Statistics

Mortgage Lenders in Canada

Learn about mortgage lenders in Canada for 2024, from the big banks to smaller lenders and financial institutions in between.
This Page's Content Was Last Updated: August 29, 2024.
What You Should Know
  • The majority of Canadians still get a mortgage from a bank, but there are other mortgage lenders that may offer more competitive rates or make it easier to qualify for a mortgage.
  • Alternative mortgage lenders, including credit unions and mortgage finance companies, are increasingly popular among Canadian homebuyers seeking flexible mortgage solutions.
  • Non-bank lenders may provide tailored options for borrowers with non-traditional financial situations.

Residential Mortgage Balances in Canada (Q2 2024)

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Select Mortgage Term:
Fixed
Variable

Most of Canada’s outstanding residential mortgage balances can be found at the big banks. The chart above displays the distribution of residential mortgage balances in Canada for Q2 2024, totaling $2 trillion. Major mortgage lenders include RBC (21.7% of the market, $433.3 billion), Scotiabank (14.5%, $289.4 billion), and TD (13.4%, $268.7 billion). Other significant players are CIBC (13.2%, $264.5 billion), BMO (7.6%, $151.8 billion), and Desjardins (6.2%, $125 billion). Smaller lenders include Equitable, Manulife, ATB, and Laurentian Bank. Others make up the remaining 15.8% of the market. This mortgage statistic highlights the concentration of outstanding mortgage debt among Canada's largest lenders.

Where Do Canadians Get Their Mortgages?

While most outstanding Canadian mortgages are held by the biggest banks, an increasingly larger proportion of new mortgages are coming from non-bank lenders. However, most Canadians still get their mortgages from a bank, with 57% of new mortgages in Canada coming from the country's banks. This includes big banks like Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), and Scotiabank.

Credit unions are also a popular option for Canadians looking for a mortgage. 21.88% of new mortgages in Canada are issued by credit unions. Other lenders, such as mortgage investment entities (MIE), mortgage finance companies (MFC), insurance companies, and trust companies, make up the remaining amount of new mortgages in Canada. These lenders are typically more specialized and may offer unique products.

Distribution of New Mortgages in Canada

Where Can I Get a Mortgage?
iconBanks

Often with the strictest eligibility requirements, major banks in Canada offer mortgages.

iconCredit Unions

These are member-owned financial institutions that offer mortgages and other banking services.

iconB Lenders

These are alternative lenders who offer mortgages to individuals with lower credit scores or unique financial situations.

iconPrivate Lenders

Private lenders are individuals or companies that provide mortgages to borrowers, who often have bad credit, high debt, or otherwise can’t qualify for a mortgage at a bank, with high interest rates.

Canada’s Big Six Banks

Canada’s six largest banks and how much money they have loaned out to people in real estate loans, which includes both mortgages and HELOCs, are:

RBClogo
RBC$470 Billion
Scotiabanklogo
Scotiabank$312.6 Billion
CIBClogo
CIBC$284 Billion
TDlogo
TD$388 Billion
BMOlogo
BMO$200.7 Billion
National Banklogo
National Bank$92.3 Billion
Note: Q2 2024

Looking at just mortgages, these are the balances of outstanding residential mortgages at Canada’s biggest banks:

RBClogo
RBC$433 Billion
Scotiabanklogo
Scotiabank$289.4 Billion
CIBClogo
CIBC$264.5 Billion
TDlogo
TD$268.7 Billion
BMOlogo
BMO$151.8 Billion
National Banklogo
National Bank$62.8 Billion
Note: Q2 2024
The Lowest Rate From The Biggest Banks

Currently, the lowest mortgage rate offered by the big 6 banks, namely RBC, Scotiabank, CIBC, TD, BMO, and National Bank, is a 5-year fixed rate mortgage at 4.34% by CIBC. The big six banks often don't have the lowest mortgage rate in the market, but they are still popular choices for mortgage seekers due to their reputation and stability. Here are the lowest mortgage rates offered by the big 6 banks, by term:

1-Year Fixed5.94%
2-Year Fixed5.54%
3-Year Fixed4.74%
4-Year Fixed4.64%
5-Year Fixed4.34%
3-Year Variable5.45%
5-Year Variable5.15%
rbc logo
About Royal Bank of Canada (RBC)

As the largest bank in Canada, based on market capitalization, the number of branches, and residential mortgage balances, RBC offers a full range of financial services, including personal and commercial banking, wealth management, and insurance. Established in 1864, RBC has a strong international presence, with operations in 29 countries.

td logo
About Toronto-Dominion Bank (TD)

