Commercial investment & land market

  • Investment property sales volumes in the Vancouver Market Area totalled $12.88 billion in 2018, down from the record set in 2017, but still the second highest annual total recorded by Altus Group.
  • Investment property sales slow significantly in first half of 2019.
  • Residential Land sales plummet in the first half of 2019.
  • Starlight Investments’ acquisition of Montecito Towers for $90 million will provide a boost to Apartment investment levels in the second half of 2019.

Industrial & office markets

  • Demand for industrial space continues to outstrip new supply.
  • The office vacancy rate continues to fall as little new supply added.
  • Most of the new office supply on the way is in the Downtown area.

Residential development market

  • New condominium apartment sales in the first half of 2019 dropped to their lowest first half since 2009.
  • New home sales down in 2019 throughout most of the Vancouver Market Area.
  • New condominium apartment supply now in a more balanced situation.

Homebuyers

  • Homebuying intentions up this year among potential first-time buyers.
  • Not all younger households are being priced out of the housing market.
  • Most Vancouver first-time buyers do not have a high ratio mortgage.

Commercial investment & land market

  • Total investment volumes in the Calgary Market Area increased to $3.68 billion in 2018, the highest annual total since 2012.
  • Investment property sales quieter in first half of 2019.
  • Residential Land sales fall back in the first half of 2019 after improvement last year.
  • Minto Apartment GP Inc.’s acquisition of The Quarters accounted for almost one-third of Apartment investment in the first half of 2019.

Industrial & office markets

  • The industrial vacancy rate is up again on the back of additional new supply.
  • Calgary continues to be the most oversupplied major office market in Canada.
  • Suburban office market faring slightly better.

Residential development market

  • New condominium apartment sales in the first half of 2019 dropped to their lowest level since 2010.
  • Unsold new condominium apartment inventory represents about 2 years of supply at the pace of recent sales.
  • The new home market in the central area continues to under perform.

Homebuyers

  • Homebuying intentions up among key first-time buyer group.
  • Buyers under 35 years – who are mostly first-time buyers – account for more than half of Calgary home sales.
  • Many first-time buyers in Calgary are getting help from their parents for their downpayment.

Commercial investment & land market

  • Total investment volumes in the Edmonton Market Area increased to $3.94 billion in 2018, the third consecutive year-over-year increase.
  • Sales of Retail properties in Q1 2019 reached their lowest level in almost 3 years.
  • Medium Density land accounted for almost half of total Residential Land sales in 2018.
  • Skyline Apartment REIT’s acquisition of the Portofino Suites accounted for almost one-third of Q1 2019 investment in Apartments.

Industrial & office markets

  • Industrial vacancy rate climbs higher on the back of additional new supply.
  • With little additional new supply in the pipeline, the vacancy rate should start to move down again.
  • There is no space currently under construction in the downtown area – and little in the suburbs.

Residential development market

  • New multi-family home sales reversed down again in 2018, with a further dip in early 2019.
  • The excess inventory situation in the new condominium apartment sector has deteriorated again in the past year.
  • New multi-family sales down in all submarkets except the West.

Homebuyers

  • Homebuying intentions down sharply this Spring.
  • Buyers under 35 years – who are mostly first-time buyers – account for about half of Edmonton home sales.
  • About one-fifth of recent first-time buyers used RRSP funds as the primary source of their downpayment.

Commercial investment & land market

  • Total investment property sales volumes in the Greater Toronto Area rebounded in 2019 to $22.6 billion, the 2nd highest annual volume yet recorded by Altus Group.
  • The Industrial and Apartment sectors were the biggest contributors to increased investment property sales volumes in
    the GTA in 2019.
  • The decline in total Residential Land sales volumes was led by Low Density land sales.
  • The $640 million purchase of the Atrium on Bay contributed to another record year for Office transactions in the GTA.

Industrial & office markets

  • Demand for industrial space continues to outstrip new supply.
  • Office vacancy rate approaching pre-recession levels.
  • Tight Downtown submarket is home to overwhelming majority of space under construction.

Residential development market

  • After a slow start to the year, total new home sales in the GTA rebounded in 2019, up 47% from 2018.
  • The gap in the benchmark price for a new single-family home and a new condominium apartment in the GTA continued to narrow in 2019.
  • Relatively low new condominium apartment inventories driving price increases.

Homebuyers

  • More hesitation in homebuying intentions.
  • Most younger renters would like to own a home someday.
  • Not all younger households are being priced out of homeownership.

Commercial investment & land market

  • Investment property sales volumes in the Montreal Market Area totalled $6.5 billion in 2018, up 18% from 2017.
  • The Apartment sector continued to attract the most investment dollars in 2018.
  • Just over half of the value of residential land sales was for High Density land.
  • The $112 million acquisition by Akelius Montreal Ltd. in Ville-Marie contributed to the strong Apartment performance in 2018 and boosted foreign investor sales in the Montreal Market Area.

Industrial & office markets

  • Strong demand for industrial space pushed the vacancy rate lower again in 2018, despite increased new supply.
  • Completions of new office space dropped to the lowest level since 2011.
  • Two-thirds of new office space under construction is located in Downtown Montreal.

New condominium apartment market

  • New condominium apartment sales push higher in 2018.
  • New condominium apartment inventory falls to 7 months of supply.
  • New condominium apartment sales were up in 2018 across the Montreal Market Area.

Homebuyers

  • Potential first-time buyers more hesitant this year.
  • Many younger renters want to buy a home, but are still saving for a downpayment.
  • Half of recent homebuyers were first-time buyers.

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