CRE This Week: What's impacting the Canadian market
October 22, 2025 - Canada commercial real estate market insights, indicators, and notable transactions
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.
FEATURED TrANSACTIONS
Canada property transactions
Greater Toronto Area: Industrial
1353 Britannia Road East, Mississauga
$6,600,000
$400 per sq. ft.
Greater Vancouver Area: Office
16088 84th Avenue, Surrey
$13,000,000
$463 per sq. ft.
Brokers: Nicholas Westlake (CBRE)
Greater Montreal Area: Retail
1610 Saint-Martin Boulevard East, Laval
$15,500,000
$380 per sq. ft.
Greater Calgary Area: Industrial
3636 7th Street SE
$5,150,000
$159 per sq. ft.
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. |
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. |
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. |
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 |
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
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
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
INSIGHTS Spotlight
Catch the latest research and insights from Altus
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Canadian CRE investment trends - Q3 2025
Altus Group’s latest Investment Trends Survey highlights how changing monetary policy and evolving risk sentiment are influencing investor behaviour across Canada’s major markets. The results reveal emerging shifts in capital flows, asset performance, and where momentum is beginning to build.
Canadian industrial market update - Q3 2025
Our Canadian Research team examines how trade tensions, tariffs, and shifting occupier sentiment shaped the industrial sector in Q3. The report highlights a steady national availability rate of 6.2%, a decline in sublet activity, and signs of recalibration across key markets as investors and developers adopt a more cautious, data-driven approach.
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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