Article
3 Takeaways from CBRE’s Q2 Canada Investment Report
September 23, 2026 3 Minute Read
Canadian commercial real estate investment volumes grew to $16.2 billion in the second quarter of 2026, the highest quarterly investment volume total seen since early 2022.
The number of transactions also increased by 4.8% quarter-over-quarter to 2,146 deals in Q2, marking the second highest quarterly deal count of the last 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.”
Here are some key takeaways from CBRE’s Q2 2026 Canada Investment Overview.
Multifamily Takes The Lead, Industrial Follows
Multifamily was the most active investment asset class in Q2, with volumes totaling $6.5 billion. The Welltower acquisition of Amica Senior Lifestyles accounted for nearly half of the quarter’s volume.
Industrial real estate continued to attract significant capital investment, with $4.2 billion in volumes in Q2 2026 – well surpassing the trailing three-year quarterly average pace. The largest single-asset transaction of the quarter was the $326-million purchase of a fulfilment centre in Cambridge, ON, by Pontegadea.
Strong Cross-Border Investment
Cross-border investment in Canadian commercial real estate reached $4.3 billion in Q2 2026, and foreign investors accounted for the highest level of quarterly investment activity since Q1 2023.
This brought total cross-border investment volumes for the first half of the year to $5.1 billion, already surpassing the full year totals of the prior two years.
Capital inflows in Q2 were led by the Americas region, with the vast majority stemming from Welltower’s acquisition of Amica Senior Lifestyles.
Europe, Middle East and Asia (EMEA) investors accounted for $613 million of cross-border inflows, while private Canadian investors were the second largest purchaser group this quarter, accounting for slightly over one-third of acquisitions.
Canadian Markets See Higher Activity
Overall investment activity was mostly positive in Q2 2026, with six out of the nine tracked markets recording year-over-year growth in volumes. Stronger momentum was seen across nearly all markets, with volumes exceeding their respective three-year quarterly trailing average.
Toronto volumes dwarfed all other cities, accounting for 44% of the national total in Q2 2026, supported by strong multifamily and industrial transaction activity. Toronto’s investment volume reached $669.2 million, followed by Montreal at $260.5 million and Halifax at $140.6 million.
Notable growth in investment volumes was also seen in London, Waterloo Region and Ottawa, with year-over-year increases of 237.1%, 118.5% and 89.2% in Q2 2026, respectively.
“Q2 2026 was a defining quarter for Canadian commercial real estate investment,” says Senst, “with strong transaction activity in many cities and across asset classes.”
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