MORTGAGE GUIDE 2026
MPAMAG.COM/CA ISSUE 21.02 | $12.95
Top 50
WOMEN OF INFLUENCE 2026
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INDUSTRY ICON Rene Quercia reflects on legacy and leadership
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Magenta Capital Corporation | First Canadian Place, Suite 3050 | 100 King Street West, Toronto, ON M5X 1A9 | FSRA License, Mortgage Brokerage #13314 | Mortgage Admin #12573 01-IFC_Contents - SUBBED.indd 4 10/09/2026 5:44:09 am
ISSUE 21.02
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CONTENTS
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UPFRONT 02 Editorial
AI can’t do what brokers do best
FEATURE
39
10
EXPERTS WEIGH IN
Brokers must navigate borrowers’ increasingly complicated financial situations
Industry changemakers close deals, build institutions, and demonstrate sustained leadership
INDUSTRY ICON Guiding, supporting, connecting: Rene Quercia on what matters more than AI tools
36
FEATURES 06 Mind the gaps
Training in disclosure and documentation is lacking. Agents must be accountable for decisions, says REMIC’s Joe White
Ensure your brokerage is transferable, even if not planning to sell
52 The human touch
21
SPECIAL REPORT
PEOPLE
Listings, average selling price drop in GTA
20 Built to last
SPECIAL REPORT
TOP 50 WOMEN OF INFLUENCE 2026
04 Statistics
BROKERS ON LENDERS 2026
Loyalty triumphs – repeat business valued in picks for top Canadian lenders
Realizing AI has its place, but it is not to build trust, is key to brokers’ success
PEOPLE 54 Navigating options
Micky Khaneka finds creative solutions to make deals work
56 Other life
Discipline of competitive bodybuilding enhanced Joe Flor’s leadership style
SPECIAL SECTION
MORTGAGE GUIDE The growth of non-traditional employment, stress-test limitations, and a renewal wave are reshaping deals
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UPFRONT
EDITORIAL
www.mpamag.com/ca ISSUE 21.02
AI is a huge opportunity, not a broker threat
W
e’ve all heard the argument: artificial intelligence is going to upend the workforce and perform professional tasks much more efficiently than humans – putting jobs across a wide range of industries at risk. The same case has been made in the mortgage industry, with borrowers increasingly comfortable using technology and AI tools to shop for loan options and secure the best deal. But a home is often the most expensive purchase a Canadian will make in their life – and the complexity and challenges that often go along with that process mean mortgage brokers will simply never go out of fashion. If anything, they’re becoming more important by the day. Just consider the results of a recent Cotality survey covering mortgage shoppers across the US, Canada, UK, and Australia. That poll showed a sizable majority of homebuyers (68 percent) say they want clear notification when AI is involved in outputs, suggesting continued unease with fully trusting AI tools to make a judgement call.
The value of brokers has shone through recent upheaval – don’t expect borrowers to forget that anytime soon And in the US, just 16 percent of potential buyers trust AI to help them find a home – a drop of 14 percent from a year prior, according to Cotality. Canada Mortgage and Housing Corporation (CMHC), meanwhile, said its 2026 Mortgage Consumer Survey showed just 16 percent of Canadians researching mortgage options online used AI for that purpose. Nearly a quarter of all mortgage shoppers used a broker. Mortgage professionals speaking with CMP have been adamant about the future of the broker space, for good reason: AI will help cut out time-consuming admin tasks and automate other parts of the job, but it won’t replicate the most crucial asset a broker has: quality advice. Today’s mortgage market is more complicated than ever due to rate volatility, affordability challenges, and the renewal squeeze. The value of brokers has shone through that upheaval – don’t expect borrowers to forget that anytime soon. Providing a tailored mortgage solution, and doing so with compassion and care, is what brokers are best at. AI will help make mortgage brokers’ work quicker and more efficient – but it will never replicate the human touch, empathy, and unsurpassed advice they can offer.
The team at Canadian Mortgage Professional
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EDITORIAL
SALES & MARKETING
VP – Editorial James Burton
VP – Global Sales (Mortgage) Alex Knowles
Managing Editor Fergal McAlinden
Business Development Manager Shane Lakhani
Writers Manal Ali, Kim Champion, Mallory Hendry Copy Editors Christina Jelinek, Tara Tovell, Karen Atienza, Allison Ingusan
GM – Marketing Oliver McCourt Awards Director Jessica Duce
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ART & PRODUCTION
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UPFRONT
STATISTICS RENTS BOTTOMING OUT AFTER TWO-YEAR SLIDE
GTA MARKET TIGHTENS AS LISTINGS DRY UP New listings across the Greater Toronto Area dropped sharply in July, reducing buyers’ room to negotiate even as prices continued to slide. The average GTA home sold for $1,003,956. The MLS Home Price Index Composite benchmark fell 4.6 percent year over year.
$2,037
( 4.0% y/y) National average asking rent (July 2026)
Home sales
New listings
Active listings
0.9% y/y
17.8% y/y
12.1% y/y
5,995
0.2%
14,484
26,098
Month-over-month change
$2.54
( 3.6% from July 2024) Average rent per square foot across Canada’s six largest markets
$2,041
( 2.6% y/y) Purpose-built rents
Source: Rentals.ca & Urbanation, August 2026 National Rent Report
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GTA CONDO MARKET REMAINS UNDER PRESSURE The GTA condominium apartment market ended July firmly in buyer territory, with the HPI benchmark falling at a steeper rate than the broader market and average days on market stretching to 40 days region-wide.
GTA condo sales (July 2026):
1,564 ( 0.1% y/y)
Average selling price:
$636,323 ( 2.3% y/y)
MLS HPI apartment benchmark:
$535,200 ( 7.35% y/y)
City of Toronto (416) average selling price:
$672,807 ( 1.6%)
905 region average selling price:
$560,923 (
Average days on market:
40
Average sale-to-list price ratio:
97%
New condo listings entered (July):
4,190 (more than 2.6 times completed sales)
5.0%)
Source: Toronto Regional Real Estate Board (TRREB), Market Watch, July 2026
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NOVA SCOTIA OVERTAKES BC AS CANADA’S MOST EXPENSIVE RENTAL PROVINCE
GTA RESALE HOUSING MARKET – JULY 2026
Nova Scotia held its lead over British Columbia as the country’s most expensive province for apartment and condo rents for a third consecutive month in July 2026, driven by a high concentration of newly built units and a larger average unit mix.
3.2% m/m Average selling price
$1,003,956
MLS HPI Composite benchmark
4.5% y/y
Sales (seasonally adjusted)
4.6% y/y
Nova Scotia average apartment and condo rent:
(
British Columbia average apartment and condo rent:
(
$2,377
4.5% y/y)
$2,357
4.5% y/y)
Alberta apartment and condo rents:
4.3% y/y
Manitoba apartment and condo rents:
1.5% y/y
Source: Toronto Regional Real Estate Board (TRREB), Market Watch, July 2026
Source: Rentals.ca & Urbanation, August 2026 National Rent Report
MORTGAGE ARREARS NEAR A DECADE HIGH
PRAIRIE MARKETS BUCK NATIONAL PRICE SLIDE
The number of Canadian bank mortgages at least 90 days past due was the highest in more than a decade in May 2026, driven by elevated unemployment, a historic renewal wave, and a structural gap in lender data that analysts say may be understating the true breadth of arrears exposure.
CMHC’s Summer 2026 Housing Market Outlook reveals a market splitting further apart. While the national average resale price is set to dip, several census metropolitan areas – particularly in Quebec and the Prairies – are projecting meaningful gains through 2028.
Mortgages 90+ days past due (May 2026):
14,061 (highest in over a decade)
National arrears rate:
0.29% ( 1 basis point in May; 7 basis points over the past year)
Record low arrears rate (2022):
0.14% (the rate has more than doubled since then)
Year-over-year growth in arrears count: Ontario mortgage delinquency rate: Total mortgage count at CBA member banks (May 2026):
Quebec City average resale price
Saskatoon average resale price:
$509,800 $578,300
$441,500 $480,000 (2026)
(2028)
(2026)
(2028)
Winnipeg average resale price:
$423,866 $444,042
27.2%
(2026)
0.23% (surpassed the national average for the first time since at least 2012) 4.93 million (8th consecutive monthly decline) Source: Canadian Bankers Association, Mortgages in Arrears
(2028)
Vancouver average resale price:
$1,160,000 $1,202,000 (2026)
(2028)
Source: Canada Mortgage and Housing Corporation (CMHC), Summer Update: 2026 Housing Market Outlook
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SPECIAL PROMOTIONAL FEATURE
MORTGAGE BROKERS
From mortgage knowledge to mortgage judgement REMIC’s Joe White on why training has to prepare brokers for messy files, AI-generated advice, and decisions that cannot be reduced to a calculation AT 11:00 at night, a prospective borrower can ask a chatbot how much mortgage they can afford, whether they should refinance, or what type of loan might suit them. They can do it without an appointment and, increasingly, before speaking to anyone in the mortgage industry. Joe White thinks that changes the starting point for brokers. REMIC’s national research with Abacus Data, released in July, found that 26 percent of Canadians aged 18 to 29 had used AI for financial or mortgage advice in the previous year. Just 17 percent had used a licensed mortgage broker or financial advisor. “AI is not taking the client – it is taking the first conversation,” says White, founder and CEO of the Real Estate and Mortgage Institute of Canada. “The broker now enters later, into a decision that is already half formed, and often has to unwind something before doing anything useful. That is a harder job than starting from a blank page.” That does not mean younger borrowers have stopped using brokers. White points to Mortgage Professionals Canada figures showing broker share at 38 percent this year and 48 percent among recent firsttime buyers. Among those first-time buyers, 40 percent cited their reason as help understanding their options and the mortgage process, an increase of 14 percentage points since 2024.
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Correcting the confident wrong answer An AI-generated mortgage answer does not need to be absurd to cause a problem. It can be mostly right. White breaks the response into three steps: identify what the tool got right, since the general structure is usually sound even when the Canadian specifics are not; explain the reasoning aloud, in plain language, so the client is not simply trading one authority for another; and put the corrected reasoning in writing.
non-English names were flagged 77 percent of the time, against 13 percent for English names. The researchers noted these results reflect general-purpose models used without mortgage-specific customization. “A broker needs to be able to recognize when and why the machine is wrong rather than simply accepting the answer it produces,” White says. The hard part is that the client trusted a source that sounded certain, and now you are the one introducing doubt.”
“A broker needs to be able to recognize when and why the machine is wrong rather than simply accepting the answer it produces” Joe White, REMIC The scale of the underlying problem was measured this summer by a Columbia University-led benchmark that tested leading general-purpose AI models on realistic mortgage-origination tasks. The strongest model produced fully correct answers about 77 percent of the time; another managed just 51 percent. One finding stands out for its implications: when the models were asked which deposits could be of foreign origin, transactions tied to
He wants agents to be able to identify what the tool got right, explain where the analysis breaks down, and walk the client through the reasoning. In mortgage education, that means understanding what AI is useful for and where responsibility stays firmly with the licensee. White is comfortable with brokers using it for drafting, summarizing, organizing work, and producing first-pass research that will later be verified. He draws the line at using AI to make a suitability decision,
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Brought to you by
THE AI ADVICE GAP 26% of Canadians aged 18 to 29 used AI for financial or mortgage advice in the past year. Just 17% of the same age group used a licensed mortgage broker or financial advisor. 13% of homeowners aged 18 to 29 say they expect to rely mainly on AI or online tools at their next renewal. Only 45% of Canadians know that AI mortgage advice is not regulated in the same way as advice from a licensed broker. Another 46% are unsure whether AI mortgage advice carries the same regulatory protections.
produce the rationale for advice, or process personal financial information through a consumer tool. “There is no defence that reads ‘the software says so,’” White says. On the operational side, he points to FSRA’s IT risk management guidance, which applies to brokers, agents, brokerages, and administrators directly, with the brokerage carrying ultimate responsibility for how its people manage that risk. His working rule:
use AI to think faster, never to decide, and never feed it a client file.
The licence is the starting point Licensing, White says, delivers the regulatory framework, the calculations, and the baseline knowledge a new agent needs to enter the profession. What it does not simulate is a live file with 40 emails, documents that do not quite agree with each other, and lender policies that shift from one situation to the next.
The bigger surprise for new agents, in his account, is the standard of judgement expected of them: an approved mortgage is not, by itself, evidence of a good file. The broker also has to understand why it fits that borrower and be able to show how that conclusion was reached. White cites FSRA’s 2023−24 brokerage examinations, in which 81 percent of reviewed files had no documentary evidence that a borrower suitability assessment had been performed. In the same examinations, 65 percent of brokerages provided inadequate disclosure of material risks to borrowers, up from 53 percent the previous year. Those figures point to two gaps: discovery and documentation. A new agent may know how to qualify the borrower without asking enough about what happens next. Is the client likely to move in two years? Is their income about to change? Is family money involved? Is there an impending separation? Suitability is a different skill, and White argues it has to be taught differently, through
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SPECIAL PROMOTIONAL FEATURE
MORTGAGE BROKERS
WHERE MORTGAGE FILES ARE FALLING SHORT
81%
of files reviewed in FSRA’s 2023−24 brokerage examinations had no documentary evidence of a borrower suitability assessment.
case work rather than memorization. His method is to hand a student a messy file, ask for a recommendation, and then require a written rationale that survives being defended against the alternatives the student rejected. He marks the rationale, not the answer. This lines up with what FSRA is assessing. In the 2023−24 examination cycle, 65 percent of brokerages examined had provided inadequate disclosure of material risks to borrowers, up from 53 percent the year before. “That is a reasoning and documentation gap,” White says, “and it needs different teaching.”
The added weight of private lending
65%
of brokerages examined provided inadequate disclosure of material risks.
54%
of files in one related-MIC review contained inaccurate APR disclosures.
~65%
of 101 private mortgage transactions reviewed had incomplete or inconsistent suitability documentation.
~1 in 5 of those private mortgage files had missing or inadequate identity verification.
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Private lending makes those judgement calls more consequential. White says one of the hardest decisions for agents moving into private mortgages is evaluating the exit. Getting a borrower into a mortgage today does little good if there is no credible route back to less expensive financing. Cost disclosure creates another risk. White cites a FSRA review of 69 mortgages involving related mortgage investment corporations in which 54 percent had inaccurate annual percentage rates disclosed to borrowers. In a separate review of 101 private mortgage transactions, roughly 65 percent contained missing, incomplete, or inconsistent documentation of the suitability assessment and rationale. AI adds a different problem. Fabricated documents are becoming harder to identify by sight alone. “The better question,” White says, “is, ‘Does the story reconcile?’” A fabricated pay stub can be convincing. Making it agree with a T4, bank deposits, the employer’s actual existence, and the borrower’s credit history is harder. White’s approach is to compare independent sources and stop when an inconsistency cannot be satisfactorily explained. Equifax Canada reported that first-party fraud across the broader credit market, where consumers misrepresent their own financial circumstances, rose 31 percent
between the fourth quarter of 2024 and the fourth quarter of 2025. Mortgage application fraud declined over the same period, but White is reluctant to draw much comfort from that trend. “Detection lags the tools,” he maintains. That gap between what brokers can spot and what fraudsters can produce points to a broader problem: experience does not always mean a broker’s practices have kept up with the market.
Experience does not close every gap REMIC’s new entrants and established professionals show close-to-opposite gaps. New agents do not yet know what they do not know about process. Experienced brokers know the business but have fallen behind on how the rules shifted since 2023, through new licence classes, a private mortgage course, fraud guidance, and a two-part CE requirement. Given a free choice on the technical hours in that first CE cycle, professionals concentrated on exactly what FSRA has flagged for three years: suitability, private mortgages, fraud, and cybersecurity. FSRA’s most striking findings, including the 81 percent figure, show that these are not simply entrylevel knowledge gaps. They are appearing in active mortgage files across the industry. “Experience does not automatically mean practice has kept pace with regulation,” White says. He sees over-reliance and skill failure as different risks and does not treat them as close. Over-reliance produces errors, and errors get caught. A broker has to test the information, explain the recommendation, and put their name behind the outcome. For White, that is also where mortgage education now has the most work to do. “Accountability is the profession’s actual advantage,” he says. “If we do not build people who can use these tools well and still stand behind the outcome, we give away the one thing the machine cannot offer.”
