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Canada's commercial real estate market remains steady despite the country's softening economic growth, says Morguard.

Morguard: Canadian Major Markets Remain Resilient

Modest Canadian major market investment growth in the second quarter bodes well for the rest of 2023, says Morguard.

Major markets remained resilient as total investment rose slightly year-over-year to approximately $4.3 billion, said Morguard in its quarterly report and economic outlook.

Total investment rose to $4.3 billion as investors continued to covet industrial and multi-family rental properties. However, valuations in those sectors have decreased slightly from their peaks.

Industrial sales of about $3 billion were double the previous quarter’s total and represented a five-quarter high. Multi-family investment rose 25.9 per cent quarter-over-quarter and 10.6 per cent year-over-year.

Office and retail investment declined slightly.

Investors remained sour on office as its national availability rate hit a 30-year high of 18.1 per cent. Retail investment was below $300 million as interest-rate hikes, changing consumer behaviour and reduced portfolio availability continued to affect the sector.

Morguard, a Mississauga, Ont.-based institutional investor, holds $18.8 billion in diversified assets under management across North America.


Inside The Story

MorguardMonte Stewart

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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