Bank of Canada Report Shows that Non-Banks Formidable Competition in Mortgage Market

On the front lines many finance companies, credit unions, MICs and even privates may find it daunting competing with the banks and their massive market budget and constant interest rate sales.

Well, this Bank of Canada report, “The Residential Mortgage Market in Canada,” reveals that in fact non-chartered A banks own a big chunk of the current mortgage market because success in mortgages is about more than just marketing and interest rates! Affordability and accessibility to technology, more flexible lending practices and guidelines and more personalized services have all led this sector to an ownership of more than 25% of funded mortgages as of summertime last year.

Take a look at this report – we would love to hear your thoughts.

Here is a link to the report: “The Residential Mortgage Market in Canada: A Primer”.

For more about what tools you can leverage to make yourself more competitive please contact Purview For Lenders by calling 1.855.787.8439.