New consumer research finds broker share rose to 38% overall and 48% among recent first-time buyers, as Canadians seek more help navigating rates, lenders and mortgage options.
TORONTO, July 24, 2026 /CNW/ -- Canadians are increasingly turning to mortgage brokers as rate choices, lender options and affordability pressures make mortgage decisions more complex, according to new consumer research from Mortgage Professionals Canada.
The findings suggest borrowers continue to value competitive rates, but are also placing greater emphasis on advice, lender choice and help understanding the mortgage process.
"Canadians are facing more complex mortgage decisions than they were a few years ago, from rate selection to lender choice to long-term affordability," said Lauren van den Berg, President and CEO of Mortgage Professionals Canada. "This research shows that mortgage brokers are increasingly being recognized not only for access to competitive rates, but for the advice and guidance they provide throughout the process."
Borrowers look beyond rates
Access to the best rate remains the top reason Canadians say they use a broker, cited by 54% of broker users, though that was down five percentage points from 2024. Other leading reasons include getting multiple quotes at 33%, help understanding options and the mortgage process at 31%, and recommendations on which lender to deal with at 26%.
The advice role is particularly evident among recent first-time buyers. Among this group, 40% said they used a broker to understand their options and the process, up 14 percentage points from 2024. Another 28% cited recommendations on which lender to deal with, up 10 percentage points, while 28% cited better customer service, up 12 percentage points.
"First-time buyers are often making the largest financial decision of their lives while comparing unfamiliar products, lenders and qualification requirements," said Maxime Stencer, Chair of Mortgage Professionals Canada. "The data points to a clear shift: borrowers still want a competitive rate, but they also value the advice brokers provide in finding the right mortgage for their circumstances and managing their debt over the longer term."
The survey also found strong satisfaction among broker clients. Eighty-three percent of Canadians who used a broker said they would recommend their broker to a friend or family member, a five-year high, while 72% of those who used a broker for their current mortgage said they would use one again when looking for their next mortgage.
Mortgage decisions are becoming more layered
The report also highlights the complexity facing borrowers as interest-rate expectations shift. Fixed-rate mortgages remain dominant, held by 70% of mortgage holders, while 26% reported having a variable-rate mortgage, up three percentage points and the first increase in three years. Among variable-rate holders, 55% said their payment rises and falls with the prime rate, while 45% said they have a set payment that does not change.
For non-owners, the survey points to uneven awareness of major down-payment savings tools. Fifty-five percent said they were aware of TFSAs as a way to save for a down payment, 53% were aware of First Home Savings Accounts, and 43% were aware of the Home Buyers' Plan. One in five non-owners said they were not aware of any of the three.
Usage of these tools rises sharply among those closer to entering the market. Among non-owners expecting to buy within two years, 67% were using a TFSA, 57% were using the Home Buyers' Plan and 48% were using an FHSA. Usage of individual programs was 16 to 26 percentage points higher among near-term buyers than among non-owners overall.
At the other end of the ownership journey, the survey found reverse mortgages are familiar to many older Canadians but rarely used. Among Canadians aged 55 and older, 43% said they were at least somewhat familiar with reverse mortgages, while 15% said they would be at least somewhat likely to consider one and just 1% said they already have one.
"Whether Canadians are buying their first home, choosing between fixed and variable rates, saving for a down payment or assessing later-life borrowing options, the mortgage decision has become more layered," said van den Berg. "That makes access to informed, professional advice increasingly important."
The report is based on a 20-minute online survey of close to 2,000 Canadians across all regions, conducted by Bond Brand Loyalty between February 5 and 25, 2026.
The Broker Advantage report is available here.
About Mortgage Professionals Canada
We are Canada's mortgage industry association with over 15,000 members and more than 1,000 member firms. We are a non-profit association representing mortgage brokers and agents, as well as banks, lenders, insurers, and service providers, making up the largest network across the country. Close to fifty percent of first-time home buyers in Canada choose brokers for their mortgage.
We are proud to be the industry that provides Canadians with choice when making the most important financial decision of their lives and help people achieve the dream of home ownership. You can find one of our licensed members at findmeabroker.ca.
SOURCE Mortgage Professionals Canada
Alan Ning, Public Affairs, Mortgage Professionals Canada, [email protected]
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