Canada’s commercial real estate market is recovering after an 18-month slump as new transactions indicate the industry has de-coupled from its struggling U.S. counterpart, according to RealNet Canada Inc.

Investments in commercial property in the Greater Toronto Area rose +46% in the third quarter from the previous period to C$1.31bn and the number of transactions increased by +20%.

There were 27 deals valued at the critical C$10m threshold in the third quarter compared with 17 in the previous quarter, according to the newspaper. The statistics indicate the national industry is on the mend, although it may not be a full- blown recovery, according to George Carras, RealNet’s president.