Morningstar DBRS Releases Canadian CMBS Monthly Statistics Report for March 2025

DBRS, Inc. (Morningstar DBRS) released the Canadian monthly statistics report for March 2025 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, ten loans were scheduled to mature in March 2025, six of which were paid off at maturity, four remain outstanding. The payoff rate for the month of March 2025 was 52.07%

As of the March 2025 remittance, there were four delinquent loans, and the delinquency rate increased to 1.97% as of March 2025 from 1.5% in February 2025. The total outstanding universe consisted of 396 loans across 17 transactions.

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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