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SPECIAL PROMOTIONAL FEATURE
MORTGAGE LENDERS AND BROKERS
Private lending has changed. Has your approach? Six industry voices unpack the deals hitting private lenders now, the red flags brokers miss, and what separates a rescue from a bad fit
PRIVATE LENDING is picking up business that, not long ago, would have been expected to stop somewhere else first. Borrowers with solid credit are being pushed out of the regulated channel by tighter qualification requirements, while others are reaching renewal with lower appraisals and fewer places to go next. That is making broker judgement more important. A private mortgage can solve an immediate problem, but only if the broker understands why the borrower is there, what the lender is actually flexible on, and how
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the client is expected to leave the product. This is where education still falls short, particularly when private financing is treated like a higher-priced version of a conventional mortgage rather than a short-term strategy that needs a credible exit. Around the table, industry experts Paul Campbell, VP of mortgage originations at Magenta Capital Corporation; Armando Diseri, chief sales officer at Alta West Capital; Joe Flor, VP of national sales at CMI; Yvette Helwig, mortgage broker at TMG; Nick Kyprianou, president and CEO of RiverRock
Mortgage Investment Corp.; and Cristina Minatel, a partner at Owl Mortgage sat down recently to talk through what they are actually seeing. The conversation covered the deals landing on their desks, where the industry is underestimating risk, and, more than anything else, why broker education matters so much in deciding where those borrowers end up.
Why are borrowers skipping straight from a bank to private? Helwig sees it directly in her files. “We’re definitely seeing people that are struggling, and
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they literally go from the A world right into a C, into a private,” she says. “We’re skipping the B side almost completely.” Diseri ties this to underwriting standards tightening across the regulated space, not to any change in who the borrowers are. “We’re seeing the effects ripple through the market. Even borrowers with strong Beacon scores are finding it increasingly difficult to qualify through regulated lenders, whether in the A or B lending space,” he says. “The lending environment within the regulated market continues to tighten.”
The mechanics of that squeeze are almost always the same. A borrower has a bank mortgage they can’t refinance because debt-servicing ratios no longer bend for them, and a private lender steps in to buy them a year of breathing room. Minatel calls it a bridge, or a Band-Aid. It is meant to be temporary. Whether it stays that way is a different question. Kyprianou sees another version of the same migration: borrowers who believe they have institutional financing lined up until the deal nears to closing.
“Three days before closing, they will say, ‘Can you do this? It’s a purchase − we’re in big trouble,’” he says. “We’re seeing more of that than ever before.” Some of those files expose a problem that should have been identified much earlier. RiverRock also receives last-minute applications where there is simply not enough equity to support the requested loan. “The brokers, if they just spent maybe five minutes of work, they’d know that,” Kyprianou says.
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SPECIAL PROMOTIONAL FEATURE
MORTGAGE LENDERS AND BROKERS
THE PANELLISTS
Paul Campbell VP of mortgage originations, Magenta Capital Corporation
Armando Diseri Chief sales officer, Alta West Capital
The range of files now landing in private is part of what makes broker knowledge more consequential. A borrower who misses an institutional guideline may need a very different solution from one arriving days before closing with little equity left. What private lenders can do with those files varies considerably. Diseri points to Alta West not requiring bank statements, NOAs, or financials for income documentation up to 75 percent, and says 80 percent to 83 percent LTV will require only three months of bank statements, which provides flexibility the regulated space does not provide. Campbell notes that Magenta’s no-doc program can go to 75 percent loan-to-value, and higher in some urban centres (but must be verifiable). Flor says CMI is less interested in fitting a borrower to a fixed set of ratios than in understanding the overall risk of the deal. CMI’s underwriters build that story on a case-by-case basis rather than leaning on a template, since an inflexible process tends to miss exactly the kind of borrower private lending is supposed to serve. That flexibility is what let CMI build a fix-and-flip product for investors buying a property specifically to renovate and resell it, a niche Flor says has picked up more volume than expected. “We can paint a picture and the story dictates what loan-to-value we can offer and
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Joe Flor VP of national sales, CMI
Yvette Helwig Mortgage broker, TMG
Nick Kyprianou President and CEO, RiverRock Mortgage Investment Corp.
Cristina Minatel Partner, Owl Mortgage
“Canadians are not structured the way some Schedule A banks or traditional lending understands them anymore. They earn money differently. They keep their finances differently. They’re complicated” Cristina Minatel, Owl Mortgage what risk we want to take versus having an actual rigid box the way the institutional lenders would have,” Flor says. That discretion is particularly useful for borrowers whose finances no longer look much like the salaried household original underwriting models were built around. Minatel says income can come from several places and arrive irregularly yet still support the mortgage comfortably. “Canadians are not structured the way some Schedule A banks or traditional lending understands them anymore,” she says. “They earn money differently. They keep their finances differently. They’re complicated.” The danger is assuming that because a private lender can structure around those
complications, private is necessarily the right destination.
Flexibility still needs an exit The complication is that much of the business arriving in private lending is, as previously mentioned, rescue financing. That means the ability to structure a deal is only part of the job. The other part is knowing when a deal shouldn’t be attempted at all. Before RiverRock will consider a file, Kyprianou asks what happens to this borrower in a year. If the answer depends on a recovery nobody can actually point to, he says the deal isn’t ready. “You’re forcing them to sell, and that might not be the best solution for them if they can afford the payments,” he
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says of borrowers who no longer fit a lender’s box but have no realistic alternative. “You want to be the second-to-last lender in there, not the last,” Kyprianou emphasizes. If a borrower has already refinanced several times, with less equity left each time and no obvious way back into conventional lending, another private mortgage may simply postpone the problem. Kyprianou says that is when the lender has to ask whether it is still providing a bridge or becoming the place where the borrower runs out of road. Minatel positions the same problem from the broker’s side of the desk. Before a file goes to a private lender, she wants the exit mapped out in writing, not assumed. “We want to see the suitability ahead of time, we want to see the disclosures, we want to see all the information ahead to make sure we’re going in the right direction,” she says. A reasonable exit, to her, looks like a specific event: a return to work after a health issue, a payout expected within months, a sale already planned. What doesn’t count as an exit is optimism. “If there isn’t one, are we listing in three months? Are we just buying some time?” Campbell points to a different kind of flexibility showing up at Magenta: older homeowners refinancing to help their adult children, a pattern he says didn’t used to cross his desk this often. “The bank of mom and dad has been harder to tap into,” he says. “We’ve seen a significant uptick in seniors wanting to do something for their children.” Structuring those files carefully matters, he adds, since the parent is taking on the risk rather than the child. That’s the risk hiding underneath a bridge loan, whether it’s a parent helping a child or anyone else counting on a year to sort themselves out. The exit only holds up if the property does. If the appraisal comes back lower a year later, though the borrower hasn’t missed a single payment, the loan they signed up for and the loan they actually have are no longer the same thing.
What happens when a performing loan runs into a falling market Even a credible exit can become harder to execute if the property itself moves against the borrower. The sharpest disagreement at the table was about what should happen to people once their home’s value drops and their loan-to-value ratio slips out of range, even if they’ve never missed a payment. Diseri says brokers have started asking a question they never used to bother with. “So many of our brokers are asking about the renewal process, whereas … it wasn’t their concern in prior years. Now they want to ensure that you are able to renew and that you are well capitalized? If a lender calls a loan on a borrower who is making payments on time due to declining home values or capital needs, that borrower may have few alternatives, and a forced sale can put additional pressure on local property values. There goes the neighbourhood, in terms of
valuation,” he says. “So the ripple effect of that is terrible for all parties.” Campbell points out that the lender has another obligation in the room: the investors whose capital sits behind the mortgage. A borrower may still be paying on time while the loan itself has become too risky for the portfolio at its new LTV. That can leave the interests of the borrower and the MIC pulling in different directions. For the broker, that makes renewal policy something to understand before the original mortgage is placed, not when the term is already running out. That judgement is something the industry keeps having to build on the job, since a single licensing course rarely covers it in the depth this kind of lending demands. Kyprianou has run the numbers on what a bad renewal decision costs everyone, including the lender. “It’s not prudent to call a loan a good loan,” he says, “because
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SPECIAL PROMOTIONAL FEATURE
MORTGAGE LENDERS AND BROKERS
FIVE CHECKS BEFORE SENDING A FILE PRIVATE Start with the exit. There should be a realistic event that gets the borrower out of private financing, not simply an assumption that rates or property values will improve. Match the file to the lender. Private lenders can vary widely by geography, property type, credit appetite, and preferred deal structure. Ask about renewal upfront. A borrower may still be in the mortgage a year later, making the lender’s renewal policy and capital position relevant from day one.
then you’re making a good loan into a bad loan.” His reluctance to assume a quick recovery is informed by what happened the last time property values went through a prolonged correction. His read on how long the current correction will run draws on the last comparable downturn. “If you look at the early 1990s, values peaked in 1989, values dropped till 1995, and it took till 2000 to get to 1989 values,” he says, tracing out a V shape that took over a decade to complete. He doesn’t expect this correction to take quite that long to bottom out and recover, but he’s not expecting a quick rebound either. “I don’t know if the V will be 10 years,” he says, “but I think it’s going to be eight.” And property values are not the only way another year in private financing can eat into the room a borrower has left. Helwig sees the same pressure from a different angle, pointing to fees rather than
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valuations as the part of the transaction that gets the least scrutiny. “There’s very little regulation to try and control that,” she says of private lending fees. “You have people that are in a situation where they need help, and they’re getting taken advantage of, and a whole bunch of their equity is going to pay these ridiculous fees that aren’t necessarily in the client’s best interest.” For her, a fair renewal and a fair fee are the same conversation. Both come down to whether the lender is trying to keep a good customer or extract as much as possible before letting them go.
Selling a payment, not a rate Fees bring it back to the broker, because the way private financing is explained can be as consequential as the structure itself. Flor finds that the gap between a good private deal and a bad one shows up most clearly in how it gets sold to the borrower, not in whether it gets structured correctly.
Give the lender the full picture. Other properties, available equity, and the reason behind the borrowing can materially change how a deal is structured. Run the cost beyond year one. Fees and repeated renewals can consume equity quickly, particularly when the original exit does not materialize.
A private fee schedule leaves more room for a broker to pad their own take than a fixed alt-lender rate sheet does, and he says too many take it. “If you look at the APR on some of the disclosures, they’re well above the 35 percent threshold,” he says. “They’re really charging a lot.” The fix, in his view, isn’t a lower rate. It’s a different discussion, one anchored to what the borrower can actually afford each month rather than to the number on the rate sheet. “You really need to have the conversation
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around, this is your payment, these are the solutions available to maybe restructure that, stretch it over 12 months,” Flor says. Skip that conversation and borrowers walk away counting on a turnaround nobody promised them. “They’re banking on this 12 months, values are going to come up or something’s going to change, and it doesn’t happen.” Flor traces some of the fee inflation back to how competitive the private space has become between lenders themselves. When brokers shop the same file to several lenders at once, he says, the deal sometimes goes to whoever is willing to pad it the most to win it, not to the lender pricing it fairly. “You’ll see brokers sending the same file everywhere,” he says, “and whoever comes back with the highest fee sometimes wins, not the lowest.” That dynamic, he argues, rewards exactly the wrong instinct in a business where the borrower is already paying a premium to be there. Diseri says Alta West focuses on pricing based on the merits of each file, not on
“We’ve seen a significant uptick in seniors wanting to do something for their children. Structuring those files carefully matters” Paul Campbell, Magenta Capital Corporation what a competing lender might charge. “We assess the property first, then the borrower,” he says. “Fees should reflect the actual risk of the deal, not a client’s lack of options or the many alternatives they are perceived to have.” He adds that when lenders or brokers charge simply because they can, rather than because the risk warrants it, it undermines the credibility of the industry. Helwig says a broker’s fee often depends less on the deal itself than on how well the client understands what they’re being offered. She sees the borrowers most exposed
as not necessarily the ones with the worst credit but the ones least equipped to question the paperwork in front of them. “A lot of these clients don’t know what a fair fee looks like,” she says, “so they just trust that whatever’s in front of them is normal.” It’s part of why she pushes her own clients to ask more questions before signing, even when a deal feels urgent. “If you don’t ask, nobody’s going to volunteer it,” she says. “You have to teach clients to ask what everyone else is charging.” Diseri highlights how the conversation with borrowers needs to change with a
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SPECIAL PROMOTIONAL FEATURE
MORTGAGE LENDERS AND BROKERS
private deal. “It’s no longer just about the rate or the fee,” he says. “It’s about helping clients understand that the payment fits their current budget and presenting a clear, short-term path back into the regulated lending space.” Sometimes education means showing a borrower why another product may be better suited to what they actually need. Minatel agrees, adding that the borrowers most at risk of a bad outcome are often the ones who were sold on comfort rather than a plan. “They’re opting for that higher resolution that feels more comfortable,” she says, “just because they’re not aware of the different options that are out there.” Minatel traces that discomfort back further than the mortgage conversation itself, to how little most borrowers understand about the products sitting outside the one they’ve always assumed they’d use. She points to older clients as the clearest example − borrowers who default to a forward mortgage carrying growing debt
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“We can paint a picture and the story dictates what loan-to-value we can offer and what risk we want to take versus having an actual rigid box the way the institutional lenders would have” Joe Flor, CMI RED FLAGS IN A PRIVATE DEAL The refinance depends on property values or qualification improving without a clear reason they will. The borrower has refinanced repeatedly and is using equity to cover ongoing expenses. The deal works only if the property appraises at the top end of expectations. The file is being shopped without a clear sense of which lender is actually the right fit. Getting the approval has become more important than whether the borrower can comfortably carry the mortgage.
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when a reverse mortgage might actually fit their situation better, simply because the reverse product still carries a stigma nobody has bothered to correct. “A lot of it comes from overseas, and it doesn’t apply here in Canada,” she says. “The education in Canada is not there.” For Minatel, that gap is the same one showing up everywhere else in the conversation: borrowers making a decision based on what feels familiar rather than what actually serves them, because nobody walked them through the alternative.
Where the growth is actually coming from Nobody at the table thinks private lending shrinks from here. The disagreement is about which part of the business does the growing.
“So many of our brokers are asking about the renewal process whereas … it wasn’t their concern in prior years. Now they want to ensure that you are able to renew and that you are well capitalized?” Armando Diseri, Alta West Capital Campbell expects self-employed borrowers to make up a larger share of Magenta’s book, but his bigger point is about what’s happening to the middle of the market overall. He’s watched the alt-lending space split into two extremes: a moderate tier that’s shrinking and a higher-risk, higher-fee tier that’s absorbing what’s left. “That middle lane seems to have
evaporated,” he says, adding that he expects the shift to keep pushing more self-employed and complicated-income borrowers toward private rather than alt lenders simply because there’s less room for them in between. Diseri says the evolution of the B lending market has created new opportunities for private lenders. “The B space really emerged
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SPECIAL PROMOTIONAL FEATURE
MORTGAGE LENDERS AND BROKERS
“A lot of these clients don’t know what a fair fee looks like, so they just trust that whatever’s in front of them is normal. If you don’t ask, nobody’s going to volunteer it. You have to teach clients to ask what everyone else is charging” Yvette Helwig, TMG over the last 25 years,” he says. “As it has grown, it has become more regulated and, in many cases, less flexible than it was in the past. That has created greater opportunity in the private lending space.” His advice to brokers who avoid private mortgages is straightforward. “I still hear brokers say, ‘I only do A business. I don’t do
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private deals,’” he says. “They’re missing a significant opportunity to grow their business.” In Ontario alone, private mortgages account for roughly 15 percent of the market. Diseri believes brokers should view private lending as a solution, not an exception. “The goal should be helping clients with a private mortgage today and
creating a path to move them into an A or B mortgage tomorrow.” From Flor’s perspective, opportunity will show up less as rescue work and more as purchases, a shift he’s already seeing on CMI’s desk. Borrowers who can’t get a conventional mortgage but are buying rather than refinancing tend to bring cleaner files with them since there’s no existing valuation problem to untangle first. He thinks that mix will keep tilting toward private as more self-employed and gig-economy borrowers get shut out of conventional underwriting altogether, regardless of how strong their actual finances look on paper. Kyprianou expects growth from a source that’s less encouraging: borrowers still working their way through the current downturn. “I think the distressed people will still be around for a few more years before they work their way through the system,” he says, pairing that with
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the same self-employed trend everyone else pointed to. For him, that combination is exactly why broker judgement matters more now than it did when private lending was a smaller, simpler corner of the business. A licence teaches someone the mechanics of a mortgage. It doesn’t teach them how to tell a borrower who needs a year of breathing room from one who’s already run out of road, and Kyprianou doesn’t think that gap closes on its own. Seeing the same forces playing out locally in smaller markets as well, Helwig finds that a shrinking alt tier and a wave of self-employed borrowers are colliding with a market that already has fewer lenders willing to look past location. “We’re seeing more of that need,” she says, “but we’re also seeing where clients get placed with people who don’t fully understand
“You’re forcing them to sell, and that might not be the best solution for them if they can afford the payments” Nick Kyprianou, RiverRock Mortgage Investment Corp. what they’re signing up for.” For her, growth in the private space helps borrowers only if it comes with brokers who are equipped to explain it properly, not just move more files through the same channel faster. Minatel wants that growth to look different from the rescue work dominating the business today. She points to construction, property acquisition, and self-employed lending as the more durable version of the opportunity, the
kind of deal a broker can bring to a borrower rather than the kind a borrower brings in as a last option. “That’s where private lending really becomes a sexier animal,” she says. “The benefit outweighs the cost.” Private lending isn’t short on capital, or even on flexibility. What it’s short on is brokers who can look at a file and know, before they place it, exactly how it’s meant to end.
