Houses for sale in Ottawa

What is Commercial Mortgage Backed Security (CMBS)? Dave Morrison of First National Financial joins us to discuss the role of CMBS in Canada, covering years 1998 to present.


The History….

  • Its roots in the US market and Merrill Lynch’s role in establishing the Canadian market
  • Asset Backed Commercial Paper (ABCP)
  • spreads then and now
  • The crash of 2008
  • The return of CMBS in 2011 and the first issuance involving RioCan REIT and Calloway REIT

The Present….

  • How CMBS functions – institutional investors
  • why investors like mortgages, different risk profiles
  • The pros and cons of CMBS
  • self storage, hotels
  • rating agencies (DBRS)
  • delinquency rates
  • liquidity in the marketplace
  • The players today


In the news we discuss The Well, a massive joint venture between RioCan, Allied Properties REIT and Diamond Corp. We also discuss the Canadian Apartment Investment Conference in the form of the Top Three Tweets.


Tweet #1

Tweet #2

Tweet #3


A bit about our guest…..

Dave Morrison is a Senior Director at First National; he is a lead on the commercial credit committee and First National’s CMBS program. He spent over 12 years working at Merrill Lynch – the company that introduced CMBS to Canada. He has also worked in acquisitions at CIBC Development Corporation and has done appraisal work. Combined he has spent over 20 years in the commercial real estate industry.



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