CRE This Week: What's impacting the Canadian market
January 21, 2026 - Canada commercial real estate market insights, indicators, and notable transactions
January 21, 2026
Welcome to the latest edition of CRE This Week, curated by Altus Group’s Canada research team.
Our team has handpicked new and noteworthy market indicators, articles, and significant industry transactions that are impacting Canada's commercial real estate sector. We understand that your time is valuable, so we're excited to deliver research that helps you stay informed and saves you some time each Wednesday morning.
FEATURED TrANSACTIONS
Canada property transactions
Greater Toronto Area: Retail
446 Spadina Road, Old Toronto
$21,750,000
$802 per sq. ft.
Brokers: Ming Zee & Nick Nankissoor (Metropolitan Commercial)
Greater Vancouver Area: Industrial
2031 Paramount Crescent, Abbotsford
$6,600,000
$349 per sq. ft.
Brokers: Matt Syberg-Olsen & Boe Iravani (Marcus & Millichap)
Greater Ottawa Area: Retail
3098 Carling Avenue, Nepean
$33,000,000
$310 per sq. ft.
Greater Edmonton Area: Apartment
6425 101st Avenue NW, Edmonton
$28,750,000
$208,333 per unit
Greater Toronto Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Apartment | Old Toronto | 485 Kingston Road | $25,900,018 | $229,204 | per unit | |
Office | Markham | 80 Whitehall Drive | $16,000,000 | $263 | per sq. ft. | Jaysen Smalley, Kai Tai Li, Tony Gill, Bryant Wilson, Michelle Saberon (CBRE) |
Industrial | Mississauga | 215 Traders Boulevard | $13,550,000 | $329 | per sq. ft. | Jeff Flemington & Patrick Campbell (Avison Young) |
Greater Vancouver Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Apartment | Vancouver | 1175 Haro Street | $33,100,000 | $398,795 | per unit | Simon Lim, James Lang, Jessica Hathaway (Colliers) |
Office | Abbotsford | 2296 McCallum Road | $3,693,000 | $463 | per sq. ft. | Joey Yoo (Marcus & Millichap) |
Retail | Vancouver | 2519 East Hastings Street | $3,387,500 | $421 | per sq. ft. | Curtis Leonhardt, Joe Genest, Andrew Gormley, Jen Buckley (Marcus & Millichap) |
Greater Ottawa Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Apartment | Ottawa | 101-115 Amaya Private | $10,800,000 | $675,000 | per unit | |
Office | Ottawa | 96-102 Bank Street | $7,600,000 | $367 | per sq. ft. | |
Industrial | Nepean | 42 Colonnade Road | $3,600,000 | $490 | per sq. ft. | Giorgio DiNardo & David A. MacLeod (Avison Young) |
Greater Edmonton Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter |
|---|---|---|---|---|---|
Apartment | Edmonton | 11821 105th Street NW | $1,987,500 | $124,219 | per unit |
Industrial | Edmonton | 10563 111th Street NW | $1,870,000 | $381 | per sq. ft. |
Apartment | Edmonton | 12937 127th Street NW | $1,200,500 | $100,041 | per unit |
ECONOMIC PRINT
Canada commercial real estate market indicators
Jobs grew, even as unemployment edged up
Canada added roughly 300,000 net new jobs in 2025, with the strongest gains in Alberta and the Prairies and slower growth in B.C., Ontario, and Atlantic Canada. Even with employment expanding across the country, the unemployment rate ticked up slightly, driven mainly by softer conditions in B.C. and Ontario. The takeaway for CRE is that steady job growth still underpins demand for workspace and supports investment, even in a choppier economy.
Figure 1: Employment trends, Canada
Cap rates steady overall, with Class AA office a standout
Altus Group’s Q4 2025 Investment Trends Survey pointed to another quarter of stable pricing, with overall cap rates across the four benchmark asset classes essentially flat as ongoing uncertainty kept buyers and sellers cautious. One notable exception was Downtown Class AA office, where cap rates continued to drift downward as leasing activity improved and rental rates stabilized. Read the full Q4 2025 Investment Trends Survey analysis for the latest cap rate trends, market preferences, and momentum signals across Canada.
