Canada’s private mortgage market has expanded dramatically over the past two decades, and CMI Financial Group has been a key driver of its growth — positioning private mortgages as a mainstream alternative asset class for investors seeking steady income uncorrelated with traditional markets.
This year, CMI marks two major milestones: 20 years in business and the 10th anniversary of the CMI MIC Balanced Mortgage Fund, a leading Mortgage Investment Corporation (MIC) that pools investor capital into a diversified portfolio of short-term, residential first and second mortgages, backed by real estate across Canada’s key housing markets. Since its launch, the fund has delivered an average annual yield of 8.75% and has never missed a monthly distribution — even through recessions and the COVID-19 pandemic.
Today, CMI manages more than $1 billion in mortgage assets. Over the past decade, its MIC investment funds have become a trusted option for investors seeking exposure to Canada’s robust private mortgage market, widely recognized as a reliable portfolio stabilizer.
Dual Milestone Snapshot
CMI Financial Group’s growth has been guided by a core leadership team in place since 2010, further strengthened in recent years with new executive additions. Together, the team brings decades of experience in mortgage lending, capital markets, risk management, and financial services, including senior roles at leading financial institutions and mortgage insurers as well as Canada’s federal housing agency and central bank. This depth of expertise has helped CMI earn the trust of sophisticated investors through disciplined underwriting, data-driven insights, and a proven track record. By 2025, the firm had facilitated more than $3 billion in successful mortgage placements across Canada.
Launched in 2015, the CMI MIC Balanced Mortgage Fund was created to give investors access to a dependable, credit-based yield alternative. At a time when government and corporate bond yields were at historic lows, the fund tapped into Canada’s growing demand for alternative mortgage solutions. It offered investors a diversified, professionally managed vehicle that remained highly liquid and accessible, with a minimum investment of just $5,000.
CMI has been instrumental in bringing MIC investment opportunities into the mainstream, educating investors on the merits of private mortgages as a compelling alternative to both traditional fixed income and direct real estate ownership.
Since then, CMI’s suite of MIC funds has expanded to serve a range of investor profiles. The High Yield Opportunity Mortgage Fund targets annual returns of 10% to 11% by investing primarily in second position mortgages with higher loan-to-value (LTV) ratios, while the Prime Mortgage Fund is designed for more conservative investors, aiming for annual returns of 6% to 8% with a focus on first position mortgages with lower LTV ratios.
Why an Uncorrelated Income Alternative Matters Now
Uncorrelated income streams from alternative assets have become increasingly important as traditional portfolio construction strategies face scrutiny — particularly the long-standing 60/40 mix of stocks and bonds. Over the past decade, investors have contended with heightened inflation, interest rate volatility, equity market downturns and bond yield suppression, all of which have pushed them to look beyond conventional asset classes.
The shift has fuelled explosive growth in alternatives, with the global private credit market alone now exceeding $3 trillion.
In Canada, private mortgage lending has become a meaningful segment of the housing finance system, accounting for an estimated 10% of the total mortgage market, according to regulatory and industry data. This reflects growing demand from borrowers who fall outside the increasingly strict guidelines of traditional lenders, and from investors seeking alternative income-generating opportunities.
Private mortgages have historically demonstrated low correlation with public markets, meaning their returns are less influenced by equity market swings, the business cycle or broader macroeconomic volatility. Backed by real estate and typically structured with shorter terms, these investments can also offer resilience against inflation, helping preserve real returns in rising-rate environments.
For investors, that translates into a portfolio stabilizer during turbulent periods. The CMI MIC Balanced Mortgage Fund, for example, has delivered consistent yields since inception, including during the COVID-19 pandemic, despite fluctuations in interest rates, housing activity and equity valuations.
This performance underscores the role of a MIC investment as an effective diversification tool, providing consistent, compelling returns and helping portfolios weather shifting market conditions.
Performance Review (2015 to 2025)
Over the past decade, the CMI MIC Balanced Mortgage Fund has quietly outpaced many traditional income strategies. Since its launch in 2015, the fund has delivered steady annual yields of between 8% to 9%, with monthly distributions that continued through recessions, the pandemic and the recent interest rate shock.
That consistency stands in contrast to other staples of Canadian portfolios. Guaranteed Investment Certificates (GICs) offered just 1% to 2% through much of the 2010s, only catching up when rates spiked in 2023 and 2024. In 2022, core bond funds, once the bedrock of balanced portfolios, suffered their worst losses in decades, tumbling nearly 12% as rates surged. Dividend-paying equities rebounded strongly in some years but proved volatile, swinging sharply during the 2018 correction, the 2020 pandemic crash and again in 2022.
By comparison, private mortgage investments like CMI’s Balanced Mortgage Fund acted as a stabilizer. Their performance has shown little correlation with public markets, offering investors a more predictable income stream when both stocks and bonds stumbled.
Risk Management and Underwriting Discipline
CMI’s track record rests on a rigorous underwriting process built to safeguard investor capital and mitigate downside risk. The firm relies on an experienced in-house team that oversees the entire lending lifecycle — from sourcing and funding through to servicing and reporting — ensuring consistent standards at every stage.
Risk controls are multi-layered. A central credit committee applies a disciplined selection process supported by extensive due diligence, while portfolio construction emphasizes diversification by geography, security position and property type. Proprietary technology underpins this framework, providing advanced data analytics and monitoring tools that allow potential risks to be identified early and addressed before they can affect portfolio performance.
The funds also maintain a maximum weighted average LTV ratio of 65%, 75% and 85% for the Prime, Balanced and High Yield Opportunity Mortgage Funds, respectively, providing an additional layer of protection.
Together, these safeguards give investors exposure to Canada’s private mortgage market with a focus on stability, transparency, and capital protection.
Experienced, Aligned Leadership
CMI’s story began as a small, family-run mortgage brokerage founded by Bryan Jaskolka. When the 2008-9 financial crisis upended the mortgage industry, Jaskolka saw opportunity in change. He pivoted the business into private lending, laying the foundation for what would become one of Canada’s premier private mortgage lenders.
Today, under Jaskolka’s leadership as CEO of CMI Financial Group, the fully-integrated firm manages more than $1 billion in capital and has earned national recognition with multiple industry awards. Surrounding Jaskolka is a seasoned leadership team that reflects the company’s evolution and discipline. Many have been with CMI for more than a decade, steering the organization through industry cycles with consistency and foresight. Together, they oversee every part of the lending process — origination, underwriting, servicing, and portfolio management — ensuring investors and brokers alike benefit from a full-service, transparent experience.
The team’s collective expertise is also evident in CMI’s approach to risk. From its centralized credit committee and rigorous due diligence process to its emphasis on diversification and disciplined loan-to-value thresholds, CMI has set a benchmark for excellence in Canada’s private mortgage market.
Investor Experience and Impact
Conclusion
For a deeper look at CMI’s performance and strategies, download the latest Fund Reports and Fact Sheets. To learn how MIC investments could fit into your portfolio, contact us for a consultation with one of our experts.
