Toronto property purchases hit record

Real estate players spent a record $4.9-billion buying and investing in commercial property in the Greater Toronto Area in the latest quarter, but some are questioning whether this is the peak.

The total investment in office towers, industrial complexes and shopping centres from April to June was $1-billion higher than the previous high-water mark of $3.9-billion, which occurred in the fourth quarter of 2006, according to data from real estate research firm RealNet Canada Inc. The latest quarterly level was a whopping 74 per cent higher than a year ago and 75 per cent higher than the prior quarter.

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Real estate players spent a record $4.9-billion buying and investing in commercial property in the Greater Toronto Area in the latest quarter, but some are questioning whether this is the peak. The total investment in office towers, industrial complexes and shopping centres from April to June was $1-billion higher than the previous high-water mark of…