Multifamily investors follow renters to lower-cost areas outside downtown Ottawa
West Ottawa, East Central and increasingly Outaouais see increase in apartment sales
Since 2019, the Ottawa suburbs within the East Central and West Ottawa submarkets have attracted more than 45% of all apartment property sales during any given year. This is expect...
Nation's construction starts for office and retail property hit nine-year low
Groundbreakings for industrial property drop to pre-pandemic levels
New construction starts across the retail, office and industrial sectors have plummeted to a multi-year low. Elevated construction costs, changing performance fundamentals and incr...
Canadian working-age population increases, but future less rosy
After jump in 2019-2023, working-age population set to slow starting in 2025
Canada’s working-age population, or the 15–64-year-old cohort, has grown by over 1.6% per year on average between 2019 and 2023 across Canadian cities, or census metropolitan areas...
Smaller cities attracted working-age Quebeckers between 2019-2023
Sherbrooke saw fastest growth in 15-64 age cohort
The Montreal census metropolitan area, or CMA, saw its working-age population, defined as the 15 to 64 age cohort, grow by roughly 83,600 persons between 2019 and 2023, or plus-0.7...
Ottawa investible commercial real estate universe continues to grow
Growth across sectors except for office, where aggregate values down 20% compared to 2019
Prior to the pandemic, in 2019, the aggregate size of Ottawa-Gatineau’s office and apartment sectors were roughly equal, at around $25 billion each. Retail stood at $22.5 billion, ...
Quebec’s immigration numbers at risk of declining further than forecast
Government’s decision to review future immigration targets could lead to lower population growth
Based on recent estimates, the government looks set to welcome around 59,000 permanent residents this year and up to 67,000 next year. While these levels are in line with Statistic...
The Port of Montreal strike could stoke demand for extra industrial space
Extended strike would have negative consequences for provincial, national economies
The Port of Montreal's shutdown of most operations for an indefinite period on the evening of Nov. 10 followed the longshoreman’s unit and the Maritime Employers Association, or ME...
Upgrading nation’s infrastructure could be exacerbating difficulties for real estate developers
Total public sector capital and repair spending has increased faster than inflation since 2022
The three layers of the Canadian government are currently spending more on capital and repair expenditures than in any other year in recent history. Combined, in 2024, the public s...
Canadian commercial real estate activity yet to feel effect of lower interest rates
Capital gains change boosted sales volumes in second quarter, but effect appears to be transitory
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 ...
Newer offices are most in demand in Montreal’s downtown core
Availability rate declines fastest for newest office properties
In the Quartier Central des Affaires and surrounding downtown areas of Montreal, office tenants have been keen on moving into the newest buildings available, part of a larger trend...
Montreal still awaits return of higher demand for large-bay industrial buildings
A piling up of recent deliveries, pullback in demand by distribution firms weigh on segment
Demand for Montreal’s industrial market continues to soften, especially in mid- to large- size facilities measuring between 50,000 to 500,000 square feet, where the availability ra...
Quebec cinemas continue long road to recovery
Movie theatre attendance has increased since 2020 but still falls short of pre-pandemic levels
Quebec’s movie theatres continue to recover from the pandemic era. While overall movie attendance in 2023 remained 22% below 2019 levels, it was still more than three times larger ...
Recent rate cuts have yet to increase condominium sales as prices remain near peak levels
Sales activity lackluster in country’s largest markets for the property type of Toronto, Vancouver
When interest rates were cut in the recent past, the number of condominium transactions tended to increase in conjunction with falling rates. In the current rate-cutting cycle, an ...
Elevated remote work levels persist in Quebec
Office-using sectors are most likely to have hybrid or fully remote workers
Despite the end of the public health emergency over 15 months ago, Quebec workers have yet to fully return to their offices. Overall, three in 10 provincial workers either work a h...
Federal government identifies 22 Ottawa properties suitable for housing redevelopment
Targeted properties include more than 1.3 million square feet of existing office space
The federal government has released a list of 56 properties it identified as being suitable for housing redevelopment across the country, including 22 sites in the city of Ottawa.
As Threat of Rail Strike Recedes, Canada’s Economy Remains in a Vulnerable Position
An Extended Work Stoppage Scenario Would Have Re-Sparked Inflation Fears
With the government pushing both sides to binding arbitration, the threat of a rail strike by workers at CN and CPKC, the two largest rail freight companies in Canada has receded. ...
Residents still leaving Montreal in droves
Departure rate slows, though high housing costs appear to contribute to move-outs
The Institut de la statistique du Québec released net intra-provincial migration statistics which show the exodus of Montrealers to other areas of the province remains elevated but...
Property Owners Face Another Cost in Rising Insurance Premiums
Home and Mortgage Insurance Costs Rising More Than Twice as Fast as Inflation Since 2002
Canada has been walloped again by severe weather this year, most recently in Montreal, which received 150 millimeters of rain in 24 hours on Aug. 9, well more than the 93 millimete...
Montreal Consumers Continue To Curtail Discretionary Spending
Interest Rate Cuts Should Support Recovery in Retail Sales
Montreal consumers have been reigning in their spending on discretionary items like health and beauty products or clothing, jewelry and shoes in recent months. In fact, the change ...
Strapped Canadian Consumers Expected To See Some Relief From Rate Cuts
Consumer Spending Bump Likely To Be Modest Given High Debt Levels
Since 2020, Canadian consumers have increased their non-mortgage consumer debt load. Over that same time, the average interest rate on non-mortgage consumer debt has increased by 3...