Figure 2: National markets - OCR trends for four benchmark asset classes
INSIGHTS Spotlight
Catch the latest research and insights from Altus
Canadian CRE investment trends - Q4 2025
Our Q4 2025 Investment Trends Survey shows pricing holding steady across most asset classes as uncertainty keeps the market cautious, with Downtown Class AA office standing out on improving leasing momentum. Read the full report for deeper insights on cap rates, investor preferences, and momentum across Canada.
How investor demands for transparency are reshaping valuation workflows
Investor expectations for transparency are rising fast, and this article explores how that shift is exposing cracks in traditional valuation workflows while pushing firms toward more connected, data-driven processes. Learn how greater transparency can become a competitive advantage and what it takes to modernize valuation workflows in the full article.
IMPORTANT DATES
Hear from our experts
Peter Norman
Vice President and Economic Strategist, Altus Group
Session:
Forum Friday: 5th Annual Economic Outlook Webinar
Ontaro Professional Planners' Institute
January 30
12:00pm ET
About our research team
Ray Wong
Vice President, Data Solutions
Altus Group
Ray is the Vice President, Data Solutions, Client Delivery team with the Altus Group and has over 30 years of market research experience. He works closely with both internal and external clients to provide timely information and industry insights about the Canadian market and at a global scale. Ray is regularly asked to speak at various industry events and answer media outlet requests.
Peter Norman
Vice President and Economic Strategist
Altus Group
Peter Norman is a recognized leader in commercial real estate economics and strategic market insights. As vice president and economic strategist, Norman drives thought leadership initiatives, economic forecasting, and innovative solutions to industry challenges, reinforcing Altus Group’s position as a market leader. With 30 years of experience as a prominent economist, Norman combines a deep understanding of economic principles with a talent for communicating complex concepts clearly and persuasively.
Edward Jegg
Research Manager
Altus Group
Edward Jegg serves as a Research Manager on the Data Solutions team at Altus Group, leveraging over 35 years of extensive experience in the commercial real estate sector to deliver market intelligence to the industry. Jegg plays a key role in creating and disseminating detailed market reports across Canada, providing stakeholders with timely insights for investment decision-making. Jegg is a recognized expert, frequently offering media commentary on real estate trends and recently receiving the prestigious Chair's Award of Merit from BILD for his outstanding contribution to the field.
Jennifer Nhieu
Senior Research Analyst, Data Solutions
Altus Group
Jennifer Nhieu is a Senior Research Analyst, Data Solutions with Altus Group, where she specializes in providing timely, data-driven insights into the Canadian market. Leveraging her background in commercial real estate and geographic information science, Jennifer is a key contributor to Altus Group’s quarterly research insights. She transforms complex data sets into clear, actionable intelligence, helping stakeholders make informed decisions.
About the Data Solutions team
Behind every update in our newsletter is the work of our Data Solutions team, a group dedicated to keeping you informed on commercial real estate activity across Canada. From Vancouver to Toronto (and everywhere in between), they track transactions, visit properties, and add the local context that numbers alone can’t capture. Their work goes beyond deals, by providing insights into new home developments and sales trends, as well as detailed office and industrial inventory data across key markets, from Montreal and Calgary to Winnipeg, Quebec City, and Atlantic Canada.
Disclaimer: The opinions expressed in this newsletter are solely those of the authors and are not endorsed by Altus Group Limited, its affiliates and its related entities (collectively “Altus Group”). This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice or services of Altus Group. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy, completeness or reliability of the information contained in this publication, or the suitability of the information for a particular purpose. To the extent permitted by law, Altus Group does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. The distribution of this publication to you does not create, extend or revive a client relationship between Altus Group and you or any other person or entity. This publication, or any part thereof, may not be reproduced or distributed in any form for any purpose without the express written consent of Altus Group.
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