According to a report by Deloitte, the mortgage broker channel is to remain strong in Canada. The report states that in 2009, mortgage brokers initiated 38% of the total volume of mortgages in Canada. We are evolving from a "lender of last resort" in years past to a viable option for borrowers with good credit and income that want a competitive interest rate and good service from their mortgage professional.
A few notable trends the Deloitte report predicted:
-Mortgage brokers will evolve from “rate shoppers” to “advisors.”
-Major banks will continue to compete against broker business.
-Superbroker networks will continue to consolidate. In 2005, almost 70 per cent of Canadian mortgage agents were employed by one of five broker houses. Since mid-tier networks have emerged, the figure tops out at 85 per cent.
-Niche lenders with specialized product offering will emerge through the broker channel, increasing options for new immigrants, the self-employed and individuals with credit challenges.