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The 19th annual CMP Brokers on Lenders report marks a turning point in Canada’s mortgage market. After two tough years of rising rates and service strain, the results reflect the trade-offs brokers manage every day and identify the lenders that helped them keep deals moving and clients confident. Here are the key trends shaping broker-lender relationships between 2025 and 2023:
Multi-lender brokers are now the norm: Nearly 80 percent of brokers submitted deals to five or more lenders in 2025, up from 73 percent. Brokers are prioritizing results over history; if a lender can’t deliver, they’re out of the mix.
Technology is a broker dealmaker: IT satisfaction increased by 10 percent. Lenders that offered faster portals and cleaner workflows won more volume as brokers gravitated to smoother systems with fewer submission hiccups.
BDM support matters more than ever: BDM scores rose 7 percent, driven by stronger field engagement and improved relationship management.
Speed and flexibility drive broker decisions: Turnaround time, underwriter access, and adaptable credit policies still tip the scale when brokers are deciding where to place tricky or time-sensitive files.
Rate expectations are hard to meet: Interest rate satisfaction fell by 5 percent in 2023, the only category to experience a decline. Many brokers say rate reductions haven’t translated into deals as pricing remains a concern. Lenders that can explain their processes clearly and approve loans quickly are more likely to win the business.
The past year tested both lenders and brokers as they adjusted to volatile conditions and stricter rules. Interest rate swings and tighter lending conditions shaped the broader market, but brokers say what mattered most was how lenders supported their clients when deals became tough.
While the Big Six banks still dominate origination, their share dropped from nearly 60 percent in late 2022 to 52 percent by the end of 2023. Alternative and non-bank lenders, including credit unions, MICs, and private players, gained traction as borrowers turned to lenders that could move quickly and work around tighter approval rules. That change gave brokers more room to build new lender relationships, especially with those willing to adapt to credit or timing changes.
Interest rate volatility: Lower inflation expectations led the Bank of Canada to cut policy rates seven times between June 2024 and March 2025. While those cuts reduced borrowing costs, brokers say some clients still held back. Brokers stepped into a bigger role, acting as translators and strategists, helping borrowers decide whether to lock in or ride out the volatility.
The Bank of Canada held its policy rate at 4.50% through Q1 2025, citing modest progress on inflation and employment stabilization.
Tighter lending criteria and regulatory scrutiny: Stricter stress tests and increased oversight forced lenders to apply tighter credit filters, especially on refinances and higher-risk borrowers. Brokers became client advocates, working within narrower approval parameters and tighter timelines. Lenders that communicated early and often earned more business from brokers juggling urgent or complex deals.
Technology and digital transformation: CMP data shows broker satisfaction with lender tech rose 10 percent from 2023 to 2025. The lenders that pulled ahead focused on investing in technology, making it easier to submit and track deal progress.
Service as a differentiator: As rate expectations became harder to meet, brokers placed more weight on service. A fast turnaround, flexible credit policy, and reliable underwriting often determined the deal. “Competitive rates matter, but communication and service levels are huge for me,” says Janna Dawdy, principal broker and owner at JC Mortgages. “If I can’t get timely responses from a BDM or underwriter, that’s a deal breaker.”
A market defined by partnership: Brokers kept coming back to lenders that worked like true partners. “You want your lender to be an extension of you,” says Goldy Singh, partner at Diverse Mortgage Group. “When they understand your client’s situation and help find solutions, everyone wins.”
CMP’s 2025 survey draws on detailed broker feedback rating lenders across 10 core service areas, including turnaround time, support, product range, and pricing. For the first time, lenders were grouped into prime, alternative, and private/MIC tiers, with gold, silver, and bronze awarded to the top three in each category, as well as overall.
Canada’s mortgage market in 2025 is showing signs of renewed energy after a rocky two years. While borrowers remain sensitive to higher rates, the turn toward variable products, aggressive lender competition, and the start of a massive renewal cycle are reshaping broker activity nationwide. Mortgage debt reached $2.3 trillion by early 2025, but growth has slowed as budgets tighten and borrowers prioritize flexibility.
