When Bruno Valko first joined the mortgage broker channel in the early 1990s, he didn’t expect it to last very long.
VP, National Sales, RMG Mortgages
“A lot of brokers were joining banks to become reps, and we were losing a lot of brokers in the broker channel at that time,” he says, adding that things only started to pick up steam after the turn of the century. “In the early 2000s you didn’t need a down payment, you had a 40-year amortization, and it was pretty easy to qualify for mortgage.”
The industry shifted dramatically again in the wake of the 2008 financial crisis, which saw the introduction of new rules and regulations intended to protect the housing market from future catastrophes.
Through each of those turning points Valko, now Vice President of national sales for RMG Mortgages, says the broker channel gained legitimacy, recognition, a broader suite of products, more regulatory oversight, and with all of that, more market share.
Today, the broker channel has firmly cemented itself in the Canadian mortgage Ecosystem. According to Mortgage Professionals Canada’s latest consumer survey, two thirds of Canadians say they’re at least somewhat likely to work with a broker, and 81% of broker clients say they’ll return to one, compared to just 58% of bank customers.
A thirst for knowledge
Part of what sets the broker channel apart, according to Valko, is the industry’s proven commitment to education, which he says is even more vital in today’s turbulent economy.
According to a recent TD study, consumers are split on where rates will go, with 32% expecting an increase, 27% anticipating a decrease, and 29% believing they’ll remain unchanged.
The uncertainty has also changed their mortgage buying plans, with 31% saying tariffs have impacted their borrowing capacity, and 28% saying they’ve caused them to reconsider taking out a mortgage altogether. Another 28% also say it’s impacted which lender they plan to work with.
“A knowledgeable, educated broker that understands the market can explain what’s going on,” Valko says. “The mortgage broker is a source of knowledge and information, and clients have typically gone to mortgage brokers because they feel that they will take the time to guide them through the process.”
When Valko began attending industry conferences and events, he says participants were mostly looking to learn how to sign more deals faster. Today, he says events focus on major macroeconomic trends, new technologies like artificial intelligence, and using tools like social media to grow your business.
Director, Bond Brand Loyalty
“The amount of knowledge that I see in the broker channel has definitely grown exponentially over the past 10 to 20 years,” he says. “Now, brokers are looking to build their knowledge and education to share that knowledge with not just customers, but referral sources, and I see a lot of positive growth in the industry.”
That pursuit of knowledge hasn’t gone unnoticed. According to the MPC’s latest consumer survey, 42% of respondents agreed that brokers had a strong understanding of mortgage products and rates, up from 37% last year.
“There’s definitely a perception of knowledge; a feeling that brokers are going to get them the best deal,” says Anthony Greco of Bond Brand Loyalty, author of the MPC survey. “We’ve done a lot of broker interviews over the last year and a half, and we know brokers perceive their role as an educator, as opposed to just a business partner trying to get someone the best rate.”
That perception of knowledge and that commitment to education has proven especially valuable to first-time buyers, newcomers and young people, who often need more guidance when making mortgage decisions.
“We’ve seen a slow and steady uptick in overall [broker] share, and certainly within cohorts like young people and first-time buyers, where the numbers have shot up,” Greco says.
The sincerest form of flattery
Once considered a niche part of the market, the broker channel has grown so successful in recent years that even major financial institutions have begun to emulate its strategies.
TMG The Mortgage Group
“The Big Banks were really dominant in the space and there was very little room for mortgage brokers, but through sheer value, size and communication they have grown into a legitimate channel that Canadians are taking advantage of,” Greco says. “A testament to 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 starting to emulate some of its practices.”
For example, Greco says many have moved their mortgage specialists from in-branch to meeting clients in their homes. Furthermore, despite being limited to their own products, many seek to present clients with multiple options, similar to what a broker offers.
“Brokers have done such a tremendous job that Canadians have taken notice of it, and even major financial institutions have tried to lean into that consultation approach,” says Dan Pultr, President and COO of TMG The Mortgage Group. “We’re seeing that innovation starts with brokers first and then major institutions attempt to follow suit.”
Pultr explains that brokers are typically able to be nimbler and more creative than major financial institutions, and though some may find it frustrating, he suggests they should be flattered that the banks seem keen to replicate their successes.
A bright future in an uncertain world
The broker channel has been seeing steady growth for decades and now competes side-by-side with the country’s major financial institutions, but these days the whole industry is struggling under economic tailwinds.
Though home sales have ground to a near-halt in Canada, Pultr says the broker channel often benefits from economic uncertainty.
“Historically, in more confusing and challenging times, Canadians want more advice, and there’s no better place to turn for more comprehensive advice than someone who specializes in mortgages rather than multiple products,” he says. “Once again, we’re seeing exactly that play out.”
The channel has also benefited from a more competitive product landscape in recent years, which has armed brokers with a wider array of products to meet a wider array of clients’ needs.
“The more institutions that choose to deal with brokers, the better products, rates, etc. we’re able to offer Canadians,” he says. “As lenders continue to choose brokers as their distribution partners, it will allow mortgage brokers to continue to grow their share of the pie.”
Be sure to check out the earlier parts of our series to on mortgage brokers:
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anthony greco bond brand loyalty broker channel Bruno Valko Dan Pultr jared Lindzon mortgage brokers rmg mortgages TMG The Mortgage Group
Last modified: November 11, 2025