A new survey by CB Richards Ellis shows that investment in commercial real estate in Canada is strong – despite media reports of an opposite trend in residential real estate.
According to the CBRE report, commercial deals done in the first half of 2010 totalled $7.8 billion as opposed to $4.9 billion for the same period in 2009 – a 60 percent increase. Because last year’s sales were hampered by the effects of the recession, surveyors also compared sales to 2005, which was a more typical year of activity; deals this year still outdid that period by 22.8 percent.
Toronto recorded the highest activity, followed by Vancouver, Montreal and Calgary. According to a CBRE spokesperson, this is a rare year when commercial sales transactions are up across all major cities.
Interestingly, foreign investment does not account for a significant portion of the volume.
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