Commercial mortgage-backed securities continued to pick up steam in Canada last year, with volume hitting $3.3 billion, an increase of close to 32% over the $2.5 billion that came to market in 2002.

Moody's Investor Services Vice President and Senior Analyst Charles Gamm expects volume to grow steadily this year. Just shy of five years old, the market has not yet weathered a real estate cycle, but it has been a well-performing asset to date, and investors appear willing to continue buying the bonds, he said.

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