Market Size of Canada Mortgage/loan Brokers Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR (2024 - 2029) | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada Mortgage/loan Brokers Market Analysis
The Canada Mortgage/loan Brokers Market is expected to register a CAGR of greater than 5% during the forecast period(2024-2029).
The value of mortgage lending in Canada has observed a continuous increase over the years rising to a value of more than 1.27 trillion during the quarter third of last year. Among the existing mortgage lenders in Canada, by type Banks exist with a share of more than 80% with the remaining share occupied by credit unions, mortgage finance companies, and mortgage investment entities. With a continuous rise in the value of outstanding loans by residential as well as commercial segments business of mortgage loan brokers is expected to observe growth over the coming period.
Post Covid, the Average mortgage interest rates in all the segments of different years of loans had observed a continuous increase leading to a rise in market profit for the mortgage loan brokers with an average rate existing at more than 5%. The major share of mortgage loans among the population in Canada is opted by the urban population among which Vancouver, Toronto, Victoria, and Oshawa are among the leading cities in Canada, in terms of the average value of new mortgage loans.
With rising technical and digital innovation, the Canadian mortgage industry is modernized by the launch of digital mortgage platforms for the brokers making the process more efficient and saving the time of borrowers as well. Rising fintech business and digital banking in the region are expected to drive the Canadian mortgage loan broker market towards a new direction.
Canada Mortgage/loan Brokers Industry Segmentation
A mortgage broker acts as a middleman for people or businesses and manages the mortgage loan application process. In essence, they form relationships between mortgage lenders and borrowers without investing any of their own money.
The Canada Mortgage/Loan Brokers Market Is Segmented By Enterprise Size (Large, Small, And Medium-Sized), By Application (Home Loans, Commercial And Industrial Loans, Vehicle Loans, Loans To Governments, And Others), And By End-User (Businesses And Individuals). The Market Sizes And Forecasts Are Provided In Terms Of Value (USD) For All The Above Segments.
| By Enterprise | |
| Large | |
| Small | |
| Mid-sized |
| By Applications | |
| Home Loans | |
| Commercial and Industrial Loans | |
| Vehicle Loans | |
| Loans to Governments | |
| Other Applications |
| By End- User | |
| Businesses | |
| Individuals |
Canada Mortgage/loan Brokers Market Size Summary
The Canadian mortgage and loan brokers market is poised for significant growth, driven by a robust increase in mortgage lending and the evolving landscape of digital innovation. The market is characterized by a dominant presence of banks, which hold the majority share, while credit unions, mortgage finance companies, and investment entities occupy the remaining segments. The post-COVID era has seen a rise in average mortgage interest rates, enhancing profitability for brokers. Urban centers like Vancouver, Toronto, Victoria, and Oshawa lead in new mortgage loan values, reflecting the urban population's preference for mortgage loans. The introduction of digital mortgage platforms is streamlining processes, making them more efficient and time-saving for borrowers, while the rise of fintech and digital banking is steering the market towards new opportunities.
The market is also witnessing a shift towards alternative lending, with non-bank lenders increasing their non-insured residential mortgage lending significantly. This trend underscores the importance of mortgage brokerages in guiding clients through financing options and risks, especially in a climate of rising household debts and higher loan-to-income ratios. Investors are increasingly viewing mortgages as alternative investments, with mortgage investment firms experiencing rapid growth. The competitive landscape is intense, with key players like True North Mortgage, KeyRate Corp., and others vying for market share. Recent developments, such as True North Mortgage's expansion of its Rate Relief product and Rocket Mortgage Canada's rebranding, highlight the dynamic nature of the market and the ongoing efforts to meet diverse customer needs.
Canada Mortgage/loan Brokers Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Buyers
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1.4.2 Bargaining Power of Suppliers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitutes
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1.4.5 Intensity of Competitive Rivalry
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1.5 Insights of Technology Innovations in the Market
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1.6 Insights on Government Regulations and Industry Policies
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Enterprise
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2.1.1 Large
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2.1.2 Small
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2.1.3 Mid-sized
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2.2 By Applications
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2.2.1 Home Loans
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2.2.2 Commercial and Industrial Loans
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2.2.3 Vehicle Loans
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2.2.4 Loans to Governments
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2.2.5 Other Applications
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2.3 By End- User
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2.3.1 Businesses
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2.3.2 Individuals
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Canada Mortgage/loan Brokers Market Size FAQs
What is the current Canada Mortgage/loan Brokers Market size?
The Canada Mortgage/loan Brokers Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Canada Mortgage/loan Brokers Market?
True North Mortgage, KeyRate Corp., CanWise Financial, SafeBridge Financial Group and Clear Trust Mortgages are the major companies operating in the Canada Mortgage/loan Brokers Market.
