Compare Canadian financing markets
134 markets, sortable on every column. Buildings per lender is the honest read on competition: it is the number of commercial properties each active lender is chasing.
Which Canadian market is most competitive for commercial debt?
Toronto, ON, at a Lender Density Score of 100 — one tracked lender per 431 commercial buildings. Depth compresses dispersion between bids; it does not guarantee a lower rate on a weak file.
134 rows
| Toronto, ON | 1 | 2,794,356 | 142 | 100 | 431 | 5.1% | $8,600,000 | $438,600 | 15 |
| Montreal, QC | 1 | 1,762,949 | 98 | 100 | 440 | 5.4% | $6,100,000 | $329,400 | 15 |
| Vancouver, BC | 1 | 662,248 | 121 | 100 | 177 | 4.4% | $9,800,000 | $431,200 | 15 |
| Calgary, AB | 1 | 1,306,784 | 84 | 100 | 331 | 6.2% | $5,400,000 | $334,800 | 15 |
| Edmonton, AB | 1 | 1,010,899 | 63 | 100 | 375 | 6.6% | $4,300,000 | $283,800 | 15 |
| Ottawa, ON | 1 | 1,017,449 | 57 | 100 | 347 | 5.6% | $5,200,000 | $291,200 | 15 |
| Winnipeg, MB | 1 | 749,607 | 41 | 100 | 400 | 6.4% | $3,600,000 | $230,400 | 15 |
| Quebec City, QC | 1 | 549,459 | 36 | 100 | 386 | 6.0% | $3,400,000 | $204,000 | 15 |
| Hamilton, ON | 1 | 569,353 | 44 | 100 | 289 | 5.7% | $4,100,000 | $233,700 | 15 |
| Mississauga, ON | 1 | 717,961 | 61 | 100 | 251 | 5.2% | $6,800,000 | $353,600 | 15 |
| Brampton, ON | 1 | 656,480 | 38 | 100 | 295 | 5.4% | $5,100,000 | $275,400 | 15 |
| Surrey, BC | 1 | 568,322 | 42 | 100 | 252 | 4.9% | $5,900,000 | $289,100 | 15 |
| Halifax, NS | 2 | 439,819 | 31 | 100 | 316 | 5.8% | $3,900,000 | $226,200 | 10 |
| London, ON | 2 | 422,324 | 29 | 100 | 324 | 6.1% | $3,200,000 | $195,200 | 10 |
| Victoria, BC | 2 | 397,237 | 27 | 100 | 330 | 4.8% | $4,600,000 | $220,800 | 10 |
| Kitchener, ON | 2 | 256,885 | 26 | 100 | 273 | 5.9% | $3,500,000 | $206,500 | 10 |
| Burnaby, BC | 2 | 249,125 | 33 | 100 | 209 | 4.6% | $7,200,000 | $331,200 | 10 |
| Saskatoon, SK | 2 | 317,480 | 22 | 100 | 336 | 6.7% | $2,900,000 | $194,300 | 10 |
| Regina, SK | 2 | 249,217 | 19 | 100 | 326 | 6.9% | $2,600,000 | $179,400 | 10 |
| Windsor, ON | 2 | 229,660 | 18 | 100 | 328 | 6.5% | $2,700,000 | $175,500 | 10 |
| Laval, QC | 2 | 438,366 | 24 | 100 | 342 | 5.6% | $4,200,000 | $235,200 | 10 |
| Gatineau, QC | 2 | 291,041 | 17 | 100 | 359 | 6.0% | $3,100,000 | $186,000 | 10 |
| Richmond, BC | 3 | 209,937 | 21 | 100 | 267 | 4.7% | $6,400,000 | $300,800 | 4 |
| Oakville, ON | 3 | 213,759 | 16 | 100 | 306 | 5.3% | $4,800,000 | $254,400 | 4 |
| Burlington, ON | 3 | 186,948 | 15 | 100 | 307 | 5.5% | $4,300,000 | $236,500 | 4 |
| Kelowna, BC | 3 | 144,576 | 14 | 100 | 293 | 5.4% | $3,700,000 | $199,800 | 4 |
