Much of Western Canada continued to experience slower market activity in the first half of the year, as regional economies continued to recover from the downturn in the oil sector.<\/p>\n
However, in B.C.\u2019s Lower Mainland, activity was brisk and prices continued to increase significantly in the commercial property market.<\/p>\n
\u201cDemand for commercial property in the Vancouver area remains very high and continues to be driven mainly by local investors,\u201d said Elton Ash, Regional Executive Vice President, RE\/MAX of Western Canada.<\/p>\n
\u201cOver the next several months, we may start to see more interest from foreign investors. As a result of the recent foreign buyer tax on residential properties, buyers who are interested in investing in Greater Vancouver may start to shift their focus to commercial properties.\u201d<\/p>\n
The commercial real estate markets in Calgary and Edmonton continued to feel the impact of lower oil prices.<\/p>\n
\u201cThere continues to be demand for good quality product in the Calgary and Edmonton markets, though a full recovery is not expected until oil prices rebound,\u201d said Ash.<\/p>\n
\u201cFor investors, there will likely be some good opportunities coming on the market later this year and next year as owners start to sell off assets.\u201d<\/p>\n
The markets in Saskatoon and Regina have remained fairly active despite a somewhat softer market caused by the downturn in the resource sector. In both cities, the first half of 2016 saw increased investor interest from Real Estate Investment Trusts (REITs).<\/p>\n
In Winnipeg, demand for commercial properties has continued to outpace supply.<\/p>\n
Be sure to download the full report below!<\/p>\n
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