Total investment sales volume in 2021 capped at an impressive CAD$33.5 billion, as assets traded for a total of CAD$9.2 billion during the fourth quarter. A significant portion of Canadian transactions was driven by foreign interest, particularly from U.S. Investors.
Key Canadian Takeaways:
- Transactional activity among multifamily properties dropped 73% year-over-year (YoY) to CAD$1.7 billion, declining for the first time since Q1 2020.
- Industrial assets led the charge this quarter with CAD$3.2 billion in sales, up 31% YoY. In the GTA, Blackstone acquired the CAN Industrial Portfolio for roughly CAD$245 million, the largest industrial portfolio sale of the fourth quarter.
- Cross-border transactions continue to dominate the market, particularly among landmark office properties. Colliers’ Capital Markets Team advised on the acquisition of the Royal Bank Plaza, purchased by Spanish billionaire, Amancio Ortega for CAD$1.2 billion.
- Annual transaction volume was more than double that of 2020 for Hotel assets, as properties traded for above CAD$1.9 billion in 2021.