StatsCan releases report about 'lucrative' mortgage investment industry
Statistics Canada says: "The structure of a MIC represents a vehicle for those with equity to generate profit from the lucrative residential mortgages loan industry."
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:
https://www150.statcan.gc.ca/n1/daily-quotidien/200120/dq200120b-eng.htm