JLL: private investors now lead Canadian CRE equity as volumes pace best since 2023

Private investors have overtaken institutions as the leading source of equity capital in Canadian commercial real estate, according to JLL capital flows reporting.

 

RHB/RENX published Nov 2, reporting on an Oct 28 JLL webinar. Many institutions are in capital recycling mode and selling, while investment volumes are on pace for the best year since 2023. Multifamily volumes are on pace for the second best year on record despite flat rents.

 

The market detail in the webinar is split by asset and city. GTA residential land is at about one third of peak value with few buyers. Calgary private buyers are acquiring office at sub $100 per sq ft at going in yields over 10%. Toronto financial core office vacancy is down from near 20% to about 12%. Rental construction is surging in Calgary, Edmonton, and Montreal while falling in Vancouver and Toronto, setting up a supply crunch.

 

JLL also flagged private investors using CMHC financing to buy and reposition older properties.

 

For investors, the shift in who is supplying equity is the signal. When institutions recycle and private capital leads, pricing is set deal by deal rather than by portfolio mandates. The Calgary office pricing and the Toronto vacancy improvement show how wide the gap between markets has become, and the construction split points to where tomorrow's supply pressure will, and will not, land.

 

Source: RHB/RENX, published Nov 2, 2026, reporting an Oct 28 JLL webinar.