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SPECIAL PROMOTIONAL FEATURE
MORTGAGE BROKERS
Building to last: why exit-ready means freedomready Paul Therien of Haystax Mortgage makes the case for building a transferable, valuable business from day one − whether or not a broker ever plans to sell
MOST MORTGAGE brokers are too focused on closing deals to consider how they might one day leave their business. Paul Therien, founder and chief executive officer of Haystax Mortgage, says that is precisely the problem. “Building with an exit in mind does not mean you are planning to sell,” Therien says. “It means creating a business that can continue serving clients and producing revenue without requiring the owner to make every decision or personally manage every relationship.” He encourages brokers to ask themselves, if they stopped originating mortgages tomorrow, what would continue? Would clients still be looked after? Would referral partners remain connected to the business? Would the team know what to do? If the answers are all yes, he says, you’ve created options. If not, you’ve built a demanding job. “Exit-ready is really freedom-ready.”
Beyond funded volume Enterprise value in a mortgage business is not a straight line from last year’s production. A prospective buyer is purchasing reasonable confidence that future cash flow will continue, and that confidence depends on factors well beneath the surface of a funded volume report.
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“That metric shows what happened; enterprise value depends on how likely the business is to do it again,” Therien explains. What creates confidence that a business is a repeat performer? Predictable revenue, a diversified referral base, strong client retention, an actively managed database, trained staff, documented processes, clean financial reporting, and a sound compliance record. Concentration risk is one of the most common value killers: a brokerage drawing 80 percent of its volume from a single referral relationship, however strong, is a fundamentally different asset from one with 30 productive referral sources supported by a working CRM and a consistent follow-up process.
Reducing owner-dependency A profitable mortgage brokerage can still be difficult to transfer. When the owner wears many hats − lead originator, relationship manager, trainer, problem solver, and final decision-maker − a buyer sees replacement risk, not an asset. The solution, Therien says, is not for the owner to become uninvolved, or even less involved. It’s to separate the owner’s role from the functions of the business. The way to do that is to ensure someone is accountable for each critical functions like the pipe-
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line, client onboarding, referral management, and compliance, with the processes behind every stream clearly documented. “The goal is to become optional to day-to-day execution, not irrelevant to the direction of the business,” Therien says. “Enterprise value begins when performance comes from the system, not only from the person at the centre of it.”
A practical 24-month path This principle shapes the infrastructure Haystax makes available to its franchise network. Franchisees own and lead their local businesses; Haystax supports that via a national brand, CRM and automation, structured lead programs, training, weekly coaching, compliance support, marketing resources, and defined operating processes. A fixed-fee model ensures the company doesn’t take a percentage of production, Therien notes, so that as the local business grows, more of the economic benefit stays with the franchisee. For brokers working toward scalability, there’s no way around the fact that it demands a disciplined approach. Therien breaks it down by year. In the first 12 months, use the CRM consistently. Measure lead sources, conversion, revenue, and margin; document core processes; and diversify referral relationships. Near the 24-month mark, begin transferring specific responsibilities to the team and monitor the effect on service quality, file performance, and profitability. Where things break or a disconnect is uncovered, fix the underlying process, training, or accountability structure. It’s win-win regardless of intent, because the business will go from strength to strength. Selling is one possible outcome, but it’s not the objective. A well-built mortgage business retains value beyond the owner’s personal production, and that distinction, Therien says, is what creates real choice. “Every function that continues to perform without the owner being directly involved is evidence that the business is becoming more scalable and more valuable.”
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SPECIAL REPORT
BROKERS ON LENDERS 2026
CONTENTS
PAGE
CMP’s 20th annual broker survey ranks
Feature article ............................................. 22
Canada’s top mortgage lenders
Methodology .............................................. 23 Brokers on Lenders 2026 .........................
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SPECIAL REPORT BUSINESS STRATEGY
BROKERS ON LENDERS 2026
BEST MORTGAGE LENDERS IN CANADA BRACE FOR RECORD RENEWAL YEAR CANADA’S BEST mortgage lenders face their most consequential year yet, as the mortgage market enters its biggest renewal year on record, and CMP’s 20th annual Brokers on Lenders survey shows brokers’ referral pipelines shifting under their feet at the same time. The Canada Mortgage and Housing Corporation (CMHC) projects 1.15 million mortgages will renew in 2026, the largest concentration in recent history, with the Bank of Canada estimating roughly
60 percent of those renewing borrowers will see their monthly payments rise. Five-year fixed-rate holders face average payment increases of 15–20 percent, according to the Bank of Canada, while CMHC’s latest Mortgage Consumer Survey findings on renewal payment strain found renewers are seeing their monthly payments rise by an average of $375. For the brokers responding to this year’s CMP Brokers on Lenders survey, that helps explain a notable shift in this year’s
KEY INSIGHTS
1.15M Mortgages renewing in 2026 The Canada Mortgage and Housing Corporation projects 1.15 million mortgages will renew in 2026, the largest concentration in recent history.
44.66%
20th
78%
Past-client referrals Down
Year of Brokers on Lenders
Brokers using 5+ lenders
Fell from 56.28% in 2025 as realtor referrals climbed to a three-year high of 34.86%.
First time in its 20-year history that CMP has split lenders into Alternative and Prime categories.
A stable figure across all three years of the CMP survey, regardless of rate or referral shifts.
Source: CMP Brokers on Lenders 2026 survey · Canada Mortgage and Housing Corporation (CMHC)
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data. Past-client referrals, the bedrock of repeat business in calmer years, fell to 44.66 percent in 2026 from 56.28 percent in 2025, while realtor referrals climbed to a three-year high of 34.86 percent. With renewal anxiety dominating client conversations rather than fresh purchase activity, brokers appear to be leaning back into newer-purchase referral channels to keep pipelines full. It is a fitting backdrop for the Brokers on Lenders report and for the most significant structural change in the survey’s history. This year, for the first time, CMP has separated lenders into Alternative and Prime categories, recognizing that the two segments now operate under fundamentally different competitive pressures. Alternative lenders compete on speed and common-sense underwriting for files that do not fit conventional boxes, a split that builds on the difference between alternative and private lenders in Canada. Prime lenders, particularly the bankaffiliated players, face mounting pressure to match broker channel rates against what their own branch networks offer walk-in clients directly. Two decades of broker intelligence have never landed at a more consequential moment. The four lenders profiled in this report, including VWR Capital, Manulife Bank of Canada, BMO BrokerEdge, and MCAN, are case studies in what distinguishes a lender when broker bandwidth and client
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stress are both stretched thin. Each earned their recognition through the votes of Canada’s working brokers in a year when the stakes of lender performance have rarely been higher.
Why speed, flexibility, and trust dominate the 2026 mortgage market The broker channel itself continues to operate against a backdrop of historic debt growth and renewal pressure. Total Canadian residential mortgage debt reached $2.4 trillion in January 2026, up 4.8 percent year on year, according to CMHC’s Residential Mortgage Industry Report. Two-thirds of Canadians say they are likely to use a broker for their next mortgage, according to Mortgage Professionals Canada’s 2025 State of the Housing Market Report: Annual Consumer Survey. That demonstrates a level of trust that has held steady even as 2026 has become the most renewal-heavy year in recent memory. That growth is happening amid structural change in who is doing the brokering. CMP’s own data shows broker tenure churning at both ends of the spectrum this year. Brokers with 11 or more years of experience fell to 30.94 percent of respondents in 2026, the lowest share across the threeyear survey window, down from a high of 40.66 percent in 2025, while the six- to 10-year cohort grew steadily each year to 28.32 percent. New entrants under one year, after dropping sharply in 2025, also edged back up in 2026. What hasn’t changed is brokers’ reliance on a deep lender bench. Across all three years of the survey, roughly 78 percent of brokers have consistently submitted deals to five or more lenders, a remarkably stable figure given how much else has shifted around rates, referral sources, and broker experience levels. That stability matters for how this year’s rankings should be read. Brokers aren’t simply picking a favourite and sticking with it; they’re actively triaging files across a wide
bench of lenders based on turnaround time, underwriting flexibility, and BDM responsiveness – the very categories this year’s survey measures. Those priorities also reflect the differing competitive pressures across the market. Alternative lenders are increasingly competing on speed and common-sense underwriting for files that don’t fit conventional boxes, while Prime lenders, particularly the bank-affiliated players, are under pressure to match broker channel rates against what their own branch networks can offer directly to walk-in clients, a tension that shows up repeatedly in this year’s broker commentary.
Recurring themes on brokers’ minds across all three years Beyond the numbers, three years of openended broker commentary point to a consistent set of pressure points.
The BDM-underwriter disconnect Turnaround time and communication breakdowns between business development managers (BDMs) and underwriters remain the most cited frustration across all three survey years, with brokers describing the back and forth between what a BDM promises and what an underwriter ultimately approves as a recurring source of lost deals and strained client relationships. Document-review delays and tightening loan-to-value ratios round out the most common complaints.
METHODOLOGY To uncover the best lenders in the eyes of Canada’s broker community, Canadian Mortgage Professional reached out to brokers across the country, asking them to rate the lenders they work with across 10 key areas, including turnaround time, interest rates, product range, broker support, overall service levels, and more. To provide a more nuanced view of lender performance across specific market segments, CMP categorized lenders into two distinct groups this year: Alternative and Prime. As in previous years, CMP also asked brokers to weigh in on important aspects of the brokerlender relationship, such as how commissions and bonuses might change and why they choose to send deals to banks rather than monoline lenders. For each category, lenders were ranked in order of merit according to an average score calculated from the ratings they received from brokers. The top three lenders in each category received a gold, silver, or bronze medal. Lenders’ combined average score from all categories determined the overall gold, silver, and bronze medallists. CMP’s Brokers on Lenders is proudly supported by the Canadian Alternative Mortgage Lenders Association.
Common sense over compliance What brokers consistently single out as exceptional service has little to do with rate alone. It is lenders willing to apply commonsense underwriting and grant exceptions for files that do not fit standard policy that earn repeat business and broker loyalty, a theme that surfaces in broker feedback from 2024 through 2026, regardless of market conditions.
Speed as the new standard The speed question has become particularly acute. “In 2026, anything beyond
24 hours for a live purchase file should be the exception, not the norm,” says Micky Khaneka, a mortgage broker with MKG Mortgages in Toronto and a 2026 CMP Top 75 Broker. Chris Allard, mortgage broker at Smart Debt Mortgages in Ottawa and also a 2026 CMP Top 75 Broker, puts it even more sharply: “The fastest lenders in the A-lending landscape are approving files within a matter of hours, driven by systems that prompt
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SPECIAL REPORT BUSINESS STRATEGY
BROKERS ON LENDERS 2026
PAST-CLIENT REFERRALS FELL 11.6 POINTS IN ONE YEAR
METHODOLOGY
Brokers’ strongest referral partner, 2024–26. Past-client referrals dropped sharply in 2026 as renewal anxiety redirected business toward realtor partnerships.
44.7%
34.9%
7.2%
Past clients as top referral source in 2026
Realtor referrals in 2026 – three-year high
Friends and family referrals in 2026 – three-year low
11.6 pts from 2025
3.5 pts from 2025
3.8 pts from 2024
65% 60%
40%
20%
0% 2024
2025 Past clients
Realtor/real estate agent
Source: CMP Brokers on Lenders survey, 2024–26
underwriters on where each application needs their attention.” Technology is accelerating decisions, but both brokers are clear that speed alone is not the full picture. “No technology replaces an experienced underwriter who understands context or a BDM who picks up the phone when a deal is on the line,” Khaneka says. Mortgages are still about people making decisions for people.
Rate parity Closing the rate gap between broker channel pricing and what banks offer directly to branch clients remains brokers’ most consistent ask for improvement across all three years of the survey.
What Canada’s renewal wave means for the broker-lender relationship The renewal wave that defines 2026 is a relationship test. “Renewals are relationship
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2026 Friends/family
Financial planner
n = 462 (2024) · 382 (2025) · 448 (2026)
opportunities, not simply maturity dates,” says Khaneka. That pressure is not going away soon, since CMHC’s own research shows the renewal wave has peaked, but pressure on borrowers is far from over, and it’s exactly why the best lenders are supporting brokers with proactive retention strategies, competitive pricing, and the flexibility to engage clients well before renewal. Where the industry can still improve, he says, is by offering its most competitive pricing upfront rather than waiting until a client has already shopped the market and returned with competing offers. The best offer should not come only after they have shopped the competition. Allard points to a structural friction in the transfer and switch market that is limiting brokers’ ability to win renewal business even when the economics make sense. “Many lenders have struggled to offer a smooth transfer process,” he says, citing friction with transfer partners and delays in
payout document release as compounding problems that slow closings and frustrate clients at precisely the moment their trust is most fragile. On pricing, the picture in 2026 is uneven. “Many lenders struggled to remain competitive on price in Q1 and Q2 of 2026,” Allard adds, partly because a small number of banks chose to be extremely aggressive on rate compared to others. It’s a pattern he attributes to lenders cycling in and out of competitiveness based on targets, capacity, and investor relations rather than any sustained commitment to the broker channel. For the winners on this year’s Brokers on Lenders list, these pressures represent both the context and the validation for their recognition. “The lenders standing out are those that pair competitive rates with common-sense underwriting, responsive service, and reliable execution,” says Khaneka. “A sharp rate gets the conversation started, but certainty earns the client’s trust. The next 12–18 months will reward partnership over transactions, and brokers will remember who stood beside them when deals became difficult,” Khaneka adds. That is the standard this year’s gold, silver, and bronze medallists have met. Across Alternative and Prime categories, the lenders recognized in CMP’s Brokers on Lenders 2026 report have demonstrated that consistency, communication, and commonsense decision-making remain the clearest path to broker loyalty in a renewal year when those qualities matter more than ever.
CMP Brokers on Lenders winner:
VWR Capital VWR Capital wins gold for interest rates in CMP’s Brokers on Lenders 2026 VWR Capital earned gold for interest rates and bronze for satisfaction with credit policy
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“We always have the capital available, we always offer renewals, and our renewal fee is actually the lowest in the industry” Steven Lang, VWR Capital
self-employed, who are being declined by consolidating banks and credit unions. Asked how broker feedback has shaped the business, Lang pointed to a year-anda-half-long push to fix turnaround times, historically VWR’s weakest area, along with automating the commitment-letter process and introducing automatic statuschange notifications. The firm’s growth has been driven by a small but expanding sales operation, with a 25-person team managing $800 million in mortgages and an inside sales function that recently grew from three people to five to keep its database of 12,000 brokers engaged.
Why brokers keep coming back: the VWR Capital difference in the Alternative category of this year’s Brokers on Lenders report. The Alternative category gold medallist has expanded from its British Columbia roots into Ontario while keeping a one-page policy, low fees, and top-ofmarket rates that brokers can recite from memory. “I know it sounds boring, but having a one-page policy, a product that doesn’t change, and low fees is easy to remember,” says Steven Lang of VWR Capital. “If we’re constantly in front of brokers and provide that value proposition along with our response time, it’s pretty straightforward, and we get a lot of word of mouth due to that.” That consistency extends to compliance. Lang says VWR positions itself ahead of incoming regulatory requirements, effectively coaching brokers on changes before they take effect. Capital availability is the other pillar of VWR’s pitch, particularly in a private lending market Lang says is crowded with lenders advertising rates they cannot sustain. With 2026 shaping up as a record year for mortgage renewals, he positioned the lender as a deliberately short-term bridge for borrowers, particularly the
Predictable, unchanging policy: VWR’s one-page policy, low fees, and stable rates remain consistent over time, making the lender easy for brokers to remember and recommend. Guaranteed capital availability: Unlike competitors who advertise unsustainable rates and risk running out of funds, VWR maintains consistent lending capital and renews mortgages as standard practice. Renewal-friendly fee structure: A $200 renewal fee reflects a deliberate choice to support borrowers rather than penalize them during Canada’s renewal-heavy market. Feedback-driven service improvements: Turnaround time on commitments dropped from 48 to 72 hours to a guaranteed 24 hours, with commitment letters now automated, directly in response to sustained broker feedback.
