CMP 20.01

MORTGAGE EMPLOYERS

Canada’s best mortgage brokerages and lenders to work for are empowering their people

INDUSTRY ICON

Natasha Bridgmohan on charting your own course to success

JOURNEY TO THE TOP Award-winning broker Max Singh tells his story

THE QUESTION OF AFFORDABILITY

Are Canada’s new mortgage rules making a difference?

Grow from here

At Haventree Bank, we offer smart lending solutions to improve the financial health of Canadian borrowers. We understand the challenges your clients face and are committed to working with you to help Canadians get back on track. Because like you, we see their potential. With flexible terms and empathetic underwriters, we can assist a variety of clients ranging from poor credit to small business owners looking to purchase or refinance their home.

Reach out to our BDM team to learn how a Haventree Bank Mortgage could be the right solution for your Client.

SPECIAL REPORT

TOP MORTGAGE EMPLOYERS

The best brokerages and lenders to work for in Canada are investing in their people’s success

QUALIFYING FOR A MORTGAGE

In the battle to improve housing affordability, are Canada’s new mortgage rules making a difference?

Got a story or suggestion, or just want to find out some more information?

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UPFRONT

02 Editorial Opportunities ahead for brokers to prove their worth

04 Statistics

Snapshot of the market’s ups and downs

FEATURES

06 Standing firm

CENTUM puts the focus on tools and strategy in uncertain times

23 Housing affordability

The pros and cons for first-home buyers: Canada vs. the US

28 Building a career in broking

A broker’s words of advice for industry newcomers

30 Get the application right

A mortgage advisor’s tips for submitting a strong loan application

32 A vote for raising standards

Why industry members are calling for higher standards for mortgage agents

The BridgGroup of Companies president Natasha Bridgmohan on how resilience and a positive mindset helped her overcome hurdles on her path to the top

PEOPLE A BROKER’S JOURNEY

Alberta’s 2024 Broker of the Year Max Singh on his relentless dedication to the craft of broking

36 Strategic direction

The secret sauce for making successful strategic decisions

38 Five questions to ask yourself

How to prime your mindset to maximize focus and productivity

40 Other life

For broker Paul Dueck, golf is both a personal passion and a professional asset

Huge opportunity ahead for brokers

After a rollercoaster few years for the Canadian economy, mortgage professionals could have been forgiven for hoping 2025 would bring some predictability and stability when it comes to interest rates and the economic outlook.

But those hopes were dashed as early as January when the threat of a trade war with the US suddenly loomed into view, sending the loonie into a tailspin and casting doubt among homebuyers about the future direction of the Canadian economy.

That political and economic uncertainty is showing no signs of fading – but prospects for the Canadian housing market still appear strong, with tumbling interest rates and the hopes of further Bank of Canada cuts in the months ahead improving the affordability outlook for those still determined to buy.

What’s more, new mortgage rules introduced by the federal government toward the end of last year (expanded access to 30-year amortizations and a hike in the insured mortgage cap) have also boosted buying power and helped move more Canadians off the sidelines.

Growing opportunity for buyers even amid economic chaos marks a huge chance for mortgage brokers to step up to the plate and prove their true value,

What seems clear is that the appetite of Canadians to push ahead with a purchase remains undimmed, regardless of the economic outlook

guiding hopeful mortgagors through a tricky market and helping them achieve a tailored, practical solution for their homebuying needs.

That’s especially true with many major banks still taking a cautious view of the market and maintaining tight lending criteria – meaning the ability of brokers to lay out a variety of borrowing options for a client has never been more vital.

What seems clear is that the appetite of Canadians to push ahead with a purchase remains undimmed, regardless of the economic outlook. The Bank of Canada’s fourth-quarter consumer expectations survey showed that 22.4 percent of respondents rated their chances of moving to a new primary residence within the next year at higher than 50-50, up from 21.1 percent in Q3.

That means brokers shouldn’t see economic doom and gloom as a sign that the market will take a turn for the worse. If anything, it’s an even greater opportunity for them to demonstrate why they’re the best option to help a borrower find their dream home.

www.mpamag.com/ca

ISSUE 20.01

EDITORIAL

Global Managing Editor

Paul Lucas

Editor

Fergal McAlinden

Writers

Manal Ali, Kim Champion, Mallory Hendry, Candyd Mendoza, Ksenia Stepanova

Lead Production Editor Roslyn Meredith

Copy Editors

Christina Jelinek, Allison Ingusan

Contributors

Simi Rayat, Bryan Whitefield

ART & PRODUCTION

Designers

Cess Rodriguez, Noel Avendano

VP - Production

Monica Lalisan

Production Coordinators

Kat Guzman, Loiza Razon

Client Success Coordinator Nalyn Sola

SALES & MARKETING

VP - NAUK Mortgage

Chris Anderson

Account Executive

Shane Lakhani

Head of Marketing

Oliver McCourt

Awards Director

Jessica Duce

CORPORATE

President & CEO

Tim Duce

Director – People and Culture

Julia Bookallil

Chief Information Officer

Terry Szames

Chief Revenue Officer

Dane Taylor

Global CEO

Mike Shipley

Global COO

George Walmsley

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Women in Mortgage Summit

Women in Mortgage Summit Canada is back in Toronto on June 5, 2025, at the Toronto Event Centre! Join us for a powerful day of connection, learning, and growth with industry professionals. 2024 sold out fast—don’t miss your chance to be part of this game-changing event. Secure your spot today!

MIXED START TO THE YEAR FOR REAL ESTATE

3.3%

Decline in the number of national home sales across Canada, month over month, in January 2025

BOC SLASHES RATES AGAIN

The Bank of Canada stayed firmly in rate-cutting territory at the beginning of the year, making its sixth cut in a row to drop its benchmark rate fully two percentage points below its level in the middle of 2024.

11%

Month-on-month rise in the number of newly listed properties nationally

INFLATION WELL AND TRULY PUNCTURED

-0.08%

Drop in the MLS Home Price Index month over month

$670,064

Non-seasonally

(up

Source: Canadian Real Estate Association

Inflation is continuing to tick lower in Canada, falling within the Bank of Canada’s target range yet again to round off the year. That marks a significant change from 2022, when the consumer price index (CPI) hit a 39-year high and pushed the central bank toward a series of aggressive interest rate hikes to bring price growth down and cool the economy.

Source: Statistics Canada, January 2025

SHELTER COSTS REMAIN CHALLENGING

The cost of rent or paying down a mortgage remained by far the biggest component of overall price growth at the beginning of the year, with shelter costs far outstripping all other elements of Statistics Canada’s consumer price index (CPI) basket in January.

Bank of Canada rate cuts are helping to bring some much-needed buying power across major markets, even though scores of borrowers are still facing challenges in qualifying. RateHub showed that affordability improved in nine out of 13 major Canadian cities in 2024.

Change in income required to afford an average home, 2024:

Canada Mortgage and Housing Corporation said in its latest housing market outlook that construction is expected to remain above historical standards but still progress too slowly to restore affordability for most Canadians in the years ahead.

Projected housing starts in coming years

Source:

CENTUM stands firm amid mortgage uncertainty

With shifting economic conditions

and unpredictable policies ahead, CENTUM focuses on tools and strategy over speculation

CANADA’S 2025 mortgage outlook is about as predictable as a game of Jenga in an earthquake. The shifting political landscape – both at home and across the border – introduces a level of uncertainty that could send mortgage rates and the real estate market in unexpected directions. With new governments poised to implement policies that may either steady the tower or shake it to its core, homeowners and buyers alike are left bracing for the next move.

For mortgage brokers, uncertainty is nothing new. But in a market where rate sensitivity is high, transactions are fewer, and every deal carries more weight than ever, survival hinges on strategy.

CENTUM is part of Centum Financial Group , one of Canada’s leading mortgage networks, which has spent the past year reinforcing its foundation – not by making bold market predictions but by ensuring its brokers are equipped for any scenario.

“We don’t focus on forecasting,” says Chris Turcotte, president of CENTUM. “The reality is no one knows exactly what’s coming. What we can control is how we prepare for it.”

That preparation has been key to CENTUM holding steady in a difficult year. In 2024, while many in the industry struggled to keep pace, CENTUM saw a 56 percent increase in mortgage volume and a 48 percent rise in closed units. Rather than relying on market conditions, the company attributes its stability to a strong value proposition and a focus on equipping brokers with the right tools.

In 2025, CENTUM’s strategy remains the same: deliver solutions that help brokers stay competitive – regardless of what the market does next. And at the centre of that strategy is Mortgage Monitor , a new tool designed to help brokers stay consistently connected with clients and identify opportunities more efficiently.

