Key takeaways
- 38% of recent Canadian homebuyers used a mortgage broker for their latest mortgage in 2025, up 6 percentage points from 2024.
- Among recent first-time buyers, broker use reached 48%, up 10 points year over year.
- Rate still matters: 54% of broker users cited access to the best rate as a reason for choosing a broker.
- Advice is becoming a bigger driver, especially for first-time buyers who want help understanding options, comparing lenders and navigating the process.
A new July 24, 2026 release from Mortgage Professionals Canada points to a clear shift in how Canadians are using mortgage brokers. According to MPC, 38% of recent Canadian homebuyers used a mortgage broker for their latest mortgage in 2025, up 6 percentage points from 2024. Among recent first-time buyers, broker use reached 48%, up 10 points.
The important update is not simply that more people are using brokers. It is that more borrowers appear to be using them for advice — to understand lenders, compare mortgage structures, navigate paperwork and make sense of the application process — not just to chase the lowest posted rate.
What the MPC survey found
The findings come from MPC’s report, The Broker Advantage: How Canadians Are Navigating Mortgage Choices in a More Complex Market, based on an online survey of close to 2,000 Canadians conducted by Bond Brand Loyalty in February 2026.
Among broker users, 54% said access to the best rate was a reason for choosing a broker. But several advice-related reasons were also common:
- 33% wanted multiple quotes.
- 31% wanted help understanding mortgage options or the process.
- 26% wanted recommendations about which lender to use.
- 25% valued help with paperwork.
First-time buyers are leaning harder on advice
The advice trend is especially noticeable among recent first-time buyers. MPC reported that 40% of recent first-time buyers used a broker to understand their options and the process, which was 14 percentage points higher than in 2024. In the same group, 28% cited lender recommendations and 28% cited better customer service, both meaningful increases from the prior year.
That makes sense in today’s mortgage market. Even when headline rates are stable, the best mortgage decision is not always obvious. Borrowers may need to compare banks, credit unions, monoline lenders and alternative lenders, while also weighing fixed versus variable terms, portability, prepayment rules, qualification requirements and renewal options.
Why the lowest advertised rate may not be the best mortgage
A lower advertised rate can be appealing, but it is not automatically the lowest-cost or most suitable choice. Penalties, restrictions, lender flexibility and future renewal options can all affect the real value of a mortgage. For some borrowers, the right lender fit matters as much as the rate itself — especially if income is irregular, credit history is limited, or debt levels are changing.
For buyers, the takeaway is to treat broker advice as a comparison and education service, not only a rate-shopping channel. For renewing homeowners, the same principle applies: accepting an automatic renewal offer may be convenient, but an independent comparison can help reveal whether the pricing, term and conditions still fit.
If you are buying, renewing or trying to understand which lenders are realistic for your situation, a licensed Finevo advisor can help you compare options across 40+ Canadian lenders and map out a mortgage plan before you commit.
This article is general information about Canadian mortgages and is not financial advice. Rates, programs, and eligibility are subject to change and to lender and insurer qualification. Figures cited reflect market conditions at the time of writing. Speak with a licensed Finevo advisor for guidance specific to your situation.
