CMHC’s Mortgage Consumer Survey Says Use of Mortgage Brokers is up in Canada!

Mortgage Brokers have evolved from “lenders of last resort” to a legitimate option!

Over the last two decades the Canadian lender distribution model has changed several times and continues to change, the Mortgage Broker channel remains a viable alternative to the major banks’ branch and mobile mortgage sales forces.

In the past mortgage brokers where to considered to be the “lender of last resort” this is no longer the case. According to Canada Mortgage and Housing Corporation’s (CMHC’s) 2009 Mortgage Consumer Survey, mortgage brokers represented 38% of total origination transactions in 2009 which is up from 2003 when it was 26%. These transactions include young Canadians and 44% of first-time home buyers.

“Contrary to the U.S. market, the Canadian mortgage broker channel is strong, stable and established,” says Robert. “While medium-term growth prospects are expected to be modest, the mortgage broker channel remains a fixture in the Canadian mortgage distribution landscape.” 

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