• In FY2024 (ended September 2023), mortgage receivables were down 5% YoY to $184M. The yield declined 0.1 pp to 9.7%, but exceeded our estimate by 0.6 pp, driven by higher than anticipated lending rates. FCMIC has been able to raise lending rates quickly, as 70% of its mortgages are floating rate.
  • The MIC remains focused on first mortgages on single family residential units in B.C.