Find out how the broker network giant fared
Dominion Lending Centres Group (DLCG) saw annual funded volume dip by 21% to $56.5 billion in 2023 as its fourth-quarter funded volume ticked slightly upwards, the company has revealed in its latest financial results.
Q4 saw the company fund $14.2 billion in mortgage volume, up 1% from the same time last year as overall fourth-quarter revenue also jumped – by 13%, to $62.5 million. For the year, annual revenue was down 12% at $62.5 million.
The number of franchises at DLCG increased slightly on a year-over-year basis in 2023, climbing to 542 (compared with 539 the previous year) while its total number of brokers fell slightly, from 8,221 to 8,192.
Sixty-three percent (63%) of funded mortgage volumes were submitted through Velocity last year, the company said, compared with 55% in 2022.
Gary Mauris, DLCG’s executive chairman and CEO, said that 2023 had represented a “difficult” year for the mortgage industry as real estate and lending headwinds continued to weigh down on overall transactions.
He said the company expected further recovery in its margins and mortgage volumes amid an expected market stabilization in the coming 12-18 months.
“We believe that we are well-situated for the future as we anticipate that those prior headwinds will change course and turn to industry-wide tailwinds,” he said, “with pent-up real estate transaction demand and the prospect of declining interest rates starting in 2024.”
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