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

Asset pricing in Canada is up, says the report, and this can beattributed to increased competition for well-leased, top-notchproperties in key markets. Toronto has been hot this year, with arecord –for the city – $5.7 billion in sales. One significanttransaction was the $1.3 billion sale of Scotia Plaza, located inthe city’s financial core.

Of the market, Robin White, principal and executivevice-president, Capital Markets Group, in Toronto said ina statement: “Everyone wants to own a piece of commercial realestate in the largest and one of the healthiest markets in thecountry,” speaking to its current attractiveness.