Hi, I'm in third year commerce. I failed 3 courses in this year. One is commerce electives and the other two are non commerce electives. My cumulative Gpa is 4.5(including the three 0). The requirement for entering commerce level 4 says "no more than 6 units failed courses".
Does the failed electives stop me continuing my final year? I'll retake my electives in summer.

talk to an academic advisor ASAP

Agreed, talk to an academic advisor. Especially if you have extenuating circumstances that causes you to fail these courses. Also see if you can re-do some failed courses during summerschool.