80 percent email open rate. Unlike generic market updates that often go unread, these emails provide homeowners with something they actually care about: the real-time valuation of their home.

For brokers, the benefits go beyond staying top of mind. Because the system is integrated with their origination plat -

“Instead of just telling brokers to ‘work their CRM,’ we’re giving them a dashboard that instantly highlights their best opportunities – renewals, refinances, and potential new deals”

Chris Turcotte, Centum Financial Group

A smarter way to stay top of mind

For years, mortgage brokers have been told to “work their database” – a vague directive that’s easier said than done. With Mortgage Monitor, CENTUM has taken that concept and transformed it into an actionable, data-driven tool that provides real-time client insights.

“The simplest way to describe it? If a CRM and an appraisal technology had a baby,” Turcotte explains.

Mortgage Monitor allows brokers to automate monthly client engagement with personalized home value updates – a feature that has resulted in an industry-leading

form, Mortgage Monitor tracks key client milestones – from upcoming renewals to equity thresholds that could indicate refinancing opportunities.

“Instead of just telling brokers to ‘work their CRM,’ we’re giving them a dashboard that instantly highlights their best opportunities – renewals, refinances, and potential new deals,” Turcotte says. “It’s about cutting through the noise and making client engagement effortless.”

With Mortgage Monitor in place, 2025 isn’t about reinventing the wheel – it’s about making sure every broker knows how to use the tools at their disposal.

“We don’t believe in nickel-and-diming brokers for tools that should be standard. Our job is to overdeliver on value – not monetize every feature”

Chris Turcotte, Centum Financial Group

For CENTUM’s leadership team – many of whom are former top-producing brokers themselves – the mission is clear: ensure every single one of CENTUM’s 2,300 agents knows about Mortgage Monitor and is actively using it to grow their business.

“Nothing haunts me more than meeting a broker at a conference and hearing, ‘When did we get that?’ ” says Turcotte. “We built this to help them thrive in tough markets. The last thing we want is for them to go a whole year without realizing they had this in their toolbelt.”

More value, no extra cost

What makes Mortgage Monitor even more notable is that CENTUM isn’t charging brokers extra to use it. While other mortgage

networks offer similar tools for a hefty monthly subscription fee, CENTUM has made Mortgage Monitor a standard part of its network access fee – an approach that reflects the company’s broader philosophy.

“We don’t believe in nickel-and-diming brokers for tools that should be standard,” Turcotte says. “Our job is to overdeliver on value – not monetize every feature.”

For CENTUM, success comes from overdelivering on value. That philosophy has fuelled exponential growth, taking the company from 1.6 billion in mortgage volume to over 12 billion in just eight years. It’s also why CENTUM has never lost a brokerage – a rare feat in an industry where brokerages frequently switch networks in search of better terms.

CENTUM’s ability to deliver industryleading tools at such a competitive price is its unique corporate structure. As part of a larger group that includes Century 21 Canada, Canada’s largest residential property management franchise, and Uniglobe Travel, CENTUM leverages economies of scale in a way that no other mortgage network can.

That structure allows CENTUM to invest in the tools brokers need, like Mortgage Monitor, Social Scheduler (which automates social media marketing), and Daily Pay (a system that allows brokers to get paid instantly, instead of waiting weeks).

CENTUM’s approach to business extends beyond just mortgage tools. The company operates under a fixed-cost model – a stark contrast to the royalty-based structures that many brokers are tied to.

Rather than surrendering a percentage of each deal to their brokerage, CENTUM brokers pay a flat monthly fee. Whether they close one deal or 20, their costs remain the same – a crucial advantage in a market where every transaction matters.

“When deals are scarce, the last thing brokers need is to be losing a chunk of their commission,” Turcotte says. “With our model, they know exactly what their costs are, and everything beyond that stays in their pocket.”

2025: The year of execution

With 2025’s mortgage landscape still unclear, CENTUM isn’t waiting to see how things play out. Instead, the company is doubling down on its commitment to broker success – ensuring that no matter what the market does, its agents are prepared.

“We’ve spent years building a network that performs well in tough markets and excels in stable ones,” says Turcotte. “Now, our focus is making sure every single one of our brokers is fully utilizing the tools available to them.”

Ensuring brokers recognize and leverage the advantages at their disposal will be a central focus in the year ahead. Because as uncertainty looms, one thing remains clear: the brokers who are best equipped will be the ones who come out ahead.

BREAKING DOWN INDUSTRY BARRIERS

After finding her way to the mortgage industry, Natasha Bridgmohan never looked back – and overcame some steep hurdles to reach the top

EVEN THE most successful journeys in the mortgage industry can come with unexpected origins – a truth that was certainly the case for Natasha Bridgmohan. She is now president and chief visionary officer at the BridgGroup of Companies (TBGOC) and a well-known executive who has previously been named a Women of Influence by CMP, but her path to success in the mortgage space started with her career at a crossroads.

That road began in 2003 when Bridgmohan was unexpectedly laid off from her job as a credit analyst – a development

self-employment in the mortgage space instead of hunting out another job.

“The idea of leaving behind a stable income to dive into self-employment while balancing a mortgage and growing family made my husband nervous,” she recalls. “But I had a strong belief in myself that outweighed any fear of uncertainty.”

Bridgmohan started out small, working out of a tiny basement office helping friends and family on their mortgage journey, with her newborn never far from her side. That was before licensing was even required to sell mortgages, and

“Be the commander of your ship. That’s the most important thing. Take control of your mindset. I think emotional intelligence is the key for success”

that couldn’t have come at a more inconvenient time for the newlywed, new homeowner, and first-time expectant mother.

But when she happened upon a magazine article about women blazing a trail for themselves in the mortgage industry, Bridgmohan’s attention was piqued. She had never considered becoming a mortgage agent until then, she tells CMP, but decided at that very moment that her future lay in

over two decades later, she describes her longevity and ability to adapt even amid a shifting landscape as her greatest achievements as a mortgage professional.

“Constantly pivoting and evolving to stay ahead of market shifts” have been two of her foremost priorities. “As regulations tightened, I’ve met every challenge head-on and successfully completed multiple licensing and certification exams

to remain at the forefront of the profession,” she says. “That’s included navigating housing crises, skyrocketing interest rates, the introduction of stress tests, and even the global pandemic.”

Handling uncertain times

Those challenges have presented formidable hurdles for mortgage agents and brokers over the years, leading many to exit the profession – but Bridgmohan has also faced the task of rising through the ranks as a woman of colour in an industry that’s typically been dominated by males, even though that reputation is slowly transforming.

While interest rates have been steadily moving downwards in recent months, they remain high compared with COVID-era borrowing costs, and uncertainty is continuing to shroud the national and global economies with potential recessions and possible trade wars looming.

Top of mind for Bridgmohan in navigating that climate in 2025 is “adaptability, education, and strategic diversification,” she says. “I’m doubling down on financial safety this year, ensuring that my clients have access to customized lending solutions rather than one-sizefits-all products.

“I’m also surrounding myself with top-tier talent, experienced lenders, and legal expertise, which reinforces TBGOC’s foundation with caution and foresight.”

PROFILE

Name: Natasha Bridgmohan

Organization: BridgGroup of Companies (TBGOC)

Title: President and chief visionary officer Fast fact: Bridgmohan is expanding globally, leveraging expertise in finance and lending to create income-generating opportunities, including a pharmaceutical partnership to improve healthcare accessibility

INDUSTRY ICON

“I’m doubling down on financial safety this year, ensuring that my clients have access to customized lending solutions rather than one-size-fits-all products. I’m also surrounding myself with top-tier talent, experienced lenders, and legal expertise”

Lifting women up

The onus is on women in the industry to lift each other up, Bridgmohan says, and offer a base of support that will help empower female executives to drive forward and continue making the mortgage space a more equitable one.

“I think the first step we need to take as women is to talk about each other. That’s the simple baseline: talk about each other, uplifting one another instead of having that ‘crabs in the bucket’ philosophy where we’re trying to pull each other down.

“The second thing is spreading awareness: we live in the world of social media, instant gratification, and instant notification. So spread awareness about our industry – about our profession, about each other – which is really key for success.”

Last but not least? Women should surround themselves with industry stakeholders that will help elevate them and push their career forward in the mortgage space.

For agents and brokers, the fastchanging news cycle means the economic environment is constantly shifting, That means keeping a close eye is ultra-important, Bridgmohan emphasizes, to provide clients with the most up-todate and precise information on how the mortgage market is trending.