| St. John's, NL | 3 | 110,525 | 11 | 100 | 291 | 7.1% | $2,200,000 | $156,200 | 4 |
| Moncton, NB | 3 | 79,470 | 9 | 100 | 300 | 7.0% | $2,000,000 | $140,000 | 4 |
| Guelph, ON | 3 | 143,740 | 13 | 100 | 292 | 5.8% | $3,000,000 | $174,000 | 4 |
| Abbotsford, BC | 3 | 153,524 | 12 | 100 | 325 | 5.2% | $3,800,000 | $197,600 | 4 |
| Vaughan, ON | 2 | 323,103 | 34 | 100 | 224 | 5.2% | $6,200,000 | $322,400 | 10 |
| Markham, ON | 2 | 338,503 | 32 | 100 | 228 | 5.1% | $5,900,000 | $300,900 | 10 |
| Richmond Hill, ON | 3 | 202,022 | 17 | 100 | 259 | 5.3% | $4,700,000 | $249,100 | 4 |
| Oshawa, ON | 2 | 175,383 | 20 | 100 | 235 | 6.0% | $3,100,000 | $186,000 | 10 |
| Barrie, ON | 2 | 147,829 | 18 | 100 | 233 | 6.1% | $2,900,000 | $176,900 | 10 |
| St. Catharines, ON | 2 | 136,803 | 16 | 100 | 250 | 6.3% | $2,600,000 | $163,800 | 10 |
| Kingston, ON | 3 | 132,485 | 13 | 100 | 277 | 6.2% | $2,500,000 | $155,000 | 4 |
| Greater Sudbury, ON | 3 | 166,004 | 11 | 100 | 336 | 7.0% | $2,200,000 | $154,000 | 4 |
| Thunder Bay, ON | 3 | 108,843 | 9 | 100 | 322 | 7.3% | $1,900,000 | $138,700 | 4 |
| Peterborough, ON | 3 | 84,230 | 9 | 100 | 267 | 6.6% | $2,000,000 | $132,000 | 4 |
| Belleville, ON | 3 | 55,071 | 7 | 100 | 257 | 6.8% | $1,700,000 | $115,600 | 4 |
| Brantford, ON | 3 | 104,688 | 10 | 100 | 280 | 6.4% | $2,100,000 | $134,400 | 4 |
| Cambridge, ON | 3 | 138,479 | 12 | 100 | 292 | 6.0% | $2,800,000 | $168,000 | 4 |
| Milton, ON | 3 | 132,979 | 12 | 100 | 258 | 5.5% | $4,000,000 | $220,000 | 4 |
| Ajax, ON | 3 | 126,666 | 11 | 100 | 264 | 5.6% | $3,400,000 | $190,400 | 4 |
| Whitby, ON | 3 | 138,501 | 11 | 100 | 273 | 5.7% | $3,300,000 | $188,100 | 4 |
| Sarnia, ON | 3 | 72,047 | 7 | 100 | 300 | 7.0% | $1,800,000 | $126,000 | 4 |
| Longueuil, QC | 2 | 254,483 | 19 | 100 | 284 | 5.8% | $3,300,000 | $191,400 | 10 |
| Sherbrooke, QC | 3 | 172,950 | 12 | 100 | 342 | 6.5% | $2,200,000 | $143,000 | 4 |
| Trois-Rivières, QC | 3 | 139,163 | 9 | 100 | 367 | 6.8% | $1,900,000 | $129,200 | 4 |
| Saguenay, QC | 3 | 144,723 | 8 | 100 | 400 | 7.2% | $1,700,000 | $122,400 | 4 |
| Lévis, QC | 3 | 149,683 | 9 | 100 | 344 | 6.3% | $2,300,000 | $144,900 | 4 |
| Red Deer, AB | 3 | 100,844 | 9 | 100 | 300 | 7.4% | $1,900,000 | $140,600 | 4 |
| Lethbridge, AB | 3 | 98,406 | 8 | 100 | 325 | 7.2% | $1,900,000 | $136,800 | 4 |
| Fort McMurray, AB | 3 | 68,002 | 6 | 100 | 267 | 8.1% | $2,400,000 | $194,400 | 4 |
| Kamloops, BC | 3 | 97,902 | 10 | 100 | 260 | 5.9% | $2,600,000 | $153,400 | 4 |
| Nanaimo, BC | 3 | 99,863 | 10 | 100 | 250 | 5.6% | $2,700,000 | $151,200 | 4 |
| Chilliwack, BC | 3 | 93,203 | 9 | 100 | 256 | 5.5% | $2,800,000 | $154,000 | 4 |
