Compare Canadian financing markets
136 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?
Iqaluit, NU, at a Lender Density Score of 67 — one tracked lender per 150 commercial buildings. Depth compresses dispersion between bids; it does not guarantee a lower rate on a weak file.
136 rows
| Iqaluit, NU | 3 | 7,429 | 2 | 67 | 150 | 8.4% | $1,300,000 | $109,200 | 2 |
| Coquitlam, BC | 2 | 148,625 | 21 | 62 | 162 | 4.8% | $5,200,000 | $249,600 | 4 |
| Vancouver, BC | 1 | 662,248 | 121 | 57 | 177 | 4.4% | $9,800,000 | $431,200 | 9 |
| Port Coquitlam, BC | 3 | 61,498 | 9 | 53 | 189 | 5.8% | $2,100,000 | $121,800 | 2 |
| Delta, BC | 2 | 108,455 | 15 | 52 | 193 | 5.6% | $2,900,000 | $162,400 | 4 |
| Maple Ridge, BC | 3 | 90,990 | 13 | 52 | 192 | 5.8% | $2,600,000 | $150,800 | 2 |
| New Westminster, BC | 3 | 78,916 | 11 | 52 | 191 | 5.8% | $2,400,000 | $139,200 | 2 |
| Owen Sound, ON | 3 | 21,612 | 4 | 50 | 200 | 7.1% | $1,300,000 | $92,300 | 2 |
| West Kelowna, BC | 3 | 36,078 | 5 | 50 | 200 | 5.8% | $1,700,000 | $98,600 | 2 |
| Penticton, BC | 3 | 36,885 | 6 | 50 | 200 | 5.9% | $2,200,000 | $129,800 | 2 |
| Cranbrook, BC | 3 | 20,499 | 4 | 50 | 200 | 6.9% | $1,400,000 | $96,600 | 2 |
| North Vancouver, BC | 3 | 58,120 | 8 | 50 | 200 | 5.8% | $2,100,000 | $121,800 | 2 |
| Airdrie, AB | 3 | 74,100 | 8 | 50 | 200 | 6.8% | $2,400,000 | $163,200 | 2 |
| Winkler, MB | 3 | 13,745 | 2 | 50 | 200 | 7.4% | $800,000 | $59,200 | 2 |
| Burnaby, BC | 2 | 249,125 | 33 | 48 | 209 | 4.6% | $7,200,000 | $331,200 | 4 |
| Langley, BC | 2 | 132,603 | 15 | 47 | 213 | 5.0% | $4,400,000 | $220,000 | 4 |
| St. Albert, AB | 3 | 68,232 | 7 | 47 | 214 | 6.7% | $2,300,000 | $154,100 | 2 |
| Vaughan, ON | 2 | 323,103 | 34 | 45 | 224 | 5.2% | $6,200,000 | $322,400 | 4 |
| Newmarket, ON | 3 | 87,942 | 10 | 45 | 220 | 5.6% | $3,400,000 | $190,400 | 2 |
| Orillia, ON | 3 | 33,411 | 5 | 45 | 220 | 6.8% | $1,600,000 | $108,800 | 2 |
| Stratford, ON | 3 | 33,232 | 5 | 45 | 220 | 6.7% | $1,600,000 | $107,200 | 2 |
| Campbell River, BC | 3 | 35,519 | 5 | 45 | 220 | 6.2% | $1,800,000 | $111,600 | 2 |
| Markham, ON | 2 | 338,503 | 32 | 44 | 228 | 5.1% | $5,900,000 | $300,900 | 4 |
| Corner Brook, NL | 3 | 29,762 | 4 | 44 | 225 | 7.9% | $1,200,000 | $94,800 | 2 |
| Miramichi, NB | 3 | 27,593 | 4 | 44 | 225 | 7.7% | $1,200,000 | $92,400 | 2 |
| Whitehorse, YT | 3 | 31,913 | 4 | 44 | 225 | 7.5% | $1,500,000 | $112,500 | 2 |
| Oshawa, ON | 2 | 175,383 | 20 | 43 | 235 | 6.0% | $3,100,000 | $186,000 | 4 |
| Barrie, ON | 2 | 147,829 | 18 | 43 | 233 | 6.1% | $2,900,000 | $176,900 | 4 |
