Of the nearly $1 trillion in mortgage balances held by our top banks, Canada’s Big Six control a dominating 93% of it.
The top six mortgage standings rarely change in the bank world. The latest numbers from OSFI show
RBC still holding the #1 spot with nearly 1 in 4 bank mortgages
TD in second with 1 in 5 bank mortgages
Scotiabank (the top broker channel lender), right on TD’s heels with 19% share.
Banks have and will continue to dominate Canada’s mortgage market. Despite the fact that brokers closed 42% of new mortgages in 2015 (to the banks’ 45%, as per Mortgage Professionals Canada research), the bulk of funding for those mortgages came from or was facilitated by major banks.
Source: The above table of information is derived from OSFI financial reports and includes Canadian residential mortgages only. Our thanks to the Canadian Bankers’ Association for providing this data.