TD’s roots go back to 1855, when the Bank of Toronto was founded. In 1955, the merger of the Dominion Bank and the Bank of Toronto created the Toronto-Dominion Bank, which would then acquire Canada Trust in 2000. TD is known for its excellent customer service, having received the highest customer satisfaction ranking among the big banks in J.D. Power’s studies for multiple years. TD has an extensive branch network across Canada and the United States.

scotia logo
About Bank of Nova Scotia (Scotiabank)

Founded in 1832, Scotiabank is known for its strong presence in international markets, particularly in Latin America and the Caribbean. The bank offers a comprehensive range of financial products, from personal banking to capital markets and insurance.

bmo logo
About Bank of Montreal (BMO)

BMO, established in 1817, is the oldest bank in Canada. It has a notable presence in both Canada and the United States. BMO is recognized for its innovative banking solutions and customer-centric approach, being on Fast Company's 2024 list of the World's Most Innovative Companies.

cibc logo
About Canadian Imperial Bank of Commerce (CIBC)

CIBC dates back to 1867 when the Canadian Bank of Commerce was founded, and formed in 1961 from the merger with Imperial Bank of Canada. CIBC offers a variety of financial solutions, including mortgages, investment services, and commercial banking, and it has positioned itself as a leading bank in Canada.

national bank logo
About National Bank of Canada (National Bank)

National Bank, established in 1859, serves primarily the province of Quebec but has also expanded its footprint into other provinces. It specializes in personal and commercial banking, wealth management, and capital markets.

Mortgage Characteristics

With a Remaining Amortization of 25+ Years

28% to 46%
of mortgages at Canada's Big 6 Banks

Are Mortgage Amortizations Getting Longer?

Rising variable mortgage rates have lengthed the amortization period of some mortgages, while high home prices and affordability issues are also causing borrowers to select longer amortizations to reduce monthly payments.

Over the past two years, the majority of new mortgages at chartered banks had an amortization greater than 25 years.

Percentage of Mortgages with a Remaining Amortization Over 25 Years

rbc logo
42% of RBC Mortgages
cibc logo
44% of CIBC Mortgages
td logo
44% of TD mortgages
bmo logo
44% of BMO Mortgages
national logo
28% of National Bank Mortgages
Source: Individual Banks’ Financial Reports for Q2 2024

Mortgages Up For Renewal

1.00%
of mortgages will renew each month until August 2024

The Renewals Are Coming

It’s estimated that each month, around 1.28% of all Canadian mortgages will be up for renewal until October 2024. That number will rise after October 2024 to 1.52% of all mortgages each and every month, until April 2025.

That’s because many Canadians renewed their mortgages during the low-interest years of 2020 and 2021. Most of them have terms of 5 years or less and will be coming up for renewal soon. Unfortunately, they’ll be renewing during a period of higher interest, which could shock many homeowners.

% of Mortgages Renewing in 1 & 2 Years

RBC logo
23% in 1 year49% in 2 years
Note: RBC is for all loans, including non-mortgage loans
CIBC logo
22% in 1 year52% in 2 years
TD logo
15% in 1 year35% in 2 years
BMO logo
12% in 1 year33% in 2 years
Scotia logo
17% in 1 year42% in 2 years
Source: Individual Banks’ Financial Reports for Q2 2024

Other Banks in Canada

In addition to the Big Six, Canada boasts a diverse landscape of smaller banks. These chartered banks can also have competitive mortgage rates and serve regional or niche markets.

equitable logo
About Equitable Bank

Founded in 1970, Equitable Bank is Canada’s seventh-largest Schedule I bank. It focuses on flexible lending solutions, particularly for those who may not fit conventional banking criteria. This includes mortgages for borrowers who might be self-employed, have a limited credit history, or are real estate investors.

cwb logo
About Canadian Western Bank

Established in 1984, the Canadian Western Bank (CWB) has regional roots deep in the western provinces, where it has built strong community ties. CWB has received awards such as Canada’s Top 100 Employers, Mortgage Industry Employer of Choice from the Canadian Mortgage Awards, and awards for Top Alternative Lender by Canadian Mortgage Professional.

laurentian logo
About Laurentian Bank of Canada

Established in 1846, Laurentian Bank has carved a unique niche within the Canadian banking sector, primarily serving the province of Quebec. Laurentian Bank offers a comprehensive suite of financial services, including personal and commercial banking, investment solutions, and mortgages.

About Wealth One Bank of Canada

Wealth One is a new digital bank, established in 2015, that focuses on providing innovative financial solutions to meet the needs of underserved communities, particularly the immigrant community. Wealth One’s mortgages specialize in borrowers who are self-employed or entrepreneurs, new to Canada, and real estate investors as an ‘Alt-A’ mortgage lender.

