That marks an 89 per cent increase in investment volume compared to the same period last year, when fewer than 100 transactions valued at $436.8 million were recorded in the city.
Multi-family leads the surge
The multi-family sector was the biggest driver of Ottawa's Q2 numbers, with $386.6 million in transactions, up 86 per cent from a year ago.
Office deals anchored by a federal purchase
Ottawa's office market saw $126 million in transactions during the quarter. The single largest was the federal government's $59-million acquisition of two buildings at 1600 and 1630 Star Top Rd, a deal that alone accounted for nearly half of all office investment activity in the city for the quarter.
Industrial and land sales stay active
Industrial property sales totalled $118.2 million in Ottawa in Q2, headlined by Brookfield Properties' $64.2-million acquisition of a 45 per cent stake in a one-million-square-foot Amazon distribution centre. Investors also purchased $80 million worth of industrial, commercial and institutional land in the city over the same period, a sign that developers are still betting on future supply even as some sectors cool.
Retail and hotels pull back
Not every sector shared in the growth. Retail was one of two categories to decline in Ottawa during the quarter, with $87.1 million in property changing hands. Hotel transaction values fell even further, dropping to $28.5 million, as investors appeared to favour housing and logistics assets over storefronts and lodging.
What CBRE says it means
Peter Senst, CBRE's president of Canadian capital markets, said the numbers reflect real confidence in the market despite a difficult news cycle for the broader economy. "Despite some of the negative headlines, the momentum is real and investors believe in Canada," Senst said.
Ottawa's 89.2 per cent year-over-year jump in investment volume wasn't an outlier, either.
Why it matters for Ottawa
Sources: Ottawa Business Journal, Real Estate Magazine (REM)
