Whitepapers
Small Bay, Big Potential: Unlocking Canada’s Industrial Underdog
April 28, 2025
The Canadian industrial market is vast, but not all assets are created equal. While large-scale distribution centres and logistics hubs often steal the spotlight, it is the Small Bay segment,…
Canadian Real Estate Market Update – Q4 2024
February 19, 2025
Canada’s real estate market is evolving rapidly, presenting both opportunities and challenges for investors and industry professionals as sector bifurcations continue. Fiera Capital forecasts a moderate risk of “Inflation Revival”…
Is it Time to Start Allocating to Canadian Retail?
January 17, 2025
The retail landscape in Canada is undergoing a dynamic shift. As e-commerce continues to reshape consumer habits, certain segments of bricks-and-mortar retail are showing surprising resilience. Luxury and discount stores…
Canadian Real Estate Market Update – Q3 2024
December 5, 2024
Canada’s economic outlook is brimming with optimism, with a high probability that the nation will see a “Soft Landing” over the next 12-18 months, as projected by Fiera Capital. In…
2024 Sustainable Investing Report
November 29, 2024
In recent years, the urgency to address climate change has become increasingly evident, and the Canadian real estate market presents a critical opportunity to drive meaningful change in reducing Canada’s…
Private Real Estate Credit as a Replacement to Traditional Fixed Income Investments
October 21, 2024
As Canada’s population ages, the need for reliable income streams to support retirement becomes increasingly important. Traditionally, government and corporate bonds have provided this stability, but with rising interest rates,…
Canadian Real Estate Market Update – Q2 2024
September 10, 2024
Fiera Capital has increased its forecast for a "Soft Landing" scenario to a 55% probability over the next 12-18 months, reflecting optimism about successful inflation management and economic stability. This…
Canada’s Housing Crisis: Fueling the Boom in Multi-Residential Real Estate
May 21, 2024
We are excited to share with you our latest whitepaper, "Canada's Housing Crisis: Fueling the Boom in Multi-Residential Real Estate." This comprehensive analysis delves into the critical issues facing the…
Canadian Real Estate Market Update – Q1 2024
May 16, 2024
The commercial real estate sector continues to face lingering risks, particularly within the office segment, where escalating interest rates could lead to higher capitalization rates amid global geopolitical tensions. Despite…
Fiera Real Estate Canada 2023 Sustainable Investing Report
February 21, 2024
As we continue to navigate the ever-changing landscape of our industry, it has become increasingly evident that the effects of climate change are reverberating across the globe. From the Canadian…
Canadian Real Estate Market Update – Q4 2023
February 8, 2024
With a softening economy, stable labour market, and inflation measures looking quite tame, the Bank of Canada may feel better about the restrictiveness of their policy and could in fact…
Canadian Real Estate Market Update – Q3 2023
November 14, 2023
Fiera Capital forecasts a 55% probability of 'stagflation', where economic growth slows, and inflation remains high, prompting policymakers to ease tightening measures. This scenario could lead to a wage-price spiral,…
Canadian Real Estate : The World’s Best Kept Secret
September 26, 2023
Canadians have a reputation for politeness and tend not to boast. This humble approach should be set aside for the benefit of global real estate investors - the merits, track…
Canadian Real Estate Market Update – Q2 2023
August 17, 2023
The prospects for commercial real estate are currently clouded by several factors, including the lingering effects of the Pandemic, increasing interest rates and capitalization rates, and ongoing geopolitical uncertainty. These…
Real Estate Valuations : The Driving Forces
June 22, 2023
Since the Global Financial Crisis in 2008-09, the real estate industry had operated within a favourable macro-economic environment characterized by easily accessible capital, low interest rates, and stable inflation. In…
Canadian Real Estate Market Update – Q1 2023
May 29, 2023
Commercial real estate prospects face murkier conditions relative to the last decade as it continues to sort through, like all asset classes, the lingering effects of the Pandemic, increasing interest…
Fiera Real Estate 2022 ESG Report
May 25, 2023
As stewards of our clients' capital, it is our responsibility to ensure that we use our innovation, influence and privilege to drive positive environmental and social change in a fair…
Our 2040 Pathways To Net Zero Carbon
February 16, 2023
We are delighted to announce our CORE Fund and Industrial Fund's (the “Funds”) have established targets of Net Zero Carbon by 2040. We recognize the impact that we and our managed…
Canadian Real Estate Market Update – Q4 2022
February 7, 2023
With the economy continuing to demonstrate unexpected resilience and inflation still stubbornly elevated, the BOC is likely to continue raising rates to push forward on its path to neutral, putting…
The Uncertain Future of the Canadian Office Market
December 21, 2022
When COVID-19 emerged and the World Health Organization declared the outbreak a “Pandemic” on March 11, 2020, the world instantly changed. The global economy came to a screeching halt via…
Canadian Real Estate Market Update – Q3 2022
November 10, 2022
With the economy continuing to grow above trend and inflation still elevated, the Bank of Canada is likely to continue raising rates to push forward on its path to neutral,…
Canadian Real Estate Market Update – Q2 2022
August 24, 2022
With inflationary pressures remaining elevated in the near-term, the Bank of Canada continues to push forward on its path to neutral, which is putting pressure on risk assets’ valuations. While…
Negative Real Interest Rates Are Here to Stay: Implications for Real Estate Performance
June 21, 2022
Because of unprecedented debt levels accumulated by developed governments, a negative real interest rate environment is likely to persist for the long-term. Many developed nation governments have breached debt levels…
Canadian Real Estate Market Update – Q1 2022
May 30, 2022
According to Fiera Capital, the outlook has deteriorated given the prospect of slowing growth and persistently elevated inflation, while heightened geopolitical turmoil stemming from the war in Ukraine has exacerbated…
Fiera Real Estate ESG Report 2021
March 24, 2022
Over the past year we have experienced an evolution in the importance of Environmental, Social and Governance (“ESG”) issues, both by the business and wider society. Once perceived as a…
Canadian Real Estate Market Update – Q4 2021
February 15, 2022
According to Fiera Capital’s base case economic scenario (Reflationary Recovery – 50% Probability), the global economic recovery continues to grow at an above-trend pace through 2022, without the fear of…
Canadian Real Estate Market Update – Q3 2021
November 19, 2021
The Bank of Canada signaled on October 27 that it could hike interest rates as soon as April 2022 and said inflation would stay above target through much of next…
The Role of Private Alternatives in Hedging Inflation
November 2, 2021
A Closer Look at Infrastructure, Real Estate, and Agriculture. Investors have given little thought to inflation until recently as it has remained largely in check even though the 2008 financial…
The Canadian Industrial Market: Why It Will Continue To Defy Gravity
October 21, 2021
The Canadian industrial real estate market has experienced tremendous growth over the last ten years, accelerating its pace in the last few years especially. The fundamentals have been and will…
Canadian Real Estate Market Update – Q2 2021
August 18, 2021
The Bank of Canada is maintaining its extraordinary forward guidance on the path for the overnight rate. According to the Bank of Canada’s April 2021 projection, the expected timeline for…
Canadian Real Estate Market Update – Q1 2021
May 21, 2021
As populations get inoculated and larger parts of the economy reopen, the powerful revitalization in confidence should unleash massive amounts of pent-up demand, particularly as savings remain extraordinarily elevated around…
Real Estate Emerging from the COVID-19 Pandemic
March 19, 2021
The COVID-19 pandemic has created unprecedented challenges for real estate fundamentals in the short-term; however, three key macro-economic trends were accelerated that will increase Canadian real estate values in the…
Canadian Real Estate Market Update – February 2021
February 26, 2021
In this first instalment of the Market Update series, the Fiera Real Estate’s Strategy, Planning and Analytics team explores the Canadian real estate conditions, the current state of each asset…
2020 ESG report
February 3, 2021
The events of the past year have led to unprecedented times that continue to change rapidly month to month. While it is unclear how long the COVID-19 pandemic will last,…
Private Alternatives Outlook 2021: The New Normal?
November 30, 2020
There are many words to describe financial markets in 2020, but “normal” certainly is not one of them. Equity markets the world over were rattled by the imminent slowdown in…