Resilience and opportunity in mortgage markets

Industry leaders reflect on a turbulent 2025, sharing how proactive strategies, evolving client needs, and strong partnerships are shaping the Canadian mortgage landscape – and what to expect as the sector heads into 2026

Cam DelliPizzi

MCAN

Industry experts

Joe Flor

CMI Canadian Mortgages Inc.

Reni McNeil

Mortgage Brokers Ottawa

With 28 years in the mortgage industry, Cam DelliPizzi has built a career rooted in integrity, resilience, and service. Starting young in his family’s business, he learned the value of hard work and responsibility – principles that still guide him today. DelliPizzi has navigated industry shifts with adaptability and a commitment to excellence, delivering results through clear guidance and honest communication. His focus is on building trust and empowering clients with informed choices. Outside work, DelliPizzi stays active through soccer, golf, and fitness – habits that fuel the discipline, balance, and positive mindset he brings to every professional interaction.

MCAN

Cam DelliPizzi

Joe Flor brings over 20 years of experience in the financial industry with an accomplished sales leadership track record. Throughout his career, he has held key roles at Scotiabank, Wells Fargo Financial, Glasslake Funding, as well as Equitable Bank, where he played a pivotal role in developing impactful national sales programs, relationship management strategies, and innovative tools.

CMI Canadian Mortgages Inc.

Joe Flor

With over 17 years in the finance industry and the last six years as a mortgage agent, Reni McNeil is committed to helping clients navigate their mortgage financing needs. Born and raised in Cape Breton, Nova Scotia, she brings a deep understanding of financial principles and a personalized, client-focused approach to her work. McNeil’s background as a financial advisor enables her to assist clients with a holistic approach, ensuring their unique needs are carefully considered and addressed. She has access to over 30 lenders, which allows her to provide a wide range of options tailored to meet any client’s needs. McNeil also works with trusted industry partners to ensure her clients receive the best possible service and advice.

Mortgage Brokers Ottawa

Reni McNeil

“We don’t need to reinvent the wheel. Successful lenders, successful brokers, they’re going to continue doing what they’re doing. I’m not worried”

Reni McNeil, Mortgage Brokers Ottawa

Calling 2025 a turbulent year for Canadian mortgages could be an understatement. But despite a deep and enduring market volatility, industry leaders are finding their feet. Through adaptation and innovation, they are finding ways to support clients, refine partnerships, and – most importantly – prepare for the future. Heading into 2026, the stage is set for more of the same. During a recent roundtable, Cam DelliPizzi, regional director, sales at MCAN; Reni McNeil, mortgage agent level 2 at Mortgage Brokers Ottawa; and Joe Flor, VP of mortgage sales at CMI Canadian Mortgages Inc. (CMI) joined forces to discuss how they’re leaning into resiliency and ingenuity heading into the New Year.

“One of the silver linings for us is the ability to pivot; we’ve redefined roles within the organization to keep up with the times. Our brand is gaining strong recognition as a solutions-driven lender for Canadians in this difficult time”

Joe Flor, CMI Canadian Mortgages

The state of the market: turbulence begets opportunityDespite the choppy waters, McNeil says this was one of her best years – in large part because she maintained an intensely proactive approach. With the renewal cliff looming, she reached out to her client base 9–12 months ahead of time to discuss rates and payment changes. “We did a lot of prep work for our clients, so they weren’t as payment shocked as they were expecting; I haven’t had one client that was in dire straits,” McNeil says, adding that it’s been a welcome change with rates coming down and people buying again.

Read on

CMI Canadian Mortgages Inc. (CMI) is a broker-focused private mortgage lender with a reputation for transparency, ethical lending, and exceptional service. CMI leverages its brokerage roots to take a common-sense approach in serving a diverse range of borrowers, ensuring accessible solutions for all. Recognized as a tech-forward and innovative industry leader, CMI is one of Canada’s fastest-growing companies, with more than $3 billion in lifetime mortgage fundings.

