2023 Canadian CMBS Market Outlook
DBRS, Inc. (DBRS Morningstar) released its 2023 outlook for the Canadian commercial mortgage-backed security (CMBS) market.Despite another slow year in the new securitization market with only one CMBS transaction completed in 2022, the Canadian CMBS market remained stable and outperformed the U.S. market based on loan delinquency and special service rates. While the hotel asset type showed improving performance in 2022, concern for the office and retail asset types is expected to continue into 2023.
DBRS Morningstar expects increasing Canadian CMBS volume in 2023 as borrowers search for alternative lending resources in the wake of conventional lenders reducing capital allocation to commercial real estate.
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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