CRE This Week: What's impacting the Canadian market
December 3, 2025 - Canada commercial real estate market insights, indicators, and notable transactions
December 3, 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: Industrial
33 Alex Avenue, Vaughan
$9,000,000
$536 per sq. ft.
Brokers: Paul Miceli & Marcello Scorza (Vanguard Realty)
Greater Vancouver Area: Apartment
3108 Oak Street, Vancouver
$12,700,000
$508,000 per unit
Brokers: Brett Aura & Christine Leung (TRG Commercial)
Greater Montreal Area: Apartment
25 Plourde Street, Charlemagne
$7,250,000
$185,897 per unit
Greater Edmonton Area: Retail
4108 Calgary Trail NW, Edmonton
$17,300,000
$334 per sq. ft.
Greater Toronto Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Office | Old Toronto | 339 Queen Street East | $25,788,950 | $618 | per sq. ft. | |
Retail | Burlington | White Oak Plaza | $9,500,000 | $238 | per sq. ft. | Harrison Livermore, Chris Daly, Richard Chilcott, Ankit Jindal (Avison Young) |
Apartment | East York | 991 - 995 O'Connor Drive | $7,600,000 | $211,111 | per unit |
Greater Vancouver Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Retail | Port Moody | 125 Albert Street, #CRU 6 | $1,976,300 | $1,407 | per sq. ft. | Craig W. Ballantyne (Cushman & Wakefield) |
Industrial | Richmond | 21331 Gordon Way, #3140 | $1,766,000 | $519 | per sq. ft. | Isaac Li (Nu Stream) |
Industrial | Coquitlam | 2660 Barnet Highway, #117 | $1,561,545 | $929 | per sq. ft. | Ben Lutes & Garth White (Avison Young) |
Greater Montreal Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter |
|---|---|---|---|---|---|
Industrial | Boucherville | 1460 Graham-Bell Street | $5,950,000 | $242 | per sq. ft. |
Industrial | Candiac | 130 de l'Isere Street | $5,075,000 | $319 | per sq. ft. |
Apartment | St-Leonard | 8465 Jean-Nicolet Street | $4,400,000 | $220,000 | per unit |
Greater Edmonton Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter |
|---|---|---|---|---|---|
Apartment | Edmonton | 11821 105th Street NW | $1,987,500 | $124,219 | per unit |
Industrial | Edmonton | 10563 111th Street NW | $1,870,000 | $381 | per sq. ft. |
Apartment | Edmonton | 9927 81st Avenue NW | $1,650,000 | $165,000 | per unit |
ECONOMIC PRINT
Canada commercial real estate market indicators
Housing starts stay strong despite weakening new-home sales
New-home sales tracked by Altus Data Solutions have softened nationwide, with sharp declines in Toronto and Vancouver. Even so, 2025 is on pace for roughly 256,000 housing starts, one of the strongest years on record. That momentum is unlikely to last. Weak presale activity points to a slowdown ahead, with national starts expected to ease into the 215,000–220,000 range over the next few years. The pullback will be driven largely by Ontario and B.C., while this year’s surge in Alberta, Quebec, and Atlantic Canada is expected to moderate. Slower population growth across most regions underpins the softer outlook heading into 2026 and beyond.
Figure 1: Altus Group housing starts forecast, Canada
A split performance emerges across Montreal’s major asset classes
Montreal’s CRE market pulled in two directions this quarter. Multifamily stayed the standout performer, fuelled by strong suburban activity in places like Laval. Class AAA office also saw a lift as tenants and investors continued the flight to quality. On the flip side, industrial investment dropped sharply amid trade uncertainty and softer export demand, and land sales slowed as higher development costs pushed projects to the sidelines.
Figure 2: Property transactions by asset class down by 13% YOY (YTD Q3 2024 vs. YTD Q3 2025)
INSIGHTS Spotlight
Catch the latest research and insights from Altus
Montreal commercial real estate market update – Q3 2025
Montreal’s CRE market cooled in Q3, with investment down 13%, but the slowdown wasn’t universal. Multifamily stayed solid and Class AAA office saw renewed activity, while industrial and land investment fell sharply amid trade uncertainty and softer economic conditions.
Canada’s shifting fundamentals are reshaping housing and construction
Canada’s housing and construction markets are finding firmer footing as inflation cools and rates ease. New-home sales may be slowing, but construction pipelines remain active and renovation spending is rebounding, pointing to a more balanced market heading into 2026.
IMPORTANT DATES
Visit us at the Toronto Real Estate Forum
Rich Sarkis
President, ARGUS Software & Data
Session:
Applying AI functions and technology in real estate
Toronto Real Estate Forum
December 4, 2025
11.30 am 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
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.
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