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The best mortgage lenders in Canada have shown their mettle in a market rife with complexities by consistently delivering exceptional service, speedy solutions, and innovative products to meet brokers’ and borrowers’ evolving needs.
Brokers nominated and rated lenders and their respective offerings across several key metrics in Canadian Mortgage Professional’s annual survey, crowning the top performers with the 5-Star Mortgage Products of 2024 award.
From customer service and interest rates to processing and approval speed, fees, and online banking, the top 11 leading lenders have differentiated themselves in an increasingly competitive market by:
emphasizing high-level service
offering competitive rates and terms
making common-sense lending decisions
prioritizing quick turnaround times
innovating on product features
This year’s best mortgage lenders stand out for their comprehensive service and support across various products, including fixed-rate, commercial, investor, first-time buyers, and reverse mortgages, as well as the rapidly growing alternative lending niche.
Repeat winner HomeEquity Bank stands as the quintessential national provider of reverse mortgages. At the core of the company's success is its mission to help homeowners aged 55 and older stay in the homes they love during retirement. This mission is supported by a trusted brand, unparalleled customer service, and innovative digital solutions.
“We launched our new broker strategy earlier this year, expanding our BDM/BDA team across the country,” says Vivianne Gauci, senior vice president of customer experience and chief marketing officer. “We are also engaging with our partners through benchmark surveys to improve the customer experience and to continue to find ways to support and add value to these important partnerships.”
After analyzing what brokers value in a top-rated mortgage product, Dominion Lending Centres Mortgage Mentors franchise owner Collin Bruce remarks that leading lenders stand apart for their commitment to service and speed.
“One of the main factors that attract brokers to a product would be the lenders’ processing and approval speed, especially with purchases,” says the industry expert based in Edmonton, AB. “I think the key is the ability of a lender to underwrite and review documents quickly. Nine out of 10 brokers would opt for that instead of a lender with a lower interest rate but awful customer service.”
HomeEquity Bank, a Schedule 1 Bank since 2009, possesses a set of value propositions that distinguish it:
Brand legacy: The lender is on a growth trajectory in a market with expanding opportunity as the population ages, and 93% of Canadians aged 55+ say they want to age in place. It is also well supported by its equity owners, Ontario Teachers’ Pension Plan.
Support and education: Specialized BDM/BDA teams complement the bank’s comprehensive online tools and resources that help brokers grow their businesses and support their clients. The Partner Launchpad platform provides brokers with a suite of professionally designed, customizable, and ready-to-use marketing materials purpose-built to promote their services and the bank’s flagship CHIP Reverse Mortgage.
Customer service: A singular focus on reverse mortgages underpins its deep understanding of customers’ needs, desires, and preferences, ensuring an exceptional experience and garnering positive reviews on Trustpilot and Google.
Products and solutions: The bank offers a comprehensive range of reverse mortgage products tailored to market needs, including the flagship CHIP Reverse Mortgage, Income Advantage, CHIP Max, and CHIP Open. Competitive loan-to-value ratios and a simple referral process help their partners seamlessly hand over a lead and be informed throughout the process.
“Our exclusive focus is on serving Canadians aged 55 and above, and our broker partners can rest assured that their clients receive top-notch care and attention,” Gauci says.
Dalia Barsoum, founder and principal broker at Streetwise Mortgages in Woodbridge, ON, echoes the importance of lenders’ customer-centric approach and efficiency.
She says, “This is of utmost importance as it is the first impression with the client during implementation. Slow or bumpy approvals frustrate the client, reflect badly on the broker, and bruise the client relationship.”
The best mortgage lenders know intrinsically that their broker partners are the lifeblood of their business and that their success is mutual.
To increase service and resources to its broker channel, HomeEquity Bank introduced a BDA role that supports broader markets and assists in onboarding and educating new brokers interested in adding the CHIP Reverse Mortgage to their product offerings.
In 2023, the bank also invested significantly in its digital transformation to elevate customer and partner experiences. It implemented personalized partner journeys by leveraging their digital interactions to better target marketing efforts based on specific preferences and requirements.
