AP Capital

Covid-19 Update

AP Capital MIC Shareholders (September/October 2020)

The Covid-19 virus affecting every Canadian is unprecedented and certainly has impacted businesses and households in varying degrees.  The AP Capital team wishes you and your families good health and safety during these times. While changes to our situation will occur, we will evolve and adjust as well.  We invite you to check this page as often as you feel necessary to keep yourself updated on the status of AP Capital Mortgage Investment Corporation (MIC).


  • We remain fully operational to shareholders, borrowers, brokers, financial firms and our third-party partners.
  • Continuity planning with our third party partners (conveyancing firms, share registrar and transfer agents, trustees, banks and others) is working and we are not experiencing interruption to services required by the fund and its shareholders.
  • The entire AP Capital team is fully equipped and working remotely.  Some staff and partners have returned to the office for a few days per week.  We are working uninterrupted through this period.
  • The office is currently open with nearly regular hours as it is accessed on an as-needed basis Monday through Friday for critical needs by employees or partners.
  • All remote staff and partners have full access to all AP computer systems and networks via secure VPN access as well as cloud based software that we utilize.
  • Our phone system is operating and while calls are being routed to voicemail, we are returning phone messages as quickly as possible.
  • If anyone would like to chat, we are more than happy to accommodate telephone or video conference meetings.  Email is always welcome.


  • The current economic challenges are causing some mortgagors (borrowers) to inquire about their obligation of mortgage payments.  We are dealing with these inquiring borrowers on a case by case basis.  We fully expect payment from each of them but acknowledge some may require consideration for a short period of time.
  • The Province of British Columbia continues to show good promise in its execution of BC’s Restart Plan.  This plan lays out a series of steps to restart the BC Economy.  That update can be found here –
  • March through August payments from borrowers shows promising resilience.
  • The monthly distribution of 7% per annum was reduced to 6.5% for September 1st from 7.0%. Interest rate pressure is the primary cause of this modest decline.
  • Real Estate traditionally weathers financial challenges better than most other asset classes.  We believe AP Capital MIC is well suited to weather this challenging time as our mortgages are secured by residential homes primarily located in the Lower Mainland of BC.
  • The Loan to Value of AP Capital MIC is near 60%; meaning more than 40% equity in homes (in aggregate) protects shareholder capital.  As of August 31, 2020.
  • Home prices in recent weeks and months are showing promising resilience in year over year comparisons. Many neighborhoods in communities served by AP Capital MIC are showing increased prices.
  • Canadians have shown a historical patttern of paying their mortgage payments – a behavior pattern that has given lenders in Canada confidence for the past century.  While all lenders manage challenging borrowers, and will likely see more challenges in the months ahead, we believe AP’s business model has a continued stable asset class behind it.
  • AP Capital MIC does not use debt in a measurable way as our MIC fund primarily uses the pool of shareholder equity to fund mortgages.  The fund’s bank line of credit has low utilization. In extremely uncertain financial times such as these, debt laden firms and highly leveraged funds can be impacted significantly. AP’s small measure of debt puts us on very stable financial ground.

We will continue to update this page on an as needed basis.