Q&A with Steven Lang Q: Nearly eight in 10 brokers submit deals to five or more lenders. In a market where
brokers have so many options, what makes them choose you? A: What makes brokers choose us, now and over time, is that we’ve consistently been in the market in a unique niche way that hasn’t really changed. I know it sounds boring, and we are a cookie-cutter lender, but having a one-page policy, a product that doesn’t change, and low, top-ofmarket rates is easy to remember. If we’re constantly in front of brokers and providing that value proposition along with our response time, it’s pretty straightforward, and we get a lot of word of mouth because of that. Right now, with compliance and regulations all over the place, we’ve stayed ahead of that. When we accept applications, we’ve almost been training brokers for what’s coming, positioning it as, “Hey, this is going to hit you in the future; let’s get used to it now.” And they appreciate that little bit of training, too. Q: What’s one thing your organization does for brokers that competitors may underestimate or overlook? A: As one of the pioneers in the industry in BC, now expanded all the way to Ontario, we’re here with funds all the time. I know that sounds simple, but in the private market right now, there are a lot of lenders going out with really attractive rates that don’t bode well for investors on the other end, and then they run out of funds to lend. Having your borrower’s mortgage called so the lender can free up capital to lend out more money is not something we’re into. We renew all mortgages unless you stop paying. Q: Can you share a recent example of broker feedback that led to a meaningful change in your products, policies, technology, or service model? A: We always want feedback. Recently, we’ve received a lot of feedback about turnaround times on commitments, and we’ve listened. Over the last year and a half, we were a bit slower, running at
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SPECIAL REPORT BUSINESS STRATEGY
BROKERS ON LENDERS 2026
The product range behind the silver medal
THE BROKER WORKFORCE IS IN TRANSITION Experience distribution among survey respondents, 2024–26. Veterans (11+ years) peaked in 2025 and fell sharply in 2026; the mid-career cohort (6–10 years) has grown each year.
50%
40%
30%
20%
10%
0% Less than a year
1–5 years 2024
Chart source: CMP Brokers on Lenders survey, 2024–26
48–72 hours, and now we’re guaranteeing a 24-hour turnaround. We also automated our commitment letter process, which was a direct request from brokers. They want to know when the status has changed, and when it does, they get an automatic email. That change has helped us tremendously and is 100 percent due to broker feedback.
CMP Brokers on Lenders winner:
Manulife Bank of Canada
Manulife Bank of Canada wins silver for product range in CMP’s Brokers on Lenders 2026 Manulife Bank of Canada earned silver for product range in the Prime category of this year’s Brokers on Lenders report.
26
6–10 years 2025
11+ years
2026
n = 493 (2024) · 396 (2025) · 459 (2026)
The recognition reflects what Jenn Ruso, vice president and head of residential lending and distribution at Manulife Bank of Canada, describes as a deliberate strategy to meet brokers where they are and grow with them over time. “Manulife is focused on providing solutions and supporting clients with their broader financial needs,” says Ruso. “We work with brokers to have a win-win-win relationship.” That relationship begins with education. Manulife does not allow every broker to sell its products. Brokers must complete certification and onboarding before accessing the full product suite, a requirement Ruso says elevates the quality of advice clients receive. “That provides an elevated advice conversation with a broker that’s probably more knowledgeable than most, because they’re actually taking the time to learn about what our product offering has,” she says.
The product range that earned Manulife its silver medal spans two core offerings. The first is the Select Mortgage, a traditional amortizing product available in fixed and variable terms. The second is the Manulife One, a mortgage solution and strategy, providing custom mortgage solutions to meet your needs and goals, which includes an all-in-one product that functions like a home equity line of credit with an integrated checking account. Clients can use it to pay bills, deposit income, and reduce interest costs while creating sub-accounts with fixed payments and tracking accounts earmarked for specific financial goals. “It gives you the flexibility like no other product,” Ruso says. Brokers access that product knowledge through dedicated BDMs, an internal BDM team operating virtually, a broker portal, and a live chat function staffed by real people rather than bots or AI. “Every customer, even if they might look the same on an application, has something unique about them,” says Ruso. “How you actually tailor those conversations is where we support our brokers.” The most tangible expression of Manulife’s broker-first approach is its customer feedback process, which collects feedback from customers and prioritizes it for resolution. Last year, the committee helped address more than 100 customer pain points, with two changes standing out. Manulife introduced an automated valuation model that delivers faster appraisals and gives brokers an upfront property value at the start of the process. It also expanded its Equity Advantage program, increasing the loan-to-value ratio from 50 percent to 65 percent, fully re-advanceable, a direct response to sustained broker feedback.
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“Residential lending is a relationship business. If you lose that trust, it is hard to win it back” Jenn Ruso, Manulife Bank of Canada
“It took us a little bit of time to change the policy and get everybody aligned internally, but we were incredibly excited to say that we were able to meet their requirements,” Ruso says.
Why brokers keep coming back: the Manulife difference Certified broker model: Manulife requires brokers to complete education and onboarding before selling its products, producing a more knowledgeable broker network and more tailored client conversations.
A mortgage solution and strategy: The Manulife One product provides custom mortgage solutions to help meet clients’ needs and goals, including simplifying daily banking into one account, reducing debt, unlocking greater financial flexibility, and enabling advanced tax and investment strategies, giving brokers a distinctive solution for clients managing complex financial needs across multiple life stages.
Broker feedback in action: A structured customer irritant advisory committee turns field feedback into prioritized product and policy changes, with more than 100 irritants resolved in 2025 alone.
Dedicated multi-channel support: Brokers have access to field BDMs, virtual BDMs, a broker portal, and a live-staffed chat function to support deal structuring and client conversations.
Q&A with Jenn Ruso Q: Nearly eight in 10 brokers submit deals to five or more lenders. In a market where brokers have so many options, what makes them choose Manulife? A: Manulife is focused on providing solutions and supporting clients with their broader financial needs. When you think about the solution we have with Manulife One, it is really around utilizing the home equity in your home and allowing a client to manage through the different ups and downs in their life, bringing borrowing and everyday banking together in the same place. That is differentiated for us, and it certainly resonates with brokers. We are also a trusted brand, and we work with brokers to have a win-win-win relationship. We are looking to support them in providing the advice Canadians need on how to set up their financial freedom and how to think about their everyday spending needs. We spend a lot of time giving brokers added education and highlighting what our product offerings are. We truly partner with our brokers, and we know that the client is theirs to serve. We are the lender behind the scenes, helping with the solutions and the tools. Q: What is one thing Manulife does for brokers that competitors may underestimate or overlook? A: Manulife offers traditional mortgages, and brokers will often start there because it is a way to introduce clients to the Manulife brand when there are no retail branches. But over time, because we educate brokers on how to move with the customer along their life cycle, the Manulife One product becomes a need.
Where Manulife differentiates itself is in education and training. We do not allow everybody to sell our product. Brokers have to be educated, certified, and onboarded with us. That provides an elevated advice conversation with a broker who is probably more knowledgeable than most because they are taking the time to learn about what our product offering has. We also have dedicated BDMs and internal BDMs who operate virtually, so brokers can have customized, bespoke conversations with their assigned BDM or hands-on coaching, or they can do that virtually. They also have tools through our broker portal and through an internal app chat function, which is a live person, not a bot, not AI. A live person to have the right conversations, get questions answered, and understand what is unique about each customer. Every customer, even if they might look the same on an application, has something unique about them. Q: Can you share a recent example of broker feedback that led to a meaningful change in your products, policies, technology, or service model? A: Last year, I am so proud to highlight that we addressed more than 100 customer experience pain points. If each year we are tackling those top feedback themes and actually doing something about it, it makes for a better model and a better relationship with our brokers, because they are being heard. The first is that we introduced an automated valuation model for faster appraisals. This has helped us ensure we can get through the process faster and that a broker knows how much the property is valued right up front. The second is that we changed our Equity Advantage program so brokers could have a loan-to-value of 65 percent, fully re-advanceable. That increased from 50 percent, and it was based on feedback brokers had provided us in previous cycles. We were incredibly excited to say that we were able to meet their requirements. This allows brokers to have more offerings for their clients.
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SPECIAL REPORT BUSINESS STRATEGY
BROKERS ON LENDERS 2026
78% OF BROKERS WORK WITH FIVE OR MORE LENDERS EVERY YEAR Share of brokers by number of lenders submitted to in the past 12 months. Lender breadth has remained remarkably stable across all three survey years.
90%
78%
80%
of brokers submitted deals to five or more lenders in each of the past three years
60%
Turning broker feedback into fewer friction points
40%
20%
0% 1 lender
2 lenders
3 lenders 2024
Source: CMP Brokers on Lenders survey, 2024–26
CMP Brokers on Lenders winner:
BMO BrokerEdge BMO BrokerEdge wins gold for BDM support and interest rates in CMP’s Brokers on Lenders 2026 BMO BrokerEdge earned gold for both BDM support and interest rates in the Prime category of this year’s Brokers on Lenders report. The double gold is notable for a bankowned lender in a year when broker commentary consistently flagged rate parity between branch and broker channels as one of the industry’s most pressing frustrations. For BMO BrokerEdge, winning on rates in the broker channel is not a contradiction; it is the point.
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The gold for BDM support reflects a sales infrastructure built to serve brokers from coast to coast with what Doolittle describes as responsive communication and practical solutions from submission through funding and beyond. It also reflects a deliberate choice to compete on more than price. BMO BrokerEdge’s value proposition to brokers is built around the whole client experience, not just the mortgage, positioning the bank as a resource for clients’ broader financial needs rather than a transactional lender.
2025
4 lenders
5 or more
2026
n = 493 (2024) · 396 (2025) · 459 (2026)
“Brokers have plenty of choice, so we know we must earn their business on every file,” says Jamie Doolittle, head of BMO BrokerEdge. “With BMO, brokers can count on competitive products, programs, and pricing, a bestin-class sales team that supports brokers from coast to coast, and consistent support for their clients from our Welcome Advisor team.” That welcome advisor model is one of two structural features Doolittle points to as differentiators competitors may underestimate. The second is a “first-in” rule that formally protects broker partnership interests with BMO, ensuring brokers who bring a client to the channel retain that relationship. “Strong partnerships are built on more than products and rates,” says Doolittle. “They are built on consistency, transparency, and follow-through.”
Broker feedback has shaped the operational side of that experience in tangible ways. Doolittle says brokers flagged parts of the onboarding and submission process as more cumbersome than necessary. In response, BMO BrokerEdge shortened onboarding forms, consolidated related fields, streamlined email templates, and simplified portions of the pricing exception process. “These small changes make a meaningful difference in reducing friction and helping brokers spend more time with clients and less time on administration,” says Doolittle. Asked what brokers would tell a colleague about why they keep sending business to BMO BrokerEdge, Doolittle returns to a recurring theme. “Brokers say we are a trusted partner that consistently supports both them and their clients,” she says. “In a business built on relationships and trust, we work hard every day to earn their loyalty and help them grow their business.”
Why brokers keep coming back: the BMO BrokerEdge difference Competitive broker-channel pricing: BMO BrokerEdge earned gold for interest rates in the Prime category, reflecting
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“Brokers have plenty of choice, so we know we must earn their business on every file” Jamie Doolittle, BMO BrokerEdge a deliberate commitment to offering competitive pricing through the broker channel rather than reserving best rates for branch clients.
First-in protection rule: A formal policy protects the broker partnership interest with BMO, ensuring that brokers who introduce a client to the channel retain that relationship over time.
Welcome Advisor model: A dedicated team supports clients from submission through funding and beyond, giving brokers confidence that their clients are being looked after consistently at every stage of the mortgage process.
Reduced administrative friction: Broker feedback directly shaped recent operational changes, including shorter onboarding forms, consolidated submission fields, and a simplified pricing exception process.
From submission through funding and beyond, the BMO BrokerEdge team provides responsive communication, practical solutions, and consistent support to help brokers serve their clients with confidence. Q: What is one thing BMO BrokerEdge does for brokers that competitors may underestimate or overlook? A: In addition to the mortgage, we focus on the overall experience for the brokers and the clients. From our Welcome Advisor model to our first-in rule that protects broker partnership interests with BMO, we have intentionally built processes that respect the time, effort, and trust brokers invest in every client. Strong partnerships are built on more than products and rates. They are built on consistency, transparency, and follow-through. Q: Can you share a recent example of broker feedback that led to a meaningful change in your products, policies, technology, or service model? A: Listening to broker feedback has been a priority from day 1. Recently, brokers told us parts of our onboarding and submission process could be simpler. In response, we shortened onboarding forms, consolidated related fields, streamlined email templates, and simplified portions of the pricing exception process. These small changes make a meaningful difference in reducing friction and helping brokers spend more time with clients and less time on administration.
Q&A with Jamie Doolittle Q: Nearly eight in 10 brokers submit deals to five or more lenders. In a market where brokers have so many options, what makes them choose you? A: With BMO, brokers can count on competitive products, programs, and pricing, a best-in-class sales team that supports brokers from coast to coast, and consistent support for their clients from our Welcome Advisor team.
CMP Brokers on Lenders winner:
MCAN MCAN wins gold for transparency of commission structure in CMP’s Brokers on Lenders 2026 Rated 4.48 out of 5 by brokers across all 10 survey categories, MCAN earned gold
for transparency of commission structure, silver for interest rates, and bronze for both BDM support and broker support in the Prime category of this year’s Brokers on Lenders report. The gold for transparency of commission structure is a particularly meaningful distinction in a year when broker commentary across the survey consistently named unclear or inconsistent compensation as one of the industry’s most persistent frustrations. MCAN’s recognition reflects more than 30 years of building what Kim Mercer, director of corporate brand and marketing at MCAN, describes as a culture of partnership that extends well beyond the sales team. That commitment to transparency extends to initiatives such as the ICON program, where brokers have clear visibility into the performance milestones, rewards, and compensation-related benefits available to them, helping ensure value is understood, accessible, and aligned with growth. “Brokers aren’t supported by one individual,” she says. “They’re backed by an entire organization that’s invested in helping them grow, solve problems, and deliver for their clients.” That organizational alignment is central to how MCAN positions its broker relationships. Mercer says the lender’s value proposition rests on confidence, not product alone. “While product, rates, terms, and compensation will always matter, we’re finding that many brokers are intentionally narrowing their lending partners to a small group they know they can trust,” she says. “It comes down to confidence that we’ll treat their clients well, help protect their reputation, and be there when they need us.” The lender’s approach to gathering broker feedback is equally distinctive. Rather than collecting responses through surveys or portals, MCAN hosted a working session with broker partners during its Explorer Experience in Spain, asking them to workshop ideas around products, programs, and the overall broker experience directly.
www.mpamag.com/ca
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SPECIAL REPORT BUSINESS STRATEGY
BROKERS ON LENDERS 2026
“Products and rates can be matched over time. An entire company aligned around broker success is much harder to replicate” Kim Mercer, MCAN
or inconsistent commission structures is running high across the industry.
The ICON program: A broker support program offering free client mortgage payments, charitable giving, education, and networking opportunities that strengthen the broker-client relationship beyond the transaction itself.
Listening as a competitive advantage: MCAN invites broker partners into structured working sessions to shape products and programs directly, treating field feedback as a strategic input rather than a customer service function.
Q&A with Kim Mercer “The feedback was candid, thoughtful, and incredibly valuable,” Mercer says. “It generated several ideas that are now being explored internally, from enhancements to existing programs to new ways we can better support broker growth and client outcomes.” The process itself, she says, was as important as any individual suggestion, a reflection of a broader philosophy that the best ideas come from the people working with clients every day.
Why brokers keep coming back: the MCAN difference Organization-wide broker alignment: At MCAN, every team from underwriting and operations to finance, IT, marketing, and leadership understands that broker success drives business success, giving partners a consistent experience regardless of who they are dealing with.
Transparency of commission structure as a trust signal: MCAN’s gold medal for transparency of commission structure reflects a deliberate commitment to clear, predictable compensation at a time when broker frustration with opaque
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Q: Nearly eight in 10 brokers submit deals to five or more lenders. In a market where brokers have so many options, what makes them choose you? A: Experienced brokers have access to a lot of lenders, and that’s exactly what makes their choice meaningful. While product, rates, terms, and compensation will always matter, we're finding that many brokers are intentionally narrowing their lending partners to a small group they know they can trust. It comes down to confidence. Confidence that we’ll treat their clients well, help protect their reputation, and be there when they need us. Over time, those relationships create a level of trust that’s hard to replicate. Beyond the mortgage itself, brokers also see value in programs like ICON, whether that’s free client mortgage payments, charitable giving initiatives, education, networking, or collaboration opportunities. Those things matter because they help brokers strengthen their own client relationships. At the end of the day, it’s our people and the experience they create that keep partners coming back. Q: What is one thing MCAN does for brokers that competitors may underestimate or overlook?
A: We don’t believe broker relationships belong solely to the sales team. At MCAN, everyone from underwriting and operations to finance, IT, marketing, and leadership understands that brokers are a critical part of our business. When our partners succeed, we succeed. That creates a different experience. Brokers aren’t supported by one individual; they’re backed by an entire organization that’s invested in helping them grow, solve problems, and deliver for their clients. Products and rates can be matched over time. An entire company aligned around broker success is much harder to replicate. Q: Can you share a recent example of broker feedback that led to a meaningful change in your products, policies, technology, or service model? A: One recent example came from a working session we hosted with broker partners during our Explorer Experience in Spain. Rather than presenting to them, we asked them to help shape the conversation by workshopping ideas around products, programs, and the overall broker experience. The feedback was candid, thoughtful, and incredibly valuable. It generated several ideas that are now being explored internally, from enhancements to existing programs to new ways we can better support broker growth and client outcomes. We believe the best ideas often come directly from the people working with clients every day.
