Big banks tighten grip on mortgage market after rule changes stifle competition [Financial Post (Toronto, Ontario, Canada)]
Toronto Dominion Bank (The) (TD)
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Source: Financial Post
Big banks tighten grip on mortgage market after rule changes stifle competition New B-20 rules have created an uneven playing field because stress tests don't apply to people renewing mortgages with their current lender TORONTO — Canada’s biggest banks are tightening their grip over the country’s $1.5 trillion (US$1.1 trillion) mortgage market as new rules designed to cut out risky lending make it harder for borrowers to switch lenders, with some analysts betting on more gains for the country’s biggest two banks. The rules, which stress-test borrowers’ ability to make repayments at 200 basis points above their contracted rates, had been expected to hurt profitability at the banks’ domestic businesses by resulting in them turning away more customers. However, the country’s biggest five banks, which account for about two-thirds of the Canadian mortgage market, are reporting higher rates of renewals by existing customers concerned they will not qualify for a mortgage with another bank. T
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