“Make sure you have sound data and sound subject matter experts; that you’re following key trends, simple things like GDP and the unemployment rate,” she says. “Statistics Canada, the Bank of Canada overnight lending rate, the bond rate, mortgage-backed security rates… all of these things set the tone.”

Forging a successful mortgage industry career may seem a daunting challenge – especially for women – but for Bridgmohan, the importance of a positive mindset and being able to weather volatile markets can’t be overstated.

It’s an approach that’s served her well over the years.

“Be the commander of your ship. That’s the most important thing. Take control of your mindset,” she advises. “I think emotional intelligence is the key for success – being able to compartmentalize your day to day is really, really important. We all have challenges: work-life balance, family, health, financial.

“And being an entrepreneur, you’re going to receive more noes than yeses. So be able to have the right mindset: attitude, assertiveness, accountability. Those are the three core areas in building a foundation as a young entrepreneur. Once you have that foundation built, you can crush anything.”

Honorary doctorate

Malaysia South India Chamber of Commerce

Founder, Canadian Changing Lives Foundation

A registered national charity dedicated to education, financial literacy, and economic empowerment for underserved communities

TV host, The Financial Room

(GLOBAL/CHEX TV)

CMP Woman of Influence 2023

Winner, Top 50

NATASHA BRIDGMOHAN: CAREER HIGHLIGHTS

Canada’s best mortgage brokerages and lenders to work for are investing in their people’s

TOP MORTGAGE EMPLOYERS 2025

WORKPLACE WINNERS

AS MORTGAGE BROKER market share continues to rise, the best mortgage brokerages and lenders to work for ensure their teams have the support and resources they need to meet demand and succeed.

Mortgage Professionals Canada’s (MPC’s) 2024 Mid-Year report shows that brokers’ market share rose 4 points from year-end 2022 to 33 percent

It also highlights an increased use of brokers in several demographics, including:

• Alberta residents (+2 points vs. 2023, +2 points vs. 2022)

• Millennials (ages 28–43 in 2024, up 1 point from 2023, +5 points from 2022)

• Gen X (ages 44–59 in 2024, +7 points vs. 2022)

To identify Canada’s Top Mortgage Employers 2025, CMP invited organizations to showcase their workplace practices and benefits. Employees from 90 nominated

companies then completed an anonymous survey evaluating their workplace across eight factors, including compensation; culture; advancement; diversity, equity, and inclusion; and innovation.

Employers had to meet a minimum number of employee responses based on company size. The top three companies in each category were awarded gold, silver, and bronze medals based on company size and overall employee satisfaction.

Best mortgage brokerages and lenders to work for put people first

This year’s Top Mortgage Employers stand out by investing in their employees, ensuring they are fully equipped to serve a growing client base.

Direct Lending: investing in career growth

• Silver medal for culture

• Six bronzes for advancement, compensation, DE&I, innovation, reputation , and sustainable programs

“We’re very focused on supporting our team’s career growth and providing the opportunities they need to feel satisfied and happy,” explains vice president of operations Éire Gorman.

“We have a promotion-from-within policy to ensure employees get the chance to advance, and we invest in training and professional certifications based on what the team wants.”

The Vancouver, BC-based small business earned a 9.61 out of 10 overall employee

satisfaction rating, along with seven medals. It offers various development programs to employees who want to go down the mortgage broker route or the Canadian Securities Commission route on the investment side. Some of the lender’s accountants pursued their CPA designation, and Gorman herself has completed an MBA.

Gorman says, “There are a lot of different avenues we support, and I think people like to see those opportunities are there for them.”

“We provide the team with engaging work that helps them see the impact of what they do. We make it clear how their work contributes and helps people on their path to financial freedom”

Éire Gorman, Capital Direct Lending

PHL: empowering employees to advance

• Three golds medals for compensation, DE&I, and innovation

• Two silvers for benefits and reputation

The leadership team at this top mortgage employer located in Surrey, BC, gives employees opportunities to grow, funding

relevant educational courses and professional development activities.

The small lender with just over 30 employees earned the bronze medal overall, achieving a 9.64 employee satisfaction rating and five medals across the eight categories.

“We are an investment corporation that also invests in our people,” says Jennifer Lowe, director of people and culture.

“If someone sees an opportunity, whether it’s a leadership training course or something they feel inspired to improve, PHL is all in. We encourage our people to, ‘Tell us where

METHODOLOGY

To help recognize and narrow down the nominations for the Top Mortgage Employers 2025 in Canada, CMP invited organizations to fill out an employer form highlighting their various offerings and practices. Employees of the 90 nominated companies were then asked to take an anonymous survey evaluating their workplace based on eight key factors: advancement; benefits; compensation; culture; diversity, equity, and inclusion; innovation; reputation; and sustainable programs.

To qualify, each nominee had to meet a minimum number of employee responses based on the overall size of the organization: employers with 10–100 employees were asked to provide a minimum of 10 responses; employers with 101–500 employees a minimum of 20 responses; and employers with 500+ employees a minimum of 50 responses.

Gold, silver, and bronze medals are awarded to the top three companies in each category based on company size and overall employee satisfaction.

you want to grow,’ and we trust it’ll make sense for your role.”

Culture of teamwork and strong leadership instill employee confidence

As 43 percent of Canadians turned to mortgage professionals for help in securing a mortgage, trust in the industry remains high, MPC’s report revealed.

Additionally, with 61 percent of mortgage holders feeling anxious about renewals and 30 percent expecting to renew their mortgages in 2025, employees in this field are handling more complex client cases than ever.

The Top Mortgage Employers offer a supportive culture and stability in uncertain economic times.

In CMP’s survey, culture ranked second on employees’ priority list, showing that companies with strong leadership and

PHL team

TOP MORTGAGE EMPLOYERS 2025

“Everyone works closely together here, and there’s no ego within the team. Our employees are here to learn, grow, and work together”

Jennifer Lowe, PHL

a people-first approach create the most engaged and successful teams.

Building a people-first culture

Capital Direct Lending fosters a workplace built on DE&I, employee engagement, and transparency.

“Our people-first culture is super important to us,” Gorman says. “We believe people are the most important aspect of any business, and especially in its success. It’s about ensuring everyone is focused on the same goal while maintaining our commitment to growth and an innovative work environment.”

It focuses on team building to boost employee engagement, hosting office events that celebrate occasions that are important to staff, such as Chinese New Year, St. Patrick’s Day, Cinco de Mayo, and Halloween.

It also provides community sponsorships and support for local charities, such as Make-A-Wish Foundation, Cause We Care Foundation and CKNW Kids Fund, and local hospitals. Employees are encouraged to get involved and give back, providing an opportunity to be part of something bigger.

Gorman says, “We promote an environment where everyone feels heard and has the opportunity to share their opinions and thoughts while also being their authentic self. It’s about creating a space where people feel comfortable and at home.”

To foster employee well-being and work-life balance, the lender minimizes overtime as much as possible and offers in-office personal training sessions, including yoga three times a week and high-intensity training classes for two days.

“We look out for our team’s lifestyle and well-being, and that’s how we offer a safe and positive work environment,” says Gorman. “Allowing people to realize the impact they have is important. Feeling like you’re making a difference in your role makes you want to stay and be part of it.”

TOP THREE REASONS PEOPLE WANT TO LEAVE THEIR JOBS

Leadership

sets the standard Collaboration is at the heart of PHL’s culture, supported by a hands-on executive team that is intentional about celebrating employees’ wins, from sales, underwriters, renewals analysts, and managers to accounting and investments.

“When I’ve recruited individuals familiar with PHL, it’s inspiring to hear from people who know our founders (current CEO Steve Ponte and Parm Purewall) and the reputation they’ve created, which is one of transparency and strong relationships,” says Lowe.

“PHL’s founders are stand-up people who others want to work with and for and feel proud to be associated with. We want our employees to feel proud to work here. Our leadership is involved enough not just to provide lip service but to ensure everyone’s actions back it up.”

Lowe emphasizes employee satisfaction is chief among the company’s priorities.

“We have flexible work from home one day a week, regular town halls, and several recognition programs,” she says. “We want everyone to be involved and celebrate our wins as a team.”

The Top Mortgage Employers reward their people

In CMP’s survey, compensation ranked at

the top of employees’ priority list at 9.5/10. Notably, compensation ranked first among employees of all tenures, except those with less than one year of service, who prioritized culture over pay.

Moreover, over 90 percent of respondents said their employers offered bonus and incentive programs, underscoring the winning employers’ commitment to attracting and retaining their best employees.

The impact of compensation on retention

Hays Canada’s Salary & Hiring Trends Guide 2025 found that pay levels are the top cause – at 46 percent – of skills shortages at the organizations it surveyed.

