Calgary-Based Essex Fuels Western Canada Commercial Growth with New Strategic Partnership
Strategic Alliance Bolsters Western Canada's Commercial Sector
A significant strategic partnership, announced on November 17, 2025, between Edmonton-based Prairie Commercial Mortgage Corp. (Prairie CMC) and Calgary’s own Essex Lease Financial Corp. is set to substantially increase market share across Western Canada. This collaboration is poised to profoundly impact Calgary’s rapidly evolving commercial landscape, providing crucial capital in a dynamic market.
Driving Growth in a Diversifying Economy
Founded in 2017 by Ryan McDonald, Prairie CMC brings extensive commercial mortgage expertise, currently licensed in Alberta and Saskatchewan with expansion underway in Manitoba and British Columbia. Essex, a prominent independent equipment finance provider led by CEO Ross Sten from its Calgary head office, enhances this offering. This partnership arrives as Calgary’s commercial real estate market diversifies beyond energy, with robust growth anticipated through 2025 in technology, logistics, and mixed-use developments, further fueled by a projected 3.5% population growth.
Navigating New Policy Realities
The alliance is particularly timely given recent policy shifts impacting commercial financing. Effective January 31, 2025, Alberta will increase mortgage registration costs, basing fees solely on the full mortgage principal. Additionally, a federal change on January 1, 2025, lowers the Criminal Interest Rate to 35%. This partnership provides vital financial tools, ensuring continued capital deployment for developers and business owners navigating these new regulations.
Supporting Calgary's Innovation Vision
This increased commercial financing aligns perfectly with Calgary Economic Development’s (CED) ambitious innovation strategy, unveiled in April 2025. Targeting 187,000 new jobs and over $28 billion for the local economy by 2034, CED aims to establish Calgary as Canada’s innovation capital. Partnerships like this are instrumental in injecting vital capital into burgeoning sectors, supporting the job creation and economic stability fundamental to the city’s proactive growth initiatives.
