TORONTO, Jan. 23, 2018 /CNW/ - Mortgage Company of Canada (the "Company"), a Toronto-based Mortgage Investment Corporation, is pleased to announce that Brian K. Johnston has been appointed to the Company's Board of Directors, which will be effective January 23, 2018.
Mr. Johnston is a seasoned real estate industry executive with more than 30 years of management experience. Since 2012, he has served as Chief Operating Officer of Mattamy Homes. Mattamy is Canada's largest homebuilder, selling approximately 6,000 homes at 50 projects per year in Canada and the United States. Prior to joining Mattamy, he worked in several management roles at Monarch Corporation from 1984 to 2012, serving as President from 2000 to 2012. As President, he oversaw a company that sold approximately 900 homes and 700 high-rise condominiums per year in southern Ontario and had annual sales of approximately $500 million.
Mr. Johnston currently serves as a Director of the C.D. Howe Institute, the Bruce Trail Conservancy, and is a member of the Board of Regents at Victoria University in the University of Toronto. He was previously a director of the Canada Mortgage and Housing Corporation (CMHC) from 2008 to 2016, among other prior board appointments.
"We are delighted to welcome Brian to our Board of Directors," said Raj Babber, Chairman, Chief Executive Officer and President of Mortgage Company of Canada. "His long career in the homebuilding industry has provided him with a deep knowledge and unique perspective on the Greater Toronto housing market that will be a tremendous benefit to Mortgage Company of Canada."
The Company also reports that Richard Senechal has stepped down from the Board of Directors to pursue other opportunities.
"Richard made very significant contributions to Mortgage Company of Canada," Babber said. "On behalf of the Board, I thank him for his efforts and wish him the best in his future endeavours."
About Mortgage Company of Canada
Mortgage Company of Canada is a Toronto-based mortgage investment company that primarily invests in single family residential mortgages in the Greater Toronto Area. The Company's objective is to target a minimum annual yield of 9.25% by providing its shareholders with monthly dividends by lending within established risk parameters.
Mortgage Company of Canada is a Mortgage Investment Corporation as defined in the Income Tax Act (Canada). For further information on Mortgage Company of Canada, please visit www.mcoci.com.
SOURCE Mortgage Company of Canada Inc.
For further information: Raj Babber, Chairman, Chief Executive Officer & President, Mortgage Company of Canada, (866) 318-7222 ext. 222