Canadian commercial real estate activity yet to feel effect of lower interest rates

Canadian annualized commercial real estate sales volume sits at $36.5 billion, the lowest level since early 2021. On a quarterly basis, transaction volumes have averaged less than $10 billion per quarter for the first three quarters of this year. This suggests that year-end 2024 transaction levels will likely be below the $40 billion mark, making this the weakest year in terms of sales activity since 2020, when $28 billion changed hands.