TORONTO — Altus Group has released data highlighting Q3 real estate investment transactions in both Calgary and Edmonton.
Year-to-date overall investment volumes for Calgary total $2.55 billion, up 11 per cent from the same period in 2017, while Edmonton’s investment volume year-to-date reached $3.1 billion, a 38 per cent increase from the first three quarters of 2017 and an 86 per cent increase from the first three quarters of 2016.
In Calgary’s Q3 2018 there were 141 transactions totalling $893 million. Edmonton’s third quarter saw 198 transactions over $500,000 which is a $3 per cent increase from Q3 2017.
Edmonton’s commercial market has seen large transactions above normal levels, the data suggested. The office market posted $517.4 million in sales volume to date for the year, with 16 office transactions worth $456.4 million in Q3 2018, a 165 per cent increase form Q3 2017. Calgary by contrast showed a two per cent decline from Q1-Q3 2017.
Edmonton’s industrial sector was also up 20 per cent from the same quarter last year with a total investment value of $141.5 million from 54 transactions. Calgary’s industrial activity consisted of 33 transactions for a total of $212 million, down one per cent from the same quarter last year.
Calgary’s apartment sector also declined 33 per cent from Q3 2017, with 13 transactions worth $34 million. Edmonton’s Q3 2018 apartment sector had $90.2 million in transactions and has seen $570.3 million in apartment sales since the beginning of the year, a 35 per cent increase from sales up to this point last year.
Retail investment was down by nine per cent in Calgary from Q3 2017, with 18 retail transactions worth $103 million. However year-to-date investment volumes are up 26 per cent from Q1-Q3 2017. In Edmonton, retail investment levels remained steady through 2018 with $609.8 million invested in total and 35 transactions, down three per cent from Q3 last year.
Calgary’s residential land market showed a 68 per cent increase over the first three quarters of 2017 with year-to-date investment of $495.8 million. Q3 2018 had 19 transactions totalling $160 million. Edmonton’s residential land market had a year-to-date total of $220 million, and residential land had 13 transactions worth a total of $102 million, the highest quarterly result since Q1 2016.