A new report issued by Deloitte has determined that the Canadian mortgage broker industry, unlike its U.S. counterpart, remains a strong fixture in the nation's origination sector.
The new report, ‘Winning Strategies in the Brokered Mortgage Marketplace,’ states that Canada's mortgage brokers are on track to generate approximately one-third of mortgage origination dollar volume. The report cites the Canada Mortgage and Housing Corp.'s 2009 Mortgage Consumer Survey, which found mortgage brokers represented 38% of total origination transactions in 2009 – up from 26% in 2003 – while noting that mortgage market-share trends for Canadian bank branches have steadily decreased during the same period.
‘Contrary to the U.S. market, the Canadian mortgage broker channel is strong, stable and established,’ says Todd Roberts, consulting partner and leader of Deloitte's Corporate Strategy Practice. ‘While medium-term growth prospects are expected to be modest, the mortgage broker channel remains a fixture in the Canadian mortgage distribution landscape.’