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.
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Last modified: April 26, 2017
Manulife Bank’s public disclosures show $17 billion, not sure what happened to get it down to just $2 billion.
Would it be possible to clarify what these numbers represent? (eg. are HELOCs excluded?)
Hi Banker, My understanding is that Manulife’s LOCs (the vast majority of its business) are not included in this total. Confirming with the CBA and will advise.
Further to Manulife’s numbers…
Despite OSFI’s definitions, the banks’ internal accounting methods result in HELOCs not always being reported in the same manner.
For Manulife, the $2 billion is just traditional mortgages with no HELOCs tied to them. Their Residential Mortgages Insured ($1.54 billion) + Uninsured ($0.47 billion) + “Non-Mortgage Loans to individuals for non-business purposes” secured by residential property ($15.5 billion of mostly HELOCs I understand) = Total loans secured by residential property of $17.5 billion
Hi Rob!
Where are MCAP and First National? Are monolines excluded drom the survey?
Thanks!
Hi Philippe, Yes indeed. These figures are for banks only.