The trends report also found:

• profit is the top focus for companies

• 85 percent of organizations struggle to attract new talent

• retention is the number one focus

• the main recruitment gap is in intermediate and management positions

• 48 percent see no scope for progression in their current company

• 37 percent feel their pay is unfair or unequal

This data makes it clear that the leading organizations find ways to build trust and engagement, which affords them a competitive edge.

As highlighted in the report, Hays Canada’s president, Travis O’Rourke, says, “Embracing pay transparency is crucial, not only because of legislative requirements or ethical considerations, but also because a workforce that trusts its employer is more engaged and satisfied. Transparent pay practices can foster a culture of trust and loyalty, which are essential for long-term success.”

Competitive pay and flexibility

Capital Direct Lending offers competitive compensation above the industry average, including its commission structure. Bonuses are also available for mortgage brokers and those working on the investment side.

“We also make sure benefits fit employees’ needs, whether that’s maternity and vacation policies or flexibility depending on family needs,” Gorman says.

“We have many employees who immigrated to Vancouver and want to go home and see their family at times. So, we’re mindful of that and compassionate, ensuring everyone feels they have the necessary flexibility.”

Source: Hays Canada’s Salary & Hiring Trends Guide 2025: The Great Stagnation

TOP MORTGAGE EMPLOYERS 2025

Best-in-class benefits and compensation

PHL is known for taking good care of its employees. The pay, from bonuses to base salary, is generous and is higher than market average to ensure there are no monetary reasons for employees to leave.

It covers 100 percent of health and dental benefits from day one, and the plan is robust. For example, it provides $1,000 for paramedical services, six-month recalls for dental, no deductibles, and no referrals are needed for many services. It also offers RRSP matching to all staff.

“It’s top-tier benefits for everything we could possibly need for ourselves and our families,” Lowe says.

How the Top Mortgage Employers ensure employees are happy

The Canadian Mercer 2024 Turnover Survey found that the average voluntary turnover rate nationally is 11.9 percent. However, rates vary significantly by industry, with roles in banking and financial services the toughest to fill.

The best mortgage brokerages and lenders to work for have remained competitive by supporting their teams, offering competitive salaries and bonuses, providing benefits that promote health and wellness, offering flexible work options, and providing innovative tools to help employees perform at their peak.

Prioritizing employee appreciation and efficiency

Capital Direct Lending celebrates milestones to show its people that it appreciates their loyalty and dedication.

“I think that’s twofold: we’re loyal to our team and build good relationships,” says Gorman. “It’s a priority for us to sit down, get to know our team, and understand their values so we can provide them with work that aligns with their goals.”

On the sales side, the company has automated its CRM systems, which makes inputs

and integration between different systems more manageable. Manually inputting investment amounts and AUMs is a thing of the past. It has also migrated from a paperbased structure to a platform that handles e-signatures and other processes.

Gorman says, “We use AI for data analytics, looking at things such as overtime and identifying where we need to allocate more resources in different markets and provinces based on workload increases.”

The lender remains focused on leveraging technology while providing the training necessary to ensure everyone successfully uses it.

“We hold regular tech training and development so that all these systems we’re implementing are actually useful and make people’s jobs easier,” says Gorman. “Implementing these integrations is great, but the key is ensuring everyone is comfortable using them.”

A culture that welcomes innovation PHL’s positive environment has been a draw for many employees.

“They work with hard-working colleagues, and there’s a sense of meaning in the work,” says Lowe.

The lender emphasizes an open-minded approach to technology and associated tools. One of its senior leaders introduced several ideas for exploration after attending a conference covering how to create efficiencies.

Lowe says, “We recently changed one of our major platforms. How to improve our service and speed is something we are always thinking about.”

As a young company, there is no entrenched mindset. Everything is always up for debate, and there are ample opportunities to do things differently.

“We’ve upgraded our technology and ensure employees have everything they need, from tools to ergonomic set-ups,” says Lowe. “We’re always looking for ways to improve the experience for both employees and clients.”

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Are Canada’s new mortgage rules making a difference?

Extended amortizations and an insured cap hike are in place, while the stress test on switches has been scrapped. Are those changes boosting affordability?

IT’S NO secret that Canada’s housing market has been in the years-long grip of an affordability crisis marked by sky-high prices, tight mortgage qualification rules, and limited supply.

But last year saw the federal government introduce sweeping changes in an attempt to address some of those challenges: amortization periods were hiked to 30 years for

dream of owning a home. But are they truly making a difference in improving affordability and accessibility across the country?

Boosting budgets

First-time homebuyers have famously been frozen out of the country’s priciest housing markets because of sky-high mortgage costs and downpayment challenges. But offering

“The problem is that there’s not enough housing. And I don’t see how any of these policies are helping that issue”

Ryan La Haye, Planiprêt

first-time homebuyers purchasing new-build homes, while the insured mortgage cap was bumped to $1.5 million and the stress test was scrapped for uninsured borrowers switching lenders at renewal time.

Authorities said those marked some of the most seismic changes to mortgage qualification rules seen in years, and that the new measures would help even more Canadians realize the

30-year amortizations allows borrowers to spread their payments over a longer time frame, reducing their monthly mortgage obligations and, in theory, making homeownership more affordable for those struggling to enter the market.

Toronto broker Matthew O’Neil of Connolly Capital says the measure marks a massive boost for many of his clients – and

he also praises the decision to boost the insured mortgage cap to $1.5 million from its previous limit of $1 million, theoretically reducing the minimum downpayment borrowers will have to pay on pricier homes.

O’Neil said his team, which operates in South Mississauga and Port Credit, will see a “huge benefit” from that cap increase, opening the door for many would-be homeowners to purchase a house rather than being restricted to condos.

“A 30-year amortization on a [$1.3 million] mortgage might drop your payment $400, $500, $600 a month,” O’Neil tells CMP. “It’s pretty significant, and then they’re also getting out of a two-bed, two-bath condo, which would historically be $650 to

$700 in condo fees. So it’s pretty significant now that they can take those savings per month and buy something freehold.”

That extra breathing room on monthly payments could allow more buyers to qualify for larger loans, O’Neil says, and potentially set their sights on higher-quality homes. But the impact of the measure will likely depend on local market conditions. In areas with extremely limited supply, increased demand from buyers who now qualify for larger mortgages could drive prices even higher, potentially neutralizing any affordability gains.

An inadequate solution?

While some mortgage professionals have welcomed the changes, others have voiced

concerns about their long-term efficacy. Ryan La Haye, a mortgage broker at Planiprêt in Quebec, argues that while the policies may improve borrowing conditions, they fail to tackle the biggest underlying issue: a lack of available inventory.

“The problem is that there’s not enough housing,” La Haye says. “And I don’t see how any of these policies are helping that issue. They’re just sort of Band-Aids on a wound that hasn’t been treated for so long that it’s festering.

“And so now the government is throwing out a lot of candy. It’s good news for mortgage brokers because it means that more people will qualify – but more people will qualify in a market where there’s not enough housing

SECTOR FOCUS: MORTGAGE BROKING

in most areas across Canada. I’m not sure that this is good news for Canadians.”

That supply issue shows little sign of easing, with Canada and Mortgage Housing Corporation (CMHC) noting in its most recent housing market outlook (released in February) that tariff threats from the US and economic uncertainty were likely to continue weighing down on homebuilding prospects.

Housing starts may remain resilient in 2025, the national housing agency said –but they’re projected to tick lower in the next two years, meaning the construction of the millions of new homes required to restore affordability by 2030 looks an impossible prospect.

Stress test changes

The decision to remove the stress test for uninsured borrowers who wish to

professionals, is a big positive step for Canadian homeowners. Shubha Dasgupta, founder and CEO of Pineapple, says it presents a great opportunity for mortgage professionals to connect with clients who may now have more options at renewal.

“There’s been this rule change of no stress test for uninsured switches, and it’s a really great time for us to make sure that we’re connecting with all existing Canadian homeowners,” he says.

“We’re addressing what options and what solutions might be best suited to them at this new moment in their mortgage lives, and how we might be able to play a role in helping them either save money or at least structure the debt properly.”

For borrowers, the ability to shop around for better mortgage rates at renewal time could help reduce their long-term financial burden. Previously, many homeowners felt

“It’s a really great time for us to make sure that we’re connecting with all existing Canadian homeowners”

Shubha Dasgupta, Pineapple

switch lenders at renewal time marked a significant about-face for the Office of the Superintendent of Financial Institutions, which had previously ignored calls for the measure to be scrapped.

