CRE This Week: What's impacting the Canadian market
February 4, 2026 - Canada commercial real estate market insights, indicators, and notable transactions
February 4, 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: Industrial
140 Fernstaff Court, Vaughan
$20,203,630
$386 per sq. ft.
Broker: Fraser McKenna (CBRE)
Greater Vancouver Area: Retail
5790 King George Boulevard, Surrey
$5,550,000
$890 per sq. ft.
Greater Montreal Area: Office
Tour Deloitte, Ville-Marie
$279,000,000
$543 per sq. ft.
Brokers: CBRE & RBC Capital Markets Real Estate Group
Greater Ottawa Area: Retail
100 Promenade du Portage, Ville de Gatineau
$2,100,000
$288 per sq. ft.
Greater Toronto Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Office | North York | Yonge Corporate Centre | $140,000,000 | $213 | per sq. ft. | Jamie Ziegel, Ashley Martis, Elliot Medoff, Alexandra Ivashenko (TD Cornerstone Commercial Realty Inc.) & Peter Senst, Jaysen Smalley, Kai Tai Li (CBRE) |
Retail | East York | 1068 & 1070 Pape Avenue | $17,400,000 | $681 | per sq. ft. | Nurit Altman, Dan Giaquinto, Colm Kenny, Themy Koutrakos, Ryan Marino (RBC Capital Markets Real Estate Group) |
Industrial | Mississauga | 6180 Danville Road | $7,018,000 | $320 | per sq. ft. | Matt Picken, Bryce Gibson, Luis Almeida, Jared Cowley, Vienna Loo, Rodrigo Silva (Jones Lang LaSalle) |
Greater Vancouver Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Industrial | North Vancouver | 1516-1520 Columbia Street | $5,484,000 | $567 | per sq. ft. | Matt Thomas & Matt Upson (Lennard Commercial Realty), Mark Callaghan & Stefan Morissette (Jones Lang LaSalle) |
Apartment | Vancouver | 8692 French Street | $3,620,000 | $603,333 | per unit | |
Office | Coquitlam | 2992 Glen Drive, #1000 & #1005 | $1,900,000 | $1,016 | per sq. ft. |
Greater Montreal Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Apartment | Dollard-des-Ormeaux | Place Hurteau | $33,000,000 | $330,000 | per unit | Jacob Hayon & Ryan Gertier (JLL) |
Apartment | CDN-NDG | 4340-4360 Barclay Avenue | $3,035,000 | $216,786 | per unit | Saguy Elbaz (Sotherby's International Realty Quebec) & Serge Gabriel (Royal LePage Heritage) |
Apartment | Saint-Lazare | 1480 Place Moise-Therrien | $3,000,000 | $333,333 | per unit |
Greater Ottawa Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Apartment | Ville de Gatineau | 344 Champlain Street | $75,000,000 | $376,884 | per unit | |
Industrial | West Carleton | 2966 Carp Road | $4,650,000 | $264 | per sq. ft. | Sean Downey (Royal LePage Team Realty) |
Retail | Ottawa | 933 Bank Street | $2,500,000 | $500 | per sq. ft. | Konsuella Roberts (Acerta Realty Inc.), Jamie Katz (Solid Rock Realty), Geoffrey Prudhomme (Kollos Real Estate Ltd.) |
ECONOMIC PRINT
Canada commercial real estate market indicators
Office leasing momentum is back
Canadian office leasing activity in 2025 surpassed 2019 levels, signalling that return-to-office policies are translating into real demand, not just headlines. With much of that demand still flowing to top-tier space, tenants are increasingly widening the search to highly amenitized Class A (and select Class B), creating a clearer runway for well-executed repositioning.
Figure 1: Canadian office leasing activity, 2019-2025
Construction sector unemployment reached a five-year high in 2025 as the number of unfilled positions continued to ease
Canada’s construction labour market loosened in 2025, with unemployment rising to a five-year high and job openings continuing to drift down from their peak three years ago. Housing starts stayed strong overall but faded in Q4, and weaker new-home sales point to further cooling ahead. Non-residential construction also softened as industrial and commercial spending pulled back, partly offset by steadier institutional work, setting up more slack in 2026.
Figure 2: Canada construction labour market conditions
INSIGHTS Spotlight
Catch the latest research and insights from Altus
Canadian industrial market update – Q4 2025
Canada's industrial availability rose to 6.3% in Q4, but regional performance diverged sharply. Ottawa tightened to 4.3% while Halifax hit 12.2%, and construction pipeline moderation could trigger a supply gap in 2026-27.
Canadian office market update – Q4 2025
Altus Data Studio analysis shows Canada’s office market rebounded in Q4 2025, with availability down to 16.0% and demand still skewed to Class AAA space. With new supply at a multi-year low and about 24% of space under construction still available, the full report outlines what’s next for tenants and owners.
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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