What determines the rate
Lenders price the file, not a posted retail special. The inputs that move the rate are property type, LTV, DSCR, occupancy, location, amortization, and borrower strength.
Commercial mortgage rates Canada — get a custom quote
See today's commercial mortgage rates for multi-family, CMHC, and investment deals in Canada — then book a free strategy call for a custom quote from 50+ lenders.
Rates last reviewed:
Estimated CMHC MLI Select range 4.87–5.62%, tied to the CMB.
Multifamily sponsors: see CMHC MLI Select, DSCR loan Canada, live CMB tracker.
Residential 1–4 unit term coming due? Use the investment property renewal guide. Commercial and CMHC MLI renewals stay on LendCity™.
4.87%–5.62%
CMB 3.82% + spread
3.82%
4.24%
Commercial Mortgage Rates by Financing Type
The MLI Select row is LendCity™'s estimate: the September 29, 2026 5-year CMB yield (3.82%) plus a 1.05%–1.80% spread. Other rows show the benchmark each lender prices from; the spread is set per deal, so there is no all-in figure until you get a quote.
| Financing Type | Rate / Pricing Basis |
|---|---|
| CMHC MLI Select (100+ points) | Est. 4.87%–5.62% |
| CMHC MLI Standard | 5-yr CMB 3.82% + lender spread, quote-dependent |
| Conventional (A lender) | 5-yr CMB 3.82% + lender spread, quote-dependent |
| Conventional (B lender) | 5-yr CMB 3.82% + wider lender spread, quote-dependent |
| Bridge / interim | Prime 4.45% + lender premium, quote-dependent |
| Private / MIC | Prime 4.45% + lender premium, quote-dependent |
CMHC-Insured vs Conventional Commercial Rates
The financing path you choose moves your interest cost: on a $3M mortgage, every 1.00% of rate difference is about $30,000 a year in interest (1% × $3,000,000). CMHC insurance backstops the lender, unlocking lower spreads and higher leverage on qualifying multi-family deals.
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CMHC MLI Select
Max LTV Up to 95%. Amortization Up to 50 years. New construction or acquisition of 5+ unit rentals hitting affordability/energy points
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CMHC MLI Standard
Max LTV Up to 85%. Amortization Up to 40 years. Stabilized apartment buildings without points requirements
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Conventional Commercial
Max LTV Up to 75%. Amortization Up to 30 years. Office, retail, industrial, mixed-use without CMHC eligibility
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Private / Bridge
Max LTV Up to 80%. Amortization Interest-only common. Construction, value-add, or deals outside bank guidelines
Which Rate Path Fits Your Deal?
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Is it a stabilized apartment building with 5+ units?
CMHC MLI Standard or MLI Select will likely deliver the lowest rate and highest leverage.
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Are you building new purpose-built rental with energy/affordability commitments?
MLI Select unlocks 95% LTV and CMHC premium discounts tied to affordability, energy, and accessibility points.
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Is it office, retail, industrial, or mixed-use without CMHC eligibility?
Conventional A-lender financing priced at the 5-year CMB plus a lender spread, with strong NOI and DSCR 1.20+.
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Do you need speed, construction funding, or flexible underwriting?
Bridge or private lending priced above prime — 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) | Est. 4.87%–5.62% | CMB + lender spread (quote) |
| Mixed-use (residential over commercial) | CMB + insured spread (quote) | CMB + lender spread (quote) |
| Industrial / warehouse | N/A | CMB + lender spread (quote) |
| Office (Class A urban) | N/A | CMB + wider spread (quote) |
| Retail (anchored strip) | N/A | CMB + lender spread (quote) |
| Hotel / hospitality | N/A | CMB + wider spread (quote) |
Commercial Mortgage Rates by Province
CMHC-insured pricing follows the national 5-year CMB, so the MLI Select estimate is the same in every province. Conventional spreads vary by lender and market; we don't publish province-specific ranges, so ask for a quote on your file.
| Province / Market | CMHC MLI Select | Conventional |
|---|---|---|
| Ontario (Toronto / GTA) | Est. 4.87%–5.62% (national) | CMB + lender spread (quote) |
| British Columbia | Est. 4.87%–5.62% (national) | CMB + lender spread (quote) |
| Alberta (Calgary / Edmonton) | Est. 4.87%–5.62% (national) | CMB + lender spread (quote) |
| Quebec (Montreal) | Est. 4.87%–5.62% (national) | CMB + lender spread (quote) |
| Atlantic Canada | Est. 4.87%–5.62% (national) | CMB + lender spread (quote) |
What moves a commercial mortgage rate
LendCity™ is a mortgage brokerage, not a lender. Ranges on this page are market context. The rate on your file comes from the lender, not from us.
