01Size the deal
Commercial Refinance in Canada
Capitalor facts
- The Capitalor Commercial Debt Rate Index places commercial refinance at 5.00% indicative, a 185 bps spread over the Government of Canada 5-year benchmark.
- Typical structure: 75% LTV, 25-year amortization, 5-year term.
- The Capitalor DSCR Stress Band for this product starts at 1.25x coverage.
Indicative rate
5.00%
Typical LTV
75%
DSCR floor
1.25x
Term
5 yr
Capitalor Commercial Debt Rate Index · Last updated 2026-08-14 · Maintained by Capitalor Data Desk
Scope: Commercial Refinance · tier 2 · 33 markets published
Inputs: GoC 5-yr benchmark + 185 bps · 75% LTV · 1.25x DSCR · 25-yr amortization
Next scheduled review: 2026-09-14
Replacement debt on maturing terms, often with an equity take-out.
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.
02Stress the debt
DSCR calculator
Preset to Commercial Refinance
Annual debt service
$315,679
DSCR
1.33x
Within Capitalor DSCR Stress Band
Max loan at 1.25x
$4,789,681
LTV calculator
Preset to Commercial Refinance
Current LTV
69.2%
Inside lender band
Max loan at cap
$4,875,000
Equity required
$1,625,000
04Choose city
Commercial Refinance by market
Debt service is computed on the market's average transaction at 75% LTV and 5.00% over 25 years.
| Commercial Refinance in Toronto | 1 | 100 | 5.1% | $8,600,000 | $6,450,000 | $452,473 |
| Commercial Refinance in Montreal | 1 | 100 | 5.4% | $6,100,000 | $4,575,000 | $320,940 |
| Commercial Refinance in Vancouver | 1 | 100 | 4.4% | $9,800,000 | $7,350,000 | $515,608 |
| Commercial Refinance in Calgary | 1 | 100 | 6.2% | $5,400,000 | $4,050,000 | $284,111 |
| Commercial Refinance in Edmonton | 1 | 100 | 6.6% | $4,300,000 | $3,225,000 | $226,236 |
| Commercial Refinance in Ottawa | 1 | 100 | 5.6% | $5,200,000 | $3,900,000 | $273,588 |
| Commercial Refinance in Winnipeg | 1 | 100 | 6.4% | $3,600,000 | $2,700,000 | $189,407 |
| Commercial Refinance in Quebec City | 1 | 100 | 6.0% | $3,400,000 | $2,550,000 | $178,885 |
| Commercial Refinance in Hamilton | 1 | 100 | 5.7% | $4,100,000 | $3,075,000 | $215,714 |
| Commercial Refinance in Mississauga | 1 | 100 | 5.2% | $6,800,000 | $5,100,000 | $357,769 |
| Commercial Refinance in Brampton | 1 | 100 | 5.4% | $5,100,000 | $3,825,000 | $268,327 |
| Commercial Refinance in Surrey | 1 | 100 | 4.9% | $5,900,000 | $4,425,000 | $310,417 |
| Commercial Refinance in Halifax | 2 | 100 | 5.8% | $3,900,000 | $2,925,000 | $205,191 |
| Commercial Refinance in London | 2 | 100 | 6.1% | $3,200,000 | $2,400,000 | $168,362 |
| Commercial Refinance in Victoria | 2 | 100 | 4.8% | $4,600,000 | $3,450,000 | $242,020 |
| Commercial Refinance in Kitchener | 2 | 100 | 5.9% | $3,500,000 | $2,625,000 | $184,146 |
| Commercial Refinance in Burnaby | 2 | 100 | 4.6% | $7,200,000 | $5,400,000 | $378,814 |
| Commercial Refinance in Saskatoon | 2 | 100 | 6.7% | $2,900,000 | $2,175,000 | $152,578 |
| Commercial Refinance in Regina | 2 | 100 | 6.9% | $2,600,000 | $1,950,000 | $136,794 |
| Commercial Refinance in Windsor | 2 | 100 | 6.5% | $2,700,000 | $2,025,000 | $142,055 |
| Commercial Refinance in Laval | 2 | 100 | 5.6% | $4,200,000 | $3,150,000 | $220,975 |
| Commercial Refinance in Gatineau | 2 | 100 | 6.0% | $3,100,000 | $2,325,000 | $163,101 |
| Commercial Refinance in Vaughan | 2 | 100 | 5.2% | $6,200,000 | $4,650,000 | $326,201 |
| Commercial Refinance in Markham | 2 | 100 | 5.1% | $5,900,000 | $4,425,000 | $310,417 |
| Commercial Refinance in Oshawa | 2 | 100 | 6.0% | $3,100,000 | $2,325,000 | $163,101 |
| Commercial Refinance in Barrie | 2 | 100 | 6.1% | $2,900,000 | $2,175,000 | $152,578 |
| Commercial Refinance in St. Catharines | 2 | 100 | 6.3% | $2,600,000 | $1,950,000 | $136,794 |
| Commercial Refinance in Longueuil | 2 | 100 | 5.8% | $3,300,000 | $2,475,000 | $173,623 |
| Commercial Refinance in Coquitlam | 2 | 100 | 4.8% | $5,200,000 | $3,900,000 | $273,588 |
| Commercial Refinance in Terrebonne | 2 | 100 | 6.1% | $2,100,000 | $1,575,000 | $110,488 |
| Commercial Refinance in Waterloo | 2 | 100 | 5.8% | $2,500,000 | $1,875,000 | $131,533 |
| Commercial Refinance in Chatham-Kent | 2 | 100 | 7.0% | $2,300,000 | $1,725,000 | $121,010 |
| Commercial Refinance in Delta | 2 | 100 | 5.0% | $2,900,000 | $2,175,000 | $152,578 |
ActQuestions
What rate does commercial refinance carry today?
The Capitalor Commercial Debt Rate Index shows 5.00% indicative, a 185 bps spread over the GoC 5-year benchmark.
What does commercial refinance cost to service per $1M borrowed?
$70,151 a year at 5.00% over 25 years. That is servicing cost only — premiums, fees, and prepayment terms sit outside it.
How much equity will a lender expect?
At 75% LTV the sponsor funds the remaining 25% plus closing costs.
Which coverage ratio clears credit?
1.25x is the floor in the Capitalor DSCR Stress Band for this product. Below it, proceeds are cut until coverage clears rather than the file being repriced.
In how many Canadian markets does Capitalor publish commercial refinance data?
33. Tier 2 products publish only in markets deep enough to support them, so the count is deliberately short of all 66 tracked markets.
Sources
- [1] Bank of Canada valet API — GoC 5-year benchmark
- [2] Capitalor lender term sampling — LTV, DSCR, amortization norms
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