CBC properties could hit market as election puts office leases in jeopardy
Canada’s office sector may be in for another blow as dozens of office properties across the country currently occupied by the Canadian Broadcasting Corporation (CBC) could be left vacant if Conservative Party leader Pierre Poilievre wins the upcoming federal election and follows through on his long-standing promise to cut the broadcaster’s English-language budget.
The CBC currently occupies 71 offices and studios nationwide, including three major facilities in Toronto, Montreal, and Ottawa, and dozens more in communities like Lethbridge, Kamloops, Sept-Îles, Caraquet, and Prince Rupert. These leased and owned properties span every province and territory.
“I can’t wait to defund the CBC and sell off the headquarters for housing,” Poilievre posted last summer on X, repeating a long-standing pledge to cut funding to the broadcaster’s English-language side. The French-language operations of Radio-Canada would remain unaffected under the plan.
Even before election results are in, uncertainty is rippling through commercial real estate. Montreal-based developer Broccolini has listed Maison Radio-Canada, CBC’s second-largest facility, for sale. The building at 1000 Papineau Ave. spans nearly 420,000 square feet and was completed in 2020. Although CBC has 25 years left on a 30-year lease, valued at $22 million per year, Broccolini has not commented publicly on its decision to sell.
Meanwhile, CBC’s most valuable real estate asset – its nearly one million-square-foot facility at 250 Front St. West in Toronto – could also be impacted. CBC owns and occupies more than 86% of the seven-storey property, which was assessed at $314 million in 2023. The broadcaster’s 700 Hamilton Street property in Vancouver follows, with an assessed value of $70.4 million.
A report from the Canadian Taxpayers Federation (CTF) last year pegged the total value of 12 CBC-owned properties at $444.4 million, with the Toronto location accounting for more than 70% of that total. Other CBC-owned offices are located in Winnipeg, St. John’s, Yellowknife, Fredericton, Charlottetown, Saguenay, Whitehorse, Rankin Inlet, and Thunder Bay, among others.
“The government should defund the CBC and sell off the massive real estate portfolio the CBC has quietly amassed over the years,” said Franco Terrazzano, Alberta director of the CTF.
“Why does the CBC need to lease properties in far-flung countries, let alone multiple properties in smaller Canadian towns, and how much is all of this costing taxpayers?”
A divide over CBC’s role
The proposed cuts have fuelled strong reactions on both sides of the debate. Supporters argue public funds shouldn’t subsidize media, while opponents warn of long-term damage to communities and information access.
“The CBC is the heart of so many cities and towns right across the country,” said Marla Boltman, Executive Director of Friends of Canadian Media.
“When jobs are lost, and broadcast buildings disappear, communities experience more than just economic loss. They are deprived of a vital public service that not only brings them together but connects them to the rest of Canada.”
The CBC currently employs more than 7,000 people and operates 27 TV stations, 88 radio stations, one digital-only platform, and seven international bureaus. It costs $1.93 billion annually to fund its operations.
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The smallest of the CBC’s three major hubs is in Ottawa, at 181 Queen Street, spanning 250,000 square feet. Unlike its Toronto and Montreal counterparts, CBC leases the Ottawa location from the federal government.
The future of the CBC and the office space it occupies may hinge on the results of the snap election scheduled for April 28. While Poilievre has led much of the campaign, concerns about US tariffs have recently shifted momentum. Prime Minister Mark Carney, who succeeded Justin Trudeau, currently holds a polling edge across most demographic groups, according to the Angus Reid Institute.
Still, if the Conservatives take office, property owners from large REITs to regional landlords could see CBC locations vacated or their leases terminated in a softening office market still struggling to recover from the pandemic.
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