When Bruno Valko first joined the mortgage broker channel in the early 1990s, he didn’t expect it to last long.
Vice President of National Sales, RMG Mortgage
“A lot of brokers joined the bank as representatives at a time when we were losing a lot of brokers in the broker channel,” he said, adding that the situation only started to accelerate around the turn of the century. “In the early 2000s, you didn’t have a down payment, you had 40 years of amortization, and it was easy to get a mortgage.”
After the 2008 financial crisis, the industry again underwent dramatic changes, with new rules and regulations introduced to protect the real estate market from future disasters.
At every turn, the broker channel gained legitimacy, recognition, a broader product portfolio, more regulatory oversight, and more market share, said Valko, now vice president of national sales for RMG Mortgages.
Today, the broker channel has firmly cemented its place in the Canadian mortgage ecosystem. According to the latest consumer survey from Canadian Mortgage Professionals, two-thirds of Canadians say they are at least likely to work with a broker, and 81 per cent of broker clients say they would work with a broker again, compared to just 58 per cent of bank clients.
thirst for knowledge
Valko said part of what makes the broker channel unique is the industry’s commitment to education, which he said is even more important in today’s volatile economy.
Consumers are divided on the direction of interest rates, with 32% expecting them to go up, 27% expecting them to go down and 29% thinking they will stay the same, according to a recent TD Bank study.
The uncertainty has also changed their mortgage-buying plans, with 31% saying tariffs have affected their ability to borrow and 28% saying tariffs have caused them to reconsider taking out a mortgage. Another 28% also said it affected which lender they planned to work with.
“A knowledgeable, educated agent who understands the market can explain what’s going on,” Valco said. “Mortgage brokers are a source of knowledge and information, and clients often go to a mortgage broker because they feel they will take the time to guide them through the process.”
When Valco started attending industry conferences and events, he said participants mostly wanted to learn how to sign more deals faster. He said today’s event focused on key macroeconomic trends, new technologies such as artificial intelligence, and the use of tools such as social media to grow business.
Bond Brand Loyalty Director
“The amount of knowledge I’ve seen in the broker channel has definitely grown exponentially over the last 10 to 20 years,” he said. “Now that brokers are looking to build knowledge and education and share that knowledge not only with clients but with referral sources, I see a lot of positive growth in the industry.”
This pursuit of knowledge did not go unnoticed. According to MPC’s latest consumer survey, 42% of respondents believe brokers have in-depth knowledge of mortgage products and rates, up from 37% last year.
“People definitely have a sense of knowledge; a sense that the broker is going to get them the best deal,” said Anthony Greco of Bond Brand Loyalty, author of the MPC survey. “We’ve done a lot of interviews with brokers over the past year and a half, and we know brokers see their role as educators and not just as business partners trying to get someone the best rate.”
This awareness of knowledge and commitment to education has proven particularly valuable to first-time homebuyers, newcomers and young adults, who often need more guidance when making mortgage decisions.
“We’re seeing generally a slow and steady rise in [broker] Share, especially among groups like young people and first-time homebuyers, the numbers are skyrocketing,” Greco said.
The sincerest form of flattery
Once considered a niche part of the market, the broker channel has grown so successfully in recent years that even large financial institutions have begun to copy its strategy.
TMG Mortgage Group
“The big banks really dominate this space and there is a small space for mortgage brokers, but through sheer value, scale and communication, they have grown into a legitimate channel that Canadians are taking advantage of,” Greco said. “What proves that is the fact that over the last three to five years we’ve seen the big banks that are not in the broker channel start to copy some of their practices.”
For example, Greco said many have moved mortgage specialists from in-branch locations to meeting with clients at home. Additionally, while limited to their own products, many try to offer their clients a variety of options, similar to those offered by brokers.
“Brokers are doing an outstanding job and Canadians have taken notice, with even large financial institutions trying to adopt this advisory approach,” said Dan Pultr, president and chief operating officer of TMG The Mortgage Group. “We’re seeing innovation start with brokers first and then major institutions trying to follow suit.”
Pulte explained that brokers are often more nimble and creative than major financial institutions, and while some may find it frustrating, he said they should be flattered that banks appear keen to replicate their success.
A bright future in an uncertain world
The brokerage channel has grown steadily for decades and now competes alongside the country’s major financial institutions, but now the industry as a whole is struggling amid economic headwinds.
Pulte said that while home sales in Canada have all but come to a standstill, the brokerage channel has tended to benefit from economic uncertainty.
“Historically, during more disruptive and challenging times, Canadians need more advice, and there’s no better place to go for more comprehensive advice than from someone who specializes in mortgages rather than multiple products,” he said. “Once again we’re seeing this happen.”
In recent years, the channel has also benefited from a more competitive product landscape, which has provided brokers with a wider range of products to meet a wider range of client needs.
“The more institutions that choose to deal with a broker, the better products, prices, etc. we can offer Canadians,” he said. “This will allow mortgage brokers to continue to grow their share as lenders continue to choose brokers as their distribution partners.”
Be sure to check out the previous parts of our series on mortgage brokers:
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Anthony Greco Bond Brand Loyalty Broker Channel Bruno Valko Dan Pultr jared Lindzon Mortgage Broker RMG Mortgage TMG Mortgage Group
Last modified: November 11, 2025
