How to Become a Mortgage Broker in Canada: Licensing, Costs and Earnings

Becoming a mortgage agent in Canada takes no degree, a few thousand dollars at most in course and licence costs, and usually a few months from starting the course to being licensed. The pay is commission, so the first year is usually lean while you build a referral network, and income grows with the number of mortgages you close. This page covers the licensing steps by province, the costs, how the commission pay works and the career path from agent to broker. More on how brokers work is in the lenders and brokers hub.

Steps to become a mortgage agent or broker

Step	Action	Typical timeline
1	Check your province’s licensing requirements	1 week
2	Complete the approved education course	1–3 months
3	Pass the licensing exam	1–2 weeks
4	Find a brokerage to sponsor or authorize you	1–4 weeks
5	Apply for the provincial licence	2–4 weeks
6	Complete any mentorship or supervised-practice requirement	0–12 months
7	Build your client base	Ongoing

In each of the provinces below, a new agent works under a licensed brokerage. The regulator for each province, and how its register works, is in who regulates mortgage brokers.

Licensing requirements by province

Ontario

Ontario has three individual licences: Mortgage Agent Level 1, Mortgage Agent Level 2 and mortgage broker, issued by FSRA.

Requirement	Details
Basic eligibility (broker licence)	At least 18, a resident of Canada, with an Ontario mailing address, and authorized by a brokerage to deal or trade in mortgages on its behalf
Education	An approved Mortgage Agent Level 1 course; Level 2 adds a further course
Exam	Taken with the approved course provider
Sponsorship	Every agent must be authorized by a licensed brokerage
Licence levels	Mortgage Agent Level 1 (entry level), Mortgage Agent Level 2 (adds more kinds of mortgages), mortgage broker (supervisory)
Moving up to broker	Licensed as a Mortgage Agent Level 2 for at least 24 of the 36 months before applying, plus the approved broker course and exam
Continuing education	Required for licence renewal

British Columbia

Requirement	Details
Regulator	BCFSA (BC Financial Services Authority)
Education	The approved mortgage broker pre-licensing course (offered through UBC Sauder)
Exam	Provincial licensing exam
Sponsorship	Must register under a licensed brokerage
Continuing education	Required

Alberta

Requirement	Details
Regulator	RECA (Real Estate Council of Alberta)
Education	RECA’s mortgage associate course
Exam	RECA licensing exam
Licence types	Mortgage associate (works under a broker), mortgage broker
Continuing education	Required for renewal

Other provinces

Quebec (AMF), Manitoba, Saskatchewan, Nova Scotia, New Brunswick, Newfoundland and Labrador and Prince Edward Island each run their own licensing system under their own mortgage brokers legislation. The regulator in each is listed in who regulates mortgage brokers; its website sets out the approved courses and exam.

Education and licensing costs

Approximate costs to get licensed:

Province	Course	Exam	Licence fee	Total to start
Ontario (Level 1)	$500–$800	Included	$400–$600	$900–$1,400
Ontario (Level 2)	$800–$1,200	Included	$400–$600	$1,200–$1,800
British Columbia	$1,200–$1,500	$200–$300	$400–$600	$1,800–$2,400
Alberta	$700–$1,000	$200	$300–$500	$1,200–$1,700

Course providers and regulators set these fees and change them; confirm current amounts with them.

Other startup costs

Expense	Cost
Errors and omissions (E&O) insurance	$500–$1,500 a year
Business cards and website	$200–$2,000
CRM software	$0–$200 a month
Initial marketing	$500–$5,000
Association membership	$200–$500 a year

Earning potential

Mortgage agents are paid by commission: the lender pays the brokerage a fee when each mortgage funds, and the brokerage passes a share to the agent. How those finder’s fees, trailers and volume bonuses work, and when a borrower pays a fee instead, is in how mortgage brokers get paid. From the agent’s side:

Commission by mortgage type

Mortgage type	Typical commission	On a $500,000 mortgage
Prime (A-lender)	0.50%–1.10%, from the lender	$2,500–$5,500
B-lender	0.50%–1.00%+ from the lender, sometimes plus a borrower fee	$2,500–$5,000+
Private mortgage	1.00%–3.00%, usually paid by the borrower	$5,000–$15,000
Renewal with the existing lender	Lower than a new mortgage; varies by lender	Varies

Income by experience

Gross commissions, before the brokerage’s split:

Experience	Deals a year	Average commission	Gross commissions
Year 1	10–20	$3,000	$30,000–$60,000
Years 2–3	25–40	$3,500	$87,500–$140,000
Years 4–5	40–60	$4,000	$160,000–$240,000
Top producer	80–120+	$4,000+	$320,000–$480,000+

New agents usually close far fewer deals while they build a network of referral sources (real estate agents, past clients, financial planners), and there is no salary underneath. The brokerage’s split matters as much as the deal count. Commission pay also affects your own borrowing: lenders generally want a track record before they count it, as explained in getting a mortgage on commission income.

Brokerage split

Model	How it works
50/50 split	The brokerage keeps half the commission (common for new agents)
70/30 split	The agent keeps 70% (experienced agents)
90/10 or a flat desk fee	The agent pays $500–$1,500 a month and keeps most of the commission
Own brokerage	Keeps all the commission and pays all the overhead (needs a brokerage licence)

Day-to-day work

Task	How often
Client consultations	Daily
Applications and document collection	Daily
Lender submissions and follow-up	Daily
Networking and referral development	Weekly
Marketing (social media, content)	Weekly
Continuing education	Through the licence period
Compliance records	Every deal

Pros and cons

Pros	Cons
Earnings rise with the deals you close	Commission only, with no guaranteed salary
Flexible schedule	Income is uneven, especially early
Helping people buy homes	A competitive market
Low cost to enter	Marketing and networking take constant effort
Can work largely remotely	Regulatory and compliance requirements
	Long hours in busy seasons

Skills that matter

Skill	Why it matters
Sales and relationship building	Income is commission and referral driven
Attention to detail	Mortgage documents must be accurate
Financial literacy	Understanding credit, income and debt ratios
Communication	Explaining terms clearly to clients
Self-discipline	No manager setting the pace
Marketing	Building a personal brand and a flow of clients
Technology	CRM, digital applications, social media

Career path

Stage	Title	What it involves
Entry	Mortgage agent (Ontario) / mortgage associate (Alberta)	Arranging mortgages under a brokerage
Intermediate	Licensed mortgage broker	Can supervise agents
Advanced	Principal broker or brokerage owner	Running a brokerage firm
Alternative	A lender or bank role	Using the experience elsewhere in the industry

How brokers look from the borrower’s side, including what a broker does and the agent vs broker difference, is in what a mortgage broker is, and the brokerages and networks agents often join are compared in the best mortgage brokers in Canada.