Canadian commercial real estate investment climbed to $16.2 billion in the second quarter of 2026, reaching its highest quarterly level since early 2022 as deal activity and major acquisitions boosted volumes, according to CBRE.

CBRE’s Q2 2026 Canada Investment Overview found investment volumes increased 29.6 per cent from the first quarter and 51.6 per cent compared with the same period last year.

Transaction counts also rose 4.8 per cent quarter-over-quarter to 2,146 deals, the second-highest quarterly total of the past two years.

“Despite some of the negative headlines, the momentum is real and investors believe in Canada,” says CBRE Canadian Capital Markets president Peter Senst.

“We are on a trajectory that could make 2026 a record year for Canadian commercial real estate investment.”

 

Multifamily leads investment activity

 

Multifamily was the most active asset class, attracting $6.5 billion in investment during the quarter. Nearly half of that total came from Welltower’s acquisition of Amica Senior Lifestyles, said CBRE.

Industrial investment reached $4.2 billion, well above its trailing three-year quarterly average. The quarter’s largest single-asset transaction was Pontegadea’s $326-million purchase of an Amazon fulfilment centre in Cambridge, Ont.

Retail investment reached $2.1 billion, while industrial, commercial and institutional land attracted $1.8 billion. Office investment moderated slightly to $1.5 billion.

All three categories nevertheless finished above their respective three-year trailing quarterly averages, according to CBRE.

 

Foreign investment surpasses recent annual totals

 

Cross-border investment totalled $4.3 billion during the quarter, again driven largely by the Welltower-Amica deal.

That brought foreign investment during the first half of 2026 to $5.1 billion, already exceeding the full-year totals recorded in each of the previous two years.

Foreign investors represented 43.9 per cent of acquisitions in the second quarter, while private Canadian investors accounted for slightly more than one-third.

 

Toronto accounts for 44 per cent

 

Investment volumes increased year-over-year in six of the nine Canadian markets tracked by CBRE.

Toronto dominated activity, accounting for 44 per cent of national investment volume, supported by multifamily and industrial transactions.

Several smaller markets also recorded substantial annual increases. Investment volumes rose 237.1 per cent in London, Ont., 118.5 per cent in Waterloo Region and 89.2 per cent in Ottawa.

Senst says global uncertainty may be contributing to Canada’s appeal.

“Canadian commercial real estate is being perceived as a destination that will weather cycles and provide long-term, stable returns over the coming years.”