Aug 7, 2026
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Choosing a mortgage isn’t as straightforward as it was a few years ago. Beyond simply finding the lowest interest rate, today’s borrowers have to weigh fixed versus variable rates, compare lenders, understand mortgage features and think about how their choice will affect them years down the road.
A new survey from Mortgage Professionals Canada (MPC) suggests Canadians are increasingly looking for help navigating those decisions. The industry association found 38% of Canadians used a mortgage broker for their most recent mortgage, rising to 48% among recent first-time buyers. While securing the best rate remains the top reason borrowers work with a broker, many also say they’re looking for advice, multiple lender quotes and help understanding their options.
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“Canadians are facing more complex mortgage decisions than they were a few years ago, from rate selection to lender choice to long-term affordability,” said Lauren van den Berg, president and CEO of Mortgage Professionals Canada, in a statement.
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It’s about more than getting the lowest rate
The survey suggests Canadians are taking a broader approach to choosing a mortgage than they were just a few years ago.
Among respondents who used a mortgage broker, 54% said getting the best interest rate was their primary reason for doing so, though that’s down five percentage points from 2024.
At the same time, one-third said they wanted multiple quotes to compare, 31% wanted help understanding their mortgage options and the buying process and 26% were looking for recommendations on which lender best fit their needs.
Those findings reflect a mortgage market that’s become increasingly nuanced. While interest rates remain one of the biggest factors in any borrowing decision, they’re only part of the equation.
Borrowers also need to consider features such as prepayment privileges, penalties for breaking a mortgage early, portability if they move, amortization periods and the differences between banks, credit unions and other lenders.
The backdrop has also changed significantly over the past few years. After raising interest rates aggressively to combat inflation, the Bank of Canada has since lowered its benchmark policy rate to 2.75%, but many homeowners are still renewing mortgages at rates well above what they locked in several years ago.
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That has kept affordability front of mind for many households while making mortgage decisions feel higher stakes than they once did.
Skip the bank-hopping. Shop rates and terms using online mortgage tools. For instance, Homewise lets you compare rates from 30+ lenders with one simple application — getting you the best rate in minutes. Get personalized mortgage options from Homewise.
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First-time buyers are looking for help
It’s perhaps no surprise that first-time buyers are driving much of the shift.
Among recent first-time homebuyers, 40% said they used a broker to better understand their mortgage options and the buying process, up 14 percentage points from 2024. More said they were looking for recommendations on which lender to choose and better customer service throughout the process.
“First-time buyers are often making the largest financial decision of their lives while comparing unfamiliar products, lenders and qualification requirements,” said Maxime Stencer, chair of Mortgage Professionals Canada.
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“The data points to a clear shift: borrowers still want a competitive rate, but they also value the advice brokers provide in finding the right mortgage for their circumstances and managing their debt over the longer term.”
The survey also found there may be room to improve awareness of the tools available to help Canadians save for a home.
Among non-homeowners, 53% said they were aware of the First Home Savings Account (FHSA), 55% knew they could use a Tax-Free Savings Account (TFSA) to save for a down payment and 43% were aware of the Home Buyers’ Plan. One in five said they weren’t familiar with any of the three programs.
That matters because saving for a down payment remains one of the biggest hurdles to homeownership. According to the Canada Mortgage and Housing Corporation’s 2026 Mortgage Consumer Survey, recent buyers took an average of 4.4 years to save for a down payment, underscoring why making the most of available savings programs can make a meaningful difference.
Whether Canadians ultimately choose a mortgage broker, work directly with their bank or explore other lending options, the survey points to a broader trend: borrowers aren’t simply chasing the lowest advertised rate anymore. They’re taking a closer look at the features, flexibility and long-term costs that can have just as much impact over the life of a mortgage.
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Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and US brands, while also working as a ghostwriter for financial influencers.