Bank of Canada
Fixed commercial rates follow Government of Canada bond yields, which the Bank of Canada publishes. See live Canada Mortgage Bond benchmarks on our CMB rates page.
Fixed vs variable
A fixed rate holds for the term and is priced from bond yields. A variable rate tracks the lender's prime and can change the payment during the term. CMHC multi-family loans are usually fixed. Variable shows up more often on shorter conventional or construction loans. Match the choice to how long you will hold the building and how much payment movement the cash flow can take.
Rate lock
A rate lock holds a quoted rate for a set number of days while the lender underwrites the deal. It is not automatic. Confirm the hold period, whether the rate can drop if yields fall, and what happens if closing misses the expiry. After the lock ends, the file is repriced.
Mistakes that raise the rate
These are the usual reasons a quote comes in above the range you expected.
- LTV higher than the DSCR can support
- Occupancy or a lease rollover the lender will haircut
- An amortization the cash flow cannot carry
- Missing rent rolls or financials that push the file past the lock
- Pricing a bridge or value-add deal off a stabilized CMHC range
Ontario commercial mortgage rates in 2026
This page's Ontario row shows LendCity™'s CMHC MLI Select estimate of 4.87%–5.62% as of September 29, 2026: the 5-year CMB yield (3.82%) plus a 1.05%–1.80% spread. Insured pricing follows the national CMB, so the estimate is the same as in other provinces. Conventional stabilized deals in Ontario are the 5-year CMB plus a lender spread; lender competition can tighten that spread, and only a quote gives the all-in rate.
Sources
Benchmarks come from the Bank of Canada Valet API and from CMHC . Bond context is on our CMB rates page.
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.
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Benchmark bond yield
The 5-year CMB yield (3.82% on September 29, 2026) sets the floor for 5-year fixed commercial rates
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Lender spread
Added on top of the bond yield based on property type, LTV, and sponsor strength. LendCity™'s MLI Select estimate uses 1.05%–1.80%
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CMHC premium discount
MLI Select points can reduce insurance premiums, effectively lowering your all-in rate
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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 .
Bond yield benchmarks: Bank of Canada. CMHC MLI Select program details: cmhc-schl.gc.ca.
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.
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Commercial Mortgage Calculator
Estimate monthly P&I, LTV, and DSCR for office, retail, industrial, and multifamily deals
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CMHC MLI Max Loan Calculator
AI document upload, MLI Select vs Standard comparison, max loan estimate
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MLI Select vs Conventional
Side-by-side cost comparison: CMHC insured vs conventional financing
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Multifamily Cash Flow Analyzer
NOI, DSCR, cap rate, and debt service for apartment buildings
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DSCR Loan Canada
Cash-flow qualification product page — then run the calculator and book a call
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DSCR Calculator Canada
Debt service coverage ratio for cash-flow-based qualification
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Live CMB Rate Tracker
Daily 5-year and 10-year bond yields that drive fixed commercial rates
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Mortgage Payment Calculator
Estimate monthly payments with CMHC premium and amortization options
Commercial Rate Guides & Resources
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Get a commercial rates quote
Book a free strategy call for a custom commercial mortgage quote
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Commercial Loan Rates Canada Guide
How CRE loan pricing works — CMHC, conventional A/B, and private ranges
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Best Commercial Mortgage Lenders Canada
Compare 50+ CMHC-approved and conventional lenders
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CMHC Insured vs Conventional Commercial Mortgage
When CMHC insurance beats conventional — and when it doesn't
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Commercial Mortgage Down Payment Canada
LTV requirements by property type and financing path
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Fixed vs Variable Commercial Mortgage
Rate type strategy for commercial investors
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Multifamily Mortgage Rates Canada
Apartment building rate trends and CMHC pricing
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Commercial Financing Options Guide
Complete overview of term loans, bridge, CMHC, and private
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Investment Property Mortgage Rates Canada
Today's ranges by lender type, plus a live rate quote
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CMHC ACLP Apartment Construction Loan Program
Purpose-built rental construction financing up to 100% LTC
Have capital to put to work?