What brokers want from their lenders in 2026 To provide broader industry context for this year’s Brokers on Lenders report, CMP spoke with two of Canada’s top mortgage brokers about the state of the broker-lender relationship in 2026, from what separates true lending partners from the rest to how lenders are supporting brokers through the largest mortgage renewal wave in recent Canadian history.
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Micky Khaneka Mortgage broker, MKG Mortgages, North York, ON
Micky Khaneka of MKG Mortgages is a CMP Top 75 Broker for 2026, a Toronto-area broker with more than 12 years of experience in home financing, including prior experience with one of Canada’s largest financial institutions. Operating through DLC Clear Trust Mortgages in the Greater Toronto Area, he specializes in complex residential mortgage solutions for a wide range of borrowers, including first-time buyers, self-employed clients, and investors. He is a regular commentator on the Canadian mortgage market for CMP.
Q: What makes a lender stand out as a partner in today’s market, and what is a dealbreaker? A: The best lenders are not transactional. They are problem-solvers. Strong communication, consistency, accessibility, and competitive pricing are what separate true lending partners from the rest. The biggest dealbreaker is inconsistency. If brokers cannot predict how a file will be handled, trust erodes quickly. In this business, certainty is often just as valuable as the rate. The strongest lenders are true partners who can look at the same deal from different perspectives, consider the full context, and make sound lending decisions. Q: One of CMP’s survey metrics is turn-
INSIGHTS As part of our editorial process, CMP’s researchers interviewed the subject matter experts below for their independent analysis of this report and its findings. Chris Allard Mortgage Broker Smart Debt Mortgages Micky Khaneka Mortgage Broker MKG Mortgages
around time. What is the industry-leading turnaround time for lenders in 2026, and how are the best lenders using technology to improve and deliver on this?
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SPECIAL REPORT BUSINESS STRATEGY
BROKERS ON LENDERS 2026
HOW MUCH MORE WILL CANADIANS PAY WHEN THEIR MORTGAGE RENEWS IN 2026? Average change in monthly mortgage payment at renewal in 2026, by mortgage type. Five-year fixed holders face the steepest increases – the same borrowers whose pandemic-era rates are expiring this year.
$375
All mortgage types (avg)
Average monthly payment increase for 2026 renewers CMHC 2026 Mortgage Consumer Survey, May 2026
Variable rate, adjusting payments
39% Down from 53% in 2025
Of mortgage holders worried a bout making payments in 2026 CMHC 2026 Mortgage Consumer Survey, May 2026
Variable rate, fixed payments
35% Of renewers reported higher financial strain from rate changes
Five-year fixed rate
CMHC 2026 Mortgage Consumer Survey, May 2026
-12%
0%
10%
20%
25%
Average change in monthl payment at renewal (%)
What this means for brokers: Five-year fixed-rate mortgages make up roughly 40% of all Canadian mortgages. Holders of these mortgages face the largest payment increases –and represent the core renewal opportunity for brokers who can offer competitive alternatives before clients default to their existing lender's renewal offer.
Chart source: Bank of Canada, Staff Analytical Note 2025-21, July 2025 — bankofcanada.ca-Callout source: CMHC 2026 Mortgage Consumer Survey, May 20, 2026 —cmhc-schl.gc.ca
A: In 2026, anything beyond 24 hours for a live purchase file should be the exception, not the norm. The strongest lenders are leveraging AI to automate document review, income validation, and workflow management, allowing underwriters to focus on credit decisions rather than administration. Technology is accelerating decisions and improving turnaround times, but the human element remains critical. Borrowers remember how quickly someone answered the phone and solved a problem, not just how fast the algorithm worked. Q: According to CMHC, 1.15 million mortgages are set to renew in 2026. How are lenders supporting brokers to win and retain that business, and where are they falling short? A: Renewals are relationship opportunities, not simply maturity dates. The
32
best lenders are supporting brokers with proactive retention strategies, competitive pricing, and the flexibility to engage clients well before renewal. Where the industry can improve is by offering their most competitive pricing upfront rather than waiting until a client shops the market and returns with competing offers. Retaining an existing client should be a top priority. The best offer should not come only after they have shopped the competition. Chris Allard Mortgage broker, Smart Debt Mortgages, Ottawa, ON
Chris Allard of Smart Debt Mortgages in Ottawa is recognized as one of Canada’s Top 75 Mortgage Brokers and a Canadian Mortgage Awards finalist, as well as a member of the DLC Hall of Fame. In 2024 and 2023, he
won the Consumer Choice and Top Choice awards for best mortgage broker in Ottawa. His team is known for creative solutions, a high level of communication, and fast turnaround times across residential, commercial, private, and construction mortgage files. Q: What makes a lender stand out as a partner in today’s market, and what is a dealbreaker? A: Our top lending partners are the ones who are fast to provide an approval or decline on a file. These lenders must be priced competitively and able to understand the rationale behind why a file should work. Dealbreakers are lenders with a slow turnaround time on approval or a difficult time signing off on conditions in a timely manner. Q: One of CMP’s survey metrics is turnaround time. What is the industry-leading turnaround time for lenders in 2026, and how are the best lenders using technology to improve and deliver on this? A: If a borrower is waiting more than two days for an approval, they are likely getting anxious. The fastest lenders in the A-lending landscape are approving files within a matter of hours. From what I understand, some ofthe fastest lenders have a system prompting underwriters on where the application needs their attention. Q: According to CMHC, 1.15 million mortgages are set to renew in 2026. How are lenders supporting brokers to win and retain that business, and where are they falling short? A: Brokers have been struggling to win transfer business as many lenders have offered competitive pricing to existing customers. On the files that do make sense to transfer or switch, we have seen many lenders struggle to offer a smooth transfer process. This is partly due to friction with transfer partners such as FCT and FNF and also in part to some existing lenders not releasing payout documents in a reasonable timeframe.
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What Canada’s top-rated lenders have in common Twenty years of broker votes have produced a lot of winners. What they share is more instructive than any individual medal. This year’s recognized lenders, across both Alternative and Prime categories, were not chosen for a single outstanding quality. They were chosen because Canada’s working brokers, triaging files across an average bench of five or more lenders, came back to them repeatedly. In a market defined by the largest renewal wave in recent memory, tightening loan-to-value ratios, and a
widening gap between broker channel and branch channel pricing, that loyalty is not given lightly. The common thread running through this year’s gold, silver, and bronze medallists is a commitment to the broker relationship that goes beyond the transaction. VWR Capital built consistency into its DNA, while Manulife Bank of Canada turned broker feedback into product changes. BMO BrokerEdge earned gold for rate and BDM support, while MCAN won gold for transparency. The 2026 Brokers on Lenders report also marks a turning point in how CMP measures lender performance. The intro-
duction of the Alternative and Prime split reflects a market that has matured past a single ranking into two distinct competitive arenas, each governed by different client needs, different risk appetites, and different definitions of exceptional service. What has not changed in 20 years of broker votes is what earns a lender a place on this list. Brokers remember who picked up the phone, gave them a straight answer, honoured a commitment and got the file funded on time. In 2026, those qualities remain the clearest measure of a lending partner worth sending business to.
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SPECIAL REPORT BUSINESS STRATEGY
BROKERS ON LENDERS 2026
BROKERS ON LENDERS 2026
OVERALL ALTERNATIVE
PRIME
Gingko
RMG
Hosper Mortgage
Calvert Home Mortgage Investment Corporation
Merix
BDM SUPPORT
BROKER SUPPORT PRIME
ALTERNATIVE
Gingko Calvert Home Mortgage Investment Corporation
Hosper Mortgage
Merix
BMO BrokerEdge
MCAN
INTEREST RATES
Gingko
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First National
ALTERNATIVE
PRIME
Gingko
Merix
Hosper Mortgage
B2B Bank
RMG
MCAN
IT/TECHNOLOGY
ALTERNATIVE
PRIME
ALTERNATIVE
PRIME
VWR Capital
BMO BrokerEdge
Gingko
MCAP
Hosper Mortgage
MCAN
MCAP
Oppono Lending Company
Hosper Mortgage
First National
RMG
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BROKERS ON LENDERS 2026
PRODUCT RANGE
OVERALL SERVICE LEVELS ALTERNATIVE
PRIME
Gingko
Merix Calvert Home Mortgage Investment Corporation
Hosper Mortgage
ALTERNATIVE
First National
PRIME
Gingko RMG
Oppono Lending Company
Scotiabank B2B Bank
MCAP
Manulife Bank of Canada
TRANSPARENCY OF COMMISSION STRUCTURE
SATISFACTION WITH CREDIT POLICY ALTERNATIVE
PRIME
ALTERNATIVE
PRIME
Gingko
MCAP
Gingko
MCAN
Hosper Mortgage
VWR Capital
RMG
First National
Oppono Lending Company
RMG
First National
UNDERWRITER SUPPORT
TURNAROUND TIME ALTERNATIVE
PRIME
Gingko Calvert Home Mortgage Investment Corporation
Calvert Home Mortgage Investment Corporation
ALTERNATIVE
PRIME
Gingko
Merix
Merix Hosper Mortgage
RMG
First National
Calvert Home Mortgage Investment Corporation
Hosper Mortgage
First National
MCAP
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PEOPLE
INDUSTRY ICON
Helping people find a way After nearly 40 years shaping Canadian mortgage lending, Rene Quercia reflects on legacy, leadership, and why the human advisor still matters most WHEN RENE QUERCIA started out as a personal lender in a Hamilton, Ontario, branch in 1985, interest rates in Canada were only just beginning their long retreat from the crisis highs of the early 1980s. In those days, it wasn’t uncommon to see mortgage rates as high as 18 percent. The clients walking through his door were nervous, hopeful, and often first-time buyers with no clear map of how to get to homeownership. But Quercia made it his business to draw one. That instinct – the drive to find a solution rather than close a file – carried Quercia through a 35-year career at TD Bank, spanning various business lines including small business banking, financial planning, retail banking, and a 10-year stint leading the company’s mortgage sales force and broker channel. It was followed by a second act leading broker sales at Home Equity Bank, where he became one of the most recognizable voices in the reverse mortgage space. After retiring this summer, he sat down with Canadian Mortgage Professional to look back on a long career built on the foundation of helping borrowers find a way.
entering the management training program and landing in a personal lending role. What struck him, and what never left him, was the feeling of helping someone purchase their first home. “I know it sounds cliché, but it’s literally helping them to achieve their dream,” he says. “To be able to put together a financial package that could actually allow
From branch lender to national leader
The lesson that lasted four decades
Quercia joined TD straight out of university,
For those starting out in the industry today,
36
Quercia’s advice is grounded in what he learned early and carried long: know your products better than anyone, even the ones that aren’t yours to sell. “The people that had the knowledge used to be the people that had a better shot at winning and being successful,” he says. “That’s now no longer the case, because knowledge
“To be able to put together a financial package that could allow them to purchase their first home – that would put me over the moon when I could do that” them to purchase their first home, to me, was just – it would put me over the moon when I could do that.” That emotional fuel powered a steady climb through TD’s mortgage division. By the time he ran the bank’s mortgage sales force, he was leading a team of 1,100 people across the country. His measure of success was rarely his own numbers; instead, it was watching people grow.
has now become commoditized. It’s essentially available to anyone and everyone.” The differentiator, he argues, has shifted decisively toward human connection. In an environment where borrowers can query AI tools for mortgage options before ever picking up the phone, the broker or advisor who builds genuine trust has something no algorithm can replicate. “At the end of the day, even though we’ve got all these tools, you still need someone that you can trust,” he says. “Given the size of the financial decisions that we help people with,
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PROFILE Name: Rene Quercia Most prominent companies represented: TD Bank, HomeEquity Bank Years in industry: 35+ Quick fact: In addition to his work in the mortgage industry, Quercia has long supported the United Way and the Centre for Mental Health and Addiction (CAMH), and he now works with Rise, a microloan program for entrepreneurs in recovery.
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PEOPLE
INDUSTRY ICON
you still need someone who can give you guidance and support to even decipher some of the answers you get from some of these tools. Having a human who’s got the experience, who’s maybe helped other clients in similar situations – that’s much, much better.” Quercia sees AI as a powerful tool for brokers who are willing to use it, particularly for mining long-held client databases for reverse mortgage opportunities based on age demographics alone. But he cautions against mistaking engagement for understanding. “ChatGPT and AI are not always correct and may not always give you the best solution,” he says.
mortgages for the bank,” he says. “The next thing you know, they’d be making double, triple, quadruple the amount of money and literally changing their lives.” The other shift that defined his career was one no one in the industry could ignore: affordability. When Quercia started out, a home could be purchased for two or three times a buyer’s annual income. Today that figure is closer to 10 or 12 times. The so-called “Bank of Mom and Dad” – once an oddity – has quietly become a structural feature of the Canadian housing market. “Back when I started, parents just didn’t have to help their kids with their first home,”
“Knowledge has become commoditized. It’s essentially available to anyone and everyone. So if knowledge is no longer a differentiator, then what is? It comes back to you connecting as a human with other humans” Rewiring, not retiring Quercia may be stepping back from his prominent position in the mortgage industry, but a wide variety of charitable and extracurricular endeavours are sure to keep him busy. He prefers to use the description offered by a colleague: rewiring, not retiring. Looking back across nearly four decades, what stands out most is not market cycles or product launches, but people. Running TD’s national mortgage sales force gave him a front-row seat to what ambition, combined with the right support, could do. “I would see people come out of jobs where they were earning a decent salary, and they’d all of a sudden find their groove in selling
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he says. “And yet in the last 10 to 15 years, it’s almost become standard. If you do have parents that can afford to support you, it’s almost necessary to get into that first home.”
What’s most important for mortgage professionals For the brokers and mortgage professionals now navigating that reality, Quercia’s parting counsel is characteristically direct. Work-life balance – or what he calls work-life rhythm – is not a luxury reserved for underachievers. The highest performers he encountered were also often the most disciplined about boundaries. “Don’t confuse activity with productivity,” he says. “If you’re going to choose to do
CAREER
1985−2020
Various progressively senior management roles, TD Bank (finishing with 10-year spell leading the mortgage sales force and broker channel)
2021−2022
Advisory board member, Blimp Homes
2022−2023
Vice president, mobile mortgage specialists and broker services, DUCA Financial Services Credit Union Ltd
2023−2026
Senior vice president, broker channel, HomeEquity Bank
something, make sure it’s effective. And then when you do take downtime, make sure you are down.” The question of where the industry goes next is one he has clearly thought about. Technology will keep accelerating. AI will keep getting smarter. Borrowers will keep arriving at conversations better informed than any previous generation. But Quercia’s read on what all of that means for mortgage professionals is less threatening than it might first appear. The tools change; the need for a trusted human at the centre of a major financial decision does not. “As lending professionals, as financial professionals, we are the I,” he says. “We are the person that has that history and that knowledge and sometimes the wisdom to help people where AI tools can.”
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SPECIAL REPORT
Top50
WOMEN OF INFLUENCE 2026
Meet the brokers, lenders, and executives named to CMP ’s 2026 Women of Influence list
CONTENTS
PAGE
Feature article ............................................. 40 Methodology .............................................. 40 Top 50 Women of Influence 2026 ............. 50
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SPECIAL REPORT BUSINESS STRATEGY
TOP 50 WOMEN OF INFLUENCE 2026
CANADA’S BEST FEMALE MORTGAGE BROKERS AND PROFESSIONALS CANADIAN MORTGAGE PROFESSIONAL ’s Top 50 Women of Influence 2026 names the 50 best female mortgage brokers and professionals in Canada, recognizing the brokers, lenders, and industry executives driving change across the country’s mortgage industry. Nearly 60 percent of Canadian mortgages, about 1.2 million loans, are renewing through 2026, and five-year fixed borrowers face an average payment increase near 20 percent, according to the Bank of Canada’s analysis of mortgage payment changes at renewal. Guiding anxious households through that shift has become the defining test for
this year’s Canadian Mortgage Professional Top 50 Women of Influence. Eighteen of this year’s 50 honourees, 36 percent of the list, also won CMP’s Top 50 Women of Influence list from 2025, a sign that this recognition is tracking sustained leadership rather than a single strong year.
