Who is the largest mortgage provider in Canada?
The Royal Bank of Canada (RBC) is the largest lender in the country and makes up nearly 30% of Canada's mortgage market as of 2020, with a total residential mortgage lending amount of over $310 billion.
The Canadian residential mortgage financing market is presently dominated by chartered banks.
| Bank | 1-Yr Fixed Rate | 5-Yr Fixed Rate |
|---|---|---|
| BMO | 8.09% | 7.04% |
| CIBC | 7.44% | 6.84% |
| National Bank of Canada | 7.84% | 6.84% |
| RBC | 7.84% | 6.79% |
There are 3 main providers of mortgage default insurance in Canada – the Canadian Mortgage and Housing Corporation (CMHC), Sagen, and Canada Guaranty.
First National is one of Canada's largest non-bank mortgage lenders, specializing in residential and commercial mortgages. Founded in 1988, First National has grown to become a leading provider of mortgage financing, serving clients across Canada.
Top originators
Rocket Mortgage LLC kept its title as the top nonbank mortgage lender, though the volume of mortgages it funded more than halved year over year. The Rocket Cos. Inc. unit logged $127.58 billion in funded mortgages in 2022, compared to $340.19 billion in 2021.
| Rank & Bank | Headquarters | Market Cap |
|---|---|---|
| #1 JPMorgan Chase | New York, USA | $505.69 B |
| #2 Bank of America | North Carolina, USA | $265.44 B |
| #3 Industrial and Commercial Bank of China Limited | Beijing, China | $238.66 B |
| #4 Agricultural Bank of China | Beijing, China | $187.68 B |
- Northpointe Bank – Best Lender for No Down Payment Mortgage.
- PenFed Credit Union – Best Lender for Saving Money on Fees.
- Rocket Mortgage – Best Lender for Flexible Mortgage Terms.
- Truist – Best Home Loan Lender for Applying Online.
- loanDepot – Best Lender for Fast Closing Times.
If you don't put 25% down on your mortgage, it needs insurance, and an insured mortgage is limited to 25 years. So the 30 year mortgage is rare. We still have closed mortgages here, where you have a lower rate but you face a penalty for early repayment of the mortgage.
How big is the mortgage market in Canada?
In 2023, the total value of mortgage debt outstanding in Canada amounted to nearly 1.8 trillion Canadian dollars. Chartered banks held the largest share of mortgages outstanding.
The Big Six refers to the major banks of Canada. The list includes the TD, Royal Bank, the Bank of Montreal, Scotiabank, CIBC, and the National Bank.
- Methodology: How we chose the best banks in Canada.
- Best bank in Canada for chequing: Scotiabank.
- Best bank in Canada for saving: EQ Bank.
- Best bank for investing: BMO.
- Best bank for mortgages: RBC.
- Best bank in Canada for loans: TD Bank.
- Best bank for small business: CIBC.
- Best for online banking: Tangerine.
In 2023, RBC performed better than TD Bank, which led RBC to the top position in most profitability indicators. RBC had more assets, higher market capitalization, revenue, net income, return on equity (ROE), and return on assets (ROA). TD Bank ranked second in all indicators, except for ROE and ROA.
- Royal Bank of Canada (RBC) — $48.99 billion.
- Toronto-Dominion Bank (TD) — $46.17 billion.
- Bank of Nova Scotia (Scotiabank) – $31.42 billion.
- Bank of Montreal (BMO) — $33.71 billion.
We have the answers for you. There are three default insurance providers in Canada: the Canadian Mortgage and Housing Corporation (CMHC), Sagen (formerly Genworth Canada), and Canada Guaranty. CMHC is backed by the Canadian government and often sets the tone and policy for the other two private insurers.
PMI is insurance that is provided by lenders other than the government. If you don't want a CMHC-insured loan, you'll have to go for the PMI option. MIP is offered by the government through the Canada Mortgage and Housing Corporation (CMHC). Therefore, it is also called the CMHC premium.
It may range from 0.60% to 4.5% of the mortgage amount.
United Wholesale Mortgage (United Shore Financial Services) United Wholesale Mortgage is the second-largest mortgage company, originating 348,415 mortgages in 2022 worth $127.5 billion.
- TD Bank.
- Royal Bank of Canada.
- The Bank of Montreal.
- The Bank of Nova Scotia.
- CIBC.
- National Bank.
How many mortgages are private in Canada?
Private mortgages are still a relatively small portion of Canada's overall loan volume—roughly 10% of all mortgages as of Q4 2022, according to CMHC data.
“Large servicers” service more than 30,000 loans. To compare borrower characteristics at servicers of different sizes and explore the role servicers of each size play in the mortgage market, this report uses the National Mortgage Database (NMDB®).
List Of Countries With Biggest Loans From World Bank. With a borrower's obligation of more than 2,000 crore dollars currently, India owes the most amount as loan repayment to the World Bank.
Legacy Home Loans
It is the nation's largest Black-owned mortgage company.
The largest five banks by market capitalization are JP Morgan & Chase, Bank of America, Industrial and Commercial Bank of China, Wells Fargo, and China Construction Bank. The sixth through eighth largest banks, while smaller in market cap than the top five, are still significantly large.
