CRE This Week in Canada - What's impacting the CRE market?
September 10, 2025 - Canada commercial real estate market insights, indicators, and notable transactions
Week of September 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 Monday morning.
FEATURED TrANSACTIONS
Canada property transactions
Greater Gold Horseshoe: Multifamily
163 Macgregor Crescent, Waterloo
$2,533,000
$168,866 per unit
Greater Toronto Area: Multifamily
175 Rutledge Road, Mississauga
$60,200,000
$452,632 per unit
Greater Montreal Area: Multifamily
8335-8415 de l’Acadie Blvd, Vill-St-M-P-Ext
$15,637,037
$208,494 per unit
Greater Toronto Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter |
|---|---|---|---|---|---|
Industrial | North York | 425 Alness Street | $24,000,000 | $265 | per sq. ft. |
Industrial | Markham | 40 Konrad Crescent | $8,806,280 | $490 | per sq. ft. |
Industrial | Oshawa | #1 & 2, 1155 Boundary Road | $7,500,000 | $273 | per sq. ft. |
Greater Vancouver Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter |
|---|---|---|---|---|---|
Industrial | Delta | 7471 Vantage Way | $13,740,000 | $404 | per sq. ft. |
Office | Vancouver | 1220 Homer Street | $13,250,000 | $684 | per sq. ft. |
Apartment | Vancouver | 1016 West 12th Avenue | $4,600,000 | $418,182 | per unit |
Greater Montreal Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter |
|---|---|---|---|---|---|
Retail | LaSalle | 7333,7401-7475 Newman Blvd | $62,000,000 | $280 | per sq. ft. |
Industrial | RDP-PAT | 3800 du Tricentenaire Blvd | $16,275,000 | $178 | per sq. ft. |
Retail | Laval | 4309-4367 & 4229-4239 Notre-Dame Blvd | $7,000,000 | $155 | per sq. ft. |
Greater Golden Horseshoe transactions
Sector | Municipality | Address | Price | Unit price | Parameter |
|---|---|---|---|---|---|
Office | St. Catherines | 105 Queenston Street | $4,200,000 | $312 | per sq. ft. |
Industrial | Brantford | 124 Bruce Street | $2,700,000 | $326 | per sq. ft. |
Retail | Kitchener | 1501 Victoria Street North | $2,000,000 | $663 | per sq. ft. |
ECONOMIC PRINT
Canada commercial real estate market indicators
Months of new condominium supply continue to increase
Due to the combination of a lack of investors and user preferences, the supply of new condominiums continues to rise despite the slowdown in new construction.
Condominium supply - Year-over-year comparison
Food-anchored retail and multi-unit residential maintain their dominance
It's not a big surprise that food-anchored retail and multi-unit residential continue to be investor preferences. The challenge remains the lack of investment products.
Property type barometer - All available products Q2 2025
Industrial sublet rates are on the rise again...
Overall, industrial sublets are increasing as tenants struggle with the challenging impact of tariffs.
Industrial sublet rates across Canada - Quarter-over-quarter
Downtown office direct Class A vacancy rates flattening
Companies continue to struggle with the increasing return to the office mandates and the need for space, especially in AA office space. With strong demand for AA space continuing and diminishing availability of contiguous space, we should see an increase in Class A leasing activity.
Class A office vacancy rates across Canada - Quarter-over-quarter comparison
INSIGHTS Spotlight
Catch the latest research and insights from Altus
Vancouver commercial real estate market update - Q2 2025
Is the Vancouver's CRE market slowing down or simply recalibrating? The Vancouver market is navigating policy shifts, global uncertainty, and slower growth, yet it remains one of the top destinations for investors nationwide.
Explore the full Q2 2025 market update
Rethinking real estate delivery with modern methods of construction
What if a seven-story building could go up in just 11 days?
That is exactly what PT Blink achieved in Brisbane, using advanced offsite manufacturing and structural systems to rethink how projects are delivered.
In the latest episode of our CRE Innovation Series, Martin Fenn MCIOB, Chief Delivery Officer at PT Blink, joins us to discuss:
How offsite manufacturing cuts time, cost, and risk in development
The role of modern methods of construction in solving housing and labor challenges
Why digital twins are reshaping long-term asset performance
IMPORTANT DATES
Altus on the road
Peter Norman
Vice President and Economic Strategist, Altus Group
Session:
Maximizing the economic power of commercial real estate in Canada
NAIOP's CRE Converge: Toronto
September 9, 2025
11:30 am - 12:25 pm ET
Raymond Wong
Vice President, Data Solutions, Altus Group
Session:
Are valuations and property transactions showing any signs of getting closer to "normal"?
RealREIT: Toronto
September 10, 2025
1:20 am - 2:05 pm 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
Head of Economic Consulting
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
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.
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
Sep 9, 2025
Convergence at the top, divergence underneath: Service-oriented CRE price trends
