We are pleased to report that Mortgage Company of Canada enjoyed another year of significant growth, resulting in strong returns for shareholders. During 2015, we increased the size of the Company’s mortgage portfolio by approximately $12 million, or 34%, to $46.6 million. By deploying these funds into a mix of primarily first and second residential mortgages for homes predominately located within the Greater Toronto Area (“GTA”), we exceeded our targeted 9% return to shareholders, as we have every year since the Company’s inception in 2009.
During the year, Mortgage Company of Canada funded $45.6 million in new or renewed mortgages while working within the Company’s strict underwriting parameters. By partnering with our network of preferred brokers, including our affiliated broker, Canadalend.com, we ensured that deal flow remained robust throughout the year. As a result of our commitment to identifying quality borrowers, Mortgage Company of Canada did not have to take a single write-down on the 350 mortgages funded over the course of 2015. Recognizing the quality of assets underlying our mortgage portfolio, and the attractiveness of the alternative mortgage market, TD bank doubled Mortgage Company of Canada’s revolving credit facility to $15 million during the year. This increased the scale of our operations and provided Mortgage Company of Canada with enhanced liquidity to meet the growth in our target market.
During 2015, a healthy regional economy and historically low borrowing costs spurred demand for homes across the GTA. As in previous years, Mortgage Company of Canada remained focused on providing mortgages for residential properties primarily located within this market and, as at December 31, 2015, 90% of our portfolio was secured by such properties. At year-end, Mortgage Company of Canada’s mortgage portfolio comprised first, second and third mortgages of 45%, 53% and 2% respectively. By assembling the right mix of mortgages, while working within our proven lending parameters, we have been able to consistently generate a favorable risk-adjusted return for shareholders.
As a result of the ongoing execution of this investment strategy, our mortgage portfolio continued to provide a stable source of reliable cash flow, supporting consistent investment returns for shareholders. Over the course of 2015, Mortgage Company of Canada declared 12 monthly dividends to shareholders, maintaining its unblemished record of declaring monthly dividends since inception. Further, the cash flows generated by the portfolio supported three special dividends which, combined with the aforementioned monthly dividends, resulted in a total return to shareholders of 9.32% for 2015.
Looking ahead to 2016 and beyond, we expect the GTA economy to be characterized by low unemployment, with strong levels of in-migration. In addition, the GTA housing market is also expected to be positively impacted by millennials, a large proportion of whom have lived in condominiums. As this demographic cohort moves from single to family status, they will contribute to a robust market for single-family detached or semi-detached homes.
As the Canadian alternative mortgage market continues to grow, we look forward to leveraging our increased scale while working with our preferred mortgage brokers to identify high-quality borrowers. With our proven underwriting policies, experienced management team and track record of success, Mortgage Company of Canada is well positioned for another strong year in 2016.
In closing, on behalf of the entire team at Mortgage Company of Canada, we thank our Board of Directors for their guidance and support, our brokers and borrowers for choosing to partner with us, and our shareholders for their ongoing commitment and trust.