The great renewal begins: Over two million mortgages are set to renew between 2024 and 2026. In Q1 2025 alone, renewals and refinances drove a 57.7 percent year-over-year surge in new originations. Approximately 28 percent of renewing borrowers switched lenders, a signal of growing price sensitivity and opportunity for agile lenders. Brokers are driving much of this movement, especially among uninsured clients who are now free to move without requalifying.
Variable rates make a comeback: With the Bank of Canada cutting rates seven times since mid-2024, variable-rate mortgages have climbed back to 42 percent of new originations. Shorter fixed terms are also gaining traction, reflecting borrower expectations of further rate relief.
Affordability still strained: Despite modest price corrections and falling rates, stretched affordability persists. Most new buyers are extending amortizations or relying on family support, as 70 percent of first-time buyers received financial help with down payments.
Ontario: Delinquency rates nearly doubled from 0.13 percent to 0.24 percent as mortgage resets hit. Brokers here are dealing with more payment shock scenarios than any other region.
British Columbia: Conditions are softening slightly, with delinquencies up to 0.18 percent, but population growth continues to drive long-term demand.
Prairies: Alberta is outperforming in terms of arrears and deal volume, thanks to stronger economic momentum and lower housing costs. Saskatchewan and Manitoba are holding steady.
Quebec: Mortgage stress remains among the lowest in Canada, thanks to conservative lending practices and stable home prices.
Atlantic Canada: Mixed picture – some provinces, such as PEI, have rising arrears, while others, such as NB, are benefiting from steady demand and migration.
Rate competition heats up: Rate cuts have intensified lender competition for renewals. Banks and non-banks alike are deploying flexibility with amortization, rate specials, and faster deal turnarounds to capture business.
Switching gains steam: Brokers are leading the switch trend, especially among uninsured borrowers now exempt from stress test requalification.
Credit health eroding: Mortgage arrears are rising but remain below pre-pandemic norms (national average: 0.21 percent). Non-mortgage delinquencies, however, are at their highest level since 2009, primarily driven by missed payments on credit cards and auto loans.
Housing supply still lags: Despite government programs such as the Housing Accelerator Fund, developers face high construction costs and increasingly stringent financing requirements. New builds are slowing, especially in Ontario and the condo segment.
Immigration slows slightly, demand persists: The federal government has trimmed immigration targets modestly, but strong population growth continues to support long-term housing demand, especially in BC and Alberta.
CMP’s 2023–25 data confirms a decisive change in broker behaviour, as deal activity spreads across a broader range of lenders. This reflects brokers’ need for flexibility, niche product access, and consistent support. In today’s competitive environment, it’s clear that the era of the multi-lender broker has arrived.
“The broker channel has grown. There’s an influx of files, more volume than we’ve seen in years, partly because mortgage specialists and bank reps are moving over,” says Singh. “That growth is why communication matters so much right now.”
Key takeaways: In 2025, more brokers are working with a wider range of lenders. The proportion submitting deals to five or more lenders rose to 79 percent (up 6 points from 2023), while those working with only one or two lenders fell to 4 percent. The share of brokers partnering with three or four lenders has stayed steady, indicating a trend toward either broadening lender relationships or focusing on a select few.
Industry insight: This widening of deal flow reflects how brokers are responding to borrower complexity, evolving lender criteria, and the pressure to stay competitive. Access, adaptability, and lender consistency now influence deal placement more than loyalty alone.
As lender portals, CRM systems, and back-office efficiencies improve, brokers are taking full advantage of the ability to diversify and using it to serve clients more effectively.
Between 2023 and 2025, brokers reported rising satisfaction with top lenders, crediting that to better platforms, faster responses, and stronger engagement from BDMs. The latest results indicate that lenders prioritizing responsiveness and relationships are moving ahead, while pricing remains a challenge.
