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Real Estate and Mortgage Institute of Canada Inc.
Toronto:
2175 Sheppard Ave E, Suite 307
Mississauga: 1065 Canadian Pl, Suite 203
t: 1-877-447-3642     e: support@remic.ca

Approximately 30% of Ontario consumers used a mortgage broker in 2010, a number that has remained consistent for the past several years, while 50% used a bank.

According to a recent Mortgage Consumer Survey by CMHC, the average mortgage broker’s client had the following characteristics:

  • 51% had a household income under $60,000 while 49% had an income over $60,000who uses a mortgage broker
  • 44% were between 35 and 54 years old, while 34% were 18 to 34 years old and 22% were over 55 years old
  • 19% were self employed
  • 92% of first time purchasers who used a mortgage broker were either rather or totally satisfied
  • 87% of repeat purchasers who used a mortgage broker were either rather or totally satisfied
  • 87% of refinancers who used a mortgage broker were either rather or totally satisfied
  • 80% of renewers who used a mortgage broker were either rather or totally satisfied.

Mortgage brokering in Ontario is regulated by the Financial Services Commission of Ontario (FSCO) and requires a license.  To obtain a license you must first pass an accredited course.  The Real Estate and Mortgage Institute of Canada Inc. (REMIC) is accredited by FSCO to provide the course.  For more information please visit us at www.remic.ca/getlicensed or call us at 877-447-3642.


Of all consumers,

  • 81% of renewers remained with their current lender indicating that service was their major reason for this loyalty
  • 65% of repeat purchasers remained with their current lender indicating that service was their major reason for this loyalty
  • 65% of refinancers remained with their current lender indicating that service was their major reason for this loyalty
  • 58% of first time purchasers remained with their current institution indicating that relationship was their major reason for this loyalty, followed closely by rate.

In addition, 68% of all consumers indicated that they wanted to pay off their mortgage as quickly as possible. However, only 27% of consumers actually used prepayment options in 2009. According to an RBC Survey, 34% of respondents said they didn’t use prepayment options because they didn’t have the money to take advantage of prepayment options, while 30% had other debts they wanted to pay off first and 20% wanted to invest before prepaying their mortgage. The following chart, based on Statistics Canada information, illustrates the number of families by income segment in Canada.

  2006 2007 2008 2009 2010
Family Income by Family Type (number of families)
Total, all income groups 7,629,330 7,727,870 7,832,060 7,926,210 7,989,380
Under $10,000 217,430 198,050 194,670 199,350 189,700
$10,000 and over 7,411,900 7,529,820 7,637,400 7,726,860 7,799,670
$15,000 and over 7,291,650 7,416,270 7,527,140 7,613,770 7,695,970
$20,000 and over 7,125,340 7,258,770 7,374,900 7,459,680 7,552,050
$25,000 and over 6,887,120 7,043,530 7,177,060 7,262,910 7,355,530
$30,000 and over 6,552,870 6,734,300 6,876,780 6,958,650 7,045,540
$35,000 and over 6,211,130 6,398,830 6,549,220 6,620,770 6,708,710
$40,000 and over 5,869,210 6,068,570 6,228,650 6,288,200 6,383,220
$45,000 and over 5,524,280 5,734,370 5,900,920 5,949,750 6,052,150
$50,000 and over 5,179,120 5,397,900 5,571,420 5,611,520 5,719,630
$60,000 and over 4,495,550 4,727,730 4,915,080 4,939,370 5,059,180
$70,000 and over 3,838,200 4,077,940 4,277,270 4,292,660 4,420,250
$75,000 and over 3,526,720 3,767,350 3,969,160 3,982,590 4,111,920
$80,000 and over 3,229,670 3,469,550 3,672,840 3,684,990 3,815,020
$90,000 and over 2,684,680 2,915,800 3,119,370 3,129,560 3,258,520
$100,000 and over 2,210,990 2,430,210 2,626,660 2,636,310 2,761,360
$150,000 and over 824,840 947,310 1,063,240 1,072,990 1,148,440
$200,000 and over 368,150 424,320 476,110 476,050 510,820
$250,000 and over 209,710 238,760 261,300 256,550 274,930

 

According to Statistics Canada the median income of Ontario families after taxes in 2010 was approximately $71,540.

  2006 2007 2008 2009 2010
Median total income, by family type, by province and territory
Canada 63,600 66,550 68,860 68,410 69,860
Newfoundland and Labrador 50,500 55,210 59,320 60,290 62,580
Prince Edward Island 56,100 58,610 61,010 62,110 63,610
Nova Scotia 56,400 59,200 61,980 62,550 64,100
New Brunswick 54,000 56,930 59,790 60,670 62,150
Quebec 59,000 61,780 63,830 64,420 65,900
Ontario 66,600 69,190 70,910 69,790 71,540
Manitoba 58,700 62,070 64,530 65,550 66,530
Saskatchewan 60,500 65,120 69,800 70,790 72,650
Alberta 78,400 82,030 86,080 83,560 85,380
British Columbia 62,600 65,780 67,890 66,700 66,970
Yukon 76,000 81,080 85,070 84,640 86,930
Northwest Territories 88,800 94,220 98,530 98,300 101,010
Nunavut 54,300 56,160 58,590 60,160 62,680
Joe White
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Joe White

President at REMIC
Joseph J. White has been involved in the mortgage industry since 1988. He began his career as a mortgage agent, and in the mortgage lending sector of the industry he has held positions as National Sales Manager and VP of Sales with two national mortgage lenders.

In the industry’s mortgage brokering sector he is a licensed mortgage broker and has been a partner at a successful mortgage brokerage, manager at two national brokerages, principal broker at a commercial brokerage, founder of a mortgage investment corporation, and is owner and principal broker of his own boutique brokerage.

As an educator, Mr. White has been educating the mortgage industry since 1996.During his 14 years at Seneca College he was a professor and program coordinator and is currently President of the Real Estate and Mortgage Institute of Canada Inc. (REMIC).Mr. White has developed several courses for Seneca College, including the first mortgage broker education program in Ontario,as well as the mortgage agent course.He has written two textbooks used in the mortgage industry and by over 20 Ontario colleges with over twenty thousand copies in print, in addition to several business focused books and e-books. He has instructed over fifteen thousand students and in 2003 won the Excellence Award for teaching and leadership excellence at Seneca College.He can be contacted at joe.white@remic.ca
Joe White
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