How does a mortgage broker get paid?
Joel Olson • June 7, 2017
Our services are free! Well, sort-of…to you anyway!
Picture this. You go to your bank, and you ask to speak to a Loans Manager. You have an appointment and you see a few different people, but you don’t pay for any of them. Yet, somehow they are all getting paid.
So, instead of all that money going to a bank employee, it goes to us. And still, the cost to you is nothing.
There are certain times when a broker fee is charged, but these are rare and will be disclosed in the commitment
that you sign with us.
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. For anyone watching the mortgage market — whether you're renewing, purchasing, or simply keeping an eye on borrowing costs — here's a breakdown of what was announced and what it may mean for you.
For many Canadians, the dream of homeownership has felt like a moving target. After years of market volatility, shifting interest rates, and economic uncertainty, you might be wondering: is 2026 finally the year to make a move?
