The Greater Calgary real estate market accelerated its recovery from 2009, rising by 81 per cent in terms of overall investment dollar volume in 2012 from the previous year, says a report by RealNet Canada.
The real estate data services company said there were 445 transactions over $1 million during the year totalling $4.84 billion.
RealNet said every commercial real estate sector, with the exception of hotels, saw year-over-year increases.
The office market gained by 45 per cent to $1.6 billion followed by residential land with a huge 349 per cent hike to $770.7 million and retail which grew by 61 per cent to $724.3 million.
Other sectors with their dollar volume and percentage change from the year before were: industrial, $611.4 million, 36 per cent; apartment, $468.4 million, 254 per cent; industrial land, $564.7 million, 108 per cent.
The hotel sector dropped by one per cent to $83.7 million.
The investment market peaked in 2007 with sales totalling just over $5 billion.
As global demand for natural resources continues to increase, Calgary is expected to be further transformed into an international market, according to a 2012 report by CBRE Limited.
Recently, Calgary’s commercial real estate market was listed as the best one in Canada for total annual return on investment.
A report by the Real Property Association of Canada and Investment Property Databank Canada said Calgary had a return of 19.0 per cent in 2012 followed by Edmonton at 17.5 per cent and Winnipeg at 16.8 per cent. Total return for Canada was 14.1 per cent.