| Coquitlam, BC | 2 | 148,625 | 21 | 100 | 162 | 4.8% | $5,200,000 | $249,600 | 10 |
| Langley, BC | 3 | 132,603 | 15 | 100 | 213 | 5.0% | $4,400,000 | $220,000 | 4 |
| Fredericton, NB | 3 | 63,116 | 7 | 100 | 271 | 7.0% | $1,700,000 | $119,000 | 4 |
| Saint John, NB | 3 | 69,895 | 7 | 100 | 286 | 7.3% | $1,600,000 | $116,800 | 4 |
| Charlottetown, PE | 3 | 78,858 | 6 | 100 | 300 | 6.9% | $1,700,000 | $117,300 | 4 |
| Whitehorse, YT | 3 | 31,913 | 4 | 100 | 225 | 7.5% | $1,500,000 | $112,500 | 4 |
| Yellowknife, NT | 3 | 20,340 | 3 | 100 | 233 | 8.0% | $1,400,000 | $112,000 | 4 |
| Iqaluit, NU | 3 | 7,429 | 2 | 100 | 150 | 8.4% | $1,300,000 | $109,200 | 4 |
| Terrebonne, QC | 2 | 119,944 | 11 | 100 | 291 | 6.1% | $2,100,000 | $128,100 | 10 |
| Saint-Jean-sur-Richelieu, QC | 3 | 98,036 | 9 | 100 | 289 | 6.4% | $1,800,000 | $115,200 | 4 |
| Repentigny, QC | 3 | 86,216 | 8 | 100 | 288 | 6.3% | $1,700,000 | $107,100 | 4 |
| Brossard, QC | 3 | 91,525 | 9 | 100 | 278 | 5.7% | $1,800,000 | $102,600 | 4 |
| Drummondville, QC | 3 | 79,258 | 7 | 100 | 300 | 6.9% | $1,600,000 | $110,400 | 4 |
| Saint-Jerome, QC | 3 | 80,213 | 8 | 100 | 275 | 6.6% | $1,700,000 | $112,200 | 4 |
| Granby, QC | 3 | 69,025 | 7 | 100 | 271 | 6.9% | $1,500,000 | $103,500 | 4 |
| Shawinigan, QC | 3 | 49,620 | 5 | 100 | 260 | 7.6% | $1,300,000 | $98,800 | 4 |
| Rimouski, QC | 3 | 48,664 | 5 | 100 | 260 | 7.4% | $1,300,000 | $96,200 | 4 |
| Victoriaville, QC | 3 | 47,523 | 4 | 100 | 325 | 7.2% | $1,300,000 | $93,600 | 4 |
| Rouyn-Noranda, QC | 3 | 42,313 | 4 | 100 | 275 | 7.8% | $1,200,000 | $93,600 | 4 |
| Val-d'Or, QC | 3 | 32,752 | 3 | 100 | 300 | 8.0% | $1,100,000 | $88,000 | 4 |
| Sept-Iles, QC | 3 | 25,062 | 2 | 100 | 350 | 8.2% | $1,000,000 | $82,000 | 4 |
| Salaberry-de-Valleyfield, QC | 3 | 41,250 | 4 | 100 | 275 | 7.0% | $1,200,000 | $84,000 | 4 |
| Newmarket, ON | 3 | 87,942 | 10 | 100 | 240 | 5.6% | $2,000,000 | $112,000 | 4 |
| Pickering, ON | 3 | 99,186 | 11 | 100 | 245 | 5.7% | $2,200,000 | $125,400 | 4 |
| Caledon, ON | 3 | 76,581 | 9 | 100 | 233 | 5.8% | $1,900,000 | $110,200 | 4 |
| Niagara Falls, ON | 3 | 94,415 | 10 | 100 | 250 | 6.3% | $2,100,000 | $132,300 | 4 |
| Waterloo, ON | 2 | 121,436 | 13 | 100 | 254 | 5.8% | $2,500,000 | $145,000 | 10 |
| Chatham-Kent, ON | 2 | 103,988 | 12 | 100 | 233 | 7.0% | $2,300,000 | $161,000 | 10 |
| Norfolk County, ON | 3 | 67,490 | 7 | 100 | 257 | 7.1% | $1,800,000 | $127,800 | 4 |
| Welland, ON | 3 | 55,750 | 6 | 100 | 250 | 6.7% | $1,600,000 | $107,200 | 4 |
| North Bay, ON | 3 | 52,662 | 6 | 100 | 233 | 7.3% | $1,600,000 | $116,800 | 4 |
