CRE This Week: What's impacting the Canadian market
November 12, 2025 - Canada commercial real estate market insights, indicators, and notable transactions
November 12, 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: Apartment
Cawthra Gardens LTC, Mississauga
$30,600,000
$159,375 per unit
Greater Vancouver Area: Office
10745 King George Boulevard, Units 401-419, Surrey
$14,500,000
$897 per sq. ft.
Brokers: Raj Sidhu, Christina Lafakis, Harp Khela (Colliers)
Greater Ottawa Area: Industrial
683 Saint-René Boulevard East, Ville de Gatineau
$2,300,000
$268 per sq. ft.
Brokers: Anthony Vallée, Abbas Saas (Re/Max Direct Inc.)
Greater Golden Horseshoe Area: Office
345 King Street West, Kitchener
$9,000,000
$70 per sq. ft.
Greater Toronto Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Retail | Whitby | 1400 Victoria Street | $27,200,00 | $236 | per sq. ft. | Michael Law (Lennard Commercial) |
Industrial | North York | 2 & 14 Brisbane Road, 65 Alness Street | $20,348,400 | $242 | per sq. ft. | Terry Di Felice, Justin McNamara, Alex Sgro (CBRE) |
Industrial | Markham | 25 Bodrington Court | $13,000,000 | $429 | per sq. ft. |
Greater Vancouver Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Retail | Vancouver | 3106 Cambie Street | $7,450,000 | $1,083 | per sq. ft. | Brett Aura (TRG Commercial), David L Ho (CBRE) |
Industrial | Vancouver | 8188 Manitoba Street, Unit 106 | $4,550,000 | $791 | per sq. ft. | Mario Negris & Martin Moriarty (Marcus & Millichap) |
Apartment | North Vancouver | 162 West 4th Street | $3,200,000 | $320,000 | per unit | Mark Goodman, Ian Brackett, Megan Johal (Goodman Commercial Inc.) |
Greater Ottawa Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Retail | Ottawa | 641 Sladen Avenue | $6,900,00 | $203 | per sq. ft. | Ron Milligan, Gillian Burnside, James Pero (Avison Young) |
Office | Nepean | 6 Gurdwara Road | $5,370,000 | $186 | per sq. ft. | |
Apartment | Ottawa | 238 Carruthers Avenue | $3,500,000 | $350,000 | per unit |
Greater Golden Horseshoe Area transactions
Sector | Municipality | Address | Price | Unit price | Parameter | Brokers |
|---|---|---|---|---|---|---|
Apartment | Waterloo | 144 Lucan Avenue | $21,500,000 | $358,333 | per unit | |
Industrial | Brantford | 37 Adams Boulevard | $4,500,000 | $211 | per sq. ft. | Ed Doucet (Remax) |
Retail | Barrie | 66 Dunlop Street East | $1,650,000 | $150 | per sq. ft. |
ECONOMIC PRINT
Canada commercial real estate market indicators
Industrial and apartment investment continue to lead
Industrial and apartment assets remained the top drivers of CRE sales activity in 2025, underscoring investors’ focus on stable, income-producing property types. Despite an overall slowdown in transactions, multi-tenant industrial and suburban multiple-unit residential ranked among the most preferred product-market combinations, reflecting confidence in their long-term fundamentals. The hotel sector was the only category to record a year-over-year increase in sales volume, supported by a rebound in travel and tourism.
Figure 1: Canadian investment activity continues to fall below 2024 levels, Q3 2024 and Q3 2025 YTD
Canadian yield curve is returning to a healthy slope
An upward-sloping yield curve typically signals stronger economic times ahead, while a downward slope points to contraction. The good news is that Canada’s yield curve has returned to a healthy upward slope compared to one and two years ago, although elevated long bonds continue to constrain CRE investment intentions.
Figure 2: Canadian yield curve comparison, November 2023-2025
INSIGHTS Spotlight
Catch the latest research and insights from Altus
Toronto commercial market update – Q3 2025
Our latest analysis of the Toronto market shows investment activity easing in Q3 2025 as capital remains cautious. Retail and industrial sectors continue to hold steady, while office, land, and multifamily adjust to shifting economic and financing conditions.
How Canada’s shifting fundamentals are reshaping housing and construction
Vice President and Economic Strategist Peter Norman examines how cooling inflation, easing rates, and shifting demographics are reshaping Canada’s housing economy. The article highlights improving affordability, a steady construction pipeline, and a renewed upswing in renovation activity as key drivers heading into 2026.
IMPORTANT DATES
Altus on the road
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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