After joining REMAX Canada last November as as vice-president of commercial, Damon Conrad is leading the effort to create a formalized commercial real estate platform for a company still best known for its network of residential realtors.

Conrad told RENX that, after joining REMAX, he was surprised to learn the company was already involved with about five per cent of Canada’s commercial real estate transactions. The goal is to increase that activity after the new REMAX Commercial Canada platform officially launches, which is expected to happen on June 1.

“I felt that commercial was something that, for this brand, needs a bit of a push, a little bit of revitalization and a thought leader across Canada that can coordinate with the other global thought leaders and really push our narrative and the exciting opportunities in our markets,” Conrad told RENX.

He doesn’t expect to compete with the likes of Avison Young, CBRE, Colliers, Cushman & Wakefield or JLL on the biggest deals for trophy assets in Canada’s largest cities. Rather, REMAX Commercial Canada’s strength and expertise can be found in secondary and tertiary markets and smaller transactions of up to about $25 million.

“The opportunity now is to connect that activity that's already going on in a more structured, collaborative, visible and shared way across the country,” said Conrad, who noted that technology will play a big role in achieving that goal.

“Our agents aren't going to be afraid of AI (artificial intelligence) and they're not going to feel intimidated by it. They're going to leverage it and use it to make better decisions and deals for their clients.”

Sense of stability bringing investors back

As this process continues, REMAX Commercial Canada has just released a report examining Q1 activity across 11 Canadian cities as well as in Newfoundland and Labrador. 

“I think the thing that jumped out at me most about this report was how encouraged I was about the optimism and excitement in the market, certainly as it relates to our brand and our network and our agents,” Conrad observed.

The report states that, after a period of extended uncertainty and price discovery, the commercial real estate market is entering a period of stability as improving financial conditions and firmer fundamentals draw disciplined capital back into income-producing assets.

“We've started to see people that were on the sidelines that had some pent-up interest specific to the market, and to the niche and the vertical that they're in, start to deploy some capital,” Conrad said. “It's not a broad-based rush back into the market. It's very disciplined and it's for high-quality, income-producing assets with long-term fundamentals.

"It’s not speculative, it's very purposeful.”

Office

Return-to-office mandates are supporting increased leasing activity in class-AAA, amenity-rich downtown office space in Toronto, Vancouver and Ottawa.

Older downtown inventory in Calgary, Winnipeg and London has faced higher vacancy rates and mounting pressure to reposition or convert.

Suburbs in Calgary, Edmonton, Hamilton, the Greater Toronto Area (GTA) and Ottawa have reported strong absorption levels as tenants have prioritized costs, accessibility, labour and safety.

Retail

Grocery-anchored and service-oriented retail have continued to lead in Calgary, Regina, London, Hamilton and Halifax, with tight vacancy and strong investor demand driving competition. Landlords have held out for top dollar in some markets, further constricting available inventory. 

Neighbourhood and high street retail continued to perform well in the GTA, Calgary and Ottawa, supported by limited availability and sustained demand across most shopping nodes.

Environments that blend boutiques, restaurants and service-oriented shops have outperformed more generic retail formats, with curated tenant mixes and walkable appeal supporting strong foot traffic, tenant retention and stable rents.

“If you've got good traffic and well-purposed assets, there's going to be a demand for it,” Conrad said.

Industrial

Industrial demand has remained durable nationwide, particularly for small‑bay and flexible space.

Repurposing existing inventory has become exceptionally popular in supply-constrained markets and popular industrial parks in Regina, Winnipeg, Ottawa and Halifax. 

Vancouver and Hamilton-Niagara are still working through new inventory, which is creating more balanced market conditions that favour both owner-occupiers and investors.

An uptick in demand for recreational space has had a small but growing impact on the industrial market, with the popularity of pickleball, padel, rock climbing and other such activities on the rise. 

Churches have also shown growing interest in industrial product in several markets where zoning permits, with the steel-frame and concrete-flooring warehouse structure most conducive to retrofitting.

Multifamily, student and seniors housing

Multifamily vacancy has risen in Vancouver, Calgary and Halifax following a surge in completions, while demand for existing rental stock has remained strong in Regina, Winnipeg and Saskatoon.

“I'd like to see all facets of the industry come together and really focus on new housing development because, if we don't, we're going to regret it in the future,” Conrad said.

“I think seniors housing and student housing are always going to be attractive. It's something that's going to be needed going forward.”

Development land 

Development activity has slowed in Vancouver and the GTA, where condominium activity has stalled due to financing constraints, elevated construction costs and low sales.

Demand for development land has shifted toward industrial, logistics and data infrastructure-related uses, but Conrad said the market is still challenged. 

“In order to see some activity and movement on development land, a bunch of parties are going to have to come together,” he said.

“Everybody's going to have to come together and work proactively together for the best interest of the industry in order to see development come alive because, otherwise, it's just going to be stagnant.”