Mortgage Investment Entities (MIEs) in Canada

List of Mortgage Investment Entities in Canada

Compare Canadian mortgage investment entities (MIEs) by assets, returns, lending focus, average loan-to-value (LTV), structure, and more.

For informational purposes only. Data and estimates are not guaranteed and may be subject to errors, revisions, or changes without notice.

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Name⇅To view a fund's page, click its name.	Assets Under Management⇅	Return 2025⇅	Return 2024	Return 2023	Loan-to-Value (LTV)	Management Fee	Structure	First Mortgage	Data As Of
Neighbourhood Holdings Income Trust I (NHIT)	$484M CAD	7.99%	8.54%	8.90%	52.10%	0.75%	Open-ended investment trust	98.00%	March 31, 2026
Fisgard Capital Corporation	$310M CAD	7.33%	8.63%	7.39%	55.40%	2.00%	Private Corporation (MIC)	97.00%	March 31, 2026
AWM Diversified MIC	$295M CAD	8.97%	8.67%	8.07%	67.00%	2.00%	Private Corporation (MIC)	74.00%	March 31, 2026
Premiere Canadian Mortgage Corp.	$124M CAD	9.13%	8.50%	7.11%	–	–	Private Corporation (MIC)	96.00%	August 31, 2025
Morrison Financial Mortgage Income Junior Fund	$70M CAD	9.08%	9.72%	9.62%	54.94%	1.00%	Trust	87.50%	June 30, 2026
Morrison Financial Mortgage Income Senior Fund	$70M CAD	7.08%	7.80%	7.68%	17.74%	1.00%	Trust	87.50%	June 30, 2026
Almore Capital Mortgage Fund Limited Partnership	–	–	–	–	56.00%	1.00%	Partnership (LP) and Trust	100.00%	N/A
TD Greystone Mortgage Fund	$11B CAD	5.62%	6.20%6.57%––Trust (Open-end pooled fund)100.00%December 31, 2025 Create a free account to see moreCreate a free account
MCAN Mortgage Corporation	$8.3B CAD	32.70%	24.70%20.00%67.40%–Public CorporationPredominantlyMarch 31, 2026 Create a free account to see moreCreate a free account
PH&N Mortgage Pension Trust	$5.1B CAD	5.00%	6.40%7.20%49.00%–Pooled fund trust (institutional)100.00%May 31, 2026 Create a free account to see moreCreate a free account
ACM Commercial Mortgage Fund	$5.0B CAD	5.15%	6.83%6.85%65.30%0.60%Trust93.00%June 30, 2026 Create a free account to see moreCreate a free account
Addenda Commercial Mortgages Pooled Fund	$3.8B CAD	5.45%	7.14%7.15%––Trust100.00%March 31, 2026 Create a free account to see moreCreate a free account
Romspen Mortgage Investment Fund (RMIF)	$2.3B CAD	-6.20%	0.00%-0.30%65.00%1.00%Trust94.00%March 31, 2026 Create a free account to see moreCreate a free account
KingSett High Yield Fund	$1.8B CAD	–	––––Partnership–June 30, 2026 Create a free account to see moreCreate a free account
KingSett Senior Mortgage Fund	$1.7B CAD	–	––––Partnership (open-ended LP)100.00%June 30, 2026 Create a free account to see moreCreate a free account
Scotia Mortgage Income Fund	$1.6B CAD	2.80%	6.40%3.00%–1.46%Trust100.00%April 30, 2026 Create a free account to see moreCreate a free account
IG Mackenzie Mortgage and Short Term Income Fund	$1.6B CAD	4.20%	6.40%5.50%–0.44%Open-ended mutual fund trust–March 31, 2026 Create a free account to see moreCreate a free account
Timbercreek Financial	$1.2B CAD	6.50%	16.40%10.00%66.50%0.85%Public Corporation94.70%March 31, 2026 Create a free account to see moreCreate a free account
First Mortgage LP (FMLP)	$1.2B CAD	–	––––Ontario limited partnershipPrimarilySeptember 5, 2024 Create a free account to see moreCreate a free account
Mortgage Company of Canada Inc. (MCOCI)	$1.2B CAD	–	––––Private Corporation (MIC)PrimarilySeptember 5, 2024 Create a free account to see moreCreate a free account
Trez Capital Yield Trust U.S.	$1.2B CAD	-1.50%	8.70%8.90%66.80%1.50%Trust75.60%March 31, 2026 Create a free account to see moreCreate a free account
Amur Capital Income Fund	$1.1B CAD	10.65%	11.71%11.08%55.00%2.00%Private Corporation (MIC)44.50%March 31, 2026 Create a free account to see moreCreate a free account
Nicola Canadian Mortgage Fund	$1.0B CAD	6.70%	8.20%8.00%68.90%–Trust80.00%April 30, 2026 Create a free account to see moreCreate a free account
Antrim Balanced Mortgage Fund	$922M CAD	9.08%	7.64%6.36%60.00%1.00%Private Corporation (MIC)85.00%October 24, 2025 Create a free account to see moreCreate a free account
Atrium Mortgage Investment Corporation	$896M CAD	14.70%	12.30%10.20%61.40%0.85%TSX-Listed Public Corporation (MIC)95.30%March 31, 2026 Create a free account to see moreCreate a free account
