The homebuying market may be slow, but a leading mortgage executive sees a strong way for brokers to carve out growth for the rest of the year
Home sales were finally on the up in May, jumping by 3.6% across Canada compared with April and posting their first month-over-month increase since late last year.
But few in the mortgage industry are expecting homebuying activity to shoot through the roof for the rest of the year, with continuing trade tensions and economic uncertainty likely to weigh against housing and mortgage market prospects for the second half of 2025.
A sharp condo market contraction in Vancouver, and an even bigger crisis in Toronto’s condo sector, are casting a dark gloom over those cities’ overall housing outlooks and being closely monitored by the national housing agency.
Still, that’s not to say brokers should shut up shop for the rest of the year or expect business to plunge, according to Streetwise Mortgages founder Dalia Barsoum (pictured top).
She told Canadian Mortgage Professional that brokers could still tap into a source of huge opportunity at present, even if general purchase activity remains muted.
That source? Existing clients, a more likely avenue of business than potential new customers in the current climate.
“It’s always been there, but this is the time to actually nurture existing clients,” Barsoum said. “I’m seeing existing clients transact more than completely new clients because new people that are entering the market are not standing, I feel, on solid ground yet because of this climate.
“So I think the opportunity is with existing clients. They may have a cashflow problem. They have renewals coming up. They may be making a move to grow their wealth, depending on what situation they’re in.”
That doesn’t mean closing the door entirely on new purchase business, with plenty of Canadians still intending to make a move despite the bumpy economy and uneven market.
But Barsoum views database mining as the single biggest way for brokers to chisel out growth for the rest of the year.
“Don’t lose sight of that while trying to just attract new business through the door,” she said. “There are pockets of [purchase] opportunity and yes, figure out how to get to those opportunities. But your existing clients are the gold underneath your feet right now.”
Canada's housing market saw its first monthly sales increase since November, rising 3.6% in May, reports CREA. This shift follows improving economic sentiment after diplomatic progress between Prime Minister Mark Carney and US President Donald Trump.https://t.co/DWf1gWqNB2
— Canadian Mortgage Professional Magazine (@CMPmagazine) June 16, 2025
Experts offer encouraging signs for Canadian economic outlook
Lean times never last forever in Canada’s housing and mortgage markets, and with the Bank of Canada expected to cut rates further before the end of the year – and the occasional encouraging sign on progress in US-Canada trade talks – hopes are high that more buyers will step off the sidelines soon.
Bank of Canada governor Tiff Macklem described prime minister Mark Carney and US president Donald Trump’s agreement to finalize a new trade and security deal within 30 days as “very welcome news,” although he also flagged the continuing risk posed to the Canadian economy if tariffs remain in place.
Royal Bank of Canada (RBC) assistant chief economist Robert Hogue, meanwhile, noted in a recent report that a “broad” easing of tariffs by the US may have instilled confidence in hopeful homebuyers that things are headed in the right direction where the economy is concerned.
“We expect housing market confidence to gradually rebuild as tariff de-escalation lifts some of the uncertainty that hindered activity earlier this year,” Hogue said, but also cautioning that a tepid labour market is likely to continue hindering short-term market prospects.
Executive urges brokers to gear up for the next market surge
For now, Barsoum urged brokers to also take the opportunity during the current lull to focus on streamlining their business and making sure they’re primed and ready for when the market eventually clicks back into gear.
“Typically, slower times offer an opportunity to pause and think about how you’re doing business,” she said. “Where are the possibilities of doing things more efficiently? What’s been done in the past is not necessarily what will work down the road.
“So this is also an opportunity to pause and take some thinking time about your business, end to end. And that’s part of what we’re doing as well.”
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