Investor outlook for year ahead ‘cautiously optimistic’
The bumpy ride that commercial property investors and developers have been enduring for two years may give way to a smoother path in 2023, but it will probably take until mid-year, according to experts who analyze the real estate sector.
“People will be looking to relatively low-risk strategies for buying and trading, rather than rolling the dice,” she explains. “Depending on who you borrow from, developers are looking at 8 or 9 per cent rates for this bridge financing,” she adds. ”You’re going to see a time lag between the projects that have been approved and when they actually start digging, because people are waiting to see what happens with the economy,” Ms. Mayes says., agrees that there’s both optimism and hesitation, reporting that while the changing environment in 2022 has been a shock for some, the long-term outlook for the Canadian real estate market is positive.
Even if the commercial real estate scene does smooth out buy the middle of 2023, the outlook won’t be equally smooth everywhere, the experts warn. The market for life sciences buildings also looks promising and there may be a surge in multi-residential property, although in Ontario, the outlook for the latter might be hobbled amid a backlash against Premier Doug Ford’s controversial moves to allow building on the province’s greenbelt.
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