Why sponsorship, not mentorship, defines this year’s strongest cases Judges and winners alike pointed to the same tension when asked what advances women’s careers in the mortgage industry. Mentorship
METHODOLOGY To compile the 2026 Top 50 Women of Influence list, CMP encouraged mortgage professionals to nominate outstanding female leaders from across the industry. Nominators were asked to provide details of their nominee’s achievements and initiatives over the past 12 months, including specific examples of their professional accomplishments and contributions to the industry as a whole. The final list was selected by a judging panel made up of industry leaders and previous Women of Influence, including the following judges. • Dalia Barsoum, Streetwise Mortgages • Sofia Hondrogiannis, TD Bank Group • Daniela DeTommaso, FCT, a national title insurance and real estate services provider • Michelle Campbell, Mortgage Architects • Rebecca Casey, Dominion Lending Centres (DLC) Origin Mortgages To avoid any potential conflicts of interest, the CMP team voided self-voting and votes for a judge’s own organization. CMP’s Top 50 Women of Influence, recognizing the 50 best female mortgage brokers and professionals in Canada, is proudly supported by the Canadian Alternative Mortgage Lenders Association.
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remains the default vocabulary, but sponsorship, opening doors, sharing networks, and putting your name behind someone in rooms they aren’t in, is what the strongest cases in this year’s cohort demonstrated. That distinction matters now more than ever. Canadian women are projected to control nearly $4 trillion in assets by 2028, according to CIBC Capital Markets, yet women hold just four percent of CEO roles in Canadian mortgage, according to a 2026 CMP roundtable of Canadian mortgage finance leaders. This year’s Top 50 are already building the infrastructure to close that gap.
What sets apart the best female mortgage brokers and professionals in Canada This year’s judging panel, made up of five industry leaders, including past honourees Dalia Barsoum and Sofia Hondrogiannis, saw a cohort operating in one of the toughest markets in years, and responding with unusual precision. “The defining quality was verifiable, in-year impact rather than reputation,” says Barsoum, founder and principal broker at Streetwise Mortgages and Streetwise Wealth in Toronto. “The submissions that rose to the top were dense with specifics, named awards, funded volumes, and growth percentages.” Barsoum points to two shifts beneath the surface. Commercial and specialized lending expertise, debt advisory, apartment and multifamily financing, and credit operations,
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KEY TAKEAWAYS CMP Top 50 Women of Influence 2026 Key finding
What the data show
Sponsorship, not mentorship, is what actually advances women’s careers.
Judges found sponsorship language outweighed by mentorship language roughly 2 to 1 in nominations, even though the strongest, highest-scoring submissions were sponsorship in action.
This year’s honourees build institutions, not just close deals.
98% lead structured mentorship, 40% founded or personally run a philanthropic initiative, and 34% hold an industry board or association seat.
Recognition is tracking sustained leadership, not one good year.
36% of this year’s Top 50 (18 of 50) also won CMP’s Top 50 Women of Influence in 2025, verified by name against last year’s published list.
The list spans the full mortgage ecosystem, not just brokers.
72% of honourees work the broker channel, while 28% lead from the lender, insurer, or technology-platform side.
The 4% CEO statistic isn’t about a lack of talent.
Judges and winners independently pointed to the same barrier: informal, closed-door networks historically favouring men, concentrated at the executive and lender-leadership level, not at entry.
The renewal wave is this year’s defining industry pressure.
Roughly 60% of Canadian mortgages (about 1.2 million loans) are renewing through 2026, with 5-year fixed borrowers facing average payment increases near 20%.
The industry isn’t yet built for its next major client base.
Canadian women are projected to control nearly $4 trillion in assets by 2028, but judges say the client-facing model still targets a different default customer.
Entrepreneurship and governance often overlap in this cohort.
12% of winners both founded their own business and hold a formal industry board or association seat.
are far more visible in this year’s cohort than a straight-broker list would suggest. And the standout performances weren’t always about volume alone. One solo commercial originator this year funded more than $160 million across roughly 60 transactions and won Commercial Broker of the Year, while a company president led her firm to a $2-billion funding milestone, the kind of submission Barsoum says reflects a shift in what leadership looks like on this list. It’s no longer just top producers. This year’s honourees run brokerages, chair industry awards bodies, and co-chair conferences drawing more than 1,500 attendees. Sofia Hondrogiannis, associate vice president of national distribution for broker services at TD Bank Group in Toronto, frames the cohort differently. She explains that what stood out most this year was the combination of resilience and adaptability. “This cohort is operating in one of the most complex market environments we’ve seen in decades, yet they’ve continued to grow their businesses, support clients
through uncertainty, and make meaningful contributions to their communities,” she says. “The top performers are those who can simplify complexity for their clients, translating rate movements, affordability challenges, and product structures into actionable advice. That advisory skill set has become a true differentiator.”
Why women hold just four percent of CEO roles in Canadian mortgage The four percent figure cited throughout this report isn’t isolated to mortgage. A 2025 Morningstar DBRS report on gender diversity across Canadian financial institutions, real estate, and diversified industries found a similar pattern at the top of the corporate ladder, detailed later in this report. At financial institutions specifically, the same board-to-CEO drop-off shows up in the data. Set against that backdrop, mortgage’s four percent CEO rate isn’t an industry anomaly. It’s a steeper version of
the same drop-off, the same board-to-CFOto-CEO pattern playing out at roughly three times the severity once it reaches mortgage’s own C-suite. That advisory instinct shows up across the data. Nearly all (98 percent) of this year’s winners lead structured mentorship, while 40 percent have founded or personally run a philanthropic initiative. Seventy-two percent work the broker side of the industry, with the remaining 28 percent leading from the lender, insurer, or platform side, underscoring that this list now spans the full channel rather than one segment of it. Geographically, the 50 honourees stretch across seven provinces, though Ontario, home to 30 of this year’s winners, remains the industry’s centre of gravity.
What the $4 trillion wealth shift means for mortgage brokers and leaders The $4 trillion question looming over the next two years is not abstract for this year’s Top 50.
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SPECIAL REPORT BUSINESS STRATEGY
TOP 50 WOMEN OF INFLUENCE 2026
WHAT A WOMAN OF INFLUENCE LOOKS LIKE: THEME PREVALENCE ACROSS THE 2026 COHORT
72%
Mentorship / coaching a team or peers
represent the broker channel (independent brokerages and broker networks); the remaining 28% are lender, insurer, or platform-side leaders
Explicit DEI / women’s-advancement work Structured philanthropy (founded or leads)
12% both founded their own business and hold a formal industry board or association seat
Industry governance (boards, chairs, committees) Founder orAusiness Aowner
0%
20%
40%
60%
80%
100%
n = 50. Each nomination narrative was reviewed and tagged for the presence of five recurring themes (not mutually exclusive). Based on submitted nomination content, not independently verified. Channel split classifies each winner’s employer as broker-side (independent brokerage or broker network), lender/ institutional (bank, monoline lender, or mortgage insurer), or technology platform. The repeat-honouree figure (18 of 50) is verified by name against CMP’s published 2025 Top 50 Women of Influence list.
According to CIBC Capital Markets, Canadian women are set to control nearly $4 trillion in assets by 2028, up from $2.2 trillion today, a shift Barsoum calls a service-design problem, not just a marketing one. Several of this year’s honourees are already building toward it, running divorce-focused advisory platforms, hosting women’s wealth summits drawing more than 650 attendees, and creating first-time-buyer programs for underserved communities.
How the mortgage renewal wave will keep testing brokers through 2027 The renewal wave will keep testing the industry through 2026 and into 2027, with roughly a third of all Canadian mortgage holders still facing payment increases by the end of the period, according to the Bank of Canada.
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36% of this year’s Top 50 (18 of 50) also won CMP’s Top 50 Women of Influence in 2025, verified against last year’s published winner list
The Bank’s data also shows that mortgage holders renewing in 2025 saw average payments rise 10 percent compared with December 2024 levels, easing to a six percent average increase for 2026 renewals as more borrowers roll into lower rates. Five-year fixed borrowers, who make up the largest share of this wave, face a steeper average increase of 15 percent to 20 percent in both years. TD Economics expects the back half of 2026 to mark a turning point, with payment declines becoming the dominant outcome for the first time since the renewal wave began. Hondrogiannis expects the brokers and lenders who lead the next 24 months to be the ones already treating financial literacy and succession planning as core business functions rather than side initiatives. Both judges point to the same conclusion. Recognition is running ahead of the industry’s product and advice model, and the leaders
positioned to close that gap are those already building the infrastructure for it today.
Leading change where gender parity lags in Canada’s mortgage industry The Women of Influence are making their mark at a time when progress on gender equity has slowed across Canada’s corporate world, including within mortgage and financial services. With nearly a third of this year’s honourees having founded or personally run their own business, that slowdown is especially relevant.
Why women-owned businesses remain Canada’s biggest missed opportunity According to the Business Data Lab’s (BDL) March 2025 report, Women Entrepreneurs: Canada’s Biggest Missed Business Opportunity, women-owned businesses account for roughly 18 percent of all Canadian enterprises as of 2024, well short of the federal Women Entrepreneurship Strategy’s goal to double that share by 2025. BDL estimates that closing this gap, an estimated 710,000 “missing” women entrepreneurs, could have added 6 percent to Canada’s GDP over the past seven to eight years, or roughly $150 billion to $180 billion in unrealized output. The gap is most pronounced in Ontario and Quebec, home to nearly two-thirds of Canada’s missing women-owned businesses, and highest in the Prairies, Prince Edward Island, and New Brunswick.
How Canada’s C-suite gender gap compares to mortgage’s four percent A 2025 Morningstar DBRS report, focused on financial institutions, real estate, and diversified industries, found that women held
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just six percent of C-suite jobs nationwide in 2023, down from seven percent in 2020 and unchanged over the past decade. At financial institutions, women made up 13 percent of CEOs and 33 percent of CFOs. Board gains, where women now hold 41 percent of seats, haven’t carried through to the top ranks. LinkedIn’s 2025 State of Women in Leadership report also found that progress toward gender parity in leadership has stalled in recent years. Only 30.6 percent of leadership positions are held by women, representing a 0.2 percent increase since 2022. What’s more, the data shows the leadership gap grows with age. Among baby boomer women, the drop from workforce participation to top roles is 46 percent. For Gen Z women, it’s 34 percent. A separate 2025 Doane Grant Thornton report puts a sharper point on the pace of change. At the current rate of progress, a young woman starting her career today would work for more than a quarter of a century before she could expect to reach a small or mid-sized business with gender parity in top roles. The same report found 6.8 percent of Canadian businesses currently have no women in senior management at all, and a further 12.1 percent have only one.
dominated, with women holding just 30 percent of senior management positions nationwide. Other findings from Barely Breaking Ground still stand, absent fresher data. 1. On representation, women in senior management have seen slow progress, remaining 20 points behind equality. If current trends persist, national parity will not be achieved within this century. 2. On compensation in management occupations, despite faster wage growth in recent decades, women still earn less than men, 88 cents to the dollar in management occupations in 2023, compared with 80 cents in 1997. 3. On entrepreneurship, despite a strong ecosystem of financing options, entrepreneurs from traditionally underrepresented groups struggle with accessing financing to a greater extent than the average Canadian business. In this environment, the female leaders featured on CMP’s list are helping to move the needle forward and create greater opportunity for others.
How this year’s top female mortgage brokers are outpacing national trends
“Create the evidence, quantify your impact, These national trends contrast with the advances made by this year’s influential and communicate it Top 50. In financial and business services, including mortgages, women now hold more constantly. Be your than half of specialized middle management own sponsor” roles, according to the Canadian Chamber’s earlier Barely Breaking Ground (2024) report on gender parity in business. Yet pay gaps remain, with women earning 85 cents for every dollar earned by men. Senior leadership remains male-
Leanne Conroy, MCAN Financial
Hondrogiannis says progress depends on organizations being deliberate about who they identify and how early. “Organizations are being more deliberate about identifying high-potential women earlier, creating pathways into leadership roles, and ensuring diverse voices are present in succession planning discussions,” she says. That structural work, building the pathway before someone is ready to walk it, is echoed throughout this year’s cohort, from formal mentorship masterminds to the governance seats several winners have taken on to make sure succession decisions happen with women in the room.
Leanne Conroy Regional Director of Sales, MCAN Financial, Toronto, ON
Why this MCAN Financial leader says sponsorship moves careers faster than metorship Leanne Conroy carries influence in two directions at once. As regional director of sales at MCAN Financial, she’s a consistent top producer and an internal mentor to women building their careers at the firm. Beyond the organization, she’s become a recognizable presence on the industry speaking circuit, sought out as a host and presenter at women’s advocacy events across the country. Hosting the industry’s biggest platform for women’s leadership Conroy’s public-facing work reached a clear marker in 2025 when she hosted the Women’s Summit, one of the mortgage industry’s dedicated forums for women’s leadership and professional development. The role of host is often underestimated. It requires command of the room, credibility with the audience, and the ability to draw out the event’s value
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SPECIAL REPORT BUSINESS STRATEGY
TOP 50 WOMEN OF INFLUENCE 2026
lacks women putting their hand up and getting into an uncomfortable space. So many achievements happen quietly. Women are driving growth, leading teams, and chairing boards, but they’re not positioned as industry leaders the same way our male counterparts are. I don’t think it’s intended. I think it’s just a blind spot.
THE PIPELINE PARADOX: WHERE WOMEN IN CANADIAN FINANCE THIN OUT
Board seats (financial institutions)
CFO (financial institutions)
CEO (financial institutions)
CEO (Canadian mortgage)
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Board seats, CFO, and CEO (financial institutions) figures: Morningstar DBRS, 2025 Report on Canadian Financial Institutions, Real Estate, and Diversified Industries (2023 data). CEO (Canadian mortgage) figure is the widely cited industry statistic referenced independently by this report’s judging panel and multiple featured winners. The comparison illustrates that mortgage’s CEO gender gap is a steeper version of a pattern across Canadian finance broadly, not an industry-specific anomaly.
rather than occupy its centre. That Conroy is consistently sought for it says something about how the industry reads her.
trajectory of her career, and her own path didn’t accelerate until her mid-40s, following a decade raising her children.
Building community through presence, not platform Conroy holds membership in Women in the Mortgage Industry and volunteers her time teaching yoga to mortgage professionals, a detail that sits slightly apart from the rest of her profile but points to something consistent in her approach, namely access and community built through presence rather than platform.
Q&A with Leanne Conroy
Turning her own mentorship gap into an advocacy mission Conroy’s advocacy within MCAN is less visible by nature. Mentoring colleagues inside an organization rarely produces a citation or an award. What it produces is the next person in the room who feels capable of staying there, something Conroy knows first-hand. She went 25 years without a real mentor of her own before one specific sponsor changed the
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In the past 12 months, have you done more mentoring or sponsoring, and which moves the needle more? I think it’s really sponsorship that changes a career. Mentorship is so important, but it doesn’t necessarily advocate for somebody when an opportunity arises. I really lacked mentorship for the last 25 years. It wasn’t until I had a specific person in my life who was my sponsor that things changed, though I also grew a lot myself along the way. What’s something you saw missing in this industry that nobody else seemed bothered by? This industry doesn’t have a shortage of talented women. It lacks enough people actively opening doors for them, and it
Women hold just four percent of CEO roles in Canadian mortgage. What’s blocking the pipeline? Men have historically benefited more from informal networks to accelerate leadership opportunities, whereas women have to demonstrate that we’re ready repeatedly throughout a 20-year span before we’re viewed as leadership material. My own career didn’t really accelerate until my mid-40s, and I had about a 10-year hiatus when I had my kids. We’re expected to lead like the previous person when we all bring very different perspectives. What’s the most practical thing you’d tell a woman who can’t get the room to take her seriously? Stop waiting for recognition. If you’re waiting for someone to say, ‘Good job, you deserve a promotion,’ you have to stop waiting. Always speak up, because nobody’s just going to say you deserve a raise. You have to keep asking for what you want.
