Dear valued Partners, Clients, and Friends;

As we approach the year’s end, I trust this message finds you in good health and eagerly anticipating the holiday season. This year has undoubtedly been remarkable, a testament to our collective resilience in navigating a challenging market, especially considering the significant market shifts resulting from the 10 Bank of Canada rate hikes over 2022/23 and the noticeable trend of softened real estate sales in Q4.

However, within this turbulence we find ourselves with much to be thankful for. Cameron Stephens has experienced a buoyant year with AUM surpassing $3.4 billion, which represents a YOY increase of 16%, and our funded balance has increased 37%. Notably, our expansion in Western Canada has seen an outstanding 100% growth, generating nearly $400 million in loan originations, with ambitious growth plans for the year ahead. In addition, our proprietary private capital fund, the Mortgage Trust, is set to exceed $140 million AUM in Q1 2024 while delivering a commendable 10% annualized net return to our investors in the last quarter.

Equally noteworthy is the development of Cameron Stephens Equity Capital, now boasting five projects in various stages of completion. As always, our approach to these projects is grounded in prudence and meticulous due diligence to ensure that all stakeholders are shielded from undue risk. Our 50-story condo project at Yonge & Rosehill is the single biggest capital raise we have ever achieved with total project equity commitment at $62.5 million, and total square footage of 460k!

One of our significant milestones this year was the relocation to our new corporate headquarters at 320 Bay Street. This new space symbolizes our growth, success, and our spirit of hospitality. Many of you have already participated in some of our events, and we welcome the rest of you with open arms. I extend my heartfelt gratitude to each of you for being an integral part of our journey. None of our achievements would have been possible without the unwavering support of our remarkable Partners, Developers, Borrowers, and, of course, the incredible Cameron Stephens Team.

Finally, I must acknowledge the remarkable leadership and enduring legacy of both Scott Cameron and George Frankfort. Their guidance and trust continue to propel us to new heights.

As we conclude this year, let us reflect on our accomplishments, be grateful for what we’ve achieved together and inspired for what lies ahead.

Warm regards,
Steve Cameron


To Our Valued Clients and Partners,

My name is Riccky Dasgupta, and I have the privilege of serving as the Vice President of Mortgage Origination at Cameron Stephens. Since 2015, I’ve been part of a journey marked by a collective effort to drive growth and innovation. Leading a dedicated team responsible for over $1.7 billion in new transactions annually, my focus has been on collaboratively structuring complex deals and overseeing credit adjudication. My background in underwriting, with more than $9 billion in funded transactions, and my pursuit of financial designations like CFA, FRM, and CAIA, reflect my ongoing commitment to learning and contributing to the field of commercial lending.

The past few years have presented a series of unprecedented challenges that have reshaped the landscape of the development industry. I have witnessed these shifts firsthand and understand the impact they have had on our collective endeavors.

The Covid-influenced supply chain crisis of 2020 and 2021 brought significant uncertainty, with hard construction costs soaring by 40% to 50%. This was further compounded in 2022 and 2023 by increasing development charges, municipal fees, and financing costs. Despite these hurdles, the development industry has adapted, finding resilience in increased presale prices and rental rates. Yet affordability remains a critical issue, with investor demand for new presales waning.

There is a silver lining: costs are beginning to stabilize, and inflation has cooled to 3.1%, aligning closely with the Bank of Canada’s target range. The number of homes built in 2022 was equivalent to those in 1972, despite our population nearly doubling since then. This imbalance in housing development is a pressing concern.

Having said that, with anticipated Bank of Canada interest rate reductions in early to mid-2024, coupled with the overarching pent-up demand due to the supply shortage in Canada, we foresee significant and emerging opportunities for developers.

At Cameron Stephens, we are committed to being part of the solution. For 2023, we have set aside over $2 billion for new growth and expansion. Our recent achievements include the funding of a $210 million construction loan on a rental apartment project in Toronto, a $100 million construction loan on a condo in Vancouver, and a $84 million construction loan on a rental apartment project in Downtown London. In the past month, we have also committed $500 million for construction and bridge loans over five projects in London and Waterloo in Ontario, and Revelstoke and Langley in British Columbia.

In these challenging times, Cameron Stephens remains steadfast in its commitment to contribute positively to the housing landscape. We invite you to join us in our journey towards sustainable growth and development.

Riccky Dasgupta



As we approach the end of another year, it’s a fitting time to reflect on the journey and achievements of Cameron Stephens Equity Capital since its inception in 2020. Our establishment marked a significant expansion of Cameron Stephens’ offerings, adding a robust equity arm to complement our established Mortgage Lending and Mortgage Trust businesses.