Under previous regulations, borrowers seeking to change to another lender when their term expired were required to requalify under the stress test at the higher rate of 5 percent and two points above their contract rate, meaning that they were sometimes compelled to stay with their current lender even if a better rate was available elsewhere.

That change, according to mortgage

trapped with their existing lender, unable to switch without passing a new stress test – a major challenge in an era of rising rates.

Micky Khaneka of DLC Clear Trust calls the change a “huge win” for borrowers, providing them with more negotiating power and flexibility.

“At the very least, they can shop around and see what’s being offered elsewhere before they renew their existing mortgage,” Khaneka says. “If they’re in a position to move, and now this puts them in a better position to move, then why not take that advantage and shop around for the lowest rates?”

Brokers facing heightened competition

The removal of the stress test for uninsured borrowers at renewal time also sparked furious competition between Canada’s banking giants to retain current customers and snag new business, with that tug-of-war stretching into the spring.

Victor Tran of TMG The Mortgage Group highlights that trend and says brokers should emphasize to their clients the importance of not simply accepting the first offer.

“With the slightly more flexible lending guidelines, it’s going to be a little bit easier for people to transfer out to another lender,” he tells CMP. “So it’s really important to take the time to do the research and shop around.

“The rate landscape is going to be pretty interesting: lenders, specifically the chartered banks, have been very competitive –basically undercutting each other just to win the business. And we’ll continue to see that going forward.”

FIRST-TIME BUYERS

US ‘well ahead of Canada’ in housing affordability options – mortgage exec

With more urban markets to choose from and a wider range of down-payment assistance programs, the US may have the edge for first-time buyers – but Canada’s market has its benefits, too

THE WOES of first-time homebuyers across Canada have been well documented in recent years, with eyewatering home prices pushing affordability well out of reach for new entrants to the market and rent growth weighing against their ability to save for a down payment.

That’s hardly a phenomenon unique to Canadians, but while US first-home buyers have faced their fair share of challenges, Canadians might look across the southern border with envy at some of the programs on offer for new buyers, according to a mortgage executive with experience in both markets.

Tristan Kirk, principal broker and managing partner at Citadel Mortgages, told CMP that Canada’s mortgage market would benefit from more down-payment assistance programs like those available in the US, where many buyers are able to tap into state and lender offerings requiring a much smaller down payment than they do here.

“Borrowers [in the US] can buy with as little as 1 percent down, or even 0 percent down, and have their closing costs covered. And I think in Canada, we should have the ability – if you’re a Canadian citizen and

making X amount of money per year and in good financial health – to offer these down-payment assistance programs to get Canadian homes,” Kirk said.

“I don’t know how home affordability is going to continue to grow in Canada unless we start looking at stuff like that. And

I think the States is well ahead of us in that market.”

Bleak affordability picture faces Canadians in major markets

Real housing prices in Canada have sky rocketed in the 21st century, far

FIRST-TIME BUYERS

FAST FACTS: CANADA VS. US MORTGAGE MARKETS

Canada US

Mortgage terms and amortization

Interest rates and renewals

Mortgage insurance requirements

Prepayment penalties

Mortgage qualification

Government backing

Foreclosure process

Mortgage interest deductibility

Fixed vs. variable rates

Typical mortgage term is 5 years, with a 25- to 30-year amortization

Most borrowers have fixed-rate mortgages that renew every 1 to 10 years

Required for down payments below 20% (CMHC, Sagen, Canada Guaranty)

Can be high, especially for fixed-rate mortgages – often based on the interest rate differential

Borrowers must pass a stress test, qualifying at the higher of their rate + 2% or a set benchmark rate

Only one major governmentbacked entity (Canada Mortgage and Housing Corporation)

Power of sale is common in most provinces; foreclosure takes 2–6 months

Mortgage interest is not tax-deductible for primary residences

Most common mortgage is a 30-year fixed rate, with terms rarely shorter than 15 years

30-year fixed rates dominate, meaning borrowers keep the same rate for the full loan term

Required for down payments below 20%, but private mortgage insurance cancels automatically once 20% equity is reached

Minimal to no prepayment penalties on most loans

No formal stress test, but lenders assess debt-to-income ratios and credit scores

Multiple government agencies (Fannie Mae, Freddie Mac, FHA, VA loans) provide backing

Varies by state – judicial foreclosure can take years, while non-judicial takes a few months

Homeowners can deduct mortgage interest on loans up to $750,000

outstripping growth in the US, with prices as a percentage of disposable income also surging even while remaining relatively steady in the States.

Those prices are especially bloated in Canada’s main urban centres. In 2021, Oxford Economics ranked Vancouver and Toronto as the least affordable housing markets in North America, while Hamilton was deemed less affordable than US metropoles including Los Angeles, Seattle, New York, and Miami.

Kirk pointed out the stark contrast between some urban US markets and their Canadian counterparts, and the lack of variety on offer north of the border. In Houston, Texas, the average home price came in at US$320,179 (just over $458,000 in Canadian dollars) in December 2024 – a far cry from the outlook in markets like Toronto and Vancouver.

“I think affordability is a huge thing when you look at 20 percent down or 5 percent down [in Canada] compared with 3.5 percent down on a $350,000 house,” he said. “That’s a lot different. I don’t know where you go for under $1 million anymore in Ontario.

“And then you add in the downpayment assistance programs, and you’re getting people in the US buying with 1 percent, nothing down. And that was the first-time homebuyers. So it’s a huge market down there – there’s a lot of business.”

The US market is facing its own challenges, though – and the growing prominence of hedge funds is putting the squeeze on Houston buyers.

Drawbacks in the US mortgage market compared with Canada

Around 40% of new mortgages are variable rate, but fixed terms are more common

90%+ of mortgages are fixed rate, with 30-year fixed being the most popular

Another important caveat: Canada’s mortgage market is generally viewed as more stable than its US equivalent and avoided the meltdown witnessed across the border during the 2008 financial crisis.

Its more conservative approach to lending, typified by generally higher down-payment requirements and stress-testing rules, differs

sharply from the US approach, where Kirk said mortgage products can also often seem opaque and difficult for borrowers to understand.

“When you look at some of the US products and their adjustable mortgages and the options there – caps and balloon payments – I think that can be very confusing to borrowers,” he said. “It becomes a much more daunting task for a client to understand – whereas in Canada, you have an adjustable-rate mortgage, a variable mortgage whose payment or rate goes up and down with the Bank of Canada rates, and you know what you’re doing.

“You’re getting people in the US buying with 1 percent, nothing down”

Tristan Kirk, Citadel Mortgages

“I think that in the States, you could probably take a program like that and just eliminate some options, making it more streamlined and less confusing for some clients.”

But the US has the edge when it comes to the term types offered to clients, according to Kirk. There, borrowers are generally able to take a fixed mortgage rate for the duration of the term, while in Canada homeowners

usually renew at least once every five years.

“I think it’s better from a client and homeowner’s perspective in the US,” he said. “If you have a 30-year term and a 30-year amortization, and your rate is consistent throughout that and there’s no fees to break your mortgage and you can refinance that mortgage at any time, I think that’s a big win.”

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How new mortgage brokers can succeed from the get-go

Broker outlines the steps to establishing a flourishing career in the industry

RECENT YEARS have seen an eventful mortgage market for brokers and agents to come to grips with, with rock-bottom interest rates during the COVID-19 pandemic giving way to rapidly rising borrowing costs and an affordability crisis for many homeowners and hopeful buyers.

That’s presented its fair share of challenges even for brokers with vast experience in the space – and the current landscape, still marked by steep home prices, high rates, and economic uncertainty, may seem a daunting one for newer agents and brokers.

But that’s not to say there isn’t a big opportunity out there for new entrants to the space, and finding their feet in the industry starts with mastering the basics and giving the right impression, according to Quantus Mortgage Solutions’ Remi Korent.

Alberta-based Korent is no stranger to the industry, having started out in the mortgage space in 2007. But he says the key principles required for newer industry members to chisel out success are the same as when he set out nearly two decades ago.

“Stick with it and learn the lender policies and niche products they all have,” he told CMP when asked his advice for industry newcomers. “Have a good attitude. Be aware of your tone of voice over the phone with clients to always project confidence. Be

aware of the language you use when talking to clients.”

What’s more, while some budding agents and brokers might view the profession as a surefire route to a quick buck, that’s by no means the case – and those who enter the space should do so with a conviction that they’re in it for the long haul, Korent said.

“Don’t be in a rush to see success. Just believe you’re working towards it and it’ll

a flurry of hikes in a bid to lower inflation – but they’ve been on the way down since the middle of last year, with further cuts expected before the end of 2025.

