Approximately what percentage of mortgages in Canada is held by Chartered Banks?

Chartered banks are a significant player in the Canadian mortgage market, holding a substantial portion of the total mortgage debt. The correct choice of approximately 78% accurately reflects the prominent position that these banks occupy in the mortgage lending landscape.

Chartered banks benefit from their size, resources, and ability to offer a wide range of products, making them a preferred choice for many borrowers. Their strong market presence allows them to provide competitive rates and terms, which can influence consumer choices significantly.

In contrast, while other lenders, such as credit unions and alternative lenders, do contribute to the overall mortgage market, their combined share is relatively smaller. This concentration of mortgages among chartered banks underscores their importance in the financial ecosystem of Canada. The figure of 78% serves to illustrate the dominance of chartered banks and is essential for understanding the dynamics of mortgage lending in the country.