Morguard’s recognized Research team provides quarterly and annual research reports for investors to make informed decisions on how real estate can make a significant contribution to an investment portfolio.
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2015 Canadian Economic Outlook and Market Fundamentals Report
Morguard is predicting a fourth consecutive year of positive performance for Canada’s commercial property sector in 2015. Investors are expected to achieve attractive returns once again, driven in large part by the stability and growth in rental income. Sales of commercial property will top $25 billion CDN - slightly below the 2014 total - but higher than the long-term average of $20.7 billion CDN. Healthy and stable fundamentals will attract a range of investors armed with low-cost debt and equity capital. Core offerings will receive interest from pension funds, institutions, private capital groups, and capital market groups who continue to slowly return to the market. This demand will hold property values at the peak of the cycle, having stabilized through much of 2014. In the 2015 Economic Outlook and Market Fundamentals Research Report, Morguard provides a detailed analysis of 2015 real estate trends to watch in Canada.
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2014 Q4 Update – Canadian Economic Outlook and Market Fundamentals
The Canadian commercial property investment market ended 2014 on a largely positive note. An “historic amount of capital” continued to drive the sector. Funds were sourced domestically and abroad, with many groups looking to add to their holdings in this market. In their quest to increase allocations to the sector, most groups focused on core properties. For the most part however, there was a persistent shortfall of product available for purchase. In some instances, investors were willing to push values beyond the peak for the cycle in order to meet their investment objectives. The line between core and non-core assets remained somewhat blurred as 2014 came to a close. More groups pursued development or redevelopment activities as part of their core strategy, driven by a search for yield.
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2014 Q3 Update – Canadian Economic Outlook and Market Fundamentals
Canada’s commercial property market remained healthy over the third quarter, with plenty of capital looking for a home. Demand continued to outpace supply for the most part, holding prices near peak levels for the cycle. Cominar’s acquisition of a substantial portfolio of assets marked the return of capital market buyers who have been essentially sidelined for the past several quarters. In the nation’s rental markets, office demand continued to show signs of life marking the second consecutive quarter of gains as the national occupancy rate edged higher for the first time in two years. Demand remains healthy in the nation’s retail and multi-family asset classes while a development boom is underway in the industrial property market. Despite global headwinds, the near-term performance outlook for Canada’s property sector is positive, a forecast predicated on ongoing recovery in the U.S.
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2014 Q2 Update – Canadian Economic Outlook and Market Fundamentals
Canada’s commercial property market held firm over the second quarter, a trend that is expect to prevail for the balance of the year. Demand continues to outpace the supply of high quality assets as core property values ranged close to the peak for the cycle. Despite the continued absence of the public market buyers, demand remains healthy and stable as low interest rates and access to debt and equity funds continue to drive transaction activity. In the nation’s rental markets, office demand showed renewed signs of life in the second quarter, while a largely healthy demand trend continues to dominate in the retail, industrial, and multi-family asset classes. Despite global headwinds, the near-term performance outlook for Canada’s property sector is positive, a forecast predicated on ongoing recovery in the U.S.
Download a copy of the 2014 Q2 Update