Family Support and Broker Recommendation Key to Providing Home Ownership Today: Investigation

According to a latest consumer survey by mortgage professionals, 10 buyers recently said they would not be able to buy a home without financial help.

The 2025 housing market report depicts an increasing number of more due to widening affordability gaps. The survey conducted by Bond Brand Loyalty draws on a sample of 2,000 Canadians nationwide, including mortgage holders and potential buyers.

The results show that home ownership is becoming increasingly out of reach for people without intergenerational support, and many now believe that down payment aid is not now “good” but a requirement.

“Down payment assistance is no longer a backup plan, and it’s a requirement for many Canadians looking to buy,” said Lauren Van Den Berg, president and CEO of MPC. “These findings confirm the brokers that are seen every day in the country: consumers are under pressure and they need experts, transparent advice to find the way forward.”

As mortgage decisions become more complex, the importance of brokers grows

As borrowing costs continue to rise, renewal of mortgages is imminent, with about one-third of Canadians often seeking expert advice from mortgage brokers. However, the intention to work with a broker has risen, with two-thirds of those surveyed saying they may work with a mortgage broker the next time they need it.

Broker usage is especially powerful among first-time buyers, with 36% saying they use brokers. Similarly, 35% of those who bought in the past two years prefer to use brokers, as is the case with ages between 18 and 54 years (34%).

In the region, Alberta leads with a 37% broker share, followed by Ontario’s 33%.

Of those who already work with brokers, 81% say they will do it again. According to the survey, broker clients are always more confident in mortgage decision making than decisions to go directly to the bank.

Renovation plan, the core core of the current rental income is classified as a house ownership strategy

In addition to the financial help of families, more Canadians are leaning towards other strategies to afford home ownership, including renovation and rental income.

More than 70% of homeowners surveyed said they had recently undergone renovations or plans, while more and more buyers said they rely on rental income to help pay for their mortgages.

Young borrowers are also more likely to make additional payments or increase payment frequency, especially those with variable payment frequency for mortgages.

The survey also found extensive support for new revenue verification tools to strengthen trust in the system. Most Canadians will be a safer way to directly verify income through the Canadian Income Agency, and MPC has been pushing.

“Canadians are worried about mortgage fraud,” Van Den Berg said. “It artificially exaggerates housing prices, making it harder for honest, hard-working Canadians to compete. We urge the government to achieve revenue verification in a safe, fast and fair way.”

The federal government pledged to provide such a tool in its fall 2024 economic statement, noting that the CRA has begun designing and implementing it in partnership with mortgage lenders and other financial sector partners. While the launch is initially expected to begin in early 2025, no release date has been confirmed.

Mortgage Market

Mortgage Type

• 70% Mortgage holders own fixed-rate mortgages in 2024 (unchanged from 2023)
  • 75% Say their rates have always been fixed
  • 10% Say they locked in variable rates in the past 12 months
• twenty two% The mortgage rate is variable or adjustable (starting from 2023 – 1 point)
  • 16% Variable interest rate borrowers said they have moved from fixed interest rates in the past 12 months.
• 4% A fixed and variable combination of borrowers, called “mixed” mortgage (+1 pt.)

Punishment

• 10% Respondents said they paid a fine when breaking the recent mortgage (unchanged from last year)
• $6,732: Average fines for 2024 (+Previous Year + $3,221)

renew

• 74% Mortgage holders expect to renew their mortgages over the next three years (up from 70% in 2023)
  • 29% Looking forward to renewing the contract in the next year this year
• twenty one% Among those facing more anxious (9 or 10 out of 10) renewals at a higher rate (from 22% in 2023 and 23% in 2022)
• 59% Among those facing updates, they still face anxiety (6-10 out of 10) to update at higher interest rates

Helocs

• 43% Current borrowers say they can use the Home Net Worth Line of Credit (HELOC)
• 51% Borrowers who can use HELOC have never borrowed it
• $127,626: Average home net worth that average borrower can access through their HELOC
• $26,740: Average amount borrowed from their Heloc

The most common uses of HELOC funds include:

• 45%: For home renovation (+11 points. From the previous year)
• 35%: Used for debt consolidation and repayment (+2 points.)
• 30%: Make a purchase, such as a car or education (+7 points.)
• 18%: Used for investment (+3 points.)
• 11%: Gift or gift to family (+3 points.)

Speed up mortgage repayment action

• 40% Mortgage holders have taken action to shorten their amortization period (+ PTS.)
  • 16% Increased their payment amount (+1 point).
    • $1,040: Average monthly payment increase
  • twenty one% Make at least one lump sum (+4 points.)
    • $23,666: Average one-time mortgage payment
  • 10% Increased their payment frequency (+2 points.)

Use mortgage professionals and lenders

Broker Share

• 32% The mortgage borrower used the services of the mortgage broker when he obtained the mortgage
  • 36% First time buyer uses a mortgage broker
  • 35% People who bought in the past two years
  • 37% In Alberta
  • 34% Between 18 and 34 years old
  • 34% Between 35 and 54 years old
• 81% Clients of mortgage brokers say they may use brokers again (only 58% of bank clients)

Broker intentions are rising

• 81% The broker’s client says they are likely to use the broker again
• 68%: Of all borrowers, say they may use the broker’s next mortgage (+6 points).
  • 19% Very likely (+1 point)

Current lender type

• 53%: One of the largest banks in Canada
• 25%: Non-bank lender or small bank lender
• 13%: Mortgage Investment Company (MIC)
• 4%: Credit unions, life insurance or trust companies
• 4%: Private lender

Consumer sentiment

• 44% Among Canadians, now think it’s a good time to buy in their community (+15 points. Starting in 2023)
• 35% Non-owners say they can never buy a home (starting from 2023 – 16 points)

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Consumer Survey Mortgage Consumer Survey Mortgage Professionals Canada MPC Semi-annual Housing Market Survey Status Mortgage Market Condition

Last modified: July 17, 2025