Introduction
In Q2, the Bank of Canada cut its key interest rate by 25 basis points, down to 4.75%. While this alone may not be enough to dramatically shift the tide and reduce payments on lending, the overall sentiment surrounding this move can be viewed as positive. Ripple effects from this move have not yet been felt, but it remains a key topic to monitor during the second half of the year.
• After a temporary dip in office asking net rental rates, the national average did increase quarterover-quarter to $21.55 per square foot. While vacancy rates at the local level can fluctuate market by-market there is a certain steadiness now displayed nationally with the overall rate having increased by only 40 basis points since Q3 2023.
• The industrial market has seen some noteworthy shifts over the past 18 months. In Q4 2022, major markets like Montreal, Toronto, and Vancouver were all experiencing sub-1.0% vacancy rents and record rental rate growth. As of Q2 2024, smaller markets like Ottawa and Saskatoon are experiencing the lowest vacancies in the country at under 2.0%...
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