| Sault Ste. Marie, ON | 3 | 72,051 | 8 | 100 | 238 | 7.5% | $1,800,000 | $135,000 | 4 |
| Cornwall, ON | 3 | 47,845 | 5 | 100 | 260 | 7.2% | $1,500,000 | $108,000 | 4 |
| Timmins, ON | 3 | 41,145 | 5 | 100 | 220 | 7.9% | $1,400,000 | $110,600 | 4 |
| Orillia, ON | 3 | 33,411 | 4 | 100 | 225 | 6.9% | $1,300,000 | $89,700 | 4 |
| Woodstock, ON | 3 | 46,705 | 5 | 100 | 260 | 6.7% | $1,500,000 | $100,500 | 4 |
| Stratford, ON | 3 | 33,232 | 4 | 100 | 225 | 6.8% | $1,300,000 | $88,400 | 4 |
| Owen Sound, ON | 3 | 21,612 | 2 | 100 | 300 | 7.2% | $1,200,000 | $86,400 | 4 |
| Bradford West Gwillimbury, ON | 3 | 42,880 | 5 | 100 | 240 | 6.0% | $1,500,000 | $90,000 | 4 |
| Halton Hills, ON | 3 | 62,951 | 7 | 100 | 243 | 5.9% | $1,700,000 | $100,300 | 4 |
| Airdrie, AB | 3 | 74,100 | 7 | 100 | 286 | 6.8% | $1,700,000 | $115,600 | 4 |
| St. Albert, AB | 3 | 68,232 | 7 | 100 | 257 | 6.9% | $1,600,000 | $110,400 | 4 |
| Grande Prairie, AB | 3 | 64,141 | 6 | 100 | 283 | 7.6% | $1,600,000 | $121,600 | 4 |
| Medicine Hat, AB | 3 | 63,271 | 6 | 100 | 283 | 7.6% | $1,600,000 | $121,600 | 4 |
| Spruce Grove, AB | 3 | 37,645 | 4 | 100 | 250 | 7.1% | $1,300,000 | $92,300 | 4 |
| Leduc, AB | 3 | 34,094 | 3 | 100 | 300 | 7.2% | $1,200,000 | $86,400 | 4 |
| Fort Saskatchewan, AB | 3 | 27,088 | 3 | 100 | 233 | 7.3% | $1,100,000 | $80,300 | 4 |
| Okotoks, AB | 3 | 30,405 | 3 | 100 | 267 | 6.9% | $1,200,000 | $82,800 | 4 |
| Cochrane, AB | 3 | 32,199 | 3 | 100 | 300 | 6.9% | $1,200,000 | $82,800 | 4 |
| West Kelowna, BC | 3 | 36,078 | 5 | 100 | 200 | 5.6% | $1,700,000 | $95,200 | 4 |
| Vernon, BC | 3 | 44,519 | 6 | 100 | 200 | 5.9% | $1,800,000 | $106,200 | 4 |
| Penticton, BC | 3 | 36,885 | 5 | 100 | 200 | 5.8% | $1,700,000 | $98,600 | 4 |
| Courtenay, BC | 3 | 28,420 | 4 | 100 | 200 | 5.8% | $1,600,000 | $92,800 | 4 |
| Campbell River, BC | 3 | 35,519 | 5 | 100 | 200 | 6.1% | $1,700,000 | $103,700 | 4 |
| Cranbrook, BC | 3 | 20,499 | 3 | 100 | 200 | 6.6% | $1,500,000 | $99,000 | 4 |
| Prince George, BC | 3 | 76,708 | 11 | 100 | 191 | 6.8% | $2,400,000 | $163,200 | 4 |
| Delta, BC | 2 | 108,455 | 15 | 100 | 193 | 5.0% | $2,900,000 | $145,000 | 10 |
| Maple Ridge, BC | 3 | 90,990 | 13 | 100 | 192 | 5.2% | $2,600,000 | $135,200 | 4 |
| New Westminster, BC | 3 | 78,916 | 11 | 100 | 191 | 4.9% | $2,400,000 | $117,600 | 4 |
| North Vancouver, BC | 3 | 58,120 | 8 | 100 | 200 | 4.7% | $2,100,000 | $98,700 | 4 |
| Port Coquitlam, BC | 3 | 61,498 | 9 | 100 | 189 | 5.1% | $2,100,000 | $107,100 | 4 |
| Brandon, MB | 3 | 51,313 | 4 | 100 | 350 | 7.1% | $1,100,000 | $78,100 | 4 |
| Steinbach, MB | 3 | 17,806 | 2 | 100 | 250 | 7.4% | $800,000 | $59,200 | 4 |
