“Advice going into 2023 for our lender partners is the world that we operate in today is very different than it used to be,” he said. “What I’d love to see is even more collaboration between the lenders and our brokers.

Canada’s leading lenders convened at Mississauga’s International Centre last November 24 for a series of panel talks and presentations moderated by Sadiq Boodoo of CMBA Ontario, gathering top lending executives for their views on the current climate.https://t.co/6EMffvJ8hA

— Canadian Mortgage Professional Magazine (@CMPmagazine) November 28, 2022

“I love the lenders that come back [about a deal] and say, ‘It doesn’t work this way, but why don’t we try this way?’ Then I’ve done my job as a broker, my team has done their job, I’ve given you some KYC notes, you completely understand the type of solution I’m looking for – and together, we can find a way to get it done.”

How will a tougher market impact the broker-lender relationship?

That approach and willingness to work together to eke out a solution will be especially important, Dos Reis added, with further turbulence expected in the mortgage and housing markets moving into next year.

“Clients are finding it a hard time to get lending. You need to make $200,000+ to get into a million-dollar property these days, and that’s just not the average Canadian,” he said. “So, lending’s gotten a little bit more difficult – let’s be a little bit more collaborative together and find some solutions so we can all be a lot more efficient, and deliver options to our clients that make a lot of sense given what we’re dealing with now.”

Where advice to brokers for 2023 is concerned, Zlatkin emphasized education as paramount – ensuring that agents, particularly newer ones, have the backing of a solid underwriting team and are on top of every component of their files.