VANCOUVER-Interest rates in Canada have hit a “historic” low, according to the latest Commercial Real Estate Investment Review from Avison Young and office is the “most active” asset class. According to data from the firm, office buildings were responsible for 39% of total investment volume. That’s $5 billion worth of office property transactions. This figure is double what was reported in 2011, indicating a pretty good turn of events in the sector up north.

Asset pricing in Canada is up, says the report, and this can be attributed to increased competition for well-leased, top-notch properties in key markets. Toronto has been hot this year, with a record –for the city – $5.7 billion in sales. One significant transaction was the $1.3 billion sale of Scotia Plaza, located in the city’s financial core.

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