Broad-based improvement: Nine out of 10 categories improved, highlighting a competitive, responsive industry with lenders raising service levels to meet broker expectations.
Technology and BDM support lead the gains: IT/technology rose from 4.00 to 4.40 (up 10 percent), the biggest gain, while BDM support increased from 4.28 to 4.58 (up 7 percent).
Product and service expansion: Product range improved 6 percent (from 4.19 to 4.44) and overall service levels rose 5 percent (4.27 to 4.48), as lenders broaden offerings and focus on consistent support for brokers.
Commission structure holds strong: Scores remained above 4.6 all three years, signalling continued strength in transparency and competitiveness on compensation, key drivers of broker trust and loyalty.
Modest gains in speed and underwriting: Turnaround time increased 3 percent (from 4.15 to 4.27), and underwriter support edged up slightly (4.42 to 4.46), indicating already high scores with limited room for further improvement.
Interest rates the only decline: Interest rates dropped 5 percent (from 4.39 to 4.19), the only category to fall, likely due to macroeconomic factors and heightened broker sensitivity to rate competitiveness.
These jumps reflect serious investment in digital tools and stronger, more proactive support in the field. “The lenders that are slow to adopt tech are going to fall behind – they just can’t keep up with the speed clients expect these days,” notes Dawdy. “Portals that let you upload docs directly and see the deal status are a game changer.”
Singh adds, “If lenders are using AI to help sort rush deals from non-rush deals and then pairing that with a human underwriter who can communicate clearly, that’s what’s going to make them successful. It has to be both.”
Brokers reported multiple issues this year, including delays in processing, communication breakdowns, documentation overload, and policy tightening.
“Turnaround time is everything. If I can get a response, approval, or even a decline within the same day or 24 hours, that’s a win,” says Dawdy. “But it’s not just about the decision. The underwriter needs to communicate. A quick note or call can save everyone time.”
Singh points out, “One of the biggest improvements I’ve seen is prioritization. If you mark a deal as conditional financing, lenders will flag it and place it in the priority queue. That’s made a real difference. But it only works when the lender also picks up the phone or emails you right away.”
Brokers’ comments highlighted their frustrations:
Slow turnaround times: “Turnaround time. Even after replying to a lender’s email ASAP, they respond whenever they feel like it, no matter what the urgency is”
Poor or inconsistent communication: “One of the biggest challenges we’ve faced with lenders in the last 12 months has been communication delays and inconsistent updates”
Stricter lending policies and documentation requirements: “Getting clients qualified based on lender’s strict guidelines”
Competitive pressures: “Brokers are buying down rates and working for pretty much free to win deals. Not sustainable”
Operational inefficiencies: “Inconsistent underwriting and delays create uncertainty, especially for self-employed clients. and often lead to unnecessary back-and-forth”
Brokers praised lenders that brought a personal, flexible, and proactive approach to deal-making. They emphasized the value of real-time communication, policy flexibility, and staff who understand how to close deals.
“There has to be human capacity in the file,” says Singh. “Even if lenders are using AI to sort and streamline, there still needs to be a person on the other end who can communicate the next steps.”
Dawdy adds, “Some of the best lenders I work with assign a dedicated underwriter to my files. That makes a huge difference in communication and turnaround. It’s a more personalized experience, and it helps structure the deal better, too.”
These relationships, brokers say, have been crucial in helping clients through renewals, complex financial profiles, and short-notice turnaround requests.
Personalized and flexible solutions: Many brokers highlighted lenders that were willing to think outside the box, tailor solutions to unique client situations, and make exceptions based on common sense rather than rigid policy.
“Actually underwrite the risk of a borrower and consider unique exceptions when they make sense in a reasonable amount of time”
Going above and beyond for difficult or unusual deals: Brokers frequently mentioned lenders that worked overtime, prioritized urgent files, or intervened personally to ensure a deal closed, especially in challenging circumstances.
“Exceptional underwriter access and quick turnaround times on urgent files”
Transparency and honesty: Brokers valued lenders that communicated openly, gave honest feedback, and were straightforward about what could and could not be done.