Canada Life Mortgage Fund — London Life Legacy Pool	$818M CAD	2.61%	4.39%2.50%–0.90%Segregated Fund (Individual Variable Insurance Contract)–December 31, 2025 Create a free account to see moreCreate a free account
Timbercreek Real Estate Debt – U.S. Fund	$800M CAD	–	––––Trust–December 11, 2024 Create a free account to see moreCreate a free account
Trez Capital Yield Trust	$785M CAD	-12.50%	7.70%7.70%70.60%1.50%Trust76.20%March 31, 2026 Create a free account to see moreCreate a free account
MortEq Lending Corp	$768M CAD	9.22%	10.28%9.15%52.90%1.50%Private Corporation (MIC)88.90%May 31, 2026 Create a free account to see moreCreate a free account
Romspen U.S. Mortgage Investment Fund	$753M CAD	5.80%	7.20%7.80%65.00%1.25%Partnership (LP)100.00%March 31, 2026 Create a free account to see moreCreate a free account
VWR Capital Corp.	$752M CAD	10.35%	10.19%7.95%62.50%1.40%Private Corporation (MIC)78.40%November 1, 2025 Create a free account to see moreCreate a free account
Capital Direct I Income Trust	$683M CAD	10.23%	10.13%8.91%55.60%1.00%Open-Ended Investment Trust68.00%March 31, 2026 Create a free account to see moreCreate a free account
PH&N Short Term Bond & Mortgage Fund	$607M CAD	–	–––0.49%Trust (open-ended mutual fund)100.00%June 26, 2025 Create a free account to see moreCreate a free account
Fiera Canadian Real Estate Debt Fund L.P.	$595M CAD	6.91%	5.63%9.37%––Open-ended limited partnership70.70%March 31, 2026 Create a free account to see moreCreate a free account
Firm Capital Mortgage Investment Corporation	$573M CAD	6.90%	19.30%10.70%55.00%–TSX-Listed Public Corporation (MIC)94.90%March 31, 2026 Create a free account to see moreCreate a free account
Westboro Mortgage Investment Fund	$566M CAD	9.40%	10.30%9.80%64.10%2.00%Private Corporation (MIC)92.90%June 30, 2026 Create a free account to see moreCreate a free account
ACM Mortgage Fund Two	$550M CAD	–	––––Trust–June 30, 2026 Create a free account to see moreCreate a free account
Peakhill Income Opportunity LP	$534M CAD	9.38%	10.06%11.09%70.00%–Open-ended limited partnership–December 31, 2025 Create a free account to see moreCreate a free account
SLC Management Canadian Commercial Mortgage Fund	$526M CAD	–	––––Institutional Pooled FundPrimarily first mortgagesJune 30, 2022 Create a free account to see moreCreate a free account
KV Mortgage Fund	$461M CAD	8.67%	8.84%8.22%62.50%1.00%Open-Ended Corporation (MIC)82.00%June 1, 2026 Create a free account to see moreCreate a free account
Magenta Mortgage Investment Corporation	$459M CAD	7.58%	8.60%7.91%69.40%–Private Corporation (MIC)89.30%May 31, 2026 Create a free account to see moreCreate a free account
Cambridge Mortgage Investment Corporation	$443M CAD	9.00%	10.73%9.55%52.50%1.50%Private Corporation (MIC)79.40%March 31, 2026 Create a free account to see moreCreate a free account
Calvert Home Mortgage Investment Corp (CHMIC)	$357M CAD	10.85%	10.36%10.76%64.00%–Open-Ended Private Corporation (MIC)94.00%May 31, 2026 Create a free account to see moreCreate a free account
Vector Mortgage Trust	$355M CAD	–	––53.70%–Open-Ended Investment Trust100.00%February 28, 2023 Create a free account to see moreCreate a free account
Bay Street High Yield Mortgage Fund (BSHY)	$350M CAD	–	––––Partnership–June 30, 2026 Create a free account to see moreCreate a free account
Canguard Mortgage Investment Corporation	$319M CAD	9.48%	10.73%10.70%52.30%1.50%Open-Ended Private Corporation (MIC)92.00%March 31, 2026 Create a free account to see moreCreate a free account
AP Capital Mortgage Fund	$285M CAD	8.33%	9.02%8.36%59.00%1.50%Private Corporation (MIC)78.70%May 30, 2026 Create a free account to see moreCreate a free account
Three Point Capital Corp.	$280M CAD	8.90%	9.68%8.13%56.10%1.50%Private Corporation (MIC)92.00%March 31, 2026 Create a free account to see moreCreate a free account
Capstone Mortgage Pool	$273M CAD	–	–––1.00%Trust–June 30, 2026 Create a free account to see moreCreate a free account
Clifton Blake Mortgage Income Fund Trust	$261M CAD	8.78%	9.48%9.75%54.70%1.00%Trust88.60%December 31, 2025 Create a free account to see moreCreate a free account

