Commercial real estate market worth $63-billion, report says
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The Toronto skyline. A new study says Canada’s commercial real estate sector contributed $63.3-billion to the economy last year.
Commercial real estate generated $63.3-billion in economic activity in Canada last year, making the sector’s economic contribution twice as large as the entire economy of the province of Newfoundland & Labrador, according to a new report.
The Real Property Association of Canada (REALpac) and the NAIOP Research Foundation, two groups that represent the commercial real estate industry and advocate on its behalf, asked Altus Group Economic Consulting to prepare the paper, which will be made public Wednesday morning.
It seeks to quantify the contribution that the sector is making to the nation’s economy, and it suggests that the sector supports almost 340,000 jobs, roughly equivalent to the total employment from the country’s entire agricultural industry.
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