“Answered the phone and answered my questions with honesty and integrity”
“Been honest with me, whether it is good, bad, or ugly”
Support during personal or business hardship: Some brokers mentioned lenders that supported them or their clients through difficult times, such as health crises or emergencies.
“Supporting me through a very difficult time with my wife and business partner being off work dealing with cancer”
Proactive and solution-oriented approach: Lenders that offered creative solutions, suggested alternative products, or found ways to make deals work, even if it meant bending standard processes, were highly appreciated.
“Assist with difficult files to find a solution”
Brokers want support and tools that make their jobs easier, so they can help clients achieve their goals. Their top requests for the year ahead include:
faster approvals, document reviews, and funding timelines
more competitive pricing, higher LTVs, and better rate parity with branches
easier, more direct access to BDMs and underwriters for quick deal runs
greater flexibility in underwriting and fewer rigid documentation requirements
upgraded digital tools and user-friendly submission portals
more education and product training from lenders
“If I could change one thing, it’s making communication easier,” says Singh. “Give me a direct line to the BDM or underwriter so I can do a quick deal run and see if something even fits. That alone could save us days.”
Dawdy notes, “Clients are expecting unicorn rates. Social media and the news are hyping cuts that don’t exist yet, and it’s putting a ton of pressure on brokers. Lenders need to be more up front about rate mechanics and more collaborative on renewals. Right now, it sometimes feels like we’re competing with the same lender we brought business to.”
For Singh, education is also a key component. “Lenders should be doing monthly or quarterly sessions to share policy updates and solutions with brokers. If brokers knew all the niche products out there, they’d lose fewer deals.”
When asked who delivers the best service in Canada’s alternative lending space, brokers pointed squarely to Haventree Bank. The leading national lender took gold overall in this year’s CMP Brokers on Lenders survey, earning top scores in seven categories, including underwriting, turnaround time, and overall service, and silver in the remaining three. No other lender ranked higher across the board.
The best alternative mortgage lender in Canada earned broker satisfaction across every service category. Here’s what pushed them to the top:
proactive response to economic uncertainty in 2024–25, with a focus on client care during trade disruptions and regional instability
full national expansion, now lending in every province from Newfoundland and Labrador to Vancouver Island
strong collaboration with brokers through a national broker advisory council that helps shape service and product development
standout BDM support, built on relationship-driven leadership, national consistency, and engagement with the broker community
Haventree Bank entered 2025 on the heels of a standout year, but unanticipated market tests emerged quickly. The team responded to economic instability and geopolitical tension, including the impacts of US trade policy, by reaching out to existing customers and ensuring those in affected industries or regions received support.
“Our first priority was to our existing customers to remind them we are here to help,” chief operating officer John Bourassa explains. “Whether it is through payment solutions, resources such as our NextJob program, or providing reassurance.”
The NextJob program is a first-of-its-kind support initiative by Haventree Bank designed to help homeowners who unexpectedly lose their job keep their mortgage and, ultimately, their home. It combines both mortgage assistance and career support services to ease the transition back to employment.
The uncertain times also provided an opportunity for the bank. Prime borrowers, for example, may have found themselves needing temporary assistance from an alternative lender. “At Haventree, we’re in the business of solving problems, and we consider that our mandate. It’s something near and dear to us,” Bourassa says. “Life isn’t always predictable, and in those moments of uncertainty, we are uniquely positioned to offer timely solutions and fill critical financial gaps.”
Haventree’s vice president of mortgage lending, Greg Schultz, outlined several changes that have refined its service model over the past year, creating a more agile and service-oriented culture, which brokers are responding to.
established independent management structures for underwriting and fulfillment, allowing each team to focus more on its function and improve both accountability and responsiveness
elevated fulfillment analysts’ roles and decision-making authority, enabling more proactive and personalized broker support
enabled fulfillment analysts to respond directly, reducing delays tied to a single point of contact
paired brokers with familiar underwriters through a relationship-based allocation model, improving communication and consistency
“We strive to build relationships with our brokers, whether it’s a first-time broker or someone who’s worked with us before,” Schultz says. “If they tell us they had a fantastic experience and enjoyed working with a particular underwriter, we make sure they’re matched with that underwriter again.”