LendCity™ connects capital providers with secured private mortgages and development partnerships — separate from borrowing for your next purchase.
Commercial Mortgage Rates FAQ
Browse our most frequently asked questions below.
Commercial Mortgage Rates FAQ
Commercial mortgage rates are the interest rates lenders charge on income-property and commercial real estate financing in Canada. As of September 29, 2026, LendCity™'s CMHC MLI Select estimate is 4.87%–5.62% (5-year CMB 3.82% + 1.05%–1.80%). Conventional loans price at the 5-year CMB plus a lender spread, and private bridge loans price above prime; both are quote-dependent. See the live tables on this page, then book a strategy call for a custom quote.
As of September 29, 2026, LendCity™ estimates CMHC MLI Select multi-family (100+ points) at 4.87%–5.62%: the 5-year CMB yield (3.82%) plus a 1.05%–1.80% spread. Conventional rates for stabilized office, retail, and industrial are quoted at the 5-year CMB plus a lender spread, and private or bridge loans above prime (4.45%). Your exact quote depends on property type, LTV, DSCR, and CMHC vs conventional path — book a free strategy call for a custom commercial quote.
As of September 29, 2026, LendCity™'s CMHC MLI Select estimate is 4.87%–5.62% for deals with 100+ points: the 5-year CMB yield of 3.82% plus a 1.05%–1.80% spread. Conventional commercial rates for stabilized properties are the 5-year CMB plus a lender spread, set per deal. Private and bridge financing prices above prime (4.45%). Rates shift with bond yields and Bank of Canada policy — check our live CMB tracker for today's benchmark.
Usually. CMHC insurance backstops the lender, reducing credit risk and allowing tighter spreads. On a $3 million mortgage, every 1.00% of rate difference is roughly $30,000 a year in interest (1% × $3,000,000), so weigh the rate gap on your quotes against the CMHC premium.
Commercial rates are usually higher than residential rates for comparable terms, because commercial underwriting focuses on property NOI and DSCR rather than personal income, and the lender spread is set per deal. However, CMHC-insured multi-family can price below residential investment property rates due to government insurance.
Fixed commercial mortgage rates are priced as a spread above Government of Canada bond yields. The 5-year GoC yield directly drives 5-year fixed commercial quotes. When bond yields rise, expect commercial fixed rates to follow within days. Track live yields on our CMB rates page.
Programs & Qualification
Most A-lenders require a minimum DSCR of 1.20x for conventional commercial mortgages — meaning NOI must cover debt service by at least 120%. CMHC MLI Standard requires 1.30x on 5-year terms and 1.20x on 10-year terms. The 1.10x floor is MLI Select only (with affordability points). Stronger DSCR (1.30+) typically earns tighter rate spreads.
Commercial rates are deal-specific, so there is no single posted rate. Use our CMHC MLI calculator for a preliminary max loan estimate, then book a free strategy call for a custom rate quote from 50+ lenders matched to your property type and deal structure.
Ontario commercial rates, especially in Toronto and the GTA, are priced like the rest of Canada: CMHC-insured multi-family follows the 5-year CMB (LendCity™'s MLI Select estimate is 4.87%–5.62% as of September 29, 2026), and conventional stabilized deals are the 5-year CMB plus a lender spread. Deep lender competition in Ontario can tighten that spread, so get quotes from several lenders.
Most commercial investors choose 5-year fixed terms for flexibility at renewal. 10-year terms offer rate certainty for long holds but carry a term premium. CMHC allows amortizations up to 50 years on MLI Select, which lowers payments even on shorter terms.
Yes — lenders use "commercial loan rates" and "commercial mortgage rates" interchangeably in Canada. As of September 29, 2026, LendCity™ estimates CMHC MLI Select multi-family at 4.87%–5.62%; conventional commercial loans are the 5-year CMB plus a lender spread, and private or bridge loans price above prime (4.45%). Your actual commercial lending rate depends on property type, LTV, and DSCR, not which term the lender uses.
Get a custom commercial quote
Compare CMHC-insured and conventional rates from 50+ lenders. Get a custom quote matched to your property type and deal structure.