They’re still not likely to fall anywhere close to where they landed at the beginning of the pandemic, when the central bank clipped its overnight rate to 0.25 percent and helped spur a huge surge in homebuying and mortgage refinancing. But a housing market

“I’ve only ever seen brokers’ business flourish if you operate on the principle of kindness, fairness, and doing what’s right for the client”

Remi Korent, Quantus Mortgage Solutions

come,” he said. “Consistency beats intensity every time. If you just pick up your phone when it rings and get back to people in a reasonable time, you’re doing great. I’ve only ever seen brokers’ business flourish if you operate on the principle of kindness, fairness, and doing what’s right for the client.”

Preparing for a busier market

Rates may have risen substantially since 2022, when the Bank of Canada introduced

pickup could still be on the way this year, barring an economic shock if US president Donald Trump’s threatened tariffs come into effect next year.

When the market eventually picks up, newer agents and brokers should make sure they’re prepared for a frenetic pace of activity, Korent said, even if it may not match the frenzy of the COVID years. “The hardest year I had was when I did 90 mortgages by myself in 2021,” he remembered.

“It was a gruelling year of working until midnight every night for weeks on end and sifting through online lead after online lead – basically running every facet of the business at a high level and high intensity while also meeting a ton of new realtors and referral sources and servicing them and their clients.”

Establishing a clear brand identity

Korent has been operating with the Rock Solid Mortgages brand since 2018, incorporating that the following year under Quantus and working to establish the brand identity while also tapping into Google Ads to drive leads. “I thought it was a great way to get in

front of clients before they reached out to realtors in an effort to increase my outgoing referrals to realtors – and it worked,” he said.

“Over the years it’s become more competitive in the Google Ad Words space, and more and more online leads would have their own realtor already, but it did help to solidify relationships with realtors by giving them leads.”

Having carved out an unconventional but effective reputation through his skateboarding persona – one also cultivated through brand-building and merchandise –Korent also said standing out from the crowd is an essential way of succeeding and thriving as a broker and agent.

The value of “celebrating your own

uniqueness” – something Korent learned from entrepreneur and businessperson Gary Vaynerchuk – can’t be overstated, he said. “It’s from that vein of thought that I started promoting and pushing the skateboarding angle,” he explained. “Also, I learned pretty early on that it doesn’t matter that I know how to get a mortgage approval completed –it’s just as important to get the phone ringing and to get leads coming in the door.

“I had to learn marketing and lead generation; that took a while, but it’s a big reason for the success and the volume of mortgages I do these days. A broker I know used to say, ‘You can be any kind of agent you want to be – just don’t be a secret agent.’”

A long journey to the top

Max Singh’s victory at last year’s Canadian Mortgage Awards was a proud moment for a broker who’s withstood more than a few professional setbacks

WHEN MAX SINGH stepped onto the stage to accept the Broker of the Year – Alberta award at the 2024 Canadian Mortgage Awards, it was more than just a professional milestone. It marked the culmination of nearly two decades of struggle and setbacks – and relentless dedication to a craft that he’d never originally planned to pursue.

Singh’s path to the mortgage industry had been far from conventional, and not exactly a comfortable one. His first job after moving to Calgary as an 18-year-old from Vancouver was working at a liquor store owned by his cousin – but when that venture ended abruptly, his mother encouraged him to apply for jobs in banking, a suggestion he initially dismissed.

But her persistence (she would emerge as one of the most pivotal figures in his career, Singh told CMP) led him to finally submit an online application to a leading bank, a decision that would light the spark for a career in finance.

Not that Singh was optimistic about his chances. “I went on lunch, applied, and didn’t hear much for a couple of weeks,” he recalled. “Then, out of nowhere, I got this employment offer.”

When he started at the bank’s call centre in Calgary, Singh was barely scraping by with enough bus fare to get to and from work. But he steadily climbed the ranks in the following years, transitioning from that role to a branch

environment before discovering the job that would pave the way to his current industry: mortgage specialist.

“I found it super interesting,” he said. “It wasn’t just about setting up someone’s 12th savings account to hit my monthly stats. There was huge purpose behind mortgages. You were helping someone achieve homeownership.”

Drawn to the idea of specializing in a single financial product with such a tangible impact, Singh made the leap to become a fulltime mortgage specialist on a 100 percent commission basis. But while that proved an exciting jump, it also came with its own financial challenges – and it wasn’t long before he was searching for a way out of the role.

Becoming a full-time licensed independent mortgage broker was an appealing prospect for Singh, but he was hesitant about making that move until a conversation with a close friend gave him the push he needed. “He said, ‘The minute you stop saying no and start

saying yes is when your career will take off,’” Singh recalled.

Singh reached out to his parents in Vancouver to help him pull together the funds needed for the course fee and, after becoming licensed, joined TMG The Mortgage Group where the mentorship of industry veteran Khider El Kadri proved an enormous asset in his early days in the role.

“I learned to show up at 7 a.m., leave at 9 or 11 p.m., and work constantly,” Singh said. “If you don’t have anything to do: Read lender policies. Reach out to lenders. Do marketing. Just work.”

That’s not to say he found immediate success in the broker space. By his own admission, the first year was “brutal” – but his persistence finally paid off, bolstered by the support of a top-tier brokerage, being surrounded by high-performing professionals, and learning from the best in the business.

MAKING A NAME ON SOCIAL MEDIA

It’s an important part of any broker’s work – and Singh takes an unconventional approach to social media marketing. “I put almost nothing of serious content on there – just occasionally,” he said. “I might put some information about the past and current prime rate… but the rest of it is just absolutely nonsense. And people absolutely love it because they know I’m genuine, I’m sincere. I’m a regular dude who came from nothing – call me and let me know if you need help, and tell me what your problems are.”

“People don’t want to see a broker with a fancy car and a Rolex. They want to see a real person they can trust”

“I would just watch them: how they spoke to people, how they structured deals,” he said. “And I built my own system.”

The turning point arrived around his fifth and sixth years in the broker space, Singh said, and by his 10th anniversary in the profession, he had firmly cemented himself as a top-producing mortgage professional.

A tough upbringing – and the long and winding road to the top – made Singh’s victory in the ultra-competitive Alberta broker category at last year’s CMAs all the more fulfilling. He described it as an achievement that went far beyond silverware, one rooted in his battle against the odds. “That was 39 years of struggle being recognized,” he explained. “It wasn’t

just a trophy. It was someone finally saying, ‘Hey, you did it, man.’”

Singh, whose childhood was spent flitting between battered women’s shelters, YMCAs, and anywhere that could put his family up, is frank that those harrowing times are spurring his career forward. “My motivation isn’t money. It’s the fear of going back.”

As for the secrets behind being recognized as Alberta’s top broker? Building relationships and understanding client stories are a key ingredient, according to Singh, and fostering connections are about more than just the numbers at the bottom of the page.

That’s proven especially worthwhile in the challenging market seen since the COVID-19 pandemic, with ultra-low rates giving way

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to climbing borrowing costs, a cost-of-living crisis, and mounting affordability struggles for many hopeful homebuyers.

Of course, it also helps when you’re able to add a splash of humour, as Singh has done through an irreverent personality and lighthearted but effective communication across social media.

“My entire strategy is, be authentic, be funny, be relatable,” he said. “People don’t want to see a broker with a fancy car and a Rolex. They want to see a real person they can trust.”

The popular broker has clearly come a long way from his troubled upbringing – and is brimming with enthusiasm for what’s in store. That long personal journey to success, and the lessons learned along the way, is part of the reason Singh measures his victories not by the bottom line but by the number of clients he helps turn their own homebuying dreams into reality.

“Success is that call from a client: ‘Max, I can’t believe you did this. You made this happen,’” he said. “That’s what keeps me going.”

MAX SINGH: FAST FACTS

Building a successful mortgage application in a tough market

Interest rates may be on the way down, but putting together a successful application remains a daunting task for many hopeful buyers

INTEREST RATES may be on the way down on both the fixed and variable sides at the beginning of the year, but affordability and qualification hurdles are continuing to keep many hopeful homebuyers on the sidelines in Canada.

The housing market set off on a recovery path in 2024, Royal Bank of Canada said in a recent report, although bumps along the way are expected to continue – not least in Ontario and Vancouver, where “intense affordability strains” remain a major impediment to buyers.

Rising debt levels and the overall cost of living are still squeezing plenty of budgets, Mortgage Advisors broker and co-owner Christa Tessier told CMP, with limited savings and higher debt-to-income ratios leaving many mortgage shoppers struggling or unable to meet lender requirements.

