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CBRE Canada CEO Jon Ramscar: Investors Have a Golden Opportunity to Access Vancouver Real Estate
March 31, 2026 5 Minute Read
Vancouver has endured its share of the real estate market fallout in recent years. But CBRE Canada President & CEO Jon Ramscar told the Vancouver Real Estate Forum that there is a compelling reason to have renewed confidence in the city’s prospects: Access.
“For the first time in years investors have a genuine opportunity to enter the market,” he said. “At the peak many groups were eager to participate but were constrained by pricing or unable to move quickly enough. A slowdown in development and new supply simply equates to positive impacts on demand and pricing.”
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In CBRE’s most recent Lenders’ Survey, 47 organizations representing over $200 billion in commercial real estate loans under management cited Vancouver as their top Canadian city for investment.
“Vancouver moved into the #1 spot ahead of Toronto for the first time in 10 years,” Ramscar noted. “This is telling as lenders are all about risk and analyzing the risk curve and they are comfortable with Vancouver’s outlook.”
Demand for Quality Office Is Rebounding
A case in point is Pontegadea’s $1.2-billion purchase of The Post office development, the third largest office transaction last year in North America, not just Canada. “That’s a big vote of confidence in the future of the Vancouver office market,” said Ramscar. “Demand for high-quality office space is rebounding and continuing to strengthen.”
“Office is not disappearing by any means, it is being redefined,” he added. “The winners will be prime locations and high-quality buildings with owners willing to reinvest and focus on operations.”
Industrial Will Benefit from Trade Reorientation
Another reason to believe in Vancouver: As Canada reorients its trade from North-South to East-West, the Port of Vancouver and industrial operations in the region will be more vital to the Canadian economy.
“Three of the first 11 projects announced by the Major Projects Office are located in B.C., plus the new federal defense-industrial strategy has $6.6 billion dollars behind it and is likely to have major benefits for this market,” Ramscar said.
He noted that industrial lands make up only 4% of Metro Vancouver's land base but support 22% of jobs and 30% of regional GDP. “Large format leasing in Vancouver has been some of the best in Canada, drawing down the number of industrial listings over 100,000 sq. ft. by 50%. The constraints are increasing and that’s good news for owners of real estate.”
Vancouver industrial is as close as it gets to a sure thing these days, Ramscar added. “Annual net absorption has been reliably positive for all but one of the last 16 years and is on the rise again. Even at today’s rental rates, loan sensitive underwriting is generally still solid, defensible and dependable.”
Robust Multifamily Investment Pipeline Is Emerging
In the multifamily market, while transaction volumes are off peak, Ramscar noted that a “robust pipeline of investment opportunities” is emerging across Metro Vancouver.
“This is very much a period of price discovery, and while a near-term return to historical trading volumes is unlikely, those able to invest and build today stand to benefit from constrained supply in the years ahead.”
Multi-family housing has a compelling long-term investment thesis and institutional confidence remains strong, he added. “Smart money is making a big bet, including the proposed $4 billion InterRent REIT acquisition.”
Retail Strength Is Driving Development
Retail may be the most surprising story in Canadian real estate today, Ramscar said. “It has been the most stable and best performing of the commercial asset classes, delivering the strongest retail leasing and investment sales in CBRE Canada’s history last year.”
That strength drove transformative projects like the Oakridge Park redevelopment. The $5-billion mixed-use project began in 2017 and is now nearing completion. It will add 1.2 million sq. ft. of retail, built around multiple high-rise towers and 700,000 sq ft. of office space.
The retail is largely pre-leased and opens this spring. “It is a success in the making, but this development would be hard pressed to get off the ground today,” Ramscar said.
Capital Is Starting to Re-Engage With Vancouver Real Estate
Capital is starting to re-engage and early movers are taking advantage of Vancouver real estate opportunities.
“This city is home to some of the most talented entrepreneurs, investors and developers in global real estate,” he said. “And as one of the most supply constrained markets in global real estate it does not take much to achieve positive demand.”
The real estate industry is navigating one of the most complex environments it has faced in decades. But Ramscar cautioned that those investors who wait for full market normalization in Vancouver risk missing the window of opportunity altogether.
“A new dawn is breaking in Vancouver real estate. It’s only a matter of time before more embrace this moment in the cycle.”
Recent Insights
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CBRE recently brokered the sale of 150 Slater St., a 447,448 sq. ft., Class A office tower in the heart of the capital’s financial district.
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Article
CBRE Canada CEO Jon Ramscar: Investors Have a Golden Opportunity to Access Vancouver Real Estate
Jon Ramscar told the Vancouver Real Estate Forum today that there is a compelling reason to have renewed confidence in the city’s prospects: Access.
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The seven-storey office building is being built on top of a restored former 100+ year old warehouse, combining the aesthetic of a century-old brick and beam structure with the functionality and sleekness of new, state-of-the-art office space.
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