Morningstar DBRS Releases Canadian CMBS Monthly Statistics Report for March 2024

DBRS, Inc. (Morningstar DBRS) released the Canadian monthly statistics report for March 2024 that illuminates delinquency and default trends in Canadian legacy and commercial mortgage-backed security (CMBS) 2.0+ transactions.

The monthly statistics report breaks down outstanding delinquencies by vintage in the Canadian market, comparing month-to-month delinquency rate changes in conduit-only CMBS transactions. The report also highlights historical loss and delinquency rate figures by vintage and province. Furthermore, information is provided for specially serviced loans, modifications, forbearance, payoffs, defeasance, loss, and loans past maturity.

As of the March 2024 remittance, the delinquent or specially serviced rate for all transaction types increased to 1.5% from 0.5% month over month. Per the March 2024 remittance, 29 loans that received forbearances in response to respective relief requests as a result of the COVID-19 pandemic were outstanding, and six of them currently have outstanding deferred amounts. These six loans have a total outstanding trust balance of $36.5 million and an implied forbearance rate of 1.0%.

Notes:
The report is available at dbrs.morningstar.com.

For more information on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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