Cameron Stephens Equity Capital was launched with a clear vision: to provide innovative product offerings to developers while ensuring strong risk-adjusted returns for our investors. Our equity team, composed of seasoned professionals with extensive development industry experience, is committed to partnering with leading developers and delivering exceptional market returns.

A highlight of the 2023 journey has been the Rosehill project, our most high-profile equity deal to date. Located on half an acre at Yonge and St. Clair, this 50-storey project epitomizes strategic foresight, significantly reducing entitlement risk and timeline due the extensive zoning, demolition, and environmental work done by the vendor. With this project, our portfolio has expanded impressively, managing almost $2.2 billion in total project revenue, nearly 2 million square feet of density, approximately 2,900 residential units, and over 150,000 square feet of industrial space. Our blended IRR across five active projects stands at an impressive 20%.

As we look to the future, particularly 2024, our perspective on the market is cautiously optimistic yet strategically confident:

  1. We perceive the Bank of Canada to be at the peak of their rate hike cycle.
  2. A further slowdown is anticipated as we head into 2024.
  3. The fundamentals of GTA Real Estate remain robust. The ongoing supply constraint and immigration that continues to exceed expectations signal strong, enduring demand.
  4. The coming year presents numerous opportunities, and Cameron Stephens Equity Capital is exceptionally well-positioned to capitalize on them.
  5. Our company’s maturity allows us to be selective and intentional in pursuing opportunities, reflecting our commitment to quality and strategic growth.
  6. This is a dynamic and exciting time, and our traditional approach of conservatism and rigorous due diligence continues to underpin our strong, growing, and profitable portfolio.

As we celebrate the holiday season and look ahead, we are filled with gratitude for the trust placed in us by our partners and investors. It is their belief in our vision and strategy that drives our success. We remain excited and committed to building our business, providing value to our partners, and delivering best-in-class returns to our investors.

Happy Holidays, and here’s to a prosperous new year filled with opportunities and achievements.

Sean Fleming


Deal Talk Logo


Creemore Ontario is a hidden gem nestled within the Niagara Escarpment. But with a vision to combine modern living with the historic town to create a perfectly balanced lifestyle, Cameron Stephens has partnered with MDM Developments to bring to life a brand new boutique condominium, Creemore Condos. Through the combined support of a $2.5MM Mezzanine Loan and a $32MM Construction Loan, this 4.7 acre development will provide 72 modern suites and contemporary amenities to residents seeking a better pace of life. Watch our latest DealTalk video to learn more.




CSMC recently funded a $14.3M hospitality bridge loan for a 220-unit Economy Hotel with Restaurant in Edmonton, AB. In a challenging environment for hospitality financing, CSMC was able to provide a $14.3M bridge loan for an Economy Hotel in Edmonton, AB. With a competitive stabilization facility, we found a solution that allows them to close on the asset and implement operational and management improvements, while stabilizing cash flows for conventional take-out term financing. Cameron Stephens also helped perform extensive due diligence on historic and projected property cash flow and market research to sufficiently de-risk the financing, creating a win-win solution.


CSMC was recently approached to assist with land refinancing and a new acquisition loan for a high-exposure Broadway Corridor development in the heart of Vancouver. Providing a $21.1M land loan, we allowed the Borrower to complete the assembly of the existing Project, and secure entitlement for the new acquisition. This proposed development will include 177 rental units, and 102,000 sq.ft. of industrial, retail, office and daycare uses to offer residents a well-rounded lifestyle. CSMC provided a competitively priced, highly flexible solution that incorporated a two-tiered funding structure to best support the Borrower’s needs.

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Tis the season to give back! The Cameron Stephens team once again came together this past weekend for the Santa Shuffle. We’re proud to have raised $41,144 this year for The Gateway Toronto, bringing our total raised since 2015 to over $266,000! Special shoutout to our top three fundraisers lan Wilson, Katie Bonar, and Sean Fleming for going above and beyond in their efforts.

The Gateway is a Salvation Army drop-in program which provides a place of safety and warmth for Toronto’s most vulnerable and helps prevent homelessness. The funds we raised make a huge difference for their operations each year and have a significant impact on hundreds of people who access their drop-in services.

Thank you to all of our friends, families, clients and investors who donated to our team, we couldn’t do it without you.

Want to learn more about how Cameron Stephens makes positive change? Visit our website to learn more.