Canada Investment Overview Q4 2025

Annual investment volumes reached $47.0 billion in 2025 as transaction velocity accelerated in Q4 2025

• Investment activity for Canadian commercial real estate rose 25.1% quarter-over-quarter to $13.5 billion in Q4 2025. Throughout the year, transaction momentum has been stronger compared to 2024 leading to overall annual investment volumes of $47.0 billion.
• Multifamily remained the most active investment asset class in Q4 2025 with $4.3 billion in volumes and office investment more than doubled in Q4 2025 to $2.3 billion as a result of $1.2 billion sale of The Post in Vancouver.
• Private Canadian Investors’ share of investment activity started to normalize in 2025, accounting for 46.9% of acquisitions in Q4 2025, as a broader range of buyer groups became more active over the year.
• Cross-border investment into Canadian commercial real estate surged in Q4 2025, driving the annual total to $3.0 billion in 2025. However, excluding Pontegadea’s acquisition of The Post, foreign investment in 2025 would have instead decreased by 7.7%.
• Investment activity was higher quarter-over-quarter across seven of the nine tracked markets in Q4 2025, where volumes grew the most in Edmonton and Waterloo Region while notable decreases were recorded in London and Calgary.