| Pickering, ON | 3 | 99,186 | 10 | 43 | 230 | 5.7% | $3,300,000 | $188,100 | 2 |
| Caledon, ON | 3 | 76,581 | 9 | 43 | 233 | 6.6% | $1,900,000 | $125,400 | 2 |
| Woodstock, ON | 3 | 46,705 | 6 | 43 | 233 | 6.6% | $1,800,000 | $118,800 | 2 |
| Vernon, BC | 3 | 44,519 | 6 | 43 | 233 | 6.0% | $2,200,000 | $132,000 | 2 |
| Courtenay, BC | 3 | 54,157 | 6 | 43 | 233 | 5.8% | $2,100,000 | $121,800 | 2 |
| Fort Saskatchewan, AB | 3 | 27,088 | 3 | 43 | 233 | 7.4% | $1,100,000 | $81,400 | 2 |
| Steinbach, MB | 3 | 17,806 | 3 | 43 | 233 | 7.4% | $1,300,000 | $96,200 | 2 |
| Summerside, PE | 3 | 16,001 | 3 | 43 | 233 | 7.3% | $1,300,000 | $94,900 | 2 |
| Yellowknife, NT | 3 | 20,340 | 3 | 43 | 233 | 8.0% | $1,400,000 | $112,000 | 2 |
| Bradford West Gwillimbury, ON | 3 | 42,880 | 5 | 42 | 240 | 6.6% | $1,500,000 | $99,000 | 2 |
| Halton Hills, ON | 3 | 62,951 | 7 | 41 | 243 | 6.6% | $1,700,000 | $112,200 | 2 |
| Mississauga, ON | 1 | 717,961 | 61 | 40 | 251 | 5.2% | $6,800,000 | $353,600 | 9 |
| St. Catharines, ON | 2 | 136,803 | 16 | 40 | 250 | 6.3% | $2,600,000 | $163,800 | 4 |
| Surrey, BC | 1 | 568,322 | 42 | 40 | 252 | 4.9% | $5,900,000 | $289,100 | 9 |
| Nanaimo, BC | 3 | 99,863 | 10 | 40 | 250 | 5.6% | $2,700,000 | $151,200 | 2 |
| Spruce Grove, AB | 3 | 37,645 | 4 | 40 | 250 | 7.4% | $1,300,000 | $96,200 | 2 |
| Swift Current, SK | 3 | 16,750 | 2 | 40 | 250 | 7.8% | $800,000 | $62,400 | 2 |
| Bathurst, NB | 3 | 31,387 | 4 | 40 | 250 | 7.6% | $1,200,000 | $91,200 | 2 |
| New Glasgow, NS | 3 | 34,487 | 4 | 40 | 250 | 7.7% | $1,200,000 | $92,400 | 2 |
| Richmond Hill, ON | 2 | 202,022 | 17 | 39 | 259 | 5.3% | $4,700,000 | $249,100 | 4 |
| Belleville, ON | 3 | 55,071 | 7 | 39 | 257 | 6.8% | $1,700,000 | $115,600 | 2 |
| Milton, ON | 2 | 132,979 | 12 | 39 | 258 | 5.5% | $4,000,000 | $220,000 | 4 |
| Waterloo, ON | 2 | 121,436 | 13 | 39 | 254 | 6.4% | $2,500,000 | $160,000 | 4 |
| Norfolk County, ON | 3 | 67,490 | 7 | 39 | 257 | 6.6% | $1,800,000 | $118,800 | 2 |
| Chilliwack, BC | 3 | 93,203 | 9 | 39 | 256 | 5.5% | $2,800,000 | $154,000 | 2 |
| Peterborough, ON | 3 | 84,230 | 9 | 38 | 267 | 6.6% | $2,000,000 | $132,000 | 2 |
| Ajax, ON | 2 | 126,666 | 11 | 38 | 264 | 5.6% | $3,400,000 | $190,400 | 4 |
| Niagara Falls, ON | 3 | 94,415 | 10 | 38 | 260 | 6.4% | $2,300,000 | $147,200 | 2 |
| North Bay, ON | 3 | 51,553 | 6 | 38 | 267 | 7.2% | $1,600,000 | $115,200 | 2 |
| Timmins, ON | 3 | 41,145 | 5 | 38 | 260 | 7.6% | $1,400,000 | $106,400 | 2 |
| Richmond, BC | 2 | 209,937 | 21 | 38 | 267 | 4.7% | $6,400,000 | $300,800 | 4 |
