Between economic instability abroad and a challenging housing market at home, Canadians are relying more than ever on the expertise and advice of mortgage brokers.
According to Mortgage Professionals Canada (MPC)’s latest consumer survey, nearly half of all first-time homebuyers used a mortgage broker in the past five years, but buyers aren’t turning to brokers solely to rate shop.
While getting the best rate remains the top reason borrowers choose to work with a broker, only half of first-time buyers cited it as their primary motivator, down seven percentage points from 2024.
Instead, many say they turned to brokers to better understand their options and the borrowing process, for recommendations on products and lenders, improved customer service, and help navigating the application and paperwork.
“When we’re looking at the landscape for our consumers out there, the focus is shifting from rates to policy,” Paul Campbell, vice president of mortgage origination for Magenta, said during a panel at a recent mortgage industry event. “For brokers, this is your time to shine.”
“This year for brokers, you really need to be that advisor,” added fellow panelist and First National’s vice president of residential sales, Elena Robinson. “It’s about more than rates; it’s about looking at the whole financial picture and looking at where you can help them navigate through these challenging times.”
The panelists — which also included BMO BrokerEdge regional vice president Paula Oliveira and Home Trust vice president of mortgage lending Pierre Martin — all agreed that brokers are quickly emerging as a vital resource for Canadians as they navigate an unstable and uncertain economic landscape.
A decade of market turbulence
Panelists highlighted how Canada’s housing market, particularly in Ontario, has experienced significant volatility over much of the past decade.
“Since 2019, we were hit with a pandemic, everyone staying at home, we get to 2021, 2022, everything goes crazy, rates are super low because you want to increase GDP, but inflation goes up, rates go up, costs are high, and there are cash flow problems,” Martin said.
As a result, Martin admits that lenders like Home Trust have had to reconsider their lending practices.
“The toughest conversation I’m having is ‘why didn’t you do that deal? In the past you used to do it,’” he said. “The answer is that our guidelines haven’t necessarily changed, it’s the economy that’s changed, and because of that we have to sometimes say ‘no’ to deals where maybe three years ago we were good.”
Martin explained that when rates were low, values were rising rapidly and cash flow wasn’t a concern, making it easier to approve deals quickly.
“Today, it’s completely different,” he said. “Values are dropping, prices are not coming in at the value you want and there is a lot more risk — and let’s add to that Mr. Trump, who’s not helping us — and all of that provides uncertainty.”
BMO’s Oliveira added that, contrary to popular belief, lenders aren’t necessarily any less flexible in this environment, at least for files that are complete and straightforward. “Where we are cautious — and definitely it’s the result of the environment we live in – is when we don’t see the whole picture,” she said.
For example, Oliveira said lenders need more information to ensure customers can support the mortgage in a more difficult economy. “Before, we didn’t need to disclose all the assets,” she said. “Now, we have to understand if the borrower has conditions to sustain a huge debt.”
Deal-making has changed in more fundamental ways for Magenta, according to Campbell, who said the Mortgage Investment Corporation (MIC) can’t afford to take any risks.
“A couple bad loans for a MIC is catastrophic, so we’re a little bit more stringent on the types of deals that we do,” he said, adding that the lender can offer flexibility if brokers can offer creative opportunities to mitigate risk. “More so than before, what you’re finding is the relationship piece between the lender and the broker is a lot stronger; the conversations that are being had are more honest and more genuine.”
Opportunity emerges for brokers who can adapt
That more cautious approach by lenders, combined with a challenging economic backdrop and growing borrower demand for more than just rates, is creating opportunities for brokers who can keep up.
“It’s amazing how many brokers only know the A business — they don’t know how to do retail or a MIC,” Robinson explained. “Educate yourself, because being that advisor, you have to know the products out there and give those solutions.”
Robinson added that the most successful brokers are those with a deep understanding of a wide range of products, enabling them to provide a better fit for clients and a more streamlined process for lenders.
“They know everything about the products, they know everything about their clients, they ask a thousand questions because they are not just looking at the today’s mortgage but the long life of the customer relationship, and that could span 10, 15 years,” she said. “I’m not saying you have to deal with all the lenders out there; pick your top A-lenders, pick your top alternative lenders, your top MICs, and know them so you can provide any solution for your clients.”
With information more accessible than ever through social media, news platforms and AI tools, panelists said borrowers are increasingly looking for clear, reliable guidance as they navigate one of the largest financial decisions of their lives.
“In the environment that we’re in today there is so much volatility, and so much noise, because everyone has so much information at their fingertips,” Oliveira said. “The customer is looking for clear information.”
“For the brokers, this is their time to shine,” added Campbell. “This is your time to educate clients and show them the difference between working with a broker versus walking into a branch.”
AI expected to increase the value of human advice
Relationships have always been a key differentiator for brokers, but having a trusting relationship with clients will become even more important in the years ahead, thanks to the rapid development of artificial intelligence.
While the technology is poised to disrupt the industry in some ways, the panelists suggested it will largely benefit brokers, enabling faster approvals and better information gathering while putting a higher premium on human connection. At the same time, the technology could introduce new risks that brokers need to be aware of.
“It’s an opportunity for fraud to really get sophisticated,” warned Campbell. “Lenders will probably put in new guidelines, because it only takes one, two, three, four bad deals to really get your attention, and put some checks and balances in.”
Robinson said new AI capabilities are already helping First National save hours in underwriting for its Excalibur alternative loan product suite. “I don’t think it’s going to replace the broker,” she said. “Rocket Mortgage tried to make it a success in Canada, and they’re gone; you still need that human perspective.”
“I truly believe the relationship won’t change between brokers and lenders,” Martin added. “What will change from a lender’s perspective is we’re investing in AI, we’re investing in technology, but it won’t replace humans; that personal touch, the relationship, is key.”
“On the lender side, it’s going to create efficiencies,” Oliveira added. “On the broker side, I think it’s going to create efficiencies as well, but it’s going to create a need for more personal relationships, empathy and trust.”
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Last modified: April 28, 2026