About MCAN

Our History

MCAN Mortgage Corporation traces its roots back to 1980 when Ian Sutherland, Robert Stuebing, and Raymond and Susan Doré came together to form Doré, Sutherland & Stuebing Inc.  MCAN and its predecessor companies have a long history of lending in the markets over several decades which includes multiple recessions, economic downturns and market volatility.

  • Doré, Sutherland & Stuebing Inc. form Interior Capital Corporation.
  • Interior Capital Corporation purchases Interior Trust Company, a Manitoba trust company, from the Royal Bank of Canada and National Trust Company.
  • Interior Capital Corporation sells 75% of Interior Trust Company to Mutual Life Assurance Company.
  • Mutual Life becomes Clarica and ultimately Sun Life.
  • Interior Trust Company later renamed Mutual Trust Company and became a direct subsidiary of Mutual Life Assurance Company.
  • MTC Mortgage Investment Corporation (the entity that will become MCAN Mortgage Corporation) is created under the Federal Loan Companies Act
  • Raises capital of $36 million via two IPO campaigns
  • Managed by Mutual Trust Company
  • MCAP group of companies is created
  • Interior Capital Corporation is bought back from Mutual Life
  • MCAP Service Corporation is created, owned 40% by Mutual Life, 40% by Bank of Montreal, and 20% by Interior Capital Corporation.
  • MTC Mortgage Investment Corporation acquires Interior Capital Corporation
  • Renamed MCAP Inc.
  • MCAP Inc. does a corporate reorganization where MCAP Commercial LP (“MCAP”) is sold off, owned 75% by the Caisse de dépôt et placement du Québec and 25% by MCAP Inc.
  • MCAP Inc. managed by a separate management team and raises $13 million through a rights offering.
  • MCAN raises $16 million through a second rights offering.
  • MCAN completes its first public share offering since 1992 raising $31 million.
  • MCAN invests a further $14 million in MCLP, while MCAP acquires the 80% of MCAP Service Corporation that it did not own.
  • MCAN completes its third rights offering, raising $20 million.
  • MCAN successfully closes $53 million transaction to acquire 100% of the shares of Xceed Mortgage Corporation on July 4, 2013.
  • MCAN completes a significantly oversubscribed rights offering with $15.1 million of new share capital raised.
  • Regular quarterly dividend increased to $0.29 effective for the Jan 4th 2016 dividend payment.
  • We reported record net income for the year ended December 31, 2016 of $40.2 million.
  • MCAN and TSX celebrated MCAN’s 25 Year Listing Anniversary by MCAN opening the market.
  • We renamed our wholly-owned subsidiary, Xceed Mortgage Corporation to XMC Mortgage Corporation, effective September 1, 2017.
  • Our market capitalization as at December 31, 2017 was $417 million.

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