Past performance does not guarantee or indicate future results. Where multiple share classes exist, performance shown may reflect the best-performing class and may not be available to all investors. Investment involves risk, including possible loss of principal, and this material does not constitute investment advice. Please refer to the relevant offering documents before investing.

A Mortgage Investment Entity (MIE) is a broad term used in Canada to describe an investment vehicle that pools capital from investors and uses those funds to lend money secured by Canadian real estate. MIEs operate as private or alternative lenders and are commonly used to finance borrowers who do not qualify for traditional bank mortgages.

An MIE can be structured as:

• A corporation (public or private)
• A trust
• A limited partnership

Mortgage Investment Entities generate returns by pooling investor capital and lending it out as short-term mortgages (typically 6–24 months) secured by Canadian real estate, with interest and fees flowing back to investors after expenses. Mortgage Investment Entities operate through a structured lending cycle — understanding this process helps investors evaluate how returns are generated and where risks arise.

• Step 1: Capital is Raised from Investors — Individuals or institutions invest capital in the MIE, either by purchasing shares (in a corporation), units (in a trust), or partnership interests.
• Step 2: Funds Are Deployed into Mortgages — The MIE manager originates or acquires mortgages, typically short-term (6 to 24 months), secured by Canadian real estate.
• Step 3: Borrowers Pay Interest and Fees — Borrowers make regular interest payments, often at higher rates than traditional mortgages due to increased risk or non-prime status.
• Step 4: Income Is Collected and Expenses Deducted — The MIE deducts management fees, servicing costs, and potential loan losses.
• Step 5: Net Income Is Distributed to Investors — Remaining income is distributed periodically (monthly, quarterly, or annually), depending on the structure.

MIEs are actively managed, and returns depend on loan performance, property values, and borrower repayment.

Mortgage Investment Corporations (MICs) are the most common and most standardized form of MIE from a tax perspective. While all MICs are MIEs, not all MIEs qualify as MICs.

The MIC structure was created under the Income Tax Act to encourage mortgage lending by allowing eligible corporations to act as flow-through entities, avoiding double taxation.

A Mortgage Investment Corporation is:

• One specific type of MIE
• Defined explicitly in section 130.1 of the Income Tax Act
• A Canadian corporation that meets strict criteria to receive favourable flow-through tax treatment.

Because of these rules:

• MICs pay no corporate tax on income distributed to shareholders
• All net income must be distributed to investors
• Distributions are taxed as interest income, not dividends

That makes MICs the most common and standardized form of MIE — but not the only one.

Mortgage Investment Entities typically fund private mortgages rather than conventional bank loans. These may include:

• First mortgages
• Second mortgages
• Construction or bridge financing
• Commercial mortgages

Interest rates on MIE-funded mortgages are generally higher than bank rates due to borrower risk and flexibility.