Brokers value the bank’s digital tools because they support human connection, not replace it. That idea continues to shape its tech approach, says Susan Thomas, vice president of sales. “Brokers love our portal. We hear that feedback constantly. It provides real-time updates so brokers can follow the mortgage journey.”
Thomas says the feedback loop is intentional. Haventree actively consults its broker council and develops features based on requests from its partners. “We continue to invest strategically in technology to deepen our broker relationships,” she adds.
But that doesn’t mean abandoning personal service. “Sometimes it just means picking up the phone. You don’t want to overdigitize the experience. That personal touch really matters.”
Schultz echoes the point: “The old-fashioned telephone – there’s nothing better.”
Haventree’s BDM support is anchored in empowerment and empathy. “We’re lucky to have a team of highly qualified, engaged professionals who work together,” explains Thomas. “There’s been a lot of change within the sales team over the past year, and we’ve worked hard to evolve together.”
That evolution included transitioning to a key account strategy that complements the relationship-based underwriting model. The result is greater consistency for brokers. “They know what to expect, and that improves the customer experience,” she says. “We focus on strong efficiencies for our team and brokers, so everyone is clear on what to expect. That reduces stress for the broker and their client.”
As an alternative lender, Haventree approaches deals with what Thomas calls “empathetic lending.” She says, “It speaks to our focus on understanding the full picture of our brokers’ clients, some of whom are going through hardships. Whether it’s a life event, a bruised credit score, or a self-employed individual with a complicated financial history, they do not qualify with an A lender or, worse yet, they have already been declined. This makes the approval process stressful. That’s why fast, efficient turnaround times matter so much.”
The sales team also co-developed a standard of performance this year to reinforce accountability and shared success. “We hold ourselves to it. We share best practices, celebrate each other’s wins, and step in when someone needs help. Everyone knows they can bring a challenge to the team, and we’ll work through it together,” says Thomas.
With a broker-first model and a clean sweep across 10 performance categories, the Kelowna, British Columbia-based private lender has positioned itself as the MIC to watch.
“We always talk about helping our broker partners be successful, so what’s important to them tends to become important to us,” says president and CEO Ryan Lee.
“Our team makes a point to champion the broker, even in our communication with the borrower. We take the view that the better our broker looks, the better we look, and we drive that home as much as possible.”
Brokers took notice. In this year’s CMP Brokers on Lenders survey, Three Point Capital not only claimed the gold medal overall but also swept every category in the private/MIC division.
Top scores included turnaround time, underwriting support, commission transparency, credit policy satisfaction, and BDM support.
Private lending often involves tight time frames and layered borrower profiles. For Three Point Capital, that’s where experience and structure kick in. “Complex and urgent, individually, are fine. Together, they do become a challenge,” says Lee. “That’s not unique in our business, and our team has seen most of it. But I think we’ve got the best in the business when it comes to our underwriters, support team, and directors of business development.”
Three Point Capital brings 30 years of experience to the table. That history helps, but Lee says two things have a more immediate impact:
solid front-end file prep
transparent fees and rates
“The team are the faces of the company out in the community,” he says. “They do an excellent job working with brokers to make sure they’ve got everything they need before submitting to our company. So, once it does arrive with our underwriters, they’ve largely got everything they need to review it.”
Consistency and transparency have been key, he remarks. The lender publishes its rates and fees up front and adheres to them. That approach reduces back-and-forth, eliminates confusion, and fosters long-term trust.
The team doesn’t lean heavily on digital tools to drive broker satisfaction. That’s by design. For Lee, the differentiator is the people using the tools.
The leading lender does use platforms such as Mortgage Automator and in-house scoring models to support underwriting and risk review. But decisions rest with experienced professionals who know how to weigh context. “It comes down to the people we’ve made a point to invest in, and we’ve invested in some of the best in the business,” Lee reiterates.
