Canadians Are Using AI for Financial Planning
Why It Can’t Replace Expert Mortgage Advice
AI tools are becoming a staple in Canadians’ financial toolkits — from budgeting to investment tracking. But while artificial intelligence can crunch numbers fast, it still can’t replicate the trusted, compliant, and personalized advice that licensed mortgage agents provide, especially when big decisions like debt restructuring or home financing are on the line.
Here’s what the latest data says — and where Mortgage Brain AI fits into the picture.
Many Canadians Are Using AI. But With Limits
A 2024 Ipsos survey for BMO’s Real Financial Progress Index found that:
33% of Canadians are already using AI tools to manage their finances
That number jumps to 55% among Gen Z, who use it to increase financial literacy, manage budgets, and explore investment strategies
How Canadians Use AI Tools:
45%: To better understand personal finance concepts
43%: For budgeting
42%: For investment research and planning
But here’s the line they won’t cross:
68% of Canadians believe artificial intelligence can’t account for the emotional or psychological side of financial decisions — and they’re right.
What in Personal Finance Can and Can’t Do
AI Can Do:
Run real-time comparisons
Calculate affordability
Forecast repayment outcomes
Generate educational content
What AI Can’t Do:
Understand long-term goals
Navigate life changes like divorce, illness, or career shifts
Replace regulated advice under Ontario’s Mortgage Brokerages, Lenders and Administrators Act
In short: Artificial intelligence is a support tool. Not a decision-maker.
Why That Matters for Mortgage Decisions
Mortgage strategy isn’t just about getting the lowest rate. It’s about timing, structure, risk, and fit.
That’s why FSRA, Ontario’s mortgage regulator, enforces a strict suitability standard (Reg. 188/08). Licensed agents must:
Understand your full financial picture
Recommend what’s appropriate for your situation
Disclose all risks, fees, and conflicts of interest
AI can’t make those judgment calls. But it can help agents make better, faster, and more compliant decisions.
How Mortgage Brain AI Uses Technology the Right Way
At Mortgage Brain, we don’t believe in AI-led advice. We believe in AI-enhanced advice.
Here’s how we use it:
Smart Pre-qualification
Quickly assess your credit, income, home equity, and liabilities.
Real-Time Product Matching
Compare lenders across Canada as criteria and rates shift daily.
Risk Flagging
Spot affordability issues, over-leverage, or regulatory red flags before they become problems.
Educational Tools
Help clients understand complex strategies with plain-language breakdowns and real-time visuals.
“AI is like having a turbocharged assistant working behind the scenes,” says Mark, a Mortgage Brain advisor. “It doesn’t replace me, it helps ensure no option is overlooked, and clients understand why they’re choosing it.”
Case Study: How Smart Tech and Human Insight Work Together
A homeowner approached us with:
$70,000 in high-interest credit card debt
A goal to help a family member start a business
They assumed a full refinance was their only option. But our system flagged a better approach:
A fixed-term second mortgage to eliminate the unsecured debt
A HELOC to provide flexible capital access for the business
This hybrid strategy gave the client control (via fixed repayment) and flexibility (via the HELOC). A licensed agent validated affordability, ensured FSRA compliance, and guided the client every step of the way.
The Real Power: Better Decisions, Not Just Faster Ones
AI may save time, but its real strength is in improving outcomes.
By helping agents surface more suitable strategies, validate risk, and stay compliant. AI enables clearer, smarter mortgage advice, not guesswork, not pressure.
Final Thought: AI Supports Advice. It Doesn’t Replace It.
Mortgage decisions exist at the intersection of finance, regulation, emotion, and life goals. That’s a space only licensed professionals can navigate responsibly.
But when used the right way, it makes everything faster, clearer, and more personalized and that’s exactly what Mortgage Brain is built to deliver.
Want Advice That’s Data-Smart and People-Focused?
We combine smart technology with licensed, FSRA-compliant advisors to give you advice you can trust, built around your goals.
Sources:
Ipsos Factum for BMO’s Real Financial Progress Index, June 2024
CNW Newswire (July 29, 2024)