“Our approach ensures a more engaging and tailored mortgage experience for clients and our broker partners,” says Gauci.
CMP’s survey data suggests the best mortgage lenders in Canada are listening to their broker partners, whose priorities have shifted slightly in 2024 over the previous year.
When choosing a mortgage product, brokers identified the following top three factors as crucial:
Customer service: Rising to the No. 1 spot from third last year indicates brokers increasingly emphasize the quality of service provided by lenders. Respondents mentioned that “excellent service from a BDM and underwriters” led them to give more business to a particular lender. Brokers' comments show they appreciate “great service, quick turnaround times, and lenders who work with them” to achieve client goals.
Interest rates: Brokers’ concerns about rates have risen with economic conditions, tying service for first place compared to third in 2023. Industry expert Barsoum says, “All clients love to talk about rates and want the best rate, but many want solutions to achieve their goals. If a rate is not the cheapest on the street but allows them to advance, then rate alone is not an issue.”
Processing and approval speed: While dropping to the No. 3 spot from first place last year, it remains a top-three concern among brokers. The significant decrease in importance, 4.53 out of 5 this year versus 4.71 in 2023, could indicate lenders have improved or maintained the status quo in this area.
This year’s ranking change reflects the dynamic nature of the lending landscape and brokers’ evolving preferences and priorities. This shift could signal a trend toward greater emphasis on quality customer service, while factors such as rates and loan processing efficiency remain significant.
CMP’s 2024 data indicates decreasing broker satisfaction among lenders’ turnaround times compared to last year.
There was also a decline in the proportion of brokers who perceived improvements as:
61% said turnaround times improved or improved significantly in 2024, compared to 85% in 2023
28% saw no difference in 2024 versus 11% in 2023
11% said turnaround times worsened or worsened significantly this year compared to 4% in 2023
A broker respondent noted they gave more business to a particular lender due to “same-day letters of intent and quick turnaround.” Another mentioned they appreciated a lender’s “lightning-fast responses” and “quick appraisal system.”
HomeEquity Bank acknowledges that speed and efficiency are crucial.
“We’ve always prided ourselves on providing fast approvals, and now we’re taking it a step further,” Gauci says. “Our underwriting and fulfillment processes have been refined to build on our already impressive speed. This means clients can enjoy the peace of mind that comes with a rapid and straightforward process.”
These challenges aside, the mortgage experts CMP consulted believe the Canadian mortgage sector is flexible and reactive, with some lenders coming to the market with excellent products and service models.
“We have so much choice on the residential side to satisfy brokers’ needs, and there are so many lenders, even new lenders, coming on board,” Bruce says. “Qualifying for mortgages has become increasingly challenging, and lenders are becoming more innovative in their approval processes.”
According to broker respondents, alternative lenders are also stepping up, and they highlighted this niche market as their most significant growth area this year compared to last.
Bruce believes the alternative lending space is competitive and will continue to grow, particularly in major centres.
HomeEquity Bank’s Gauci notes that since the real estate market has been softer over the past two years, many brokers are seeking opportunities to refinance existing customers. The bank encourages brokers to also look at the potential for reverse mortgages.
She says, “Many brokers have never helped clients with a reverse mortgage, so they need to build their knowledge and confidence in how this solution can work for certain clients. HomeEquity Bank’s CHIP Reverse Mortgage is the original and still the best solution in the market.”
To determine Canada’s best mortgage products, Canadian Mortgage Professional conducted an online survey asking brokers about their preferences and priorities when selecting mortgage products for their clients. The survey was open to brokers across Canada, who were asked to provide product recommendations across a range of different areas, including fixed and variable rate products, commercial, and refinancing.
For each lender they nominated, brokers were asked to rate the offerings they provided on a scale of 1 (poor) to 5 (excellent). They also identified the most important factors they and their clients consider when choosing a mortgage product, as well as their most significant area of growth this year.