Survey finds strong broker satisfaction as Canadians brace for higher mortgage payments
Navigating Canada’s mortgage landscape is becoming more difficult for borrowers, and new data shows many are seeking brokers’ help to make sense of it.
A new national survey from Mortgage Professionals Canada (MPC) shows that two-thirds of respondents said they are likely to use a mortgage broker the next time they need a mortgage. Among those who had previously used one, 81% said they would do so again.
Those who worked with brokers also reported higher levels of confidence in their decisions and greater satisfaction with the guidance they received, compared to borrowers who dealt directly with a bank.
Among Canadians who bought a home in the last two years, 70% said they couldn’t have done so without outside help for their down payment, whether from family gifts, loans, or other financial support. Even among all borrowers who received such help, 58% said they couldn’t have bought without it.
"Down payment assistance is no longer a backup plan—it's a requirement for many Canadians hoping to buy," said MPC president and CEO Lauren van den Berg. "These findings confirm what brokers across the country are seeing every day: consumers are under pressure, and they need expert, transparent advice to find a way forward."
Renewal anxiety grows
Affordability concerns aren’t limited to first-time buyers. With 74% of mortgage holders expected to face renewal in the next three years, 20% said they feel anxious about what that will mean for their monthly payments.
A separate Bank of Canada report estimates that 60% of borrowers will see higher monthly payments in 2025 and 2026. Average increases are projected at 10% in 2025, and 6% in 2026, relative to December 2024 payment levels.
Despite the recent rate environment, fixed-rate mortgages remain the most popular product, chosen by 68% of borrowers surveyed. Variable-rate borrowers, however, were nearly twice as likely to make extra payments, and younger Canadians were more likely to increase their payment frequency.
Renovation and income strategies are also influencing buying decisions. Over 70% of homeowners say they have recently renovated or plan to, and a growing share report that rental income is necessary to help cover housing costs.
Mortgage fraud concerns
The survey found growing unease over mortgage fraud. Thirty-four percent (34%) of Canadians now rate their concern as high, up from 29% last year, while 85% say the issue is serious enough to require stronger security measures.
Support for enabling mortgage professionals to verify income directly with the Canada Revenue Agency (CRA) has also grown, with 57% now in favor, up seven points from 2023.
Read next: CRA plans verified income tool amid mortgage fraud concerns
“Canadians are concerned about mortgage fraud. It artificially inflates home prices, and makes it more difficult for honest, hardworking Canadians who rely on legitimate income and savings to compete and enter the housing market,” van den Berg said. “We’ve urged the government to enable income verification in a way that’s safe, fast, and fair.”
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