Aspiring to be a full-fledged mortgage broker in Canada, but don’t know where to start? Before you shell out money for the technical coursework and license requirements, you should familiarize yourself with the entire process so you don’t skip on the important requirements mandated by the state. 

Here’s all the first-hand information you should should know on how to become a mortgage broker in Canada.

A Quick Guide on How To Become a
Mortgage Broker in Canada


Before becoming an eligible mortgage broker, you have to at least meet the minimum qualifications in this profession. To become a licensed mortgage broker, you’ll have to:

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Enrol in Programs

If you meet all the above requirements, it’s time to boost your expertise and education in the niche. 

The educational requirements vary in provinces, so make sure to review the mandated programs and recommended institutions in your region. 

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The Financial Services Authority of Ontario (FSRA) provided a list of different program providers that offer a mortgage agent course within the province of Ontario. Keep in mind that tuition fees differ from each college. Enrol wherever you can afford the education best.

Here’s the list of community college members of Ontario:

  • Algonquin College
  • Cambrian College
  • Canadore College
  • Centennial College
  • Collège Boréal
  • Conestoga College
  • Confederation College
  • Durham College
  • Fanshawe College
  • Fleming College
  • George Brown College
  • Georgian College
  • Humber College
  • La Cité collégiale (offers services in French)
  • Lambton College
  • Loyalist College
  • Mohawk College
  • Niagara College
  • Northern College
  • Sault College
  • Seneca College
  • Sheridan College
  • St. Lawrence College

Apply for a License

On to the most important part in the process of how to become a mortgage broker—processing your licensing requirements. Keep in mind that you need to complete several steps before you actually apply for a mortgage broker license.

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Aside from the schooling you received, you need the necessary experience before you become certified in the field. Here are the steps you must accomplish before you acquire a license as a mortgage broker in Canada:

Other Accreditations

There are also other mortgage agent education providers that offer a mortgage associates program. You can start your course registration in the following institutions:

person writing on notebook

If you don’t have the financial means to enrol in programs offered by mortgage agent education providers, you can do the following: 

  • You can submit an Education Equivalency Request [1] if you think you have a relevant educational background or work experience that meets Mortgage Broker Qualifying Standards (MBQS) and Mortgage Agent Qualifying Standards (MAQS).
  • You can also voluntarily request a certificate through the National Association of Mortgage Brokers (NAMB) which requires final examination.

Advantages of Working as a Mortgage Broker + Salary

What can you get from this exciting career? For starters, the earnings of a mortgage broker in Canada is based on a paid commission — lenders pay you once you close deals with real estate clients. The split is usually 85% to the agent and 15% to the brokerage.

man in suit

You also have the flexibility. You can choose to work for financial institutions or go for a solo career. You can work for a corporate mortgage business and you’ll get a consistent number of clients which provides you with a stable source of income.

Another option is to work independently and manage your time and get a work-life balance. A bachelor’s degree is not necessary in this line of work! You’re all set as long as you finish your education and licensing requirements.

(Want to know the difference between a mortgage broker and a bank? Then, you can also check our comparison of mortgage broker vs bank institutions here


How Much Does a Mortgage Broker Make a Year?

A mortgage broker can make around an average of $70,000 a year in Canada. However, this still varies and depends on the skills, experiences, and location of a mortgage broker.


The process of becoming a mortgage broker in Canada may not be an easy journey, but our team can proudly say it’s worth the effort if you’re looking at opportunities. Yes, it might cost you a lot in the beginning, but the effort and education are worth the investment if you’re planning a long-term career in mortgage brokerage.

Foster Mendez

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