About ICICI Bank

ICICI, established in 1955, is one of the leading banks in India. ICICI Bank Canada opened in 2003 and offers a wide range of financial services with branches in Alberta, British Columbia, Ontario, Nova Scotia, and Manitoba.

About Shinhan Bank

Shinhan Bank, founded in 1897, is South Korea's first bank. Shinhan Bank Canada opened in 2009 and now has branches in Ontario and British Columbia.

About ATB Financial

ATB Financial, owned by the Government of Alberta, is the largest Alberta-based financial institution. As a mortgage lender, they offer a rate guarantee of up to 120 days, flexible payment options, and locations across the province to serve you.

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Select Mortgage Term:
Fixed
Variable

Mortgages From Credit Unions

Credit Union Membership

6,155,186
Canadians as of Q1 2024 (Excluding Desjardins Group)

Credit unions have been steadily increasing their presence in Canada’s mortgage industry, growing from 15% of all new mortgages in 2020 to 22% of all new mortgages in 2023.

The rise in popularity of credit unions can be attributed to their unique structure and customer-focused approach, but unlike banks, credit unions aren’t required to stress test their mortgage applicants. This allows credit unions to be more flexible and work with borrowers who may not meet the stricter requirements of traditional banks.

As a result, credit unions are now an increasingly attractive options for borrowers that are often overlooked by traditional banks. This includes self-employed individuals, new immigrants or those with lower credit scores.

Credit unions operate provincially in Canada, which means that you can't get a mortgage from a credit union based in another province. However, with almost 200 credit unions and over 1,600 credit union locations across Canada, there is likely one near you that can provide personalized and competitive mortgages to meet your needs.

Credit Unions - Share of Mortgages Originated

Notable Credit Unions in Canada

vancity logo

Vancity: Based in Vancouver, Vancity is Canada's largest credit union outside of Quebec and is known for its commitment to sustainability and community investment.

meridan logo

Meridian: As Ontario's largest credit union, Meridian provides comprehensive banking services, including competitive mortgage options, and strongly emphasizes member service and community involvement.

coast capital logo

Coast Capital: Based out of British Columbia, Coast Capital is recognized for its member-centric approach and innovative banking solutions, including flexible mortgage products. Coast Capital invests 10% of its profits back into the local community.

servus logo

Servus Credit Union: Servus, Alberta’s largest credit union, offers everything from mortgages to credit cards to insurance and investments. If you choose Servus to be your mortgage lender, you’ll get Profit Share Rewards cash each year.

access logo

Access Credit Union: Located in Manitoba, Access focuses on providing personalized financial services to its members, emphasizing community support and competitive offerings in personal loans and mortgages. Access also offers competitive savings rates.

desjardins logo

Desjardins: As Canada’s largest federation of credit unions, Desjardins operates mainly in Quebec. It provides a wide array of financial services and strongly emphasizes cooperative values and member benefits.

steinbach logo

Steinbach Credit Union: Known for its commitment to the surrounding communities in Manitoba, Steinbach Credit Union offers comprehensive banking services and works closely with members to help meet their financial goals.

alterna logo

Alterna Savings: Alterna is a prominent credit union in Ontario, offering competitive rates on a variety of products including mortgages and GICs. They also offer fully digital mortgages through Alterna Bank.

affinity logo

Affinity Credit Union: Based in Saskatchewan, Affinity offers a 130-day mortgage rate guarantee. It also covers up to $1,750 in mortgage switching fees, and has multiple mortgage options.

duca logo

DUCA Credit Union: Based in Ontario, DUCA offers low-rate insured mortgages, second mortgages, mortgages to purchase a co-op property, and HELOCs. It also offers profit-sharing rewards that you can use to buy down your mortgage rate.

first ontario logo

FirstOntario Credit Union: Serving communities in Ontario, FirstOntario offers mortgages with a 30-day rate guarantee and an annual prepayment allowance of up to 20%.

caise alliance

Caisse Alliance: Operating mainly in the French-speaking regions of Northern Ontario, Caisse Alliance has been focused on accessibility and human connection to improve member’s quality of life. Mortgages with Caisse Alliance are eligible for member dividends.

kawartha logo

Kawartha Credit Union: Located in Central Ontario, Kawartha Credit Union has branches stretching from Cornwall to Parry Sound.

prospera logo

Prospera Credit Union: Based in British Columbia with branches in Vancouver, the Fraser Valley, and Okanagan, Prospera offers mortgages with plenty of options. These include an amortization of up to 30 years, an annual principal prepayment of up to 20%, and terms from 1 to 10 years.

