Lending executives talked strategies for dealing with chaotic times at the CMBA-ON annual conference in Vaughan
Tariffs, trade wars, and turbulence for the Canadian economy have dominated headlines in the opening quarter of 2025, with homebuyers, mortgage brokers and lenders alike keeping a close eye on the latest chaotic developments in the ongoing US-Canada border spat.
But while mortgage and housing activity will undoubtedly take a hit from that continuing crisis, Bank of Montreal (BMO) chief economist Doug Porter reiterated during the Canadian Mortgage Brokers Association – Ontario (CMBA-ON) annual conference on Thursday that as a largely domestic sector, housing remains better equipped than some others to absorb the shock.
Brokers’ ability to get that message out and communicate clearly with their clients, according to Elena Robinson (pictured, top left), vice president, residential sales at First National, is part of the reason they’re so vital in the current climate.
“Unfortunately, there’s a lot of negativity in the media – and Mr. Porter mentioned that the housing sector is actually doing quite well,” Robinson said during a lender panel at the event, held at Vaughan’s Universal Event Space. “We’ve seen growth this year. If you read or listen to all the negativity out there, this is where brokers are so important.
“They’re there to help clients through these uncertain times and provide that clarity, provide that education. That’s why I think [brokers] are very important to go through what we’re seeing with the economic instability and housing affordability issues.”
Trade, tariff concerns remain top of mind for homeowners
Still, plenty of homeowners remain concerned about the economic outlook, with punishing US tariffs on Canadian imports threatening thousands of jobs and potentially triggering a deep recession.
That’s why it’s doubly important, according to CMLS’s senior vice president, residential Andrew Gilmour (pictured, top centre left), for brokers to stay on top of lender programs and any options that might help ease borrowers’ pain during difficult times.
The suspension of US tariffs has eased short-term fears, but Canadian developers and investors still grapple with uncertainty.https://t.co/9lioujdzTm
— Canadian Mortgage Professional Magazine (@CMPmagazine) March 27, 2025
“Every lender has a playbook,” he said. “There’s lots of things that you can do to assist borrowers whether that’s skip a payment, extend amortizations, that sort of thing. When we look at that segment, we’ve seen some consumers coming up and struggling a little bit with renewals.
“But overall, from our perspective as a lender, we’re trying to put products out that support Canadian consumers and give them choice. The expansion of stuff outside of the prime market has been getting momentum over the last 12-18 months. As a lender, we’re not specifically advocating for one client or what’s appropriate or suitable for a client – but we’re trying to provide choice and education on what’s out there.”
Borrowers remain resilient, seek ideal product types
Devon Ajram (pictured, top centre right), TD’s vice president and national director of broker services, said advice around market stability, affordability and other factors are part of a productive overall conversation with borrowers.
Equally important, according to Ajram: product flexibility. “Make sure that you understand your customer and ultimately what type of hardships they may have and face,” he said. “Things like deferred payments are very important features, sometimes depending on whether or not there could be anticipated cash flow interruption – even depending on the type of customer you’re taking on.
“If you think of the gig economy, for example, and the fact that people don’t have these traditional careers anymore, it means that that flexibility becomes increasingly important.”
But despite the current economic headwinds – and plenty of uncertainty down the line – homeowners remain determined to prioritize keeping their home, noted Riverrock president and chief executive officer Nick Kyprianou (pictured top right), above other financial concerns.
“I always say homeownership is the hierarchy of debt, and the house is the top of the pyramid,” he said. “People will become very resourceful to make that payment: they’ll change their lifestyle, get a second job, take on a tenant, do all sorts of things.”
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