As homebuyers struggle to break into the housing market, mortgage investment corporations (MICs) are starting to snap up a greater market share of first-time homebuyers.
A MIC pools money from a variety of shareholders and then lends it out as residential or commercial mortgages, or both in the case of some entities.
Any profits return to the investors, who then re-invest the capital. However, in spite of existing in Canada since the 1970s, MICs are relatively obscure to homebuyers and mortgage professionals alike.
That’s why the Ontario Mortgage Investment Companies Association (ONMICA) is hosting its latest Trade Show and Seminar in Toronto on May 8.
“We do it for mortgage brokers and agents to help them better understand the different metrics and what their choices are,” says Diana Soloway, co-president and chief investment officer of…
