FSRA encourages Ontarians to research mortgage options

A recent poll finds more than one third of respondents spent more time researching their vacation than their mortgage

The Financial Services Regulatory Authority of Ontario (FSRA) is encouraging those entering the real estate market or renewing a mortgage to do their homework, as this is quite possibly the largest investment decision of their life. In a recent poll commissioned by FSRA, 38 per cent of respondents said that they spent more time researching their last vacation than their mortgage.

“As housing prices continue to rise, people are borrowing significant amounts of money to purchase a new home or refinance an existing home,” said Huston Loke, Executive Vice President, Market Conduct, at FSRA. “We encourage everyone to consider their situation and determine how best to find the right mortgage. Those thinking about using a mortgage broker or agent should consider rates, service, and flexibility before deciding if that’s the route they want to go.”

The FSRA poll also found that only 39 per cent of respondents asked if their mortgage broker was licensed, only 31 per cent asked how their mortgage broker was compensated and 52 per cent asked what types of mortgages they had experience handling.

As part of its current “Your Mortgage Matters” consumer education campaign, FSRA is informing people about what they need to do when deciding on a mortgage broker or agent. First, ensure they are qualified. Consumers may not be protected if they obtain a mortgage through certain unlicensed individuals or companies*. Second, know what questions to ask them to fully understand the features, costs and constraints of a recommended mortgage and the mortgage application process. Third, ensure they are aware of, and following, the Mortgage Broker’s Code of Conduct, which outlines behaviour and conduct standards that are expected of them.

“You really need to take ownership of the home buying process,” said Loke. “Mortgage brokers and agents should help guide you through the complex, and often times, stressful process of getting a mortgage. Make sure you work with someone who can provide solutions and has your interests top of mind.”

The FSRA poll also found:

  • Three quarters (75%) of respondents agreed that they received detailed and necessary information from their mortgage broker. However, 74 per cent feel more should be done to educate people on mortgages and mortgage brokers.
  • Almost 4 in 10 (39%) respondents who plan to use a mortgage broker said it is because they provide better rates and because they need help finding the right mortgage.
  • More than three quarters of those with a mortgage trust the person / company they deal with to get their mortgage.

About the survey

FSRA commissioned Forum Research to conduct an online survey of 1,271 Ontarians aged 18+. This poll was conducted between November 17 and 22, 2021.

*Certain financial institutions and their mortgage professionals, such as banks, may be exempt from obtaining a mortgage broker or agent licence.

Learn more

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. 

Learn more at

For more information or to schedule an interview:

Russ Courtney
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]