CMBA-ON's new president on where brokers should be focusing during a stormy economy
Economic volatility and affordability issues are continuing to weigh against Canada’s housing market – but brokers are playing an increasingly important role in the mortgage sector as clients seek to navigate that turmoil.
Last year, Canada Mortgage and Housing Corporation (CMHC) said 48% of Canadians used brokers to find mortgage solutions, an annual jump of 5%, in increasingly choppy economic waters.
The 2025 outlook for the economy has been hit hard by the ongoing US trade war, mounting fears of job losses, and speculation about a possible recession, putting into sharp focus the value of mortgage brokers in providing detailed borrowing and homebuying advice.
Acknowledging the challenges faced by borrowers and providing them with reassurance are some of the ways brokers can continue to step up to the plate in the months ahead, according to Michelle Campbell (pictured top), recently named president of the Canadian Mortgage Brokers Association – Ontario (CMBA-ON).
She told Canadian Mortgage Professional a relationship-driven approach, rather than a transactional mindset, would be key for brokers to continue providing the best possible solutions for borrowers.
“I don’t think we talk enough about how hard this market’s been – mentally, emotionally, and financially,” Campbell said. “Lead with empathy, stay educated, and lean into relationships.
“I think that clients today aren’t just looking for a mortgage. They’re looking for guidance and they’re looking for someone to help them navigate uncertainty with clarity and care.”
‘That’s where I think our industry shines’
There are plenty of elements of the current mortgage market that brokers have no say over: interest rates, for instance, or that threat posed to thousands of Canadian jobs by US tariffs.
The Bank of Canada is expected to return to rate-cutting mode before the end of the year, but has stayed on the sidelines in recent months as it waits to see how that trade turmoil impacts the economy.
Canada's annual inflation rate held steady at 1.7% in May, reported Statistics Canada. Economists like Doug Porter of Bank of Montreal anticipate the Bank of Canada needs more conclusive data before further interest rate cutshttps://t.co/5FXbLnOYDy
— Canadian Mortgage Professional Magazine (@CMPmagazine) June 24, 2025
But Campbell emphasized a core message for brokers through that chaos: control the controllables. “Rates might be out of control, but how we educate, advocate, and support our clients – that’s where I think our industry shines,” she said.
“And even understanding how to structure deals, knowing your lender options, and staying informed about regulatory changes is also what sets our industry apart.”
Education more important than ever for brokers in 2025 market
Campbell stepped into the role of president at CMBA-ON this month as part of a board of directors that also includes Frank Napolitano (vice-president), Shawn Stillman (treasurer), Jessica Rickerby (secretary), Chris Bargis, Ann Pope, Adrian McInerney, and Doug Adlam (directors), and Leah Zlatkin (past president).
Industry associations have always played an influential role throughout the mortgage space and added value for brokers, and that’s no different in the current market, according to Campbell. Tapping into the resources and networking opportunities should be top of mind for all, she said.
“Find opportunity through your brokerage, your peers, or associations,” she advised brokers. “The market’s always moving, and we can’t afford to stay still.”
Unsurprisingly, making sure brokers are as well equipped as possible to tackle the challenges of the current market is a top priority for CMBA-ON as it looks ahead to the rest of the year, with educational growth at the forefront of its plans for members.
“Education is a focus when we’re providing value to our members. We’re committed to making sure that our members have access to relevant, practical learning, not just for compliance but for growth,” she said.
“We know the pressures that the brokers are under, so we want to make education accessible and flexible for them.”
The association is also focusing on growing membership and visibility outside the Greater Toronto Area (GTA), with Campbell giving Ottawa as an example of a city that’s seen a recent uptick in membership.
“We’ve hit the ground running there. We want to make sure brokers and agents feel that CMBA-ON is here for them in a real, tangible way, not just when times are good but especially when they’re challenging,” she said. “So we’re laying the groundwork for a stronger presence and engagement all across the province, not just in the GTA.”
Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.