That’s a familiar challenge for mortgage professionals grappling with the best way to help their clients get applications over the line in a lending environment that’s been fraught since rates started a sudden upward climb in 2022.

Good habits need to begin well before application starts: broker

Taking the time to prepare and iron out the application, Tessier said, is especially important in the current market – and that means brokers guiding clients to strengthen their financial profile well in advance of applying.

“Borrowers should focus on reducing debt as much as possible and maintaining good credit habits such as paying bills on time and keeping credit utilization low,” she said. “It’s also essential to rein in unnecessary spending and create a budget that reflects the financial reality of homeownership. Saving diligently for a down payment, closing costs, and a financial cushion can make a significant difference.”

Coaching clients to adopt those practices, Tessier said, is a key step for brokers, whether

NO STRESS-TEST RELIEF FOR BUYERS

The Office of the Superintendent of Financial Institutions announced last year that it was removing the stress test for uninsured mortgage switches at renewal time – but there’s no sign of movement on the test for buyers, which requires them to prove they can afford a rate of either 5.25% or two points above the contract rate, whichever is higher.

accurately, and when to extend ratios based on a client’s overall profile,” Tessier said.

“Failing to align a client’s application with the right lender’s requirements can lead to unnecessary declines and delays.”

Will the outlook improve for Canadian homebuyers in 2025?

The Bank of Canada’s decision to cut its benchmark rate by 25 basis points on January 29, a sixth consecutive reduction, was welcome news for variable mortgage shoppers – while fixed rates also tumbled in the early weeks of the year.

“Borrowers should focus on reducing debt as much as possible and maintaining good credit habits”

Christa Tessier, Mortgage Advisors

clients are ready to apply now or hoping to do so months down the line.

That also means counselling borrowers against overextending themselves on credit, which impacts both their debt-to-income ratio and their ability to handle unexpected expenses when they’ve got their home purchase over the line.

Borrowers can sometimes underestimate the close attention lenders pay to their overall financial health, Tessier said, meaning maintaining good credit and avoiding new credit obligations is doubly important before applying.

The increasingly complex lending landscape, meanwhile, means a common misstep for brokers is not taking the time to become familiar with lender guidelines and exceptions.

“Knowing how to package a deal properly is important, and this includes understanding which lenders are more flexible on certain criteria, how to calculate usable income

It’s unclear whether the central bank will continue to slash rates throughout 2025, with much seemingly depending on whether US president Donald Trump’s threatened tariffs on Canada come into play.

That could impel the bank to continue cutting more than it had originally envisaged, according to Bank of Montreal chief economist Doug Porter.

Rates stabilizing or falling further could help boost affordability for Canadian borrowers, Tessier said, while new programs, including expanded access to 30-year amortizations and a higher insured mortgage cap, may also play their part in improving the overall homebuying picture.

Still, home prices aren’t expected to tumble this year – and that will keep affordability challenges front and centre for many buyers.

“Much depends on whether home prices remain stable, making it a mixed picture for borrowers in 2025,” Tessier said.

PROFESSIONAL STANDARDS

How can standards be raised in the mortgage agent profession?

The debate on whether it’s too easy to become a mortgage agent in Ontario is raising its head again

IT’S BEEN a prominent debate across Ontario’s mortgage industry in recent years: the question of whether it’s too easy to become a mortgage agent, and if the bar for qualification should be raised.

The profession is a challenging one, with mortgage professionals tasked with guiding borrowers and hopeful homebuyers through potentially the most expensive financial transaction they’ll ever make.

Standards in the space have also been under the watchful eye of the Financial Services Regulatory Authority of Ontario (FSRA), which introduced a new requirement for agents to complete an extra qualification to transact in private mortgages last year.

But prominent voices in the mortgage industry are still calling for a more challenging and comprehensive course for hopeful new agents to deter casual or unserious entrants from joining the profession.

It’s still too easy to become a mortgage agent in Ontario, according to Kimberlee Freeman, founder and president of mortgage consultancy KMF Enterprises.

She told CMP that the time and cost required to take a relevant course are both insufficient, while the content is rarely detailed enough to give budding agents a comprehensive understanding of the field they’re about to enter. “The solutions being

“Anyone you ask is probably going to share the opinion that it’s too easy to get licensed [as a mortgage agent], so what we can do as an industry together is have higher standards of excellence when choosing to hire”

Kimberlee Freeman, KMF Enterprises

provided, the amount of money that you’re helping clients obtain, the compliance risk, and the lender programs aren’t covered nearly enough,” she said.

“I think FSRA has the right train of thought in terms of licensing requirements, but if I had a wish today, it would be to revamp the mortgage agent licensing course, make it costlier, take it more seriously, and spend more time consuming and diving deeper into lender programs and underwriting.”

Are new agents entering the profession for the right reasons?

Brokering mortgages can be a lucrative profession, especially with pent-up demand ready to enter the market and a host of new

mortgage guidelines potentially expanding affordability for new buyers.

But Freeman said stronger standards in agent licensing would reduce the number of individuals entering the agent or broker profession because it seems a quick and easy way to make money or because they have the wrong idea of what the job entails.

She also called for a clear distinction between mortgage investment corporations (MICs) and smaller private lenders in FSRA’s regulations, which currently require agents to pass the extra course to transact with both.

“MICs out there have very educated underwriting teams who make sure that the deal, if it’s not right, is not going to get approved and

not going to go anywhere,” she said. “So when you have an experienced regulated company, I wouldn’t take that option away.

“Mom-and-pop lenders absolutely – take that off the table for new agents. But when you have an experienced underwriting desk, I think it’s safer.”

How can principal brokers play their part?

While the industry awaits potential further FSRA changes on licensing requirements, Freeman also said it was incumbent on brokerages to ensure their own hiring practices are as watertight as possible – and that they maintain high standards in building out their teams.

“Anyone you ask is probably going to share the opinion that it’s too easy to get licensed, so what we can do as an industry together is have higher standards of excellence when choosing to hire a mortgage agent,” Freeman said.

“That takes us to strengthening the onboarding and hiring process: do you take on a part-time agent or make full-time

FSRA RAISES THE BAR

Effective April 1, 2023, FSRA established two distinct licensing classes for mortgage agents:

• Mortgage Agent Level 1: Authorized to deal and trade in mortgages with financial institutions as defined in the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), or lenders approved by the Canada Mortgage and Housing Corporation (CMHC) under the National Housing Act.

• Mortgage Agent Level 2: Permitted to engage with all lenders, including private individuals, mortgage investment companies, syndicates, agents, brokers, and brokerages. To qualify, agents must have at least 12 months of experience as a Level 1 agent within the preceding 24 months and successfully complete the FSRA-approved Private Mortgages Course.

mandatory? When you’re hiring an agent, are you the type of leader who’ll just hire anyone regardless of their background or experience in the finance or mortgage sector?

“If you did, I don’t think that’s strengthening the industry. The attitude that we’re ‘just going to take on anyone’ needs to go out the window.”

That will require a mindset change in the industry, according to Freeman, with principal brokers sometimes taking an urgent – and therefore rushed – approach to hiring instead of having the right procedures in place and recruiting the right person for the long term.

“They [should] drop the fear of missing out – getting it half right and getting four deals versus waiting and hiring someone who’s following the system, has the skills, and now they’re doing triple that business,” she said.

“There’s a fear where they may be too afraid to make the change and raise the bar. To strengthen it, all you need is a few people to do it and see the results to say, ‘Yeah, this actually works.’ If we can do this together, prior to the mortgage course being changed, then I believe we will see some very positive results in strengthening the overall quality of our industry.”

THURSDAY MAY 1, 2025 | TORONTO CONGRESS CENTRE

STEP INTO THE SPOTLIGHT

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Map out decisions with your team

There are a number of reasons why business strategies can fail. Business consultant and author Bryan Whitefield

says teams must have buy-in to the

decision-making

process to have any chance of success

YOU AND I both know we are good decision-makers, and it’s everyone else who has a problem, right?

Well, we are partly right. It’s not you or me that is the problem, it’s that making decisions gets more and more complex as more people become involved, even if you have the final say.

Take the simple example of deciding where to have dinner in Paris this evening. If it’s you making the decision, and you’ve had a restaurant recommended by multiple people as a ‘simply must go,’ you just go. Now bring your partner into the process. Your partner has had a different restaurant recommended to them. Or perhaps the restaurant you would like to go to specializes in seafood and your partner is not too keen on seafood. Now think about fussy kids becoming involved!

The complexity of team and team leader decision-making results in a less-thanstellar performance by executives globally.