Corinne Schindler CEO and Founder, Powerhaus Mortgage Experts, Vancouver, BC
How sharing her network became the growth engine behind Powerhaus Mortgage Experts Corinne Schindler started over at the stage most people start wrapping up. After four decades in Canadian banking, including
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CANADA’S WOMEN-OWNED BUSINESS GAP AND THE GDP OPPORTUNITY IT REPRESENTS WOMEN-OWNED BUSINESSES VS. FEDERAL TARGET 350K
WHAT CLOSING THE GAP COULD MEAN
710,000
300K
estimated “missing” women entrepreneurs in Canada, 2025
250K 200K 150K
$150B+
100K
in foregone GDP over the past 7-8 years from this gap
50K 0K
2025 baseline
2024 actual
2025 WES target
Source: Business Data Lab, Women Entrepreneurs: Canada’s Biggest Missed Business Opportunity (March 2025), pages 8 and 12–13. The Women Entrepreneurship Strategy (WES), announced in Budget 2018, aimed to double the number of women-owned businesses by 2025 relative to the 2005 baseline of 170,620 firms. As of 2024, majority women-owned businesses stood at 195,713, roughly 145,000 short of the 341,240 target, and represented 18% of all Canadian enterprises.
more than 10 years ranking among the top one percent of mortgage providers in the country, a first for a woman at the time, she walked away from institutional employment and founded Powerhaus Mortgage Experts in Vancouver. Within her first seven months, she’d funded more than $120 million in mortgages, and she now ranks within the top two percent of Dominion Lending Centres’ network of more than 9,000 agents. The numbers matter, but they aren’t the point. The point is that she built them from scratch, in a new business model, later in her career than almost anyone attempts it. From bank branch manager to brokerage founder Schindler’s career began in 1985 in a financial industry that required women to be demonstrably better than their male peers just to advance. She advanced anyway, managing her first bank branch at 28 while raising two children as a single mother, eventually overseeing five branches and moving into head office roles across HR and sales strategy. Those HR years weren’t administrative. She adapted safety protocols for hearing-
impaired employees in call centres and represented staff in Human Rights Tribunal matters, work that put inclusion into practice before the industry had developed much language for it. An open market model built on decades of banking experience The thesis behind Powerhaus draws directly on that institutional depth. Long-tenured bankers carry knowledge and client relationships the brokerage world rarely captures, and Schindler built a firm designed to channel that experience into an open-market model, giving clients access to more than 100 lenders rather than a single institution’s product shelf. Through The Haus Society, she’s extending that logic further, bringing experienced professionals together to raise standards and mentor the next generation of mortgage advisers. Her team at Powerhaus now operates across nine languages, and she’s not finished hiring. Giving back through community and mental health advocacy Her community commitments through this same period include board service with the Richmond Food Bank, support for Covenant
“The thing that has moved the needle most in the last 12 months and, honestly, throughout my career, isn’t a label. It’s the action of sharing my network freely, consistently, and without hesitation” Corinne Schindler, Powerhaus Mortgage Experts
House and BC Children’s Hospital, and a seat on the Coast Mental Health Courage to Come Back Awards panel, where she helped select the 2026 recipients, a role that requires real judgment about people navigating serious difficulty. For Schindler, sponsorship and networking are the same act. “I mentor people, and how I do it is through sharing my network,” she says. “Making the right introduction at the right time means everything.”
Q&A with Corinne Schindler You’ve said sponsorship and mentorship aren’t separate things for you. Why? My definition of sponsorship is really just networking. I mentor people, and how I do it is through sharing my network. Making the right introduction at the right time means everything, putting them in rooms they weren’t able to be in before. That changed their trajectory.
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SPECIAL REPORT BUSINESS STRATEGY
TOP 50 WOMEN OF INFLUENCE 2026
What did you see missing in this industry that finally became your problem to solve? My philosophy is that we’re our own greatest challenge. Throughout my years in banking, I was told I couldn’t have certain roles because I was a mother, that I couldn’t transfer because I had a child to bring with me. I never once saw it as a crutch. I was fortunate to be able to see things differently. Women hold just four percent of CEO roles in Canadian mortgage. What’s blocking the pipeline? A lot of it has to do with balancing work and family. There’s no way a mother working eight or 10 hours a day, who’s also managing the household, is going to spend eight hours on a golf course. Our networking opportunity has gone. But the advantage for women is we’re very direct and succinct. We know what we want to achieve and we get it done in less time. What’s the most practical thing you’d tell a woman who can’t get the room to take her seriously? Bring up the elephant in the room. Be transparent. You’re not looking for pity, you’re saying, ‘You may think I’m new to this, but actually I’m not, I’ve got something to say.’ Address it right away, then talk about where your value is. Don’t try to win people over with fluff. Men like direct, and that gets you their attention.
Jamie Doolittle Head, BMO BrokerEdge, Toronto, ON
Inside BMO BrokerEdge’s approach to preparing enterpreneurs for investor pitches Jamie Doolittle works where institutional lending strategy meets the unglamorous
46
“Sometimes you have to act with confidence before you fully feel it. Over time, that confidence grows as you continue to contribute, speak up, and demonstrate your value” Jamie Doolittle, BMO BrokerEdge
early work of building other people’s businesses from scratch. As head of BMO BrokerEdge, she leads the strategic direction of BMO’s mortgage broker channel, driving lending partnerships and solutions across the network, building on how BMO’s trailblazers built the BrokerEdge channel. That executive role is only half the picture. Mentoring entrepreneurs at the earliest stages of business formation Over the past 12 months, Doolittle has moved through the entrepreneurship ecosystem in a way that has little to do with brand visibility and everything to do with proximity to the problem. She has mentored and facilitated workshops through the Humber College Longo Centre for Entrepreneurship, NextAI, and IDEA Mississauga, three programs working at the earliest, most precarious stage of business formation, and served as a judge for the BMO Launch Me Women’s Pitch Competition.
Expanding financial literacy access for women in business Doolittle’s advocacy for women in business runs through BMO’s own infrastructure as well. She co-led a financial forecasting webinar through the BMO for Women initiative and has spoken at events including Her Network’s “That’s Her” gathering and a Women in Franchising webinar, each a different entry point into financial literacy for women at different career stages. She’s also served as a panelist at the Healthcare Businesswomen’s Association Conference, bringing a lender’s perspective into rooms where access to capital is often the central anxiety. Institutional recognition paired with grassroots impact Recognized as a Women’s Executive Network Canada’s Most Powerful Women Top 100 Emerging Leader and serving on the board of directors of the Ontario Chamber of Commerce, Doolittle carries institutional weight. What distinguishes her is where she chooses to spend it. For Doolittle, sponsorship is the lever that actually moves. “Having someone mention your name in a room of decision-makers, advocate for you when opportunities arise, and ensure credit is given where it’s due can be invaluable to building a career,” she says. “That’s why I find myself prioritizing sponsorship more these days.”
Q&A with Jamie Doolittle In the past 12 months, have you done more mentoring or sponsoring, and which moves the needle more? I’ve been fortunate throughout my career to have both exceptional mentors and sponsors, and each has played an important role in my growth. Both matter. Having someone mention your name in a room of decision-makers, advocate for you when
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opportunities arise, and ensure credit is given where it’s due can be invaluable to building a career. That’s why I find myself prioritizing sponsorship more these days. It creates visibility, opens doors, and helps talented people access opportunities they may not have reached on their own. It’s also incredibly rewarding to see someone step into those opportunities and thrive. Women hold just four percent of CEO roles in Canadian mortgage. What’s blocking the pipeline? Women have long understood that career progression is influenced by far more than life milestones or family responsibilities. At its core, it comes down to access, who gets a seat at the table, who is included in key conversations, and which leadership styles organizations choose to value and reward. Representation also matters. Women need to see people like themselves in leadership roles to believe those opportunities are attainable. That’s why mentorship and sponsorship are so important. And creating more women leaders isn’t the responsibility of women alone, it requires leaders of all backgrounds to actively champion and develop emerging talent. What’s the most practical thing you’d tell a woman who can’t get the room to take her seriously? First, I’d validate her experience. Many women have faced situations where they feel their contributions are being overlooked or undervalued. Then I’d encourage her to take up space with confidence and conviction. Be intentional about removing language that diminishes your expertise or softens your point of view unnecessarily. Confidence can feel uncomfortable before it feels natural, and that’s okay. Sometimes you have to act with confidence before you fully feel it. Over time, that confidence grows as you continue to contribute, speak up, and demonstrate your value.
Paula Oliveira Regional Vice President Ontario and Atlantic, BMO BrokerEdge, Toronto, ON
How this mortgage leader balances national growth with talent development Paula Oliveira built BMO BrokerEdge’s residential mortgage lending channel from the ground up. When BMO entered the broker space in early 2024, she was the one who stood it up, assembling and leading the national team that would define how the bank showed up for broker partners across the country. Leading national expansion while managing a leadership transition More than a year on, that channel has expanded into Western Canada, and Oliveira has been central to that growth while simultaneously managing the transition to incoming leadership at the head of the division, the kind of operational steadiness that rarely makes headlines and seldom goes unrecognized by the people who depend on it. A 20-year career built on spotting untapped talent Oliveira’s 20-year BMO career spans retail banking, broker strategy, and talent development, and it’s the talent dimension that most clearly defines her leadership philosophy. She’s consistently been identified as someone who spots capability before it announces itself, then does something about it. Community recognition across Toronto’s civic and cultural organizations That instinct extends well beyond the organization. Oliveira is an active presence
in CMP Women in Mortgages and has dedicated sustained time to community organizations supporting newcomers, families, and women facing violence in Toronto. The city has taken notice, awarding her a Business Excellence Award from the Federation of Portuguese Canadian Business and Professionals, a Community Leadership and Support Award from her city councillor, and a Community Engagement Recognition from the Mayor of Toronto. Inside the bank, she’s been an active, consistent participant across the BMO Latino Alliance, BMO Pride, and BMO for Women employee resource groups throughout her career. For Oliveira, the distinction between mentoring and sponsoring comes down to trust. “Mentorship gives people advice, sponsorship gives them access,” she says. “It’s extending trust before everyone else in the room is fully comfortable doing so.”
Q&A with Paula Oliveira In the past 12 months, have you done more mentoring or sponsoring, and which moves the needle more? I’ve done both mentoring and sponsoring over the past year, but I find sponsorship moves the needle most. Mentorship gives people advice, sponsorship gives them access. When we were building BrokerEdge, the most significant talent moments weren’t the coaching conversations. They were the moments when someone was trusted with something real, a challenging relationship, a complex market issue, or a seat at the table with senior partners. You could see the shift. Once someone was given ownership of something measurable, others saw them differently and, perhaps more importantly, they saw themselves differently. To me, that’s sponsorship. It’s not just encouragement or advocacy. It’s extending trust before everyone else in the room is fully comfortable doing so.
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SPECIAL REPORT BUSINESS STRATEGY
TOP 50 WOMEN OF INFLUENCE 2026
What’s something you saw missing in this industry that nobody else seemed bothered by, and what finally made you decide it was your problem to solve? What I saw missing was a clear path from high performer to decision-maker. In this industry, we’re very good at celebrating production. We’re often less deliberate about developing the skills that prepare people for leadership, P&L accountability, risk judgment, pricing discipline, making difficult decisions, and building visibility with senior leaders. I am determined not to create a “figure it out” culture. I want to build structure, clear onboarding, defined expectations, regular coaching, a strong risk lens, and meaningful ownership. Not because process is glamorous, but because informal systems often favour those who are already closest to opportunity. If we’re not intentional about creating pathways to leadership, talented people can remain highly valued contributors without gaining the experience, visibility, and authority needed to advance. Women hold just four percent of CEO roles in Canadian mortgage. What’s blocking the pipeline? Four percent is not a talent problem. It’s a conversion problem. Women are in the industry and in management roles, but too few are given the opportunities that typically develop future CEOs, P&L accountability, risk oversight, strategy, revenue ownership, and high-stakes decision-making. We also use the word “ready” too loosely. I’ve seen people become ready very quickly when they’re given a business to lead, a market to grow, or a meaningful decision to own. The industry is becoming more honest about the challenge, but we still need to talk more openly about sponsorship, stretch opportunities, and access to decisionmaking. Leadership isn’t built on confidence alone, it’s built on experience, responsibility, and trust.
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Barsoum is founder and principal “Four percent is not Dalia broker of Streetwise Mortgages, a multibrokerage specializing in a talent problem. It’s a award-winning income property financing, and founder of conversion problem” Streetwise Wealth, a boutique real estate
Paula Oliveira, BMO BrokerEdge
What’s the most practical thing you’d tell a woman who can’t get the room to take her seriously? I would tell her, stop trying to be taken seriously in general. Be taken seriously specifically. Identify the two or three metrics that matter most in your role and know them inside and out. Then ask for a visible challenge, “Give me this segment, this broker relationship, or this conversion issue. Here’s the outcome I’ll deliver, and here’s how I’ll measure progress.” Also, don’t wait until the meeting to build influence. Relationships and credibility are often built before the conversation starts. And find a sponsor, not just a mentor. Ask directly, “What proof would you need to confidently recommend me when opportunities are discussed?” Credibility isn’t built by hoping people notice your work. It’s built by consistently delivering results, taking ownership of meaningful challenges, and ensuring the right people are aware of your impact.
Two industry judges on sponsorship, succession, and the path to the C-suite Dalia Barsoum Founder and Principal Broker, Streetwise Mortgages and Streetwise Wealth, Toronto
wealth advisory firm. With more than 20 years of experience spanning banking, lending, and wealth management strategy, she’s the best-selling author of Canadian Real Estate Investor Financing (7 Secrets to Getting All the Money You Want) and a member of the Forbes Finance Council. She previously earned a spot on CMP’s own Top 50 Women of Influence list.
Dalia Barsoum on why sponsorship outperforms mentorship Many argue that sponsorship, actively advocating for women in closed-door decisions, moves the needle more than mentorship. Did you see evidence of that shift in this year’s cohort? I’d say the shift is visible but not yet dominant. When I looked across the shortlist, mentorship and coaching language still outnumbered concrete sponsorship roughly two to one, mentorship remains the default vocabulary. But the strongest diversity cases were, in fact, sponsorship, not mentorship, examples like ensuring more than a third of conference panelists were women and securing a named female keynote, actively recommending and supporting the hiring of women into new roles, creating a named mentorship award through an industry awards body, and growing female representation on an executive team. Those are decisions made in rooms where women weren’t previously, and they scored higher precisely because they were specific and measurable. The generic, ‘I champion inclusion’ language, by contrast, consistently scored low.
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Women hold only four percent of CEO roles in Canadian mortgage. What’s actually blocking the pipeline? What I saw in the submissions maps onto that four percent figure. Women in this industry are reaching the top through ownership, as principal brokers and brokerage founders, more readily than they’re climbing to the C-suite of lenders and national networks. The pipeline block is less about entry, where women are well represented, and more about the executive and lender-leadership rungs, where sponsorship and succession decisions are made behind closed doors. Where I see it changing, several nominees have deliberately built the missing infrastructure, a regional VP who grew her firm’s female executive representation from one to several, and formal women’s leadership masterminds aimed squarely at the plateau before executive level. Those governance and sponsorship footholds are how the four percent eventually moves. Women are set to control $4 trillion in Canadian assets by 2028. Is the industry ready for that shift? Not yet, and that gap is the real story here. CIBC’s estimate has Canadian women controlling nearly $4 trillion by 2028, yet the industry’s client-facing model was largely built around a different default customer. If the industry treats this as a servicedesign problem, not just a marketing one, this cohort is exactly who’s positioned to lead it.
Sofia Hondrogiannis
Associate Vice President, National Distribution, Broker Services, TD, Toronto Sofia Hondrogiannis is associate vice president of national distribution, broker services, at TD, a role she stepped into in 2025 after leading sales and strategy for TD’s broker channel. She marked 25 years at TD this past year and has helped guide the broker channel to the number one market share position in
broker mortgage originations in Canada. A previous CMP Women of Influence honouree she’s also a regular panelist and moderator at industry events including the Women in Mortgage Summit Canada.
Sofia Hondrogiannis on closing Canada’s mortgage leadership gap Many argue that sponsorship, actively advocating for women in closed-door decisions, moves the needle more than mentorship. Did you see evidence of that shift in this year’s cohort? Absolutely. Mentorship provides guidance, but sponsorship provides opportunity, and this year’s cohort reflects this. We’re seeing more women being put forward for speaking opportunities and having more visibility in the industry because someone is actively advocating for them. The women who are more visible are those who have both, strong mentors to help them navigate and sponsors who are willing to put their credibility on the line to speak on their behalf. Women hold only four percent of CEO roles in Canadian mortgage. What’s actually blocking the pipeline? While progress has been made, there’s still work to do in creating a stronger leadership pipeline. Organizations are being more deliberate about identifying high-potential women earlier, creating pathways into leadership roles, and ensuring diverse voices are present in succession planning discussions. Women are set to control $4 trillion in Canadian assets by 2028. Is the industry ready for that shift? This represents a significant opportunity for the industry, but serving this growing client segment effectively requires more than representation alone. It also requires
a thoughtful approach and relationship building. Brokers who will lead in this space are those investing in building diverse teams, expanding how they advise customers, and rethinking how they engage clients holistically.
How Canada’s Top 50 Women of Influence are building tomorrow’s leadership pipeline What separates this year’s Top 50 is the instinct to build something that outlasts them. Nearly every winner leads structured mentorship, but the strongest among them have gone further, founding their own brokerages, sitting on industry boards, and running philanthropic initiatives they built from nothing. More than a third returned from last year’s list, proof this recognition tracks sustained impact rather than a single good year. The throughline across every interview was the same. Mentorship builds confidence, but sponsorship changes careers, and this year’s honourees are done waiting for someone else to open the door. They’re opening it themselves and holding it for the next woman behind them in Canada’s mortgage industry.
