Lending giant says it's switching sole focus to US housing market growth
Rocket Companies is winding down operations in Canada, with the US lending giant to pull completely out of the Canadian market by June 27.
Rocket Mortgage Canada issued a statement confirming its parent company’s withdrawal this week as it doubles down on growing its American business.
“The decision aligns with our parent, Rocket Companies, focusing on growing in the American housing market – where it has served clients for nearly 40 years,” the statement read.
“While this means stepping away from our lending business in Canada, we thank our team members who have helped us expand over the last five years. Their hard work and passion have helped thousands of Canadians achieve the dream of homeownership, and we appreciate all their contributions.”
Some team members will be offered role at Lendesk and Rocket Innovation Studio, the company’s other Canadian businesses, although the majority of Rocket’s Canada staff is expected to be let go.
All loans in process will proceed without issue, with the company “committed to supporting [clients] through this transition.”
Windsor city councillor Renaldo Agostino told AM800’s The Dan MacDonald Show the news did not appear to have been influenced by the trade war launched against Canada by US president Donald Trump on Tuesday.
“There’s talk that this had something to do with Trump and the tariffs. It doesn’t,” Agostino said. “Rocket is still going to have a presence in the country – just that end of their business [mortgage lending] will not be here.”
Rocket launched in Canada in 2020 through a partnership with the Edison Financial brokerage, aligning that company under the Rocket brand in mid-2022 and entering the mortgage lending space north of the border in 2023.
The company inaugurated its third-party independent broker channel Rocket Mortgage Pro in Canada last year, but those operations are now reeling in as Rocket turns sole focus to its US business.
Canada staff will receive salary totalling three to six months based on tenure, as well as four months of extended health coverage and career transition including resume building and job search assistance.
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