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2026 Canadian Real Estate Lenders’ Report

February 24, 2026 15 Minute Read

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Lenders lean in to support property sales.

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The results from our 2026 Canadian Real Estate Lenders’ Survey show that real estate debt markets will be even more active this year as lenders look to deploy additional capital and ramp up competition. Outside of a handful of select property types that may face challenges, lenders are open and willing to finance most asset classes. The sentiment around office has quickly rebounded and lenders are looking to grow their loan books once again. Spreads on term debt for real estate have tightened compared to last year and lenders continue to retrench on sustainability. Macro risks are top-of-mind for lenders, but overall, debt capital for real estate is expected to be robust in 2026.

Key Takeaways

81% of lenders plan to grow their origination volumes in 2026 with 26% intending to deploy over 20% more real estate lending capital this year.
Lender competition is set to intensify in 2026 as 21% expect to very actively bid on real estate deals throughout the year, its highest level seen in four years.
Sentiment on office has quickly rebounded with lenders expressing the greatest year-over-year decrease in levels of concern with all office types aside from Suburban Class B.
Term debt spreads for top tier real estate have tightened compared to last year but lenders continue to quote higher spreads relative to where winning bids are closing.

The 2026 edition of CBRE’s Canadian Real Estate Lenders’ Report analyzes the responses of 47 domestic and foreign lenders, representing over $200 billion in commercial real estate loans under management combined, to a 30-question survey conducted from December 10, 2025 to January 16, 2026. The survey has been in publication since 2014 and asks questions on activity expectations, lending terms and criteria as well as lender sentiment and preferences.