Market Participants Survey—Second Quarter of 2026

Our take: BoC's survey signals no surprise moves coming—institutional money is still positioned for stable rates through Q2 2026, which means mortgage renewal risk peaks later this year for your existing book and cap rate compression risk remains muted for now.

In your underwriting: Lock in financing costs for new deals while rates hold stable; extend stress-test assumptions another 2–3 quarters before assuming material rate cuts that would expand cap rates.