| Kamloops, BC | 3 | 97,902 | 10 | 38 | 260 | 5.9% | $2,600,000 | $153,400 | 2 |
| Prince George, BC | 3 | 76,708 | 8 | 38 | 263 | 6.6% | $2,000,000 | $132,000 | 2 |
| Fort McMurray, AB | 3 | 68,002 | 6 | 38 | 267 | 8.1% | $2,400,000 | $194,400 | 2 |
| Okotoks, AB | 3 | 30,405 | 3 | 38 | 267 | 7.4% | $1,200,000 | $88,800 | 2 |
| Brandon, MB | 3 | 54,268 | 6 | 38 | 267 | 7.2% | $1,500,000 | $108,000 | 2 |
| Truro, NS | 3 | 45,753 | 5 | 38 | 260 | 7.4% | $1,300,000 | $96,200 | 2 |
| Saint-Hyacinthe, QC | 3 | 57,239 | 6 | 38 | 267 | 6.8% | $1,700,000 | $115,600 | 2 |
| Kitchener, ON | 1 | 256,885 | 26 | 37 | 273 | 5.9% | $3,500,000 | $206,500 | 9 |
| Whitby, ON | 2 | 138,501 | 11 | 37 | 273 | 5.7% | $3,300,000 | $188,100 | 4 |
| Fredericton, NB | 3 | 63,116 | 7 | 37 | 271 | 7.0% | $1,700,000 | $119,000 | 2 |
| Kingston, ON | 2 | 132,485 | 13 | 36 | 277 | 6.2% | $2,500,000 | $155,000 | 4 |
| Brantford, ON | 2 | 104,688 | 10 | 36 | 280 | 6.4% | $2,100,000 | $134,400 | 4 |
| Brossard, QC | 3 | 91,525 | 9 | 36 | 278 | 7.0% | $1,800,000 | $126,000 | 2 |
| Saint-Jerome, QC | 3 | 80,213 | 8 | 36 | 275 | 7.0% | $1,700,000 | $119,000 | 2 |
| Shawinigan, QC | 3 | 49,620 | 5 | 36 | 280 | 7.5% | $1,300,000 | $97,500 | 2 |
| Rimouski, QC | 3 | 49,447 | 5 | 36 | 280 | 7.3% | $1,400,000 | $102,200 | 2 |
| Salaberry-de-Valleyfield, QC | 3 | 41,250 | 4 | 36 | 275 | 7.0% | $1,200,000 | $84,000 | 2 |
| Moose Jaw, SK | 3 | 33,665 | 4 | 36 | 275 | 7.6% | $1,300,000 | $98,800 | 2 |
| Hamilton, ON | 1 | 569,353 | 44 | 35 | 289 | 5.7% | $4,100,000 | $233,700 | 9 |
| Welland, ON | 3 | 55,750 | 6 | 35 | 283 | 6.9% | $1,600,000 | $110,400 | 2 |
| Longueuil, QC | 2 | 254,483 | 19 | 35 | 284 | 5.8% | $3,300,000 | $191,400 | 4 |
| Saint-Jean-sur-Richelieu, QC | 3 | 98,036 | 9 | 35 | 289 | 7.0% | $1,800,000 | $126,000 | 2 |
| Repentigny, QC | 3 | 86,216 | 8 | 35 | 288 | 7.0% | $1,700,000 | $119,000 | 2 |
| Medicine Hat, AB | 3 | 63,271 | 6 | 35 | 283 | 7.6% | $1,600,000 | $121,600 | 2 |
| Saint John, NB | 3 | 69,895 | 7 | 35 | 286 | 7.3% | $1,600,000 | $116,800 | 2 |
| Brampton, ON | 1 | 656,480 | 38 | 34 | 295 | 5.4% | $5,100,000 | $275,400 | 9 |
| Guelph, ON | 2 | 143,740 | 13 | 34 | 292 | 5.8% | $3,000,000 | $174,000 | 4 |
| Cambridge, ON | 2 | 138,479 | 12 | 34 | 292 | 6.0% | $2,800,000 | $168,000 | 4 |
| Terrebonne, QC | 2 | 119,944 | 11 | 34 | 291 | 6.8% | $2,100,000 | $142,800 | 4 |
| Kelowna, BC | 2 | 144,576 | 14 | 34 | 293 | 5.4% | $3,700,000 | $199,800 | 4 |
| St. John's, NL | 2 | 110,525 | 11 | 34 | 291 | 7.1% | $2,200,000 | $156,200 | 4 |
| Oakville, ON | 2 | 213,759 | 16 | 33 | 306 | 5.3% | $4,800,000 | $254,400 | 4 |
