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Sales of Class An offices in Canada reached $2.7 billion in the first half of this year, up 5.5 times from $415 million in the same period last year, with transactions in the Vancouver and Toronto office markets particularly active.
Although the Canadian economy is in trouble because of low oil prices, Canada’s relative stability and the weakness of the Canadian dollar have added to the country’s attractiveness due to global events such as the UK’s vote to leave the European Union.
The office vacancy rate in Toronto fell to 4.9% in the second quarter of this year, making it the lowest in North America. At the same time, capitalization rates of A-and AA-rated real estate in Canada have fallen to their lowest level in at least a decade, especially in the centres of major cities.
Real estate consultants say Chinese buyers have always been interested in the Canadian commercial real estate market, with China’s Anbang Insurance Group announcing in May the C $660 million acquisition of Bentall Centre, Vancouver’s largest business office centre, and the $75 million acquisition of a 17-story office building in Toronto’s financial district in December. In addition to Chinese buyers, buyers from Europe have also made more inquiries in the Canadian commercial real estate market since the Brexit vote.