In Partnership with

M&A Insights 2021

Insurance Business America uncovers the answers to brokers’ biggest questions about mergers and acquisitions, with expert insight from MarshBerry, Baldwin Risk Partners and Relation Insurance

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Phil Trem

MarshBerry

Timothy J. Hall

Relation Insurance

Gerard Vecchio

MarshBerry

Industry experts

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Mashberry

Gerard Vecchio

Relation Insurance

Timothy J. Hall

Mashberry

Phil Trem

M&A Insights 2021

Insurance Business America uncovers the answers to brokers’ biggest questions about mergers and acquisitions, with expert insight from MarshBerry, Baldwin Risk Partners and Relation Insurance

Read on

Phil Trem

MarshBerry

Timothy J. Hall

Relation Insurance

Gerard Vecchio

MarshBerry

Industry experts

Mashberry

Phil Trem

Relation Insurance

Timothy J. Hall

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Tellus in penatibus condimentum malesuada ante vulputate nisi, arcu leo. Amet urna sapien purus vestibulum fermentum a. Cursus metus massa donec sed varius. Nunc enim sit morbi lacus, molestie et nunc. Nullam sed facilisi id malesuada. Ante purus velit, quam scelerisque ultrices scelerisque donec. Velit egestas vel ornare pellentesque ridiculus. Mauris tempor augue quis mattis suspendisse feugiat commodo posuere. Faucibus massa adipiscing nullam elit, ac vel accumsan. Phasellus eget ac dignissim fermentum ac placerat elit, metus. Nulla porttitor ante egestas molestie quis quam. Pharetra magna sit mauris tellus gravida rutrum libero sit. Justo or24ci cras euismod proin massa lorem ut. In non tellus phasellus faucibus ullamcorper nullam odio dui et.

Mashberry

Gerard Vecchio

Published Dec 1, 2025

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“Our research tells us that brokers are focusing on fewer, stronger, more strategic lender relationships. That means we have to be the best partner possible, continue investing in technology, product development, service, and overall experience to maintain those relationships”

Cam DelliPizzi, MCAN

“It’s been a good year overall, for clients and definitely for business on my side. Ottawa is a good market.” Covering Ontario East as well as Atlantic Canada, DelliPizzi agrees, adding that Ottawa’s status as a government town helps insulate it from the worst of the turbulence. Despite the challenging and competitive market, he credits year-over-year growth in MCAN’s residential mortgage originations to ongoing partnership with key partners in critical markets. “We work closely with partners like Reni to educate and engage clients in the journey,” DelliPizzi says.

Operating within the private lending space, CMI has developed new products tailored to the types of borrowers it’s currently seeing, refined its lending programs, and invested in strengthening its network of partnerships. The company is also preparing to roll out new products, which Flor describes as game-changers, in early 2026, with more details to come. It’s full steam ahead on the CMI’s growth trajectory, with a readiness to change course as the market evolves. “One of the silver linings for us is the ability to pivot; we’ve redefined roles within the organization to keep up with the times,” he says. “Our brand is gaining strong recognition as a solutions-driven lender for Canadians in this difficult time.”

No matter the region, DelliPizzi emphasizes that MCAN is all about partnerships heading into 2026 – and it’s doubling down on quality over quantity. There are 1500–2000 brokers in the Ottawa market, where MCAN has always been a leader, and approximately one-third work with MCAN.

“There’s a reason for that: to maintain a boutique kind of relationship,” he explains. “It’s not about rate; it’s not about compensation. It’s about experience.” He likens it to choosing teams during recess back in your school days: often, everyone brings similar strengths to the table; you’re going to go with your friends. Still, lenders should focus on providing the best of the best when it comes to what they offer.

“Our research tells us that brokers are focusing on fewer, stronger, more strategic lender relationships,” DelliPizzi says. “That means we have to be the best partner possible, continue investing in technology, product development, service, and overall experience to maintain those relationships. That’s what we plan to do.” A changing client profileWhile there aren’t a lot of new types of borrowers, the typical profile is shifting. For example, more demand for self-employed products continues to be an area of focus, and DelliPizzi says lenders are working toward the right product and the right fit. It’s also market-dependent: Toronto, Ottawa, and Vancouver are all unique.

