MCAN Mortgage Corporation
Managed by MCAN Mortgage Corporation
Data as of: March 31, 2026
This review is compiled by WOWA for informational purposes only and is not investment advice, an offer, or a solicitation. Figures are drawn from the manager's published materials as of the dates shown and may change. Returns are historical and do not guarantee future results. Verify all details with the manager or a licensed advisor before investing.
AUM
$8.3B CAD
2025 return
32.7%
LTV
67.4%
First mortgages
Predominantly
About MCAN Mortgage Corporation
MCAN Mortgage Corporation (TSX: MKP) is a publicly traded, federally regulated mortgage investment corporation incorporated in 1991. It invests across residential, construction, and commercial mortgages, and additionally holds equity interests in REITs and private funds through its MCAN Capital division. As the only MIC in Canada that issues CDIC-insured term deposits, MCAN occupies a structural position distinct from most private MIEs. It retains a 14% equity stake in MCAP, one of Canada's largest independent mortgage originators.
The fund reports approximately $8.3B CAD in assets.
The latest annual return increased from 24.7% in 2024 to 32.7% in 2025.
The portfolio is diversified across Ontario, Alberta and BC.
At a glance
| Assets under management (AUM) | $8.3B CAD |
| 2025 return | 32.7% |
| Overall LTV | 67.4% |
| First mortgages (as a % of the portfolio) | Predominantly |
| Property focus | Residential (56.8%) / Construction (13.3%) / Commercial (0.8%) / Multi-Residential (0.7%) / Unclassified (28.4%) |
| Structure | Public Corporation |
| Investor access | Available to individual investors |
MCAN Mortgage Corporation portfolio and performance
The portfolio is composed of residential mortgages (56.8%), construction mortgages (13.3%), commercial mortgages (0.8%), multi-residential mortgages (0.7%) and unclassified mortgages (28.4%).
| Property Type | Share (%) |
| Residential | 56.8% |
| Construction | 13.3% |
| Commercial | 0.8% |
| Multi-Residential | 0.7% |
| Unclassified | 28.4% |
MCAN Mortgage Corporation has a focus on Ontario, with 68% of its mortgages located in Ontario, followed by Alberta (15.5%), BC (12%), Quebec (2.1%), Atlantic Canada (0.1%).
| Province/Region | Share (%) |
| Ontario | 68% |
| Quebec | 2.1% |
| BC | 12% |
| Alberta | 15.5% |
| Atlantic Canada | 0.1% |
| Unclassified | 2.3% |
MCAN Mortgage Corporation returns
| Calendar year | Net return |
| 2023 | 20% |
| 2024 | 24.7% |
| 2025 | 32.7% |
MCAN Mortgage Corporation facts
Fund structure
| Structure | Public Corporation |
| Manager | MCAN Mortgage Corporation |
| Latest data | March 31, 2026 |
Mortgage portfolio
| First mortgages | Predominantly |
| Overall LTV | 67.4% |
| Property focus | Residential |
| Leverage | Yes, the fund uses leverage. This means the fund borrows additional money and combines it with investor capital to fund more mortgages. Leverage can increase returns when the portfolio performs well, but it also adds interest costs and can magnify losses. |
Fees
| Management fee | None disclosed |
| Performance fee | None disclosed |
Additional fund details
MCAN is structured as a Mortgage Investment Corporation (MIC) for tax purposes and is also regulated by OSFI as a federally chartered loan company. Its business includes originating, holding and securitizing mortgages, while also investing in mortgages and related real estate credit assets. MCAN reported return on equity of 15.05% in 2023, 13.4% in 2024 and 12.07% in 2025. MCAN targets an annual return on equity of 13% to 15%.
Who can invest in MCAN Mortgage Corporation?
Available to individual investors
This fund is available to individual investors.
Minimum investment terms are not publicly disclosed.
About MCAN Mortgage Corporation
MCAN Financial Group (TSX: MKP) is a Toronto-based, internally managed mortgage investment corporation founded in 1991 and regulated by OSFI as a federally chartered loan company. It is also structured as a MIC for Canadian tax purposes, enabling pass-through taxation of mortgage income. MCAN invests across residential, construction, and commercial mortgages, and holds a strategic 14% equity interest in MCAP, one of Canada's largest independent mortgage finance companies. It also issues CDIC-insured term deposits, a feature unique among MICs and even MIEs. MCAN is not taxed at the corporate level and all taxable earnings flow-through to shareholders via regular quarterly dividends
Frequently asked questions
It invests in residential mortgages.
The fund reports a weighted-average LTV of 67.4%.
Yes. It is available to individual investors.
The fund is managed by MCAN Mortgage Corporation.
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