TORONTO — CBRE Hotels released its “2016 Canada Commercial Real Estate Market Outlook,” and according to the pros, the coming year will offer stability and some signs of recovery.
Properties in B.C., Ontario and Quebec are expected to show strong improvement in 2016, specifically in Vancouver, Toronto and Montreal. Downtown Vancouver has experienced the strongest RevPAR increase in the country, up 19 per cent year-to-date as of September. And while properties in some Alberta markets have suffered in the past year, the decline has been decelerating.
On the tourism front, the country has experienced a 6.6-per-cent increase in inbound overnight trips year-to-date as of August and, coupled with the low Canadian dollar, will continue to attract visitors from U.S. and Asian countries.
CBRE predicts deals will focus on portfolio or bundled deals in 2016 and will likely involve core markets such as Toronto and Vancouver. Overall investment volume is forecast to reach $2.2 billion this year.
The full report can be found here.