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Canada's Multi-Suite Residential Sector Records Steady Growth in Q2 2023: Morguard
Canada's Multi-Suite Residential Sector Records Steady Growth in Q2 2023: Morguard Cana...
About this update from Morguard Corporation
[{"type":"text","content":"\n \n \n \n Canada's Multi-Suite Residential Sector Records Steady Growth in Q2 2023: Morguard\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n The multi-suite residential sector recorded steady growth in the second quarter as rents continued to climb\n \n \n Industrial investment property sales surged with market interest focused on functional warehouse properties\n \n \n The office leasing market remained muted throughout Q2 2023 with the national aggregate vacancy rate continuing to rise\n \n \n Following the Bank of\n \n Canada's\n \n rate hike in July, job growth and retail spending patterns are expected to remain moderately positive in the second half of the year\n \n \n \n \n \n MISSISSAUGA, ON\n \n \n ,\n \n \n Aug. 15, 2023\n \n \n /CNW/ - Major Canadian commercial property sectors remained resilient during the second quarter of 2023, according to Morguard's 2023 Canadian Economic Outlook and Market Fundamentals Second Quarter Update (\"Morguard\") (TSX: MRC). Overall, the total sales figure for the multi-suite residential rental, office, industrial and retail property types combined rose in the second quarter compared to previous quarters. Investors continued to target industrial and multi-suite residential rental properties because of healthy fundamentals and rent growth forecasts.\n \n \n \"Despite the overall muted growth in the commercial real estate industry, the Canadian economy demonstrated a significant amount of resilience,\" said\n \n Keith Reading\n \n , Senior Director, Research at Morguard. \"The modest growth in various real estate sectors within the last quarter signifies that the outlook for the remainder of this year remains positive.\"\n \n \n \n Multi-Suite Residential Real Estate\n \n \n \n The multi-suite residential sector continued to grow as total sales of rental properties rose by 29.5% quarter-over-quarter. Additionally, the rent growth phase of the multi-suite residential rental market cycle persisted during the second quarter with a year-over-year increase of 10.6% in the average asking mon...