Mortgage Finance Companies (MFCs)

Mortgage Finance Companies (MFCs) are a type of non-bank mortgage lender in Canada. Unlike private mortgage lenders, which aren't subject to the same regulations as traditional banks and allow for them to have more flexibility in their lending practices, MFCs are subject to federal regulations. That's because most mortgages MFCs lend out are insured mortgages, including those that use government-backed mortgage insurance by CMHC. You will typically need to work with a mortgage broker to get a mortgage from a MFC.

first national logo
About First National

First National is one of Canada’s largest non-bank mortgage lenders, offering residential and commercial mortgages. Since its founding more than 35 years ago, over 300,000 Canadians have chosen to get a mortgage from First National.

About CMLS Financial

One of Canada’s largest independently owned mortgage lenders and the third-largest MFC, CMLS Financial offers a variety of mortgage products and services to meet borrowers' needs. In 2024, nesto acquired CMLS.

About Merix Financial

As a non-bank mortgage lender, Merix specializes in alternative mortgages and offers flexible solutions for borrowers who do not fit the criteria of traditional lenders. This includes allowing flexible down payment sources, non-stress-tested rates, stated income, and rental income offsets.

Private Mortgage Lenders and MICs

Private Mortgage Lenders

Having a credit score of less than 600 can make it difficult to obtain a mortgage, as it is considered a low credit score. This indicates that the borrower may have had trouble managing their credit in the past or currently has financial instability.

Many traditional lenders, such as banks and credit unions, require a minimum credit score of 680 or higher to qualify for a mortgage. Borrowers with a credit score less than 680 may have to seek alternative lending options, which may come with higher interest rates and fees. Examples include B-lenders and private lenders.

Private mortgage lenders are an option that many borrowers with bad credit turn to. These lenders often have more flexible requirements and may be willing to work with borrowers who have a lower credit score, but this usually comes at a higher cost. Many private mortgages are interest-only, which means the borrower is only required to pay the interest on the loan each month and not the principal. This reduces the size of their mortgage payments, but borrowers aren’t building any equity or paying off their loans.

According to the Financial Services Regulatory Authority of Ontario (FSRA), 10.6% of new mortgages in 2021 in Ontario by mortgage brokers were for private mortgages. That adds up to $22.4 billion in 2021 alone.

Private Mortgages in Ontario

10.6%of mortgage
$22.4 billiontotal value

Mortgage Investment Corporations

Mortgage Investment Corporations (MICs) are a type of private mortgage lender, and they are gaining popularity in the mortgage industry as an alternative investment option. According to the CMHC, Mortgage Investment Entities (MIEs), which include MICs, accounted for 13% of all new mortgages in Q1 2023. That’s a big jump from the 8% market share seen in Q1 2020.

8%2020
9%2022
13%2023
Source: CMHC

MICs allow individual investors to pool their funds together and invest in a portfolio of mortgages managed by professionals, providing diversification and risk management. Popular publicly traded MICs in Canada include Atrium Mortgage Investment Corporation and MCAN Financial Group.

MICs often invest in mortgages with a low LTV ratio, at a higher interest rate. In 2020, the CMHC found that the average mortgage at MICs had an LTV ratio of less than 57%. Meanwhile, the average interest rate was over 9%!

Popular MIC Mortgage Lenders

atrium logo
About Atrium Mortgage Investment Corporation

Atrium is the largest residential Mortgage Investment Corporation (MIC) based in Canada, focused on providing short-term financing solutions. For residential mortgages, they typically offer terms of 1 year with interest-only payments, for mortgages with a loan-to-value of less than 80% in Southern Ontario and Western Canada. They focus on self-employed borrowers, newcomers, and investors.

atrium logo
About Alta West Mortgage Capital Corporation

Alta West Mortgage Capital Corporation is an alternative mortgage lender that helps borrowers who have been declined by the big banks, such as those with bad credit, who are self-employed, or who are newcomers to Canada. For investors, they offer two managed MIC funds with monthly dividend payments.

mcan logo
About MCAN Financial Group

MCAN Mortgage Corporation is a mortgage investment corporation that specializes in residential and commercial mortgages. As a mortgage lender, they have over 3,000 brokers across Canada and offer 1, 3, and 5-year fixed mortgage rates and 5-year adjustable rates. MCAN helps mortgage borrowers by allowing alternative income calculations, extended amortization, and higher debt-service ratios.

Disclaimer:

  • Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
  • The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
  • Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
  • Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.