Commercial Mortgage Rates Canada (2026) — Get a Free Quote
See today's Canadian commercial mortgage rate ranges for multi-family, CMHC, and investment deals — then book a free strategy call for a custom quote from 50+ lenders.
Rates last reviewed:
CMHC MLI Select
4.60%–5.35%
Multi-family 5+ units
Conventional
5.35%–6.85%
Office, retail, industrial
Residential 1–4 unit term coming due? Use the investment property renewal guide. Commercial and CMHC MLI renewals stay on LendCity.
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Commercial Mortgage Rates by Financing Type
Rate ranges below reflect typical July 2026 market conditions for stabilized Canadian commercial properties. Actual quotes depend on deal strength, LTV, and lender competition.
| Financing Type | Typical Rate |
|---|---|
| CMHC MLI Select (100+ points) | 4.25% – 5.00% |
| CMHC MLI Standard | 4.50% – 5.25% |
| Conventional (A lender) | 5.00% – 6.50% |
| Conventional (B lender) | 6.50% – 8.50% |
| Bridge / interim | 7.00% – 12.00% |
| Private / MIC | 7.00% – 12.00% |
CMHC-Insured vs Conventional Commercial Rates
The financing path you choose can save $45,000+ per year in interest on a $3M mortgage. CMHC insurance backstops the lender, unlocking lower spreads and higher leverage on qualifying multi-family deals.
CMHC MLI Select
4.25% – 5.00%
- Max LTV
- Up to 95%
- Amortization
- Up to 50 years
New construction or acquisition of 5+ unit rentals hitting affordability/energy points
Learn moreCMHC MLI Standard
4.50% – 5.25%
- Max LTV
- Up to 85%
- Amortization
- Up to 40 years
Stabilized apartment buildings without points requirements
Learn moreConventional Commercial
5.00% – 6.50%
- Max LTV
- Up to 75%
- Amortization
- Up to 30 years
Office, retail, industrial, mixed-use without CMHC eligibility
Learn morePrivate / Bridge
7.00% – 12.00%
- Max LTV
- Up to 80%
- Amortization
- Interest-only common
Construction, value-add, or deals outside bank guidelines
Learn moreWhich Rate Path Fits Your Deal?
Is it a stabilized apartment building with 5+ units?
CMHC MLI Standard or MLI Select will likely deliver the lowest rate and highest leverage.
Are you building new purpose-built rental with energy/affordability commitments?
MLI Select unlocks 95% LTV and premium discounts — often 0.25%–0.50% below MLI Standard.
Is it office, retail, industrial, or mixed-use without CMHC eligibility?
Conventional A-lender financing at 5.0%–6.5% with strong NOI and DSCR 1.20+.
Do you need speed, construction funding, or flexible underwriting?
Bridge or private lending at 7%–12% — plan a takeout to CMHC or conventional at stabilization.
Rates by Property Type (2026)
Lenders price every asset class differently. Multi-family with CMHC insurance consistently delivers the lowest rates; hospitality and land carry the highest premiums.
| Property Type | CMHC-Insured | Conventional |
|---|---|---|
| Apartment / purpose-built rental (5+ units) | 4.25% – 5.25% | 5.25% – 6.50% |
| Mixed-use (residential over commercial) | 4.50% – 5.50% | 5.50% – 7.00% |
| Industrial / warehouse | N/A | 5.75% – 7.25% |
| Office (Class A urban) | N/A | 6.00% – 7.50% |
| Retail (anchored strip) | N/A | 6.00% – 7.50% |
| Hotel / hospitality | N/A | 7.50% – 10.00% |
Commercial Mortgage Rates by Province
Regional lender competition and rental fundamentals affect pricing. Ontario and BC typically see the tightest spreads on multi-family CMHC deals.
| Province / Market | CMHC Range | Conventional Range |
|---|---|---|
| Ontario (Toronto / GTA) | 4.25% – 5.00% | 5.25% – 6.25% |
| British Columbia | 4.25% – 5.25% | 5.50% – 6.75% |
| Alberta (Calgary / Edmonton) | 4.50% – 5.25% | 5.50% – 6.50% |
| Quebec (Montreal) | 4.50% – 5.50% | 5.75% – 7.00% |
| Atlantic Canada | 4.75% – 5.50% | 5.75% – 7.25% |
How Commercial Rates Are Priced
Unlike residential mortgages with posted rates, commercial rates are bespoke. Lenders start with the bond yield for your term, then add a spread based on deal risk.
Benchmark bond yield
5-year GoC yield (currently ~3.20%) sets the floor for 5-year fixed commercial rates
Lender spread
Typically 1.0%–2.5% above bond yield depending on property type, LTV, and sponsor strength
CMHC premium discount
MLI Select points can reduce insurance premiums, effectively lowering your all-in rate
Your quoted rate
Bond yield + spread − CMHC discounts = your commercial mortgage rate
Track live bond yields on our CMB rates page or read the full commercial loan rates guide .
Free Commercial Mortgage Calculators
Model your deal before requesting a quote. Our tools go beyond basic payment calculators — they compare CMHC programs and analyze cash flow.
Commercial Mortgage Calculator
Estimate monthly P&I, LTV, and DSCR for office, retail, industrial, and multifamily deals
Open toolCMHC MLI Max Loan Calculator
AI document upload, MLI Select vs Standard comparison, max loan estimate
Open toolMLI Select vs Conventional
Side-by-side cost comparison: CMHC insured vs conventional financing
Open toolMultifamily Cash Flow Analyzer
NOI, DSCR, cap rate, and debt service for apartment buildings
Open toolDSCR Loan Canada
Cash-flow qualification product page — then run the calculator and book a call
Open toolDSCR Calculator Canada
Debt service coverage ratio for cash-flow-based qualification
Open toolLive CMB Rate Tracker
Daily 5-year and 10-year bond yields that drive fixed commercial rates
Open toolMortgage Payment Calculator
Estimate monthly payments with CMHC premium and amortization options
Open toolCommercial Rate Guides & Resources
Get a commercial rates quote
Book a free strategy call for a custom commercial mortgage quote
Commercial Loan Rates Canada Guide
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Compare 50+ CMHC-approved and conventional lenders
CMHC Insured vs Conventional Commercial Mortgage
When CMHC insurance beats conventional — and when it doesn't
Commercial Mortgage Down Payment Canada
LTV requirements by property type and financing path
Fixed vs Variable Commercial Mortgage
Rate type strategy for commercial investors
Multifamily Mortgage Rates Canada
Apartment building rate trends and CMHC pricing
Commercial Financing Options Guide
Complete overview of term loans, bridge, CMHC, and private
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Commercial Mortgage Rates FAQ
Commercial Mortgage Rates FAQ
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