Yes, it is possible to get a mortgage on a commercial property in Canada. Banks and other financial institutions offer commercial mortgages for the purpose of purchasing, refinancing, or renovating commercial properties such as office buildings, retail spaces, warehouses, and multi-unit properties.
The process of getting a commercial mortgage is similar to that of a residential mortgage. You will need to provide proof of income, credit history, and assets, and the lender will also want to see a detailed business plan. Additionally, the lender will also want to evaluate the property itself, and may require an appraisal.
The terms and conditions of commercial mortgages can vary depending on the lender and the type of property. Commercial mortgages typically have higher interest rates than residential mortgages, and they also have shorter loan terms, usually ranging from 5 to 25 years.
It's important to note that the process of getting a mortgage on a commercial property can be more complex than getting a mortgage for a residential property, so it's a good idea to consult with a mortgage broker or a financial advisor to help you navigate the process. They can help you understand the costs and benefits of each option and help you choose the one that's right for your specific needs.