CRE This Week Gradient Overlay Canada

CRE This Week: What's impacting the Canadian market

October 22, 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.

CRE This Week Landing Page Image Canada

FEATURED TrANSACTIONS


Canada property transactions


Britannia Road East cropped

Greater Toronto Area: Industrial

1353 Britannia Road East, Mississauga

$6,600,000

$400 per sq. ft.





More regional transactions
th ave cropped

Greater Vancouver Area: Office

16088 84th Avenue, Surrey

$13,000,000

$463 per sq. ft.

Brokers: Nicholas Westlake (CBRE)




More regional transactions
Saint Martin Blvd East cropped

Greater Montreal Area: Retail

1610 Saint-Martin Boulevard East, Laval

$15,500,000

$380 per sq. ft.





More regional transactions
th Street SE cropped

Greater Calgary Area: Industrial

3636 7th Street SE

$5,150,000

$159 per sq. ft.





More regional transactions


Greater Toronto Area transactions


Sector

Municipality

Address

Price

Unit price

Parameter

Brokers

Industrial

Mississauga

400-450 Matheson Boulevard East

$39,700,000

$345

per sq. ft.

Victor Cotic, Max Brenzel, Gord Cook, Taylor Farris, Farabe Wahab (Colliers)

Industrial

Mississauga

2360 Millrace Court

$22,500,000

$278

per sq. ft.

Ben Williams, Sam Sgambelluri, Eric Margo (Colliers); Ade Akinbola (Real City Realty Inc.)

Retail

Ajax

425 Bayly Street West

$14,500,000

$603

per sq. ft.




Access Altus Group's commercial transactions database



Greater Vancouver Area transactions


Sector

Municipality

Address

Price

Unit price

Parameter

Apartment

Coquitlam

1200 Howie Avenue

$19,400,000

$294,000

per unit

Retail

Abbotsford

32853 Ventura Avenue

$3,150,000

$704

per sq. ft.

Industrial

Abbotsford

2518 Clearbrook Road

$2,763,800

$401

per sq. ft.



Access Altus Group's commercial transactions database


Greater Montreal Area transactions


Sector

Municipality

Address

Price

Unit price

Parameter

Apartment

LaSalle

1400-1600 Angrignon Boulevard

$88,500,000

$197,105

per unit

Apartment

Vieux-Longueuil

1575 Notre-Dame-de-Grâces Street

$11,200,000

$157,746

per unit

Retail

Terrebonne

706-712 des Seigneurs Boulevard

$7,250,000

$288

per sq. ft.



Access Altus Group's commercial transactions database


Greater Calgary Area transactions


Sector

Municipality

Address

Price

Unit price

Parameter

Brokers

Industrial

Calgary

5218 86th Avenue SE & 5251 84th Avenue SE

$9,500,000

$116

per sq. ft.


Industrial

Okotoks

1101 & 1103 North Railway Street

$2,075,000

$277

per sq. ft.

Evan Perry (Century 21 Foothills Real Estate)

Apartment

Calgary

438 12th Avenue NE

$1,135,000

$283,750

per unit




Access Altus Group's commercial transactions database

CRE This Week Economic Print

ECONOMIC PRINT


Canada commercial real estate market indicators

Total construction investment in buildings is holding up, despite recent slowdown in home sales and building permits


Investment in building construction was up 5% year-over-year in August, supported by earlier strength in the residential sector. However, new permits signal a slowdown ahead, with residential values down 10% in August and non-residential down 5%, led by industrial projects. The institutional sector remains the only area of growth, backed by government spending. Overall, the data suggests the boost from last year’s housing momentum is starting to ease as home sales cool.

Figure 1: Construction investment, buildings, Canada

Market Indicator

Greater Toronto Area industrial activity slows amid trade uncertainty


Industrial leasing and user sale activity in the Greater Toronto Area remained muted this quarter, as ongoing Canada–US trade tensions and tariff impacts weighed on confidence. Availability held at 4.9%, and the market recorded a second consecutive quarter of negative absorption, reflecting tenant consolidation and a cautious approach to new commitments.



Figure 2: Greater Toronto Area industrial leasing and user sale activity

Market indicator

Greater Toronto Area mid-sized bay industrial demand remains resilient


Average lease rates and user sale activity in the Greater Toronto Area have remained largely unchanged from 2024, reflecting steady demand for mid-sized industrial bays despite broader market headwinds. While trade uncertainty has tempered large-scale investment, occupier interest in functional, mid-sized space continues to provide a stable foundation for the region’s industrial market.

Figure 3: Greater Toronto Area average industrial leasing and user sales

Market indicator
CRE This Week Market Research

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About our research team

Raymond-Wong's Profile
Ray Wong

Vice President, Data Solutions

Altus Group

Altus Research

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's Profile
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's Profile
Edward Jegg

Research Manager

Altus Group

Altus Research

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's Profile
Jennifer Nhieu

Senior Research Analyst, Data Solutions

Altus Group

Altus Research

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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