Research shows first-time buyers rank guidance alongside rate access when choosing a mortgage
Nearly two in five Canadians took out their most recent mortgage through a broker last year, a new high for the channel, with the share climbing to 48 percent among recent first-time buyers.
Overall broker share reached 38 percent in 2025, up six percentage points from the year before, according to Mortgage Professionals Canada's 2026 consumer survey.
The gains were broad-based across buyer groups, age cohorts, and regions, the report found, following a softer housing market in 2024.
Client loyalty tracked alongside the rebound.
Among current mortgage holders who used a broker, 83 percent said they would recommend that broker, a five-year high, while 72 percent said they would use a broker again for their next mortgage.
Access to the best rate remained the top reason borrowers gave for turning to a broker, cited by 54 percent of broker users.
Getting multiple quotes followed at 33 percent, help understanding options and the mortgage process at 31 percent, and lender recommendations at 26 percent.
That advice role showed up most clearly among recent first-time buyers.
In that group, 40 percent said they used a broker to understand their options and the process, up 14 percentage points from 2024, while 28 percent cited lender recommendations, up 10 points, and 28 percent cited better customer service, up 12 points.
Mortgage choices have grown "more complex," spanning rates, lenders, and affordability, said Lauren van den Berg, president and CEO of Mortgage Professionals Canada.
She said clients now turn to brokers for guidance rather than rates alone.
The chair of the association pointed to the stakes for newer entrants.
First-time buyers often make "the largest financial decision of their lives" while weighing unfamiliar products, lenders, and qualification rules, said Maxime Stencer.
Borrowers still want a competitive rate, but they also value "the advice brokers provide" on finding the right mortgage and managing debt, he said.
Borrower choices are also becoming more layered as rate expectations shift.
Fixed-rate mortgages still dominate at 70 percent, though variable-rate use has risen to 26 percent, the first increase in three years.
Variable-rate holders were nearly evenly split on payment structure, with 55 percent saying their payment rises and falls with the prime rate and 45 percent holding a set payment.
Among broker clients, big banks gained ground, accounting for 56 percent of placements in 2025 compared with 53 percent a year earlier.
Non-bank and small bank lenders slipped to 19 percent from 25 percent, and mortgage investment corporations eased to 11 percent from 13 percent.
For non-owners, awareness of down-payment savings tools was uneven.
The survey found 55 percent were aware of Tax-Free Savings Accounts as a way to save for a down payment, 53 percent knew of First Home Savings Accounts, and 43 percent knew of the Home Buyers' Plan, while one in five were aware of none of the three.
Take-up rose sharply closer to purchase.
Among non-owners expecting to buy within two years, 67 percent were using or planning to use a Tax-Free Savings Account, 57 percent the Home Buyers' Plan, and 48 percent a First Home Savings Account.
Use of the individual programs ran 16 to 26 percentage points higher among near-term buyers than among non-owners overall.
At the other end of the ownership cycle, reverse mortgages remained familiar but little used.
Among Canadians aged 55 and older, 43 percent said they were at least somewhat familiar with the product, 15 percent said they would be at least somewhat likely to consider one, and 1 percent already held one, as per the survey.
The mortgage decision has become "more layered," whether Canadians are buying a first home, weighing fixed against variable rates, or saving for a down payment, van den Berg said.
That makes access to "informed, professional advice" more important, she said.
