7th Edition– The Alta West Summit
We are proud to share that Alta West Capital (AWC) has received its fourth consecutive nomination for Lender of the Year from two separate awarding organizations.
George Botros, CEO, and Charles McKitrick, Executive Chairman, wanted to share a few personal thoughts on what this milestone means for AWC and the road ahead.
AWC News: The Numbers Don’t Lie
There are almost as many styles of investing as there are investors. At Alta West Mortgage Capital Corporation (AWC), our management strategy has always been one that prioritizes risk management over chasing headline yield. Indeed, other assets will outperform our portfolio when conditions are comfortable. There are many proverbial hares to compare with AWC’s tortoise. But when things get volatile, such as in this past quarter, the difference in management style is illuminated by an industrial-grade spotlight.
The first quarter of 2026 saw extreme volatility in global markets. The conflict in Iran has shocked the global energy supply. The Canada–US trade relationship remains unresolved, with steel and aluminum facing 50% duties, and lumber and timber facing 10%, with no USMCA exemption.
Despite all of this…
February 2026 was a record-breaking month for AWC in both origination volume and fundings. While much of the market has gone up, down and sideways, AWC has stayed consistent.
All of our funds are delivering positive yields and generating solid deal flow. In fact, we are actively accepting new subscriptions across AWM Diversified MIC, First Place MIC, and our newly acquired Premiere Canadian Mortgage Corp.
AWC was built on principles of disciplined underwriting and prudent risk management, where preserving investor capital is of the utmost importance to our portfolio management style. As such, we select homes in urban and suburban Canadian markets, with a pre-established weighted LTVs (loan-to-value ratios) targets. As of March 31, 2026, all funds have a weighted LTV of 70% or less across the portfolios, with every deal being reviewed through layers of oversight and scrutiny before it enters any portfolio. That discipline has never felt more relevant than it does right now.
A World on Edge: The Global Picture
The defining forces shaping global markets this quarter converged with unusual severity. In early March, US and Israeli military action against Iran effectively closed the Strait of Hormuz, the chokepoint through which approximately a fifth of global daily oil consumption flows, sending the price of oil skyward. Meanwhile, the Trump administration’s tariff regime has pushed the average US tariff rate from just over 2% to nearly 17% in twelve months, marking the largest sustained increase in decades and, per the Tax Foundation, the largest US tax increase as a percentage of GDP in over 30 years. Despite recent rallies, the tensions are unresolved, and Global supply chains face a structural reallocation that will take years to settle.
Also unresolved is the Russian invasion of Ukraine and the myriad of impacts on the globe, with Europe committed to $90 billion in support until 2027 and a post-war reconstruction envelope of up to $800 billion. Resultantly, we have seen a complete crowding out of productive investment across European and emerging markets as they (at the time of writing) have significantly underperformed against the S&P.
Capping all of this, the world’s major central banks have effectively concluded their rate-cutting cycles. The US Fed paused at 3.50–3.75%, the ECB at 2%, and the Bank of Canada has remained at 2.25% four times. In essence, the monetary tailwind that drove asset re-ratings from 2023 to 2025 is over. These forces do not operate in isolation; they entwine and compound, and their weight is felt in every economy they touch…including Canada’s, and by extension, its housing market.
If you want to learn more about our investment funds, please contact our Investor Relations team
If you are interested in learning more about our mortgage products,
book a meeting with our Sales team.
Canada at the Crossroads
Canada exports approximately 75% of its goods to the United States. Now, the year-long trade conflict has left scars; tariffs across manufacturing, lumber, auto parts, agriculture, and energy have weakened the Canadian dollar to approximately 72 cents US. Bank of Canada modelling suggests GDP could fall roughly 5% below baseline in a severe escalation scenario, with business falling nearly 12%. Canadian companies are adapting faster than expected, recovering approximately $11 billion of an $18.5 billion export shortfall through trade diversification, but the cumulative damage to trade-exposed industries is real and growing.
As previously stated, the Bank of Canada held its policy rate at 2.25% on March 18, its third consecutive pause, caught between two competing pressures. GDP contracted 0.6% in Q4 2025, unemployment has risen to 6.8%, and business confidence is depressed. In normal conditions, these factors would necessitate cuts. However, energy prices and tariff pass-through are pushing inflation back up, limiting the bank’s flexibility. The mortgage renewal wave compounds the strain: Canadians who locked in at 2020–2021 lows are now renewing at rates producing payment increases of approximately 20%, with total debt servicing already absorbing more than 14% of household disposable income. That is, as economists would say “not good.”
Give it to me straight, Doc…
Amid the tempest of bad news, one structural advantage is easy to overlook: Canada is the world’s fourth-largest oil producer and a net exporter, shipping roughly 4 million barrels per day. The energy price shock that is damaging most oil-importing economies transfers wealth to Canada’s energy sector (particularly Alberta), partially offsetting trade war damage to the national trade balance. Western Canadian Select trades at a discount to WTI (Crude Oil) due to pipeline constraints, and higher domestic energy costs do complicate the Bank of Canada’s inflation challenge, but Canada’s position as a net oil exporter separates its medium-term outlook from almost every other advanced economy facing this same shock. It is the sole country insulated from the jarring shocks, electrocuting the only other net oil exporters in the G20 (USA, Russia, Saudi Arabia, UAE).
