Morningstar DBRS Releases Canadian CMBS Monthly Statistics Report for December 2024

DBRS, Inc. (Morningstar DBRS) released the Canadian monthly statistics report for December 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, nine loans were scheduled to mature in December 2024, two of which were paid off at maturity, six remain outstanding and one got prepaid. The payoff rate for the month of November 2024 was 38.3%

As of the December 2024 remittance, there were two delinquent loans, and the delinquency rate decreased to 1.3% from 1.9% as of November 2024. The decline is due to the full payoff of the Portage Place loan from the IMSCI 2016-7 transaction in December 2024. The total outstanding universe consisted of 421 loans across 17 transactions.

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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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