Mortgage broker share rises to 38%, hits 48% among recent first-time buyers: MPC

Mortgage broker use rose to a five-year high in 2025 as borrowers sought help navigating a more complex range of products, lenders and payment structures.

New consumer research from Mortgage Professionals Canada (MPC) found that 38% of recent homebuyers obtained their mortgage through a broker, up six percentage points from 2024. The share rose to 48% among recent first-time buyers, an increase of 10 percentage points.

Broker use also climbed to 42% among other recent buyers and reached 44% in Quebec, where it rose 14 percentage points from the previous year.

The findings are included in MPC’s latest report, The Broker Advantage: How Canadians Are Navigating Mortgage Choices in a More Complex Market. The report is based on a 20-minute online survey of close to 2,000 Canadians conducted by Bond Brand Loyalty in February.

Advice is becoming a larger part of the decision

Access to the best rate remained the leading reason for using a broker, cited by 54% of respondents, while 33% pointed to receiving multiple quotes.

Advice- and service-related factors are also becoming more prominent, with nearly one-third of broker clients citing help understanding their options or the mortgage process, 26% valuing lender recommendations and 25% pointing to assistance with paperwork.

“Canadians are facing more complex mortgage decisions than they were a few years ago, from rate selection to lender choice to long-term affordability,” said Lauren van den Berg, president and CEO of MPC. “This research shows that mortgage brokers are increasingly being recognized not only for access to competitive rates, but for the advice and guidance they provide throughout the process.”

The shift was particularly pronounced among recent first-time buyers, 40% of whom cited help understanding their options or the process, up 14 percentage points from 2024. The shares citing lender recommendations and better customer service both rose to 28%, while 22% said their broker matched products to their needs.

“First-time buyers are making one of the biggest financial decisions of their lives while comparing unfamiliar products, lenders and qualification requirements,” said MPC chair Maxime Stencer. “The data point to a clear shift: clients still want a competitive rate, but they also want advice to understand which mortgage best fits their situation.”

Broker clients also reported strong loyalty, with 83% of current mortgage holders who used a broker saying they would recommend their broker—the highest level in five years—and 72% saying they would use one again.

Fixed-rate mortgages remained dominant at 70%, but variable-rate borrowing increased to 26% for the first time in three years. Among variable-rate borrowers, 55% had payments that moved with prime, while 45% had set payments.

Among borrowers who used a broker, 56% obtained their mortgage from a big bank in 2025, up from 53% a year earlier. Non-bank and small-bank lenders accounted for 19%, down from 25%, while mortgage investment corporations accounted for 11%.

Knowledge gaps remain around homebuying tools

The report also found uneven awareness of programs that can help Canadians save for a down payment.

Among non-owners, 55% were aware of tax-free savings accounts as a homebuying tool and 53% knew about first home savings accounts. Awareness of the Home Buyers’ Plan was lower at 43%, while one in five was unaware of any of the three options.

Use or planned use was substantially higher among those expecting to buy within the next two years. Sixty-seven per cent said they were using or planned to use a TFSA, 48% pointed to an FHSA and 57% expected to use the Home Buyers’ Plan.

Among Canadians aged 55 and older, 43% were at least somewhat familiar with reverse mortgages, but only 15% were at least somewhat likely to consider one and just 1% already had one.

For seniors who had or would consider a reverse mortgage, the leading reasons were remaining in their current home, supplementing retirement income and covering unexpected expenses.

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Last modified: July 24, 2026