One bank exec admits nearly half its broker-sourced clients are new to the bank
Canada's big banks are sharpening their retention playbooks as the mortgage renewal wave builds. One bank executive says brokers still hold the stronger hand.
Speaking at MortgageFest Canada in Toronto on September 23, Devon Ajram, vice-president, broker services and operations at TD Bank, said close to half of the customers TD gains through the broker channel are new to the bank.
He also disclosed a compensation incentive for brokers who refinance clients with TD at maturity.
Ajram spoke on a prime lending panel moderated by Michelle Campbell, president of the Canadian Mortgage Brokers Association – Ontario (CMBA-ON).
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Why bank retention teams are winning renewal conversations
Jamie Doolittle, head of BMO BrokerEdge, said lenders have changed their approach.
"When it comes to renewals, I will say that I think the banks have been way more proactive in managing that renewal wave than we have in the past. We had to, like there's so many happening right here. We want to retain our customers. We want to continue to grow our business," Doolittle said.
He warned that bank offers will arrive early and lean on price.
"You know, the banks are gonna send them offers. It's probably gonna be very focused on the rate. If you can get ahead of them and have those, again, quality conversations about how things have changed, what are they looking for, maybe they need a refinance, what's most important to them today," he said.
"If you can have those conversations early, I think you're gonna have better success as we go through this renewal wave."
Ajram argued that banks are less formidable than brokers assume.
"If you think that we are really, really, really, really good at building customer relationships with the customers that are coming through the broker channel, I would argue we can do a lot better," he said.
"New-to-bank customers that come through the broker channel are close to 50%. And so what that tells you is there's a long lifetime cycle to build that relationship, and it doesn't always transpire."
How early should brokers start renewal conversations?
Campbell suggested that brokers start planning renewals a year out. Elena Robinson, vice-president, residential sales at First National Financial LP, agreed and went further.
"Minimum. Some banks are even starting even before that," Robinson said.
"I think for brokers, make sure that you own the client before someone else has the opportunity to do so."
Enrik Brassard, associate vice-president, broker channel at National Bank, said his bank's broker partnership "is all based on client acquisition."
Brokers have demand on their side. The share of Canadians who obtained their mortgage through a broker climbed to 38% in 2026, according to Mortgage Professionals Canada.
The risk lies with clients whose payments are falling. CMP's analysis of renewing clients who don't feel the urgency to call found that this passivity is exactly where bank retention teams hold their advantage.
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