For brokers, that matters. Trust, transparency, and consistency in both product and pricing form the foundation of the relationship. “I believe, and I’m a little bit biased, but that we’ve got a great product. The brokers can speak confidently about it even when we’re not in the room because they know we’re going to stand behind our product and our price.”
With mortgage activity down from 2024 to 2025, and even high-quality purchase deals becoming harder to come by, the lender sought new ways to support its broker network. “We thought of ways that would, in an impactful way, recognize brokers in the eyes of their clients,” Lee explains. “We tried to focus on helping them grow in hopes that their growth would eventually find its way to us.”
Lee also encourages lenders to engage with the Canadian Alternative Mortgage Lenders Association (CAMLA), which he sees as a growing resource for the sector. “When everyone elevates their business, the industry grows, and we all do better, he says.”
Case-by-case flexibility: “Lenders stand out when they consider exceptions for clients, like those moving from salaried to self-employed in the same field, if there’s solid rationale and supporting documents. It shows they understand situations can change and are committed to helping clients.”
Quick deal runs with underwriters: “You should be able to feel comfortable that you can call your lender and do a deal run to see if that deal will fit. You could save time by contacting someone to see if it fits, rather than waiting a couple of days for a decline.”
Helping clients plan long-term: “What I do is a client review. I ask, ‘What’s your one-to-five-year plan? What’s your five-to-ten-year plan?’ Whether they’re sending a kid to university or retiring, we use that to choose the right mortgage product.”
Feedback loops between brokers and lenders: “Whenever there is an issue on a file, don’t just keep it to yourself. Inform the lender about what happened so they can make improvements. And if it’s the broker’s fault, own that, too. It has to be a learning process both ways.”
The human element in lender relationships: “The relationship piece matters more than ever. You want to feel like you’re working with a team that wants your business and will support you when you need quick answers, not just process deals.”
Tighter documentation and borrower risk profiles: “There’s also a group still stuck in the ‘FOMO’ mindset from a couple of years ago, racking up more debt than they can handle. Lenders are being more cautious, asking for extra documents and proof of income to make sure things align with their risk tolerance.”
Future of broker-lender partnerships: “I think we’re going to see lenders become more selective about which brokers they work with … those who understand their products and bring quality deals to the table. The brokers who’ve built strong, lasting relationships and know how to manage the client-lender dynamic will continue to thrive as trusted liaisons.”
AI and industry consolidation pressures: “AI is also going to reduce the need for so many mortgage agents. The brokers who stay relevant will be those who are efficient, knowledgeable, and have strong relationships with lenders. Everyone else will struggle to keep up.”
Brokers worked with lenders that responded quickly, solved problems, and stayed engaged. The lenders recognized in CMP’s 2025 report earned broker trust through consistent service and real support.
Technology mattered, but only when paired with human responsiveness and transparency.
Speed and flexibility separated top performers from the pack.
BDM and underwriter communication remained a deal breaker or dealmaker.
Brokers spread their volume, favouring lenders that helped them succeed across client types.
Partnerships, not just pricing, earned long-term trust.
To uncover the best lenders in the eyes of Canada’s broker community, CMP reached out to brokers across the country, asking them to rate the lenders they work with across 10 key areas, including turnaround time, interest rates, product range, broker support, overall service levels, and more.
To provide a more nuanced view of lender performance within specific market segments, CMP this year categorized lenders into three distinct groups – Alternative, Prime, and Private/MIC.
As in previous years, CMP also asked brokers to weigh in on important aspects of the broker-lender relationship, such as how commissions and bonuses might change and why they choose to send deals to banks rather than monoline lenders.
For each category, lenders were ranked in order of merit according to an average score calculated from the ratings they received from brokers. The top three lenders in each category received a gold, silver, or bronze medal. Lenders’ combined average score from all categories determined the overall gold, silver, and bronze medallists.
