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National Debt Market Report Q2 2021

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  • Spread between bonds & cap rates is now only 21 bps above a 15-yr avg
  • Comparison of interest rates and Cap rates – key trends by asset class and select markets
  • Summary of indicative debt terms to-date
  • Select recent transactions
  • Learn about how we can help, our expertise and the Colliers platform.

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National Debt Market Report Q2 2021

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For More Information, Please Contact:

Daniel Holmes

President, Brokerage Services Canada

Toronto Downtown

Daniel Holmes is the President, Brokerage Services Canada, overseeing the national brokerage business and operations support for Office, Industrial, Retail, Investment Sales, Debt and Hotels. Dan is a champion for clients, his people and the industry, accelerating success through advocacy, investing in relationships, and support. 
As a leader at one of the most trusted global brands in commercial real estate, Dan implements strategies to advance and mentor Colliers’ employees. He tracks the insights, factual data, market trends and projections that drive real value in commercial real estate. Dan empowers advisors and clients to make informed decisions based on Colliers’ integrated services. He excels at building teams and culture, balancing healthy competition, action orientation, personal accountability, enterprising spirit, and camaraderie. 

Dan began his career in real estate at Colliers as a Research Assistant, quickly transitioning to sales where he built his industry experiences and network over 11 years before moving on to a leadership role externally. After returning to Colliers, he held progressive leadership roles including Senior Managing Director, Office Practice Group, and Executive Managing Director, Greater Toronto Area where he led leaders and sales advisor teams, oversaw operations, recruitment, the Eastern Acceleration Advisor Development Program, and strategic business development. 

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Jonah Muzyka

Associate Vice President, Real Estate Finance


Jonah is a member of the Debt Advisory group specializing in real estate finance and is responsible for sourcing competitive mortgage, debt and equity solutions for borrowers. His clients include private investors and developers, owner-users and operating businesses. Jonah operates from Vancouver, British Columbia and his familiarity with real estate markets across Western Canada empowers him to effectively represent his clients’ interests wherever their investments are located.

Jonah’s financing advisory process involves extensive up-front consultation with clients to identify and satisfy their needs or provide creative solutions as required. His reputation as an effective advocate for his clients extends across the lending community from institutional lenders, life insurance companies, banks, credit unions, syndicated funds and private capital sources. His representation of borrowers frequently involves collaboration with various advisory groups including environmental consultants, engineers, and appraisal firms in order to ensure optimal outcomes for his clients.

His previous experience has focused on multi-family CMHC mortgages, commercial term mortgage financing on assets ranging from regional shopping centres to single-tenant industrial buildings, owner-user financing, as well as land, repositioning, construction or inventory loans. He has also specialized in sourcing and negotiating equity partnerships between Western Canadian sponsors and a variety of capital partners in support of development or value-add projects.

Prior to joining Colliers, Jonah was a debt and equity advisor at another major global commercial real estate firm and worked closely with a wide range of clients, industry partners and senior brokerage teams.

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Leo Lee

Director, National Research Operations | Canada

Toronto West

Leo Lee is the Director of National Research Operations | Canada and oversees the strategic direction and operations of Colliers Canada Research. He focuses on developing the capabilities of the national research team that leverages Colliers' best-in-class market intelligence and platforms to provide clients with valuable market insights.

Leo joined Colliers International in 2008 and was most recently the Regional Director of Research for Eastern Canada.

He has over 10 years of experience in the real estate market across Canada and New Zealand and draws on his professional experience as a commercial appraiser and real estate consultant.

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