Date Posted: January 20, 2020
Updated coverage of the mortgage investment space was released on January 20, 2020, by Statistics Canada.
Its latest report on Non-Bank Financial Intermediation for the years 2007 to 2018 includes data about mortgage investment corporations (or MICs) like Advanced Mortgage Investment Corporation here in Ottawa.
Here's how StatsCan defined a MIC:
"MICs offer advantages over a traditional bank as they are more flexible in their lending terms. One can have a personalized structured loan with a short turnaround time for assessing and providing funds that, when compared to other lenders, allows them to charge a higher interest rate. The structure of a MIC represents a vehicle for those with equity to generate profit from the lucrative residential mortgages loan industry."
The full report can be found at: