Broker Loyalty & Lender Performance Study 2023 Summary
In December 2023 and January 2024, Bond conducted the 8th annual Broker Loyalty & Lender Performance Study, surveying 868 Canadian mortgage brokers and agents about key lenders across the country.
Key Findings:
- A-side business: Rebounded to 2021 levels, while B-side business saw a slight dip.
- Market dynamics: Non/small banks continue to dominate the B-side, while big banks lead the A-side. Credit unions, life insurance companies, and trust companies have a fairly even split.
- Biggest threats: Brokers identify rising rates and government regulation as the primary concerns for their business.
- Regional differences: Brokers in Quebec are less concerned about the housing market slump than those in other regions, but they are more worried about the impact of direct-to-consumer online lenders and traditional sales advisor channels.
- Outlook: There’s a slight optimism for a rebound in activity, especially on the purchase side. Quebec brokers predict the greatest negative impact on purchases, renewals, and refinances, while Atlantic brokers expect more positive outcomes.
- Business resilience: Positivity about the economic outlook has softened, with more brokers expressing doubts about their ability to weather the current conditions. Quebec and Atlantic brokers feel more confident about their business' ability to adapt than brokers in other regions of Canada.
Access to the Study
Click below for a copy of the summarized study! For those who didn’t have a chance to take part, stay tuned for this year’s survey outreach. If you are a broker or agent, don't miss the opportunity to have your say! If you are interested in subscribing to the full study, please reach out to Michael Friedman, Research Manager, Bond at Michael.Friedman@bondbl.com.