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For securities compliance, introductions to the Morrison's Funds are to be conducted exclusively by registered dealers. Morrison Financial has retained Belco Private Capital Inc. as its exempt market dealer. All new or additional investments must be conducted through a registered dealing representative of an exempt market dealer. Past performance is no guarantee of future results. Actual performance may vary materially from the above-projected return.

• Regular income from mortgage interest
• Exposure to real estate without direct property ownership
• Portfolio diversification beyond stocks and bonds
• Potential eligibility for registered accounts (in some structures)

Benefits depend on the specific MIE structure, lending strategy, and manager.

Investing in an MIE involves several layers of risk that differ from traditional fixed-income or equity investments.

MIEs sit at an unusual intersection: they're at once mortgage lenders (regulated provincially in most cases, federally for the few that hold a bank or loan-company charter like MCAN) and securities issuers (a provincial matter). Three overlapping regulatory frameworks apply, and a serious problem in any one of them can take a fund off the rails.

The Federal MIC Rule (Income Tax Act s. 130.1)

To call itself a MIC, a fund must clear these tests:

• At least 50% of assets in residential mortgages or short-term cash-equivalent deposits
• Cannot directly own real estate except property acquired through foreclosure
• At least 20 shareholders
• No shareholder (with related parties) may hold more than 25% of any class of shares

In return for meeting these tests, the MIC pays no corporate tax on income it distributes – it acts as a flow-through. Distributions in shareholders' hands are taxed as interest, not as dividends, which is the single most important fact for tax planning purposes.

Trust MIEs (Romspen, Trez, Capital Direct I, Morrison, Neighbourhood, etc.) are taxed under the trust rules in sections 104–108 of the Act instead, and the federal MIC tests don't apply to them.

Securities Regulation

MIE units and shares are securities regulated by provincial commissions through the CSA. Almost all MIEs are sold under prospectus exemptions in National Instrument 45-106. The main exemptions are:

• Accredited Investor – the workhorse for higher-minimum funds. Qualifies with $200,000+ personal income (or $300,000+ with a spouse), $1 million+ financial assets net of liabilities, or $5 million+ net assets
• Offering Memorandum (OM) – lets retail investors into smaller-minimum funds. Investors sign a Risk Acknowledgement (Form 45-106F4); capped at ~$30,000/year for non-accredited investors (varies by province)
• Eligible Investor – broadly $75K+ income or $400K+ net assets; lets investors put more in than the standard OM cap

Mortgage Lender Licensing

Mortgage lending is split between federal and provincial regimes:

• Federal (OSFI) – amongst MIEs, only MCAN Mortgage Corporation holds this status
• Ontario – regulated by FSRA
• British Columbia – regulated by BCFSA
• Alberta – regulated by RECA
• Quebec – regulated by AMF

Recent Regulatory Action

The Romspen and Trez Capital redemption suspensions have sparked CSA discussions on liquidity disclosure and gating policies. Key developments:

• Investors who treated these funds as quasi-cash discovered they aren't – regulators are now sharper about how funds describe redemption terms
• Frontenac MIC was hit with an OSC failure-to-file cease trade order in July 2025 and is now winding down
• After the Fortress Real Capital scandal, Ontario tightened its regime for syndicated mortgages
• The CSA, OSC, and BCSC have all signalled increased scrutiny of private/exempt-market funds in 2025–2026

What This Means for an Investor

You'll be classified as Accredited, Eligible, or Non-Eligible – that controls which funds you can access and how much you can invest. Key things to know:

• Be prepared to fill out a Risk Acknowledgement and Subscription Agreement
• The OM governs the fund – read the redemption mechanics, gating language, and related-party disclosure carefully, because those are the parts that bite when something goes wrong
• Exempt market means exempt from the prospectus requirement, not exempt from regulation – disclosure standards are lower, and the secondary market is essentially nil
• If liquidity matters to you, choose a publicly-listed MIC (Timbercreek, Firm Capital, Atrium, MCAN) instead

With the exception of rare cases like MCAN Mortgage Corporation – which is both a MIC and a federally regulated loan company – most MIEs are not supervised by OSFI and instead operate under provincial mortgage and securities regimes.