Commercial Listings & News · November 2026
October brought the first Bank of Canada rate increase in more than three years and the rest of the third-quarter reports. Investors are buying again across the GTA, led by apartments and office, while industrial rents hold around $16 per square foot and retail stays tight.
Rates
- The Bank of Canada raised its policy rate to 2.50% on October 28 (Bank Rate 2.75%), its first increase since July 2023. Next decision: December 9, 2026.
- If your building loan or line of credit floats with prime, expect your cost to rise. If you are buying or refinancing, line up financing early.
GTA investment by sector (Altus Group, January to September 2026)
- Total: $15.1 billion, up 39% from a year earlier
- Industrial: $4.4 billion, up 10%
- Multi-family: $4.1 billion, up 273%
- Land: about $3.2 billion, up 18%
- Office: $1.9 billion, up 154%
- Retail: about $1.4 billion, down 22%
Industrial
- Colliers (October 5): 1.9 million sq. ft. absorbed in Q3 and 8.0 million sq. ft. year to date; availability fell 0.3 points to 4.2%; net rents slipped $0.19 but have stayed in the $16 per sq. ft. range since Q2 2025.
- Altus Group (October 29): absorption turned negative in Q3 after four positive quarters; availability 5.3%, up 0.6 points from a year ago. Of the nearly 2.5 million sq. ft. completed in Q3, 85% was still uncommitted; another 12.3 million sq. ft. is under construction, 63% of it still available. Asking rents stable at $16 to $17 per sq. ft.
- Why the two differ: each firm tracks its own set of buildings and measures demand its own way. Both point to flat rents and a lot of new space still to lease, which gives tenants room to negotiate, especially in newer and larger buildings.
- Vaughan deal: Zzen Group bought 750 Creditstone Road and 121 Pippin Road, two fully leased buildings totalling 346,035 sq. ft., from CPP Investments and Dream Industrial REIT for $115 million, about $332 per sq. ft. (Altus Group, Q3 2026 notable transactions).
- Just after month-end (November 2): CPP Investments, Dream and Dream Industrial REIT completed a $585.8 million purchase of five fully leased logistics buildings totalling 2.1 million sq. ft., four in Oshawa and one in Brampton.
Office
- Toronto office availability fell 1.9 points from a year ago to 15.1%; Class A availability in the Financial District is down to 9.2% (Altus Group, Q3 2026).
- Colliers puts GTA office vacancy at 10.4% in Q3 (October 8). Buyers and tenants are favouring newer Class A buildings; older Class B space is moving slowly.
- Only two office buildings were completed in Q3, about 155,000 sq. ft. in total; the pipeline is about 877,000 sq. ft., 70% still available (Altus Group).
Medical
- No GTA medical-office market report came out in October; medical space is counted inside the office figures above.
- Clinics and practices looking for space, or owners of medical units: ask for recent comparables for your area and unit size.
Multi-family
- $4.1 billion traded in the GTA through Q3, up 273%, with gains in York Region, Durham and the City of Toronto (Altus Group).
- Q3 deals: Groupe Dumont bought The Oaks on Green in North York, four buildings and 1,212 units, for $265 million (about $218,600 per unit); Cadillac Fairview bought The Ivy, a new 232-suite rental tower downtown, for $162 million (about $698,000 per unit).
- Buyers still want stabilized rental buildings with cash flow; new rental supply and condo rentals are slowing rent growth.
Retail
- GTA retail investment was about $1.4 billion through Q3, down 22%. Prime streets, grocery-anchored centres and major malls are near full, so few good assets come up for sale (Altus Group).
- October 30: KingSett Capital bought a 50% co-ownership interest in CF Markville in Markham from Cadillac Fairview, which keeps managing the mall; terms were not disclosed.
Land
- About $3.2 billion of GTA land traded through Q3, up 18% from a weak 2025 but still below historical levels (Altus Group).
- Industrial, commercial and institutional land: nearly $1.3 billion, up 7%. Residential land: nearly $1.9 billion, up 28%.
- High financing, approval and carrying costs keep builders cautious on unapproved land; development-charge reductions may help over time.
Listings in Vaughan, updated daily from MLS®
Tip for tenants and owner-users
Renewing in 2027? With asking rents flat and borrowing costs rising, start 9 to 12 months before your lease ends. Compare the full cost of renewing, moving and buying before you sign.
Leasing, renewing, buying or selling? Send me your unit size and the rent you've been quoted, and I'll send you comparables for your node. Call (416) 939-5284 or use the contact form.
Iouri Chestopalov, Broker of Record
Keystar Realty Inc., Brokerage
Sources: Bank of Canada, rate announcement, October 28, 2026; Altus Group, Toronto commercial market update, Q3 2026 (October 29, 2026); Colliers, Toronto Industrial Market Report Q3 2026 (October 5, 2026) and National Market Snapshot Q3 2026 (October 8, 2026); Retail Insider, KingSett and Cadillac Fairview (November 3, 2026); CPP Investments and Dream, news release, November 2, 2026. Keystar Realty Inc., Brokerage was not involved in the transactions above. Figures are market-wide, not an opinion of value for any property.