| Burlington, ON | 2 | 186,948 | 15 | 33 | 307 | 5.5% | $4,300,000 | $236,500 | 4 |
| Sarnia, ON | 3 | 72,047 | 7 | 33 | 300 | 7.0% | $1,800,000 | $126,000 | 2 |
| Cornwall, ON | 3 | 47,845 | 5 | 33 | 300 | 7.0% | $1,500,000 | $105,000 | 2 |
| Drummondville, QC | 3 | 79,258 | 7 | 33 | 300 | 6.9% | $1,700,000 | $117,300 | 2 |
| Rouyn-Noranda, QC | 3 | 42,313 | 4 | 33 | 300 | 7.7% | $1,300,000 | $100,100 | 2 |
| Val-d'Or, QC | 3 | 32,752 | 3 | 33 | 300 | 7.0% | $1,100,000 | $77,000 | 2 |
| Red Deer, AB | 2 | 100,844 | 9 | 33 | 300 | 7.4% | $1,900,000 | $140,600 | 4 |
| Grande Prairie, AB | 3 | 64,141 | 6 | 33 | 300 | 7.8% | $1,800,000 | $140,400 | 2 |
| Leduc, AB | 3 | 34,094 | 3 | 33 | 300 | 7.4% | $1,200,000 | $88,800 | 2 |
| Cochrane, AB | 3 | 32,199 | 3 | 33 | 300 | 7.4% | $1,200,000 | $88,800 | 2 |
| Prince Albert, SK | 3 | 37,756 | 4 | 33 | 300 | 7.8% | $1,300,000 | $101,400 | 2 |
| Mount Pearl, NL | 3 | 22,957 | 2 | 33 | 300 | 8.0% | $700,000 | $56,000 | 2 |
| Moncton, NB | 3 | 79,470 | 9 | 33 | 300 | 7.0% | $2,000,000 | $140,000 | 2 |
| Charlottetown, PE | 3 | 78,858 | 6 | 33 | 300 | 6.9% | $1,700,000 | $117,300 | 2 |
| Granby, QC | 3 | 69,025 | 6 | 32 | 317 | 7.0% | $1,600,000 | $112,000 | 2 |
| Halifax, NS | 1 | 439,819 | 31 | 32 | 316 | 5.8% | $3,900,000 | $226,200 | 9 |
| Dartmouth, NS | 3 | 92,300 | 8 | 32 | 313 | 7.6% | $1,600,000 | $121,600 | 2 |
| London, ON | 1 | 422,324 | 29 | 31 | 324 | 6.1% | $3,200,000 | $195,200 | 9 |
| Windsor, ON | 2 | 229,660 | 18 | 31 | 328 | 6.5% | $2,700,000 | $175,500 | 4 |
| Thunder Bay, ON | 2 | 108,843 | 9 | 31 | 322 | 7.3% | $1,900,000 | $138,700 | 4 |
| Victoriaville, QC | 3 | 47,523 | 4 | 31 | 325 | 7.0% | $1,300,000 | $91,000 | 2 |
| Abbotsford, BC | 2 | 153,524 | 12 | 31 | 325 | 5.2% | $3,800,000 | $197,600 | 4 |
| Lethbridge, AB | 3 | 98,406 | 8 | 31 | 325 | 7.2% | $1,900,000 | $136,800 | 2 |
| Regina, SK | 2 | 249,217 | 19 | 31 | 326 | 6.9% | $2,600,000 | $179,400 | 4 |
| Greater Sudbury, ON | 2 | 166,004 | 11 | 30 | 336 | 7.0% | $2,200,000 | $154,000 | 4 |
| Sault Ste. Marie, ON | 3 | 72,051 | 6 | 30 | 333 | 7.4% | $1,500,000 | $111,000 | 2 |
| Victoria, BC | 2 | 397,237 | 27 | 30 | 330 | 4.8% | $4,600,000 | $220,800 | 4 |
| Calgary, AB | 1 | 1,306,784 | 84 | 30 | 331 | 6.2% | $5,400,000 | $334,800 | 9 |
| Saskatoon, SK | 2 | 317,480 | 22 | 30 | 336 | 6.7% | $2,900,000 | $194,300 | 4 |
| Ottawa, ON | 1 | 1,017,449 | 57 | 29 | 347 | 5.6% | $5,200,000 | $291,200 | 9 |
| Laval, QC | 2 | 438,366 | 24 | 29 | 342 | 5.6% | $4,200,000 | $235,200 | 4 |
