Cameron Stephens Mortgage Capital Ltd. has been approved to offer commercial mortgage financing insured by the Canada Mortgage and Housing Corporation (CMHC), a step which is expected to strengthen its competitiveness.

The Toronto-based commercial real estate investment manager is now an approved lender for the underwriting and administration of multi-unit residential properties with five or more units in Alberta, British Columbia, Manitoba and Ontario.

The addition to its lending platform is "a natural complement and next step," Riccky Dasgupta, senior vice-president and managing director of Cameron Stephens Mortgage Capital, said in an interview with RENX.

“The goal is to have the borrowers stay with us throughout the life cycle of the project rather than to hand it off to a new lender at a different stage.”

Cameron Stephens operates a mortgage division, which provides financing to developers, and an equity capital division, that offers equity partnership opportunities.

The company has originated over $13.7 billion in loan commitments since 2004, with a current portfolio split between $3.1 billion of institutional capital and over $600 million of private capital.

It aims to expand “significantly” in the CMHC space over the next six to 12 months, Dasgupta said, having built a team of advisors across Western Canada, the Prairies and Ontario.

Expanded offerings

Cameron Stephens Mortgage Capital has been active in the conventional lending (non-CMHC-insured) and rental sectors for the past few years, Dasgupta said. But what it did not have, he continued, was CMHC-insured construction and take-out financing. The Crown corporation is the only provider of mortgage loan insurance for multi-unit residential properties in Canada.

The insurance allows companies like Cameron Stephens Mortgage Capital to offer lower interest rates, higher loan-to-value ratios and amortization periods of up to 50 years.

“We are way more competitive if we have the same CMHC-insured loan because the rates are going to be lower and the leverage is higher,” Dasgupta explained.

Cameron Stephens could offer a conventional construction loan with a CMHC-insured take-out loan, for example, Dasgupta said. The insured financing can be used to develop apartment buildings, townhomes, lowrise homes, student housing and retirement residences.

Three kinds of clients are expected to tap into the new financing.

The first is long-term apartment owners and institutional investors. The second is value-add owners who are buying properties that require substantial renovations. The third is condo owners who are turning their units into rentals amid the flagging condo market in cities like Toronto and Vancouver.

“Adding CMHC-insured lending to our platform is a natural extension of what we have been building for over 20 years,” Katie Bonar, senior vice-president of investment management, said in an announcement about the approval.

Borrowers, she continued, are navigating “one of the most complex financing environments in recent memory,” and need a lender that can offer a range of financing solutions. “This gives us that capability, allowing us to provide true end-to-end service to our clients," she said.

Expanding nationwide, starting in B.C. and Alberta

The CMHC-approved financing will complement a growth strategy based around its Accelerated Lending Program.

In 2025, the company unveiled the program, backed with up to $500 million in discretionary capital from its mortgage funds. Offering single-advance inventory, term, bridge and land loans up to $15 million, Cameron Stephens Mortgage Capital made $100 million in loan commitments in four months across residential inventory, residential land and commercial assets.

The goal is to expand nationwide, starting with British Columbia and Alberta.

In an interview with RENX earlier this year, president and CEO Steve Cameron said the company aims to build a national platform while taking a second run at Calgary. Consistent population growth, relatively affordable housing and tighter bank lending conditions make the Calgary market ripe for expansion, he said.

“We’ve built a strong brand and market share in Southern Ontario, but my vision is to be a national, potentially international firm,” Cameron said, which entails growth into Calgary, Edmonton, Vancouver and Victoria, but also Ottawa, Halifax and potentially Quebec.