According to the Canadian Association of Accredited Mortgage Professionals (CAAMP), nearly 20,000 Canadians currently hold mortgage broker and/or mortgage agent licenses in Canada. However, it is assumed that only 12,000 of these are actually operating actively.
While Canada’s mortgage broker count saw numbers increase over the last three years it appears that these numbers have spiked and leveled out over the last year. Reasons being:
- Housing prices are falling
- Competition is greater
- Interest rates appear to be rising
- Commissions are lessening
- Greater emphasis on mortgage initiatives are being seen at banks and major financial institutions
The number of agents has not, however, affected the level of service being provided at reputable Canadian mortgage brokerages and the still rising preference Canadians are showing to utilize their services.