Ottawa is now one of the top five Canadian cities on the radar of domestic commercial real estate investors, according to a new survey.
Nine per cent of respondents named Ottawa their preferred investment destination, placing Canada’s capital fourth, according to the Colliers International Canadian Investor Sentiment Survey.
The Greater Toronto Area remained on top, with 26 per cent of respondents opting to invest in that market, followed by Vancouver (18 per cent) and Calgary (14 per cent). Montreal was fifth with seven per cent.
Six months ago, Ottawa failed to crack the top-five list.
Local investment observers frequently comment that the city lacks quality assets available for sale. However, the survey also ranked Ottawa highly among markets where investors were looking to sell their properties.
Six per cent of respondents named Ottawa, the same number that named Calgary, Kingston and Burlington.
Toronto came in first at 53 per cent, followed by Vancouver and Montreal with 12 per cent each.
Overall, the survey found Canadian institutional and private investors expressing cautious optimism and believing the market has reached rock bottom and is on the verge of an upswing.
Sixty-one per cent of respondents planned to expand their portfolios, while a further 22 per cent planned to rebalance it.
Almost nine in 10 intended to invest at home in Canada. “The relatively sound Canadian economy and its ability to weather the recent recession better than other countries, have increased investors’ confidence and appetite for risk,” said Milton D. Lamb, chair of Colliers’ Canadian national investment services, in a statement.
The survey included responses from more than 200 major institutional and private investors whose combined investment portfolio exceeds US$710 billion.
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