Those measures are scheduled to last until January 26, although the provincial government noted that it was closely monitoring trends in public health and health system indicators before lifting any restrictions.

Sohl also said that industrial assets could post a strong 2022, particularly with e-commerce and warehousing having grown at a rapid pace since the beginning of the pandemic.

Indeed, performances across various asset classes could be just as uneven as last year if the pandemic continues on its current path, with tighter lending requirements also likely to come into play as lenders weigh up the comparative risk posed by specific areas.

“Lending practices will become stricter based on the different industry types and how the pandemic has affected these industries,” Sohl said. “Opportunity for specialty asset classes will present itself, while others may face additional downsizing or closures because businesses have suffered.”

Shifting lender requirements would continue a trend that was already apparent in 2021, with the unpredictability of the pandemic and emergence of new variants contributing to an environment that was as turbulent and ever-changing as the year that preceded it.