"Confidence in Calgary’s future and plentiful opportunities to participate in future growth, coupled with the Bank of Canada interest rate reductions, created near-record demand for commercial assets at mid-year." -- David Wallach, CCIM, Owner/Broker of Barclay Street Real Estate.
Investors’ interest in the Calgary market remained remarkably strong through the first half of 2024, during which 356 transactions closed for a total of approximately $1.85 billion. Year-to-date investment is the third highest we have on record going back to 2013 and falls only behind the above-noted levels at June 30th, 2023 and the $2.5 billion in dollar volume seen at June 30th, 2022 which was artificially inflated by the $1.2 billion sale of The Bow.
After beginning the year with a bang, in which more than $1.1 billion in transactions closed, investors took a slight breather during the second quarter. Despite reduced investment among office, retail and industrial properties as well as land, more than $700.5 million transacted during the second quarter and brought year-to-date investment to 85% of mid-year 2023 levels. Notable among the trends we’ve observed so far this year is the sustained and voracious appetite for multi-residential assets and the strength of the commercial condominium market, which is on-track for another record year of sales.