According to a report by Dan Lovallo and Olivier Sibony on a McKinsey & Company survey of more than 2,200 executives in 2009, “only 28% said that the quality of strategic decisions in their companies was generally good, 60% thought that bad decisions were about as frequent as good ones, and the remaining 12% thought good decisions were altogether infrequent.”

How do we define successful strategic decisions?

Landing a man on the moon in 1969 was one of humankind’s greatest achievements, yet it had its problems along the way. Three astronauts died, it cost way more than originally projected, and although NASA met the deadline President Kennedy set in 1961 to achieve this massive feat ‘by the

to use,” and whether it was sustained over at least two years. While any number of arguments could be made for a different set of criteria, Nutt’s are tough but reasonable given that these are strategic decisions. Nutt found that more than half of management decisions fail. That is staggering, given the time, money, and will that are put into making them.

Aligning the purpose of individuals with that of the team, and the team’s purpose with the organization’s, is critical for success

end of the decade,’ the entire project took much longer than planned.

So, what is a successful strategic decision?

The measure I have adopted is the one Paul C. Nutt describes in his book Why Decisions Fail, in which he unpacks decades of research into 400 decisions made by managers of organizations from a broad range of industries and many countries. Many of the companies are household names in the US and worldwide, like AT&T, Disney, and Ford.

Nutt’s criteria for judging a successful decision are whether the decision was “put

Secret sauce for successful strategic decisions

The first part of the secret to making great strategic decisions concerns your team. It’s well understood that a diverse team is essential. It’s also well understood that aligning the purpose of individuals with that of the team, and the team’s purpose with the organization’s, is critical for success.

In the case of executive teams, the challenge is that each team member has competing priorities. Seldom is there an overabundance of resources, hence team members need to fight for them. And some may be competing for your job.

Sometimes the competition is beneficial, sometimes not.

Your ability as a team leader to foster a collaborative team is, of course, imperative. My experience of working with executive teams is that the more open-minded and orientated to creative thinking they are, the more collaborative they tend to be.

But this is not the end of the story. You also need to create a team that is synchronous.

Putting together a synchronous team

Synchronous infers that team members know and understand who is making a

The more open-minded and orientated to creative thinking executive teams are, the more collaborative they tend to be

They need to know their business, but they need a fair understanding of every other part of the business, like you do. At the opposite end of the scale is a ‘team’ of siloed thinkers.

decision, and how and when it is being made. Furthermore, they understand their role in supporting each decision as it is relevant to them, and they have worked out how to do so efficiently and effectively.

Did you just think, “Of course they do!”? Remarkably, unless you have explicitly had this conversation, not everyone is on the same page. We paint pictures in our minds, and no two people’s pictures look exactly alike. So, map the process.

Map out how decisions are made by you and your team when it comes to bigger strategic decisions. What I know for sure is this: once everyone is aligned, creative and innovative ideas will emerge.

Bryan Whitefield is a business consultant who has worked with hundreds of influential industry leaders. He is also the author of RiskyBusiness(2021) and TeamThink:HowTeamsMakeGreatDecisions (2024). Find out more at www.bryanwhitefield.com.

How to feel energized and be effective

Renowned business psychologist Simi Rayat has devised five questions that professionals can ask themselves each day – a five-minute task that can maximize productivity and success

DO YOU feel like no matter how much you do, there is always more to tackle? You’re not alone.

A staggering 82% of professionals report feeling stressed, overwhelmed, and at risk of burnout, according to the 2024 Global Talent Trends report published by Mercer. The constant juggle of trying to do it all –manage work, home, and everything else in between – can make it challenging to stay focused, make clear decisions, innovate, and maintain a joyful presence at work and in life.

This state of feeling overwhelmed can lead to procrastination, diminished productivity, and a decline in well-being, satisfaction, engagement, and output. This can result in lost revenue for your business. More importantly, it robs you, and those around you, of daily joy.

For leaders, feeling consistently overstretched and overwhelmed makes it even harder to stay calm, composed, and proactive. Instead, reactivity often takes over, hindering strategic growth and the development of strong relationships and high-performing, engaged cultures.

Get primed to act

But what if you could start your day in a way that helps you be effective and feel energized for the whole day?

Imagine investing just five minutes of your time at the start of your day that would enable you to prime your mindset to be intentional, focused, and impactful for the rest of the day.

Your brain is the most malleable in the morning, making it the ideal time to prime it. Instead of reaching for your phone and getting lost in social media, you can take control, be intentional, and be the architect of your day ahead.

The five questions to start your day

Helping leaders and other busy professionals shift from a state of survival to thriving

Instead of reaching for your phone and getting lost in social media, you can take control, be intentional, and be the architect of your day ahead

inspired the development of the 5Qs Formula, a proven, unique, science-backed system of five key questions you ask yourself each morning.

Each question is designed to prime your emotions, focus your attention, prioritize your tasks, and set the tone for how you show up each day.

Think of the questions as a compass that guides you through the vast sea of daily life. By starting your day with these questions, you take stock of your emotional state (question one); acknowledge the winds of gratitude (question two); assess your current position and trajectory (question three); plot your course with specific goals (question four); and finally set sail with intention and purpose (question five).

This ensures you’re steered toward your desired direction for the day ahead.

The five questions are:

Question 1: What is your emotional temperature, and what are you feeling today?

Question 2, parts A and B: What experiences, things, or people in your life are you grateful for because they inspire you to be a better version of yourself?

Think of a time you have received gratitude and appreciation from someone – how did it make you feel?

Question 3: What is working well for you right now, and what could be working better for you?

Question 4: What three things do you want to achieve today?

Question 5: How will you show up today?

Tips for cultivating a morning routine

Spending five minutes each morning answering these questions will help you set yourself up for a day of effectiveness, energy, and positive impact.

Consider how you could include these five questions in your morning routine. For example, could you complete them while having your morning coffee, before you get dressed for the day, or just after you’ve done the school drop-off?

Keep these questions easily accessible, such as on a sticky note on your laptop screen, on your bathroom mirror, saved on your phone, or in your daily calendar, so you remember to go through them.

Use a journal to write down your responses whenever possible, as this helps your brain connect with each question and reinforces your commitment. Reviewing your answers at the end of the week can reveal patterns or trends, offering deeper self-insight and opportunities for change.

If you miss a day or your schedule goes off track, don’t be discouraged; simply pick up where you left off the next day, and continue applying the system. Making a habit of investing five minutes in yourself at the start of the day will help you achieve more of what matters and with more joy.

Simi Rayat is a business psychologist, keynote speaker, executive coach, and the author of ProductivityJoy:FeelEnergisedand BeEffectivein5MinutesaDay . To find out more, go to www.simirayat.com.

Paul Dueck played a handful of beautiful courses in Orlando over Christmas, with the Nicklaus Course at Reunion Resort being the pick of the bunch

HITTING THE LINKS

Winnipeg broker Paul Dueck says finding his passion for golf has not just offered a great escape – it’s also boosted his career

FOR CASTLE MORTGAGE

GROUP’S Paul Dueck, golf is more than just a pastime; it’s an avenue for personal growth, networking, and mental resilience. Initially put off by the game’s slow pace as a child, Dueck rediscovered golf six years ago when he entered the mortgage industry. Invited to charity tournaments, he quickly realized that the experience was about camaraderie rather than perfect swings.

“I had a blast getting out there with my buddies, and I realized that nobody cared if I wasn’t very good,” he says. “Each summer, I’ve noticed significant improvement, which has only increased my desire to practise and play more.”

Beyond recreation, golf has instilled valuable career lessons. “If you aren’t getting out there and playing, you won’t improve,” Dueck explains. “In the mortgage industry, if you aren’t fully committed to your career and getting better at your craft, you will get left in the dust.”

Golf has also become a networking tool, helping him build lasting relationships with realtors, lawyers, and lenders. “Playing charity tournaments with industry partners is an amazing way to bond. We rarely talk about mortgages on the course, but after spending four hours with someone, you understand their personality.”

Dueck embraces golf as both a personal passion and a professional asset. 6

4

4

Canadian Mortgage Professional ’s special reports provide an expert-collated resource for the industry when looking for best-in-class partners and the most revered service providers.

The special reports also provide an opportunity to honor the top companies and individuals in the industry for their hard work and commitment to innovation. In 2025, CMP will produce a comprehensive portfolio of special reports covering a plethora of topics and agendas that are top of mind for professionals and most pertinent to the industry.

• 5-Star Mortgage Tech

• 5-Star Mortgage Products

• Brokers on Lenders

• Rising Stars

• Top 50 Women of Influence

• Top 75 Brokers

•Top Mortgage Employers

If you would like further details on how to be involved, please get in touch via email at sophia.egho@keymedia.com.

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