CALGARY - The total dollar volume of investment transactions in the Greater Calgary Area decreased by 35 per cent in the first quarter of this year compared with the previous quarter, says a report released today by RealNet Canada Inc.

However, the decline is due to the $253-million sale of Sunridge Mall from Ivanhoe Cambridge to Primaris REIT in the last quarter of 2009.

A total of 71 transactions of over $1 million took place in the first quarter, representing $364 million.

RealNet said in its report that excluding the sale of Sunridge Mall, first quarter transactions actually rose by 18 per cent.

“Although the total dollar volume of transactions over $1 million decreased from the last quarter, the total number of transactions per quarter remained stable and has been consistently above the low seen in Q1 2009 for three quarters in a row, indicating a steady recovery in the the Calgary commercial market,” said George Carras, president of RealNet Canada.