INSIGHTS As part of our editorial process, CMP’s researchers interviewed the subject matter experts below for an independent analysis of this report and its findings. Sofia Hondrogiannis Associate Vice President, National Distribution - Broker Services TD Bank Group Dalia Barsoum Founder and Principal Broker Streetwise Mortgages
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SPECIAL REPORT BUSINESS STRATEGY
TOP 50 WOMEN OF INFLUENCE 2026 TOP 50 WOMEN OF INFLUENCE 2026 Corinne Schindler CEO and Founder Powerhaus Mortgage Experts
Jennifer Watts Regional Sales Manager, Distribution - Mortgages Questbank
Phone: 778 828 2636 Email: corinne@powerhausmortgages.com Website: powerhausmortgages.com
Phone: 647 977 9419 Email: jwatts@questbank.com
Jamie Doolittle Head BMO BrokerEdge
Paula Oliveira Regional Vice President, Ontario and Atlantic BMO BrokerEdge
Website: bmobrokeredge.com
Asheley Taker Mortgage Broker The Mortgage Group Ashley Langford Paltrinieri Mortgage Broker Team Denova Group Dominion Lending Centres National Beth Richards Regional Vice President Scotiabank Carey Benvenuti Mortgage Broker Mortgage Architects Caroline Rapson Management Centum Financial Carolyn Perry Mortgage Broker Get A Better Mortgage Catherine (Ellis) Melville Chief Executive Officer Cultivate + Evolve Financial Cheryl Sanguinetti Mortgage Broker Cheryl Sanguinetti Mortgages – BRX Christa Mitchell Senior Vice President of Strategic Initiatives The Mortgage Group Corina Murphy Mortgage Broker Premiere Mortgage Denise Laframboise Mortgage Broker Laframboise Mortgage - BRX Mortgage
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Website: bmobrokeredge.com
Elaine Taylor President of Mortgage Alliance and Managing Director of Full-Service Brokerages M3 Group Elsa Carter Vice President, Third Party Residential Underwriting First National Financial LP
Jodi Hiltz RVP, Eastern Canada DLCG Mortgage Group Julie Folch Mortgage Broker Loft Financial Kate Brady President, Marketing DLCG Mortgage Group
Michelle Newton Director, Business Development, Ontario and GTA Strive Monica Parkin Regional Vice President DLCG Mortgage Group Nancy Ingram Mortgage Agent Level 2 DLC FC Funding
Erica Ma Area Vice President - BC TMG The Mortgage Group
Kate Henderson Vice President, Broker Experience Newton
Florence Chaussé Associate Director KingSett Capital
Katy Provost Mortgage Broker and Team Leader Multi-Prêts
Sabeena Bubber Mortgage Broker Xeva Mortgage
Kristin Handsaeme Mortgage Broker DLC FC Funding
Sarita Free Mortgage Broker Mortgage Powered Financial Group
Laura Shelton Vice President, Marketing & Sales Operations Strive
Sofia Hondrogiannis Associate Vice President TD
Frances Hinojosa Chief Executive Officer Tribe Financial Heather Cermak Regional Vice President DLCG Mortgage Group Hema Amin Mortgage Broker Mortgage Alliance Ivy Budisavljevic Vice President, Business Development Sagen Janna Dawdy Broker & Owner JCMortgages.ca Jennifer Joynt-Johal Vice President, Credit Operations Strive Jill Moellering Mortgage Broker Mortgage Architects
Leah Zlatkin Chief Operating Officer Mortgage Outlet
Renee Huse Mortgage Broker Mortgage Architects
Suzanne Fleur de Lys-Aujla Regional Channel Manager EQ Bank
Leanne Conroy Regional Director of Sales MCAN Financial
Tara Borle Mortgage Broker Mortgage Architects
Meaghan Hastings Principal Broker Mortgage Alliance The Mortgage Coach
Tawny Bley Mortgage Broker One St Mortgage
Michelle Campbell Mortgage Broker A Better Way Mortgages
Tina Trama-Mayol Mortgage Broker and Team Leader Mortgage Alliance
Michelle Drover Vice President Premiere Mortgage Centre
Veronica Love Chief Revenue officer The Mortgage Group
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FEATURES
SECTOR FOCUS
Brokers, AI, and the human edge Artificial intelligence is reshaping the mortgage industry − but the brokers who thrive know exactly where the technology ends SOMETHING IS shifting in the Canadian mortgage industry, and the professionals who pay attention can feel it. Artificial intelligence has moved from a distant abstraction to a daily presence − summarizing documents, drafting client communications, modelling affordability scenarios, and scanning rate comparisons in seconds. The question is no longer whether AI will change how mortgage brokers work. It already has. The more pressing question is what brokers do with that reality. The answer, from the people living it, is nuanced. AI is a powerful tool. It is not a replacement. And the distinction matters enormously − not just for the brokers themselves but for the hundreds of thousands of Canadians who will sit across a desk from a lending professional in one of the most consequential financial decisions of their lives. “Technology has always been part of our business,” says Angela Calla, a broker with the Angela Calla Mortgage Team in Port Coquitlam, British Columbia. “We’ve leveraged templates, automation, and systems for years. AI is simply the next evolution.” For Calla, that evolution has been deliberate and carefully bounded. Her team uses AI as an internal resource − to refine communications, tighten standard operating procedures, and improve efficiency. What it does not do is speak directly to clients. That line, she says, is firm. “We use it as a personal business resource to refine communication, strengthen our standard operating procedures, and improve efficiency,” Calla explains. “We don’t use AI to communicate directly with clients.”
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“AI is a valuable tool, but trust will always be built person to person” Angela Calla, Angela Calla Mortgage Team It is a boundary drawn not from technophobia but from professional clarity. The mortgage journey, Calla points out, is one of the most significant financial decisions a person will make. Generic answers from a machine − no matter how sophisticated − are not a substitute for tailored advice, earned trust, and contextual judgement built over years of practice.
What AI can − and cannot − do There is an important distinction between what AI does well and what it
fundamentally cannot do. AI excels at processing structured information at scale: pulling data, spotting patterns, automating repetitive tasks, and generating first drafts. These are genuine efficiencies, and brokers who harness them can redirect that saved time toward clients. But AI analyzes the past. Its outputs are built on historical data − what has already happened, what has already been written. It has no awareness of a client’s anxiety about their first home purchase, no instinct for the unspoken hesitation in a voice on the phone,
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no ability to weigh a family’s particular circumstances against a rate environment that shifts week to week. Frances Hinojosa, co-founder and chief executive officer of Tribe Financial, puts it directly: “AI is all about analyzing data and looking from the past. What brokers, what advisors do is they allow us to have that human component to understand what your needs are moving forward.” Hinojosa, who has been one of the more vocal voices on the industry’s transformation, describes the current moment as a crossroads. “I feel a change coming in the industry,” she says. “We’re at a precipice of a crossroads.” Her message to peers is not alarm − it is urgency. AI must be understood, engaged with, and prepared for. Ignoring it is not a viable strategy. Neither is surrendering to it. “You have to understand it. You can’t ignore it. You have to be prepared for how things are going to evolve and change.”
measured not in inconvenience but in years of financial stress. Clarke also notes a generational dimension. Among his clients, first-time homebuyers are increasingly scarce − a product of affordability pressures that have pushed ownership out of reach for many younger Canadians. Those who do proceed are often dealing with heightened stress and complexity. They don’t want a chatbot. “They really want to talk on the phone – and know that you’re a person,” Clarke says. “They have got so much on their plate and they just want somebody that they can trust.”
“You have to understand it. You can’t ignore it. You have to be prepared for how things are going to evolve and change” Frances Hinojosa, Tribe Financial The broker who adapts will thrive
The relationship advantage Perhaps the most consistent thread running through conversations about AI in the Canadian mortgage space is this: clients still want people. The proliferation of AI-generated content online − much of it unverifiable − has, in a certain irony, made human expertise more valuable, not less. David Clarke, a Nova Scotia-based mortgage broker with TMG The Mortgage Group, sees it clearly in his daily practice. His clients are not rushing to hand their mortgage decisions to an algorithm. They are looking for someone they can trust. “Every broker is saying the same thing,” Clarke says. “It’s more like relationship talk. The customers want a relationship.” That sentiment carries statistical weight. A survey by TD found that 78 percent of Americans use AI tools daily, yet only 18 percent would trust AI entirely for financial recommendations. Canadian borrowers are similarly cautious. And that caution makes sense: the stakes are high, the variables are personal, and the consequences of a poor decision are
isolation is the real threat. “The worst thing you can do as a mortgage professional is to keep yourself isolated,” she says. “Sometimes being in that room will spark that new idea − that second wind that will change the way you do your business.” Regulatory frameworks are also catching up. The Office of the Superintendent of Financial Institutions (OSFI) published guidance on AI governance in the financial sector − Guideline E-23 − in September 2025, signalling that AI’s role in Canadian lending will be subject to increasing scrutiny. Brokers who understand both the capabilities
None of this means brokers can afford complacency. The industry is evolving fast, and those who fail to adapt risk being left behind − not by AI taking their clients but by competitors who use AI more effectively and free up more time for the work that matters. Calla’s advice is practical: use AI to strengthen your business infrastructure, not to substitute your professional voice. The administrative burden of the mortgage process is real − document chasing, compliance paperwork, follow-up emails, rate tracking. These are tasks where AI can deliver genuine returns. And every hour reclaimed from administration is an hour that can be invested in a client conversation, a referral relationship, or professional development. “Use AI to strengthen your business, not replace your voice,” Calla says. “Improve your systems, create consistency, and save time so you can invest more of it with your clients.” Hinojosa feels strongly about that investment in continuous learning − staying connected to industry developments, peer knowledge, and expert perspectives. For her,
and the compliance landscape will be better positioned as that environment matures.
People will always be the point The data on Canadian broker market share offers a useful grounding for this debate. According to industry figures, mortgage brokers held approximately 33 percent of the Canadian market as of mid-2024, with brokers arranging 45 percent of mortgages for first-time buyers. That is a significant share − built not on algorithms but on relationships, expertise, and trust extended over years of practice. AI will not dismantle those foundations. It will, however, separate brokers who use it intelligently from those who do not. The technology is here. It will get better. And the brokers who treat it as a powerful assistant − rather than a threat or a shortcut − are the ones who will carry the industry forward. “Every advancement in technology has changed how we work, but not why we do it,” Calla says. “Our role is to educate, advocate, and help clients make confident financial decisions. AI is a valuable tool, but trust will always be built person to person.”
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PEOPLE
BROKER FOCUS
Finding solutions where others can’t Micky Khaneka says a lender’s refusal is often a starting point, not an ending – and his clients are better for it
FOR MANY Canadians, a mortgage rejection from a major bank feels like a dead end. For mortgage brokers, it’s often an invitation to get creative. Toronto-based mortgage broker Micky Khaneka of Team MKG tells CMP he’s spent years cultivating expertise in the precise cases that traditional lenders struggle to accommodate – self-employed borrowers, those with complex income profiles, and clients who have already been turned away elsewhere. It’s a corner of the market that demands patience and precision in equal measure, and one that has grown steadily as more Canadians fall outside the neat parameters that major banks prefer. Technical fluency and genuine problemsolving have now become essential aspects of the top brokers’ work, and that focus has helped Khaneka earn a place on CMP’s Top 75 Brokers list for four consecutive years (2023–26). “A decline from one lender doesn’t define the outcome; it just means we need to approach it differently,” he says.
Reading the lender landscape Access to a wide network of lenders is important, but so too is having a deep understanding of how each one works. Khaneka says he’ll often map client scenarios against lender risk-assessment policies to identify the right institutional fit – a process
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that goes well beyond simply chasing the lowest available rate. “There are far more options available than most people realize; the key is knowing how to navigate them,” he says. That navigation can produce results that might surprise borrowers conditioned to think their options are limited. In one
counted toward income. The client not only qualified – their monthly cash flow improved. In another situation, a family carrying multiple high-interest debts – including credit cards, a line of credit, and a private mortgage – was helped through a full refinancing and consolidation into a single lower-rate solution. The outcome allowed
“A decline from one lender doesn’t define the outcome; it just means we need to approach it differently” case, a first-time homebuyer was unable to qualify through conventional channels until Khaneka identified a lender policy that allowed up to 100 percent of rental income from a secondary basement suite to be
them to stabilize their finances and remain in the neighbourhood that mattered to them. Khaneka has also been active in pushing back against a common misconception affecting self-employed borrowers: the
MORE THAN THE LOWEST RATE Micky Khaneka says his approach starts with a simple principle: matching the lender to the client, not the other way around. With access to a broad panel of lenders, he focuses on policy fit over pricing – identifying institutions whose risk frameworks suit a borrower’s specific circumstances. For complex cases, that distinction can be the difference between a rejection and a workable solution: “A significant portion of our work involves complex scenarios, including clients who were previously declined elsewhere, which makes it even more meaningful when we’re able to find solutions and guide them forward.”
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FAST FACTS NAME: Micky Khaneka BROKERAGE: MKG Mortgages LOCATION: Toronto, Ontario SPECIALIZATION: Complex income structures, self-employed borrowers, debt consolidation RECOGNITION: Canadian Mortgage Professional’s Top 75 Brokers, 2023–2026 (four consecutive years) GROWTH DRIVER: Referrals and repeat clients
assumption that they must either bring a 20 percent down payment or accept higherrate alternative lending. In reality, select lender programs allow business owners with strong earnings – who may report lower personal income for tax purposes – to purchase with less than 20 percent down at competitive rates. It’s a distinction that
can open doors many borrowers didn’t know existed.
The full picture, not just the approval Technical expertise, however, only goes so far. Khaneka places equal weight on making sure clients genuinely understand what they’re committing to – and that means working
through the complete cost of homeownership together, factoring in property taxes, insurance, and day-to-day living costs, rather than optimizing purely for maximum borrowing capacity. Getting approved is one thing; being set up for long-term financial stability is another. “My goal is to make sure clients understand the full picture, not just the approval,” he says. Much of MKG Mortgages’ growth has come through referrals and returning clients – a signal of the trust Khaneka and his team have built over time. For brokers who deal regularly with complex mortgage applications in Canada, that kind of repeat business reflects something deeper than deal volume. It reflects a philosophy that puts the client’s long-term financial well-being ahead of the transaction and a willingness to stay engaged well beyond settlement. “The right mortgage isn’t just about the lowest rate – it’s about what actually works for the client’s life and cash flow,” he says.
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PEOPLE
OTHER LIFE
TELL US ABOUT YOUR OTHER LIFE Email mortgagebrokernews@kmimedia.ca
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ns F lo r t ra io w n , I M C Be y o n da ch e s f ro m h i s n g a n d co st u di o, ble n di w it h p rivat e g e le a d e rs h i p it ive m o rt g a rs- le ve l co m pet M a st e il di n g. bod y b u
IRON DISCIPLINE
EX
Joe Flor of Canadian Mortgages Inc. found his second calling on the bodybuilding stage and brought every lesson back to the office
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JOE FLOR, VP of national sales and broker relations at Canadian Mortgages Inc. (CMI), did not set out to become a competitive bodybuilder. “I originally started bodybuilding for health and wellness, but always had aspirations of doing a small, local competition to hit a bucket-list item,” he says. In June 2022, he stepped onstage and won gold in both categories he entered. After two competitions that year, Flor stepped away – until grief called him back. When his father passed away on January 3, he honoured a promise made at his bedside on Christmas Eve: get back onstage. In November 2025, he took gold in the Masters division and third overall at the World Championships in Toronto. What followed surprised him. The discipline of competition prep – training schedules, nutrition precision, months of delayed gratification – reshaped how he leads. “Being organized, structured, disciplined, and humble has helped me evolve as a leader, a father, a son, and, overall, a human being,” he says. He now trains five days a week and coaches clients from his own private studio on weekends.
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Years of competitive bodybuilding
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4
Competitions completed
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Competitions at which he won gold
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Carlos Kabongo BDM, East CarlosGTA Kabongo 437.448.9465 BDM, GTA East carlos.kabongo@awcapital.ca 437.448.9465 carlos.kabongo@awcapital.ca
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Chris O'Sullivan BDM, Chris Alberta O'Sullivan 403.928.5436 BDM, Alberta chris@awcapital.ca 403.928.5436 chris@awcapital.ca
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All applications are subject to review by Alta West Capital Lending Committee. Terms subject to change without notice. Rates as of 08/25/2026. Lending in Alberta, Ontario and British Columbia. Altato West Mortgage Corporation awcapital.caTerms | 1.888.554.9075 | Mortgage Brokerage License | Mortgage Admin All applications are subject review by Alta Capital West Capital Lending| Committee. subject to change without notice. Rates as of12633 08/25/2026. Lending in License Alberta, 12634 Ontario and British Columbia. Alta West Mortgage Capital Corporation | awcapital.ca | 1.888.554.9075 | Mortgage Brokerage License 12633 | Mortgage Admin License 12634
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MORTGAGES BUILT FOR BORROWERS. A LENDER BUILT FOR YOU.
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info@canadianlending.ca | (888) 465-8584
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2025 Private Lending Award of Excellence
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10/09/2026 5:42:53 am