Canada’s mortgage market will grow 11-15% in 2007.
BMO, however, continues to lose market share. In fact, BMO’s banking division has had “strong asset growth in all business lines except mortgages.”
In the 4th quarter that just passed, the bank lost 1.36% of market share (versus last year).
They lost share in the 3rd quarter as well. That leaves Canada’s oldest bank with just 12.17% of the mortgage market.
Year-over-year, BMO’s mortgage assets are down 17%.
The losses are largely a result of closing their mortgage broker channel. That’s been an experiment that’s yet to bear fruit. It’s also one that BMO’s competitors and investors are watching rather closely.
BMO continues to predict that market share gains will follow…once it hires and trains it’s “specialized” in-house sales force. We’ll see!
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