Banks
In Canada, there are a whopping 141 federally regulated deposit-taking institutions. The types are listed below, with an example in parentheses next to each:
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70 domestic and foreign-branch banks (CIBC)
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41 trust companies (Royal Trust)
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23 loan companies (Scotia Mortgage Corporation)
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7 cooperative credit associations (Credit Union Central of Alberta)
Note that most trust and loan companies are in fact owned by or affiliated very closely with the so-called “Big 5” major banks.
In addition, there are over 600 affiliated credit unions and caisses populaires in Canada, who collectively manage $69 billion and have 1,800 locations and 4.6 million members as of the first quarter of 2003.
There are also an estimated 5,000+ mortgage brokers doing business in Canada.
Interestingly, many people are unaware that there are borrowing options beyond the “Big 5” major banks in Canada. As the figures above show, there are in fact literally thousands of options when it comes to borrowing money.
What does this mean for you as a consumer? First, you have choice, probably more than you ever imagined. This means that you don’t necessarily have to deal with the big banks.
Second, with so much choice out there, chances are very good that you can find a suitable fit for your particular needs.
Third, choice means competition, so always remember that lenders are competing for you.
Finally, with so many options out there, how can you possibly know where to start without getting lost along the way? This is where LoanBanx can help: we offer solid, objective financial information to help you get started, then offer the added service of helping you find the best deal for you.
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