Colliers' Jeremiah Shamess says the $38.6M deal they just brokered for three portions (60 acres total) of land west of Toronto (one of the largest brokered greenfield land deals of the year; the end use of the land will be residential) shows the continued hunger for a dwindling supply of large tracts of land for development, where, "land owners are pushing the boundaries in terms of what values they wish to ask for. I have seen it time and time again." That is making it challenging at his end to determine true land value, he says. (Might as well blindfold yourself and throw a dart at a chart.) Despite the demand, he adds, with development charges increasing, it's the "larger, more sophisticated developers" that can realize long-term, double-digit returns, Jeremiah says.
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