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Broker Lender Market Share – Q2 2016

Broker channel mortgage volumes continue to grow, but somewhat slower than the industry average. Overall broker-originated mortgages rose 4.4% in Q2 versus the same quarter in 2015.

Bank share of the broker market fell another 4.1% y/y. That’s on top of the 3.4% y/y decline in Q1. Banks now hold just 30.8% of the broker segment, the least since we began covering this survey (and down from almost 60% in 2010).

Here’s a look at the reported market share for all top 10 lenders in the broker business, as of second quarter 2016…

Rank  Lender Market Share* 12 Mo
1 Scotiabank 16.3% -130 bps
2 First National 15.2% 0 bps
8.6% +50 bps
4 Street Capital
8.4% -180 bps
5 Merix Financial
6.9% +100 bps
6 RMG Mortgages 6.8% +50 bps
7 Home Trust
6.7% +30 bps
8 TD Canada Trust
6.7% -40 bps
9 Equitable Bank 4.6% +160 bps
10 B2B Bank 2.3% -40 bps


Quick takes:

  • Scotiabank extended its losing streak, shedding another 130 bps of market share year-over-year. It’s now just 110 bps in front of First National, its slimmest first-place margin since Q3 2014.
  • If you combine MCAP with its RMG brand, the company has the second biggest share at 15.4%.
  • Equitable Bank posted the best year-over-year gain at +160 bps. It’s offering some preferential pricing to certain brokers and that (in part) seems to be paying off.
  • National Bank sunk to just 2.3% share, down 150 bps y/y. That’s its worst showing since we started tracking these stats in 2010. Its peak was 6.1% share two years ago. The bank’s steady decline is a worrisome trend that (we hate to say this) makes one question the top brass’s commitment to the channel.
  • Monoline lenders have never had a bigger presence. They now lead the broker market with 47% share.
  • Among the provinces, B.C. once again posted the biggest year-over-year gain in submission volume, up 3.8%. And once again Alberta posted the biggest drop, down 2.5%.

  • Data Source: D+H puts out a terrific non-public report called Lender Insights, which compiles lender market share data in the mortgage broker industry. We receive data from that report via third-party sources and have quoted it here. The data above is not confirmed, but is believed reliable. Note: These market share figures do not count MorWeb volumes (D+H’s smaller competitor) and leave out a few lenders who D+H doesn’t report, like CMLS Financial.