Those expecting investment in commercial real estate in Canada to cool down will have to be more patient. According to a CBRE, investment volume in Q1, driven by pension funds, hit a new record. Investors purchased $6.8B of commercial real estate, up 12.1% ($6.1B) from Q1 2013. CBRE chairman John O’Bryan says what has changed is the purchaser profile. What was a market dominated by REITs, then private buyer, has now slid to pension funds. (Once that changes to People Finding Change in Their Pockets, we'll know the bubble is about to burst.)

They’ll continue to be active, John says. “Pension funds have a pool of cheap capital to draw upon,” he says. The report shows that the robust start to the year was driven largely by demand for office buildings, land, and retail properties, especially in Eastern Canada. Investment volume in Toronto was $3.6B. (The $505M sale of Bayview Village Shopping Centre, pictured, and the sale of the Simpson Tower for $410M were the headline-makers.)