The past year has been filled with both challenges and triumphs. While lockdowns and restrictions are behind us, the post-pandemic recovery has presented an entirely new set of challenges. In an environment where some private lenders were forced to freeze new applications, CMI continued to scale operations and fill a crucial void in the Canadian mortgage market. None of this would have been possible without you. Together, we helped Canadians reach their home ownership goals and provided a lifeline to those who would have been without options.
Partnering to serve an ever-growing need
Rising interest rates, soaring inflation and a cooling housing market were the biggest trends setting 2022 apart from previous years. It was a significant adjustment for the market and for prospective homebuyers and borrowers, many of whom were experiencing these things for the first time.
In response to these challenges, we focused on actively monitoring the market and ensuring our lending criteria appropriately reflected prevailing conditions. We also increased the geographic diversification of our loan portfolio and expanded our footprint into Atlantic Canada and Quebec. We relied on our strong due diligence and underwriting protocols to meet the ever-increasing demand for private lending solutions while managing the quality of our mortgage originations. We saw unprecedented application volume this year – more than $1 billion in mortgage application volume over the peak summer months alone.
In an environment of high inflation and interest rates , traditional financing will remain out of reach for a growing number of Canadians in the year ahead and beyond. Borrowers will increasingly need access to lenders who can think outside of the box and get them the flexible financing they need. At the same time, investors will have fewer options in terms of where to confidently invest the fixed income portion of their portfolios. Consequently, demand for private mortgages – from both borrowers and investors – will continue to grow. Our dynamic business model will ensure we can adapt to changing conditions and continue to provide the high-quality mortgage investment solutions you rely on us for. We remain your trusted partner in any market.
Continuously striving to serve you better
As business rapidly expands, we have continued to scale our talent base. This year, we nearly doubled our team. By continually growing and diversifying our roster of experts, we drive product and process innovation to serve a broader and more diverse range of borrowers, and to provide a growing range of compelling options to our mortgage investors.
We also undertook a major redevelopment project to relaunch our websites and create a unifying theme across our business lines. Our enhanced CMI MIC Funds and CMI Mortgage Investments sites went live earlier this year, and we’re currently in the process of launching a new site for our servicing division, CMI Mortgage Servicing, as well as a parent site for CMI Financial Group. We’ve made it easier for you to navigate our sites, and we’ve enhanced the resources available to keep you informed and up to date.
Giving back to our communities
We remain deeply committed to giving back and making a difference in our communities. This year, we focused support on organizations dedicated to championing diversity and inclusion, building financial literacy, enabling mental health advocacy, inspiring budding entrepreneurs, and providing support to communities in need. We supported Breakfast Clubs of Canada, Women in Need Society, World Central Kitchen, Junior Achievement Canada and Doctors Without Borders, to name just a few.
As part of our ongoing commitment to giving back, and as a gesture of thanks for your ongoing trust and partnership, CMI is donating 15,000 meals to Feed Ontario – a collective of hunger-relief organizations – to bring help and hope to those in need in our community during the holiday season.
Inspiring continued success in 2023
As the year winds to a close, we’d like to take this opportunity to thank you for your continued trust and partnership. CMI not only survived but thrived during one of the most tumultuous years on record. Our success is based on the relationships we have built over the years, and we wouldn’t be where we are without you.
On behalf of the entire CMI team, we wish you a joyous holiday season, and a healthy and prosperous year ahead in 2023. We hope you have a chance to rest, relax and enjoy time with friends and family.
We look forward to partnering for continued success in the coming year and beyond.
CEO, CMI Financial Group