2020 was experienced by Toronto at -$4.3 billon (-36%), followed by Durham (-33%; -$382 million), Peel (-22%; $906 million), and York (-10%; -$307 million) Regions.
The impact of COVID-19 on the commercial property market resulted in the largest declines in 2020 experienced by office buildings, rental apartments and retail uses. The total value of office building sales declined by 73% (-$3.7 billion) year-over-year to $1.4 billion in 2020, followed by rental apartment sales declining by 41% (-$1.5 billion) to $2.1 billion and retail buildings, plazas and enclosed malls decreasing by 37% (-$534 million) to $925 million. Annual declines were also experienced by industrial buildings at 21% (-$1.1 billion), and commercial land at 21% ($429 million).
Annual increases in 2020 were experienced by residential land, which achieved a total value of $1.1 billion (+10%; +$100 million), apartments sites reaching $3.9 billion (+18%; +$595 million), rural land at $333 million (+23%; +62 million), and house lots at $849 million (+44%; +$261 million).