| Sherbrooke, QC | 2 | 172,950 | 12 | 29 | 342 | 6.5% | $2,200,000 | $143,000 | 4 |
| Lévis, QC | 2 | 149,683 | 9 | 29 | 344 | 6.3% | $2,300,000 | $144,900 | 4 |
| Sept-Iles, QC | 3 | 25,062 | 2 | 29 | 350 | 7.0% | $1,000,000 | $70,000 | 2 |
| Sydney, NS | 3 | 94,285 | 6 | 29 | 350 | 7.6% | $1,400,000 | $106,400 | 2 |
| Chatham-Kent, ON | 2 | 103,988 | 7 | 28 | 357 | 7.1% | $1,700,000 | $120,700 | 4 |
| Gatineau, QC | 2 | 291,041 | 17 | 28 | 359 | 6.0% | $3,100,000 | $186,000 | 4 |
| Trois-Rivières, QC | 2 | 139,163 | 9 | 27 | 367 | 6.8% | $1,900,000 | $129,200 | 4 |
| Edmonton, AB | 1 | 1,010,899 | 63 | 27 | 375 | 6.6% | $4,300,000 | $283,800 | 9 |
| Quebec City, QC | 1 | 549,459 | 36 | 26 | 386 | 6.0% | $3,400,000 | $204,000 | 9 |
| Saguenay, QC | 2 | 144,723 | 8 | 25 | 400 | 7.2% | $1,700,000 | $122,400 | 4 |
| Winnipeg, MB | 1 | 749,607 | 41 | 25 | 400 | 6.4% | $3,600,000 | $230,400 | 9 |
| Dieppe, NB | 3 | 28,114 | 2 | 25 | 400 | 7.7% | $800,000 | $61,600 | 2 |
| Toronto, ON | 1 | 2,794,356 | 142 | 23 | 431 | 5.1% | $8,600,000 | $438,600 | 9 |
| Montreal, QC | 1 | 1,762,949 | 98 | 23 | 440 | 5.4% | $6,100,000 | $329,400 | 9 |
- Iqaluit, NU7.90–8.90%
- Coquitlam, BC4.30–5.30%
- Vancouver, BC3.90–4.90%
- Port Coquitlam, BC5.30–6.30%
- Delta, BC5.10–6.10%
- Maple Ridge, BC5.30–6.30%
- New Westminster, BC5.30–6.30%
- Owen Sound, ON6.60–7.60%
- West Kelowna, BC5.30–6.30%
- Penticton, BC5.40–6.40%
- Cranbrook, BC6.40–7.40%
- North Vancouver, BC5.30–6.30%
- Airdrie, AB6.30–7.30%
- Winkler, MB6.90–7.90%
- Burnaby, BC4.10–5.10%
- Langley, BC4.50–5.50%
- St. Albert, AB6.20–7.20%
- Vaughan, ON4.70–5.70%
- Newmarket, ON5.10–6.10%
- Orillia, ON6.30–7.30%
Bar = published band. Tick = band mid.
How these figures were produced
- Observed — Recorded directly from the cited transaction or survey, 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?
Iqaluit, NU — a Lender Density Score of 67, with 2 tracked lenders against 300 commercial buildings, or one lender per 150 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 use classes?
Tier 2 markets publish tier 1–2 products and tier 3 markets publish anchor products only. Valulor 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 — Valulor is a data publisher. Every figure here is an indicated value produced by published capitalisation math from inputs you supply — not an AACI, MAI or otherwise accredited opinion of value, not an appraisal, and not advice. Lenders, courts and tax authorities require an appraisal from a licensed appraiser; confirm any number here before you rely on it. About Valulor