As housing prices soared in 2013, first-time homebuyers found themselves in a pickle. On the one hand they had parents encouraging them to buy a house and to stop "throwing away money on rent," and a popular culture obsessed with home-ownership: bidding wars, renos, HGTV, and neighbourhoods with that amazing new restaurant around the corner. Worse, real estate agents subtly planted the fear that young people would be priced out of the market forever if they didn't act soon.

But on the other hand, they faced the reality of steep home prices that would require steep mortgage payments. And they worried that those mortgage payments would restrict them from acting on their other plans in life.

Put simply, first-time homebuyers were decidedly "on the fence" when it came to the biggest purchase of their lives.

From a consumer point of view, mortgage advertising was a sea of sameness with all brands flogging what sounded like similar rates and products.

TD had to find a way to build affinity with first-time homebuyers, convincing them to consider TD first for a mortgage. TD also needed to break through the clutter of the spring promotional period and overcome the prevailing perception that mortgages were undifferentiated, commodity products.

The campaign would centre on a flexible TD mortgage feature that was called a Mortgage Payment Vacation, letting homeowners plan ahead to take up to a four-month "break" from their mortgage payments, freeing up their money for other plans in life.

The "Dear Mortgage" campaign was born. The agency invited consumers to write a "Dear John" letter to their mortgage, asking the question: "What would you do with a four-month Payment Vacation?" The campaign featured 30+ unique, handwritten "Dear Mortgage" letters dramatizing all kinds of dreams and aspirations. The letters came to life in print, transit, OOH and digital display and video. Through social media, consumers were invited to fantasize about mortgage empowerment with their own "Dear Mortgage" message.

Localized elements were designed to draw first-time homebuyers into the brand promotion – such as a newspaper insert "scrapbook" of Payment Vacation possibilities, and an out-of-home stunt in which real homebuyers wrote "Dear Mortgage" letters live on TSAs and underground walkways in Toronto's downtown core. A video documenting this experience was created to further drive consumer engagement in owned social channels.

Mass advertising and social media inspired consumers to imagine the benefits of a flexible mortgage, while online tactics drove to tools that empowered them to act.

As a result of the "Dear Mortgage" campaign, incremental consideration of TD mortgages reached an all-time high, exceeding the bank's inquiry forecast by 117% and outperforming key mortgage competitors.

Prior to the 10-week campaign, TD's mortgage business was experiencing a double-digit decline in entered deals. During the campaign, entered deals surpassed TD's business forecast by 21%.

In addition, the campaign achieved the highest branded recall (6%) and brand link (13%) of all competitors in the market.