Canada Investment Overview Q1 2026

Investment activity totaled $11.6 billion in Q1 2026 as market sustains momentum

• Canadian commercial real estate investment totaled $11.6 billion in Q1 2026, moderating 20.0% quarter-over-quarter in line with seasonal norms. On a year-over-year basis, investment activity rose 2.6%, reflecting continued steady market recovery.
• Multifamily remained the most active asset class at $3.7 billion in Q1 2026 while industrial was the only class to record a quarter-over-quarter increase in volumes of 3.1% to $3.1 billion. Office investment totaled $1.7 billion for the second highest quarterly total since Q3 2023.
• Private Canadian investors remained dominant, capturing over half of Q1 2026 acquisitions. Foreign investors were the second most active group, boosted by DekaBank's $279 million acquisition of Tour Deloitte in Montreal. Meanwhile, institutional activity rose to 11.2% of purchases for its highest level seen in over three years.
• Cross-border investment into Canadian commercial real estate totaled $713.1 million in Q1 2026, driven largely by Germany's DekaBank acquiring the Tour Deloitte office tower in Montreal. Inbound capital from the Americas led cross-border activity at $335.7 million while EMEA and APAC contributed $331.5 million and $65.9 million, respectively.
• Five of nine tracked markets recorded year-over-year volume growth in Q1 2026. London volumes more than doubled year-over-year while Ottawa and Halifax also saw notable gains.