CRE This Week: What's impacting the Canadian market
December 10, 2025 - Canada commercial real estate market insights, indicators, and notable transactions
December 10, 2025
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: Apartment
Trafalgar Lodge, Oakville
$9,450,000
$136,957 per unit
Greater Vancouver Area: Apartment
145 East 15th Avenue, Vancouver
$7,550,000
$328,261 per unit
Brokers: Mark Goodman, Ian Brackett & Megan Johal (Goodman Commercial Inc.)
Greater Montreal Area: Apartment
335 Deguire Boulevard, Saint-Laurent
$46,000,000
$255,555 per unit
Brokers: Guillaume Monast, Mark Sinnett, Sebastien Gatti, Marie-Claire Laflamme-Sanders (Avison Young)
Greater Calgary Area: Industrial
3110-3130 12th Street NE, Calgary
$8,150,000
$229 per sq. ft.
Brokers: Luke Hamill, Evan Renwick (CBRE)
Greater Toronto Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Office | Old Toronto | 70 York Street | $134,591,195 | $638 | per sq. ft. | John Coates, Ashley Martis, Elliot Medoff, Alexandra Ivashenko (TD Securities Real Estate) & Peter Senst, Jaysen Smalley, Kai Tai Li (CBRE) |
Hotel | Scarborough | Lido Motel | $19,700,000 | $255,844 | per room | Jonathan Hittner, Neil Musselwhite, David Lieberman, Eamonn McConnell, Daniel Cassese (Avison Young) |
Industrial | Oakville | 851 Progress Court | $16,000,000 | $263 | per sq. ft. | Ben Sykes & Tristan Bogler (Avison Young), Ben Williams (Colliers) |
Greater Vancouver Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Industrial | Surrey | #103-104, 3438 195th Street | $4,415,511 | $798 | per sq. ft. | Michael Farrel, Joe Lehman (Avison Young) |
Retail | Richmond | #2370, 4000 No. 3 Road | $3,920,000 | $626 | per sq. ft. | Sebastian Espinosa, Grant Basran (Lee & Associates) |
Industrial | Abbotsford | #100, 1471 Riverside Road | $2,164,500 | $500 | per sq. ft. |
Greater Montreal Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Office | Plat-Mt-Royal | 3510-3540 St-Laurent Blvd | $33,000,000 | $206 | per sq. ft. | |
Industrial | LaSalle | 7050 St-Patrick Street | $27,500,000 | $148 | per sq. ft. | |
Industrial | Vieux-Longueuil | 650 Herelle Street | $14,250,000 | $235 | per sq. ft. | Richard Sauvé (NAI Commercial), Robert Metcalfe (Savills) |
Greater Calgary Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Retail | Calgary | 13750 Bow Bottom Trail SE | $6,900,000 | $398 | per sq. ft. | |
Industrial | Calgary | 5775 11th Street SE | $6,600,000 | $141 | per sq. ft. | Sam Binfet, Kyle Bietz (Colliers) |
Office | Calgary | #1000, 367 Nolanridge Crescent NW | $3,900,000 | $365 | per sq. ft. |
ECONOMIC PRINT
Canada commercial real estate market indicators
Hotel sector back on track following the pandemic, and less reliant on ancillary services
Hotel transactions are one of the few bright spots in an otherwise quiet CRE market, with volumes up 46% nationally through the first 11 months of 2025. The rebound mirrors a sector that’s returned to full strength: hotel revenues hit $30B last year, back in line with pre-pandemic levels. And as operators rely less on catering and event income, nightly room revenue now makes up a growing share of performance, pointing to healthier, more resilient fundamentals.
Figure 1: Accommodation services, Canada
Vancouver remains a favourite, even as capital waits
Despite softer transaction volumes in Q3, there is meaningful institutional capital sitting on the sidelines in Vancouver. The market continues to rank as a top destination for investor preference, signalling that many groups are waiting for clearer signals on rates and global trade rather than redeploying elsewhere. As economic volatility moderates, particularly around international trade, this sidelined capital is expected to re-enter the market gradually in 2026, setting the stage for a phased recovery in investment activity.
Figure 2: Property transactions by asset class year-to-date (Q3 2024 vs. Q3 2025)
INSIGHTS Spotlight
Catch the latest research and insights from Altus
Vancouver CRE market update – Q3 2025
Vancouver’s CRE market slowed in Q3 2025, with investment volume down 23% year-over-year to nearly $6.5B and sharper pullbacks in land, industrial and multifamily. Even so, Vancouver remains a top-rated market for investors, with institutional capital largely waiting on clearer economic and financing conditions before re-entering.
Montreal CRE market update – Q3 2025
Montreal’s CRE market posted a mixed Q3, with overall investment down 13% year-over-year to just under $6.6B and multifamily alone accounting for roughly half of all volume. The market is leaning toward rental housing and select office, while industrial and land lag, with the pace of any rebound tied closely to rate cuts bedding in and trade risks easing.
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.
Resources
Latest insights
