Retail investment value was up in Calgary in the first half of 2026 thanks to one major transaction in the early part of the year, says the Greater Calgary investment report H1 2026 by Avison Young.
The commercial real estate firm in its report said total investment value in the retail sector for the first half of the year was $522.4 million, up 38% from the $378.8 million a year ago.
“While transaction activity moderated compared with previous years, several highvalue transactions supported retail investment volume in H1 2026. The $154M sale of Northland Village Mall stands as the sector’s largest transaction of the year to date. Investor demand remains strongest for neighbourhood and convenience-oriented retail centres, reflecting the continued appeal of necessity-based retail assets,” said the report.
GWL Realty Advisors purchased the Northland Village Mall from Primaris REIT.
Brennan Yadlowski, Managing Director, of Avison Young in Calgary, said investors are drawn to the combination of population growth in Calgary, limited available product, low vacancy, and rental growth.
“Centres serving everyday needs – such as groceries, pharmacies, medical services, and personal services – benefit from repeat customer visits and are generally viewed as more resilient through economic cycles. For some buyers, a well-located site also offers longer-term potential for mixed-use or residential redevelopment,” he noted.
Yadlowski said Calgary’s total commercial real estate investment reached approximately $2.4 billion in the first half of 2026, up 28% from the same period in 2025.
“Retail investment also rose, to approximately $522 million from $379 million (38%) . . . The H1 2026 results suggest the multi-year decline in overall investment volume may be nearing an end, rather than continuing at the same pace.”
The Northland Village Mall sale demonstrates that there is a buyer pool for large, high-quality retail assets in Calgary,” said Yadlowski.
“Northland attracted interest from a broad range of buyers and ultimately sold to a Canadian institutional investor. The transaction shows that scale is not, by itself, a barrier when an asset has the location, tenant mix, and quality that investors are seeking,” he explained.
“In Calgary, we are seeing particularly strong interest in neighbourhood strip centres and grocery-anchored properties. Retailers that meet frequent, practical needs – from groceries and pharmacies to quick-service restaurants and personal services – help make these centres relevant to the communities around them. Calgary’s population growth adds to that appeal, while the limited supply of available investment product keeps competition for quality assets strong.”
Yadlowski said he is cautiously optimistic about Calgary.
“Necessity- and convenience-oriented retail remains attractive, and the first-half investment figures give us a constructive starting point. That said, investors will continue to watch bond yields and financing costs closely. Those factors will influence pricing and the pace at which transactions come together, even where the underlying asset is strong,” he said.
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