If you’re shopping for a mortgage in 2025, you’re not alone in turning to a mortgage broker for help.
According to CMHC’s 2024 Mortgage Consumer Survey, 48% of Canadians used a mortgage broker for their mortgage in 2024 — up significantly from 43% the year before. As mortgage rates, qualification rules, and renewal options continue to change, more Canadians are looking for expert guidance and access to multiple lenders.
So why are mortgage brokers becoming more popular across Canada and here in Edmonton?
Canadians Want More Mortgage Options
One of the biggest reasons borrowers are choosing mortgage brokers is simple: options.
Unlike a bank that can only offer its own products, mortgage brokers work with multiple lenders. This gives buyers and homeowners the ability to compare rates, terms, and mortgage products all in one place.
In today’s market, even a small difference in interest rate can make a noticeable impact on monthly payments and long-term borrowing costs.
Mortgage Renewals Are Becoming More Important
With many Canadians renewing mortgages that were originally locked in at much lower rates, borrowers are paying closer attention to their renewal options.
Many homeowners automatically renew with their current bank without exploring alternatives. However, working with a mortgage broker allows borrowers to compare offers from multiple lenders and potentially find a better fit for their financial goals.
This has become especially important as affordability remains a concern for many Canadians.
First-Time Buyers Need Guidance
Buying a home can feel overwhelming, especially for first-time buyers navigating:
down payment requirements
mortgage stress tests
closing costs
interest rates
lender qualifications
Mortgage brokers help simplify the process and explain available options so buyers can make informed decisions with confidence.
More Canadians Are Looking Beyond the Big Banks
Many borrowers are surprised to learn that mortgage brokers can access products from a variety of lenders, including:
major banks
credit unions
monoline lenders
alternative lending solutions
This flexibility can help borrowers who are self-employed, have unique income situations, or are looking for more customized financing options.
Why Edmonton Buyers Are Turning to Mortgage Brokers
Here in Edmonton, buyers are continuing to look for ways to maximize affordability while navigating an active real estate market.
Working with a mortgage broker can help buyers:
understand their purchasing power
compare lender options
prepare for renewals
explore refinancing opportunities
build a mortgage strategy that fits their long-term goals
At MetroYEG, our team works closely with clients to make the mortgage process as smooth and stress-free as possible while helping them explore options that fit their needs.
Thinking About Your Mortgage Options?
Whether you’re buying your first home, renewing your mortgage, refinancing, or simply exploring your options, having expert guidance can make a big difference.
As more Canadians continue turning to mortgage brokers, it’s clear that personalized advice and access to multiple lenders matter more than ever.
If you have questions about mortgages or the Edmonton real estate market, the MetroYEG team is here to help.