| Winkler, MB | 3 | 13,745 | 2 | 100 | 200 | 7.6% | $800,000 | $60,800 | 4 |
| Moose Jaw, SK | 3 | 33,665 | 3 | 100 | 300 | 7.5% | $900,000 | $67,500 | 4 |
| Prince Albert, SK | 3 | 37,756 | 3 | 100 | 333 | 7.7% | $1,000,000 | $77,000 | 4 |
| Swift Current, SK | 3 | 16,750 | 2 | 100 | 250 | 7.8% | $800,000 | $62,400 | 4 |
| Sydney, NS | 3 | 29,904 | 2 | 100 | 400 | 7.6% | $1,000,000 | $76,000 | 4 |
| Truro, NS | 3 | 12,954 | 2 | 100 | 150 | 7.5% | $800,000 | $60,000 | 4 |
| Dartmouth, NS | 3 | 92,300 | 8 | 100 | 313 | 6.0% | $1,600,000 | $96,000 | 4 |
| Dieppe, NB | 3 | 28,114 | 2 | 100 | 400 | 6.9% | $800,000 | $55,200 | 4 |
| Miramichi, NB | 3 | 17,537 | 2 | 100 | 250 | 7.7% | $700,000 | $53,900 | 4 |
| Bathurst, NB | 3 | 12,157 | 2 | 100 | 150 | 7.9% | $700,000 | $55,300 | 4 |
| Corner Brook, NL | 3 | 19,333 | 2 | 100 | 250 | 7.8% | $700,000 | $54,600 | 4 |
| Mount Pearl, NL | 3 | 22,957 | 2 | 100 | 300 | 7.3% | $700,000 | $51,100 | 4 |
| Summerside, PE | 3 | 16,001 | 2 | 100 | 200 | 7.2% | $700,000 | $50,400 | 4 |
How these figures were produced
- Observed — Recorded directly from the cited source series, unadjusted.
- Modelled — Derived arithmetically from observed inputs using the published method; not a market quote.
- Baseline seed — A documented starting estimate awaiting first observation. Treat as an order-of-magnitude figure only.
Which Canadian market has the deepest commercial lender pool?
Toronto, ON — a Lender Density Score of 100, with 142 tracked lenders against 61,200 commercial buildings, or one lender per 431 buildings.
Where are cap rates tightest and widest?
Vancouver carries the tightest seed at 4.4%; Iqaluit the widest at 8.4%. Tight cap rates raise value per dollar of NOI, which usually means leverage rather than coverage binds the loan.
Why do some markets show fewer products?
Tier 2 markets publish tier 1–2 products and tier 3 markets publish anchor products only. Capitalor will not publish a product-by-market page it cannot back with observations, so coverage narrows rather than thins out.
Does a thin market mean a worse rate?
Not automatically. It means fewer bids and wider dispersion between them, so the cost of not shopping the file rises sharply. In deep markets the market prices your deal; in thin markets your process does.
Not advice — Capitalor is a data publisher. We do not originate, broker, arrange, or place debt, and nothing here is an offer of credit, a quote, or financial advice. Figures are indicative benchmarks for comparison and must be confirmed with a licensed lender or mortgage professional before you rely on them. About Capitalor