Morningstar DBRS Releases Canadian CMBS Monthly Statistics Report for October 2024

DBRS, Inc. (Morningstar DBRS) released the Canadian monthly statistics report for October 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.

In the Canadian market, nineteen loans were scheduled to mature in October 2024, ten of which were paid off at maturity, eight remain outstanding and one got prepaid. The payoff rate for the month of October 2024 was 52.7%. There was no realized loss for the loans scheduled to mature in October 2024.

As of the October 2024 remittance, the delinquent or specially serviced rate for all transaction types increased to 1.9% from 1.2% month over month (MOM). Among the 25 loans that were granted forbearances during the pandemic, the majority of the loans have resumed their regular debt service payments as the forbearances have expired. Only six loans currently have outstanding principal and interest advances, suggesting that the forbearances are still ongoing and deferred payments have yet to be fully repaid

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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