"Since the pandemic started it’s been REITs and public entities dominating the market so far. Institutional investors and REITs are the net buyers, and the net sellers are small, private players.”

The labour market is expected to grow by 3.9% during the latter half of 2022, and by next year the unemployment rate is slated to dip to 7.8%.

Avison Young attributes the vigorous activity to the slow pace with which new supply hit the market.