Flor highlights a growing segment of borrowers facing “power of sale” situations – clients who have already received demand letters and are in more advanced stages of mortgage arrears than seen previously – resulting in a spike in demand for CMI’s specialized products. “With higher unemployment and the economy being where it is, it’s definitely a sign of the times,” he notes, adding that CMI is also seeing a rise in people looking for mortgages during a transitional period in their employment. These are cases that might have fit on the institutional side once upon a time, he notes, but many lenders won’t look at them now. McNeil adds that she’s seeing more clients looking to refinance, often because they accumulated debt when rates were super low. Now, they can’t afford the mortgage and the boat, McNeil says. She expects this spike in refinancing to continue into 2026.

MCAN Financial Group is a federally regulated Mortgage Investment Corporation (MIC) listed on the TSX under MKP. With over 30 years of experience, MCAN is invested in all aspects of Canadian real estate – from residential and commercial development to wealth-building through CDIC-insured deposits. Known for stability, agility, and community impact, MCAN empowers Canadians to build bold futures. MCAN Home, a wholly owned subsidiary, helps Canadians reimagine homeownership. Every journey is unique – MCAN Home designs mortgage solutions for real life. Backed by MCAN’s strength, we’re committed to growth, opportunity, and building futures that fit, one story at a time.

McNeil reports that often, “I tell clients to stay where they’re at” – she can’t always beat the rate they’re sitting at. “It isn’t great for my business, but it’s great for the relationship,” she says. “So that’s what I aim to do.” Resilience, relationships, and readinessAs 2026 approaches, one thing is clear: Canada’s mortgage professionals are leaning into uncertainty with a renewed focus on client care, adaptability, and strategic partnership. The turbulence of 2025 has underscored the value of proactive communication, nimble product development, and honest, relationship-driven advice.

Though CMI is a national lender, much of its activity is concentrated in Toronto and the GTA, where market swings tend to be more pronounced. For example, declining property values, particularly in the condo segment, have prompted CMI to take a more selective approach – though Flor adds 2025 was still a strong year overall.

From CMI’s vantage point, the growing renewal wave is also a source of anxiety. Private mortgage solutions are meant to be temporary “Band-aids” before clients move – or move back – to institutional lenders. However, with property values down, more clients are unable to exit their private mortgages as planned, so CMI is working to renew those loans and keep clients in their homes. But this ushers in opportunity as well: if there are an expected 60 percent of renewals between this year and next, clients who can’t requalify may move to the private space where “we have solutions for them,” Flor says. DelliPizzi stresses that, along with the proactive reach-out McNeil mentioned, it’s all about exit strategy – and ensuring the best result for the client at the end. Products like MCAN’s SCORE program offer an immediate solution, he notes, while at the same time emphasizing long-term rehabilitation and resilience. He calls

it an investment in the financial education of Canadians. “It’s about placing the client in the right deal,” he says. “If you’re capitalizing the payments, that’s a great strategy as well, but making sure that they have room in the exit and the loan-to-value too still, which is key.”

While challenges remain, the roundtable participants are confident that with the right strategies and a client-first mindset, opportunity will continue to emerge from volatility. After all, the mortgage industry’s greatest strengths remain unchanged against any backdrop: its people, its partnerships, and its unwavering commitment to helping Canadians navigate whatever comes next. “We don’t need to reinvent the wheel,” McNeil sums up. “Successful lenders, successful brokers, they’re going to continue doing what they’re doing. I’m not worried.”

Source: How will mortgage payments change at renewal? An updated analysis - Bank of Canada

Mortgage renewals bring payment shock

According to the Bank of Canada, approximately 60% of all outstanding Canadian mortgages will come up for renewal by the end of 2026 Many of these borrowers will see an increase in mortgage payments, with payment shocks of up to 25% for those who locked in rates in 2021, and up to 40% for those from 2020

Source: Mortgage Professionals Canada, Annual State of the Mortgage Market, 2025; Canadian Mortgage Trends, Nov. 2025; Canadian Mortgage Professional, Nov. 2025

Private lending on the rise

The number of self-employed and non-traditional income borrowers seeking mortgages increased by 18% year over year in 2025There are now approximately 2.75 million self-employed Canadians as of April 2025, up nearly 3% from one year prior About 13% of Canada’s workforce are self-employed, and many are finding it more difficult to qualify for competitive mortgage rates without consistent income documentation, pushing them toward private and home-equity lenders