The Industry: Strong vs. Stressed
Canada's alternative mortgage lending sector is further insulated from economic shock, having just entered 2026 in a structural growth mode, with private lenders now representing an estimated 8–12% of the entire mortgage market. Doubling their share in less than five years. OSFI's updated Capital Adequacy Requirements (effective Q1 2026) are increasing bank underwriting costs on certain mortgage categories, channelling creditworthy borrowers toward alternative lenders.
The mortgage renewal wave is amplifying that channel. The structural tailwinds are real. As a chartered financial analyst might say… "That is good for Alta West Capital."
But not all operators are positioned to benefit equally. The current environment has exposed the differences in underwriting quality, portfolio composition, and overall lending strategy. And those differences are now visible in the headlines.
Some MICs have gated investor access, and restricted new subscriptions. AWC is not among them. We want our investors and broker partners to know that clearly.
The pressures tend to concentrate in funds that pursue speculative compositions: development land, remote rural properties, early-stage commercial deals, or high-LTV positions in softening markets. AWC’s MICs are comprised almost entirely of residential mortgages on homes in urban and suburban Canadian markets, with a weighted average LTV across the portfolio below 70% on all funds as of March 31, 2026. None of our funds have issued a negative yield since inception. We are not gating. We are not restricting. We are open, funding, and growing.
Such a broad analysis serves to highlight this point: yes, the global markets are suffering right now, and yes, Canada’s housing market is suffering as well. However, Canada stands out as distinctively resilient to macro-level issues that rock the globe, and within that, its private lending market is particularly resilient, functioning relatively as normal. On top of all that, AWC’s risk management strategy, underwriting, and corporate governance means only deals within our specified parameters enter our funds. Additionally, we have been experiencing record-breaking months in terms of volume and origination, due to the expansion in the industry.
Investors
You can have confidence that your capital is invested in a residential mortgage portfolio in terms of resilience, while being cushioned by the resilience of our country, and compounded by Alta West Capital’s reliance and industriousness. In short, investors in residential mortgage Canadian private lending benefit from tangible real estate assets as security and risk protection from current market woes.
Brokers
You can breathe easily knowing that your business is secure this year as long as you focus on private deals, as the industry is expanding. On top of that, AWC is operating like a well-oiled machine, and may easily become your ‘ol’ faithful’ this year due to our capacity to fund deals.
For the Mortgage Professional
February 2026 was a record-breaking month for origination volume and fundings (the strongest single month in AWC’s history). That reflects the strength of our broker relationships, the health of our capital base, and the relevance of our products in this lending environment. We are actively funding. Our pipeline is strong, and we want your deals.
"The current environment is creating real complexity for borrowers — and real opportunity for brokers who have a lender they can count on. AWC is funded, we are fast, and we are looking for quality deals."
Your Sales Team
Armando Diseri
Chief Sales Officer
Agent, Level 2
647.915.1932
armando@awcapital.ca
Natalie Echlin
BDM- South Western ON
Agent, Level 2
647.915.1932
natalie@awcapital.ca
Lundon Clark
BDM- North Eastern ON
Agent, Level 1
437.448.9465
lundon@awcapital.ca
Donna Morrison
BDM- British Columbia
604.358.3374
donna@awcapital.ca
Chris O’Sullivan
BDM- Alberta
403.928.5436
chris@awcapital.ca
Ariana Diseri
Inside Sales Rep.
Ontario
416.948.6784
ariana@awcapital.ca
Corey Cardellini
Inside Sales Rep.
Alberta/British Columbia
403.827.3558
corey.cardellini@awcapital.ca
If you are interested in learning more about our mortgage products,
book a meeting with our Sales team.
A Final Word
George Botros
CEO
“Markets will recover. Volatility will pass. Through every cycle, the fundamentals that matter are the same as they have always been: the quality of the assets behind your investment, the discipline of the people managing it, and the integrity of the institution you trust with your capital.
Alta West Capital is first and foremost, a steward — of investor capital, of borrower trust, and of the communities we lend in. Thank you, as always, for your trust.”
Author
James McKitrick
Communications Lead
Alta West Capital is registered as an Exempt Market Dealer (“EMD”), Restricted Portfolio Manager (“RPM”) and Investment Fund Manager (“IFM”) in the province of Alberta. The firm is also registered in the provinces of British Columbia, Ontario, Manitoba, Saskatchewan and Yukon as an EMD. This information is directed only to residents of those provinces. For more information, contact Investor Relations at (403) 254-9075 ext. 4218 or by email . This communication is only directed to persons in these jurisdictions. Alta West Capital holds a mortgage broker license in British Columbia, a mortgage brokerage license in Alberta and Ontario, as well as a mortgage administration license in Ontario. FSRA Brokerage License 12633, FSRA Mortgage Admin License 12634.
The opinions, analysis and information contained herein are current as of the date indicated, and Alta West Capital does not undertake to notify the reader of any subsequent change. Any information is not intended to constitute tax advice. Alta West Capital has not taken any steps to verify the accuracy and completeness of any third-party data referenced herein.
Fund information contained herein or in any video is for general information purposes and is not intended to be a solicitation or recommendation nor is it intended to serve as a full or comprehensive description of the funds managed by Alta West Capital. Important information regarding the funds is set out in the offering document and Relationship Disclosure document, which should be reviewed prior to investing. Please contact us for a copy of these documents. Units of the MICs are not available for public distribution and may only be purchased by qualified investors. Past performance is no guarantee of future results. Actual performance will vary.
