WOWA Data Labs

Confidential – For Recipient's Use Only.

Canadian Lenders Report

Q1 2026

Data as of

January 2026

Version 3.0 · Released May 12, 2026

Confidential – For Recipient's Use Only.

Letter to Readers

It has now been approximately one and a half years since we began publishing our lenders reports. What started as a report of fewer than 50 pages has grown to nearly 180 pages in its current form, reflecting our ongoing commitment to expanding scope and depth. Today, the report covers more than 100 Canadian lenders, including banks, credit unions, MFCs, and MIEs with assets or assets under management exceeding $0.5 billion.

What We Cover

The report covers the key aspects of the lending business, including loan and deposit portfolios, their composition, and how they have evolved over time. For loans, we examine market share, structure, risk exposure, and geographic distribution across Canadian lenders. We give particular attention to Real Estate Secured Lending (RESL), where we provide additional detail on lender rates, term popularity, insured versus uninsured lending, and portfolio structure. Together, these sections are designed to equip executives and policymakers in the financial sector with a data-driven perspective on current conditions and emerging trends.

Our Data

The report combines two complementary sources. The majority of our analysis draws from aggregated, publicly available data sourced from hundreds of institutions. We supplement this with proprietary insights derived from user activity on wowa.ca, which now receives approximately 500,000 unique visitors each month.

Our Process

Data accuracy and clear presentation are central to our mission. Each section undergoes a multi-step review: data collected by one team member is reviewed by a peer, and a third reviewer audits randomly selected data points, outputs, and visuals to ensure consistency and reliability.

Acknowledgements

This report would not be possible without an exceptional team. Most members have been with WOWA for over four years and bring deep expertise in both our data and the Canadian banking industry. My sincere thanks go to: Ali Nassimi, PhD; Jimmy Nguyen; Sanika Purohit; and Chris Wan.

Hanif Bayat

Hanif Bayat, PhD

Founder & CEO, WOWA Leads Inc.

Confidential – For Recipient's Use Only.

Executive Summary:

Canadian Lending Landscape

This report provides a comprehensive overview of the Canadian lending sector for the first quarter of 2026, with a primary focus on Real Estate Secured Lending (RESL) across banks and credit unions.

1. Market Scale and Growth in Loans

Global Loan Dominance: RBC and TD continue to lead the market, managing massive global loan portfolios of $1.06 trillion and $989 billion, respectively.
Canadian RESL Market Share: RBC holds the dominant position inside Canada with an 18.4% market share ($495.8 billion), followed closely by TD at 15.5% ($418.4 billion). Other major players include Scotiabank (12.5%), CIBC (10.9%), and BMO (8.0%).
High-Growth Institutions: National Bank saw an 18% annual growth in Canadian RESL, bolstered by its Canadian Western Bank acquisition. Desjardins followed, growing its portfolio by 10.5%.

2. Residential Mortgage Trends

Origination & Channels: Based on CMHC and Statistics Canada data, total Canadian residential mortgage originations reached $220.9 billion for the July-September 2025 period. Chartered banks remain the dominant force, holding a 70% market share ($154.5 billion). Our primary data indicates that 59.5% of borrowers finalized their mortgages directly with lenders, compared to 40.5% via brokers.
Variable Rate Shift: Based on Statistics Canada data, borrower preferences have shifted toward variable-rate mortgages, which surged to 45.1% of new bank originations by December 2025, up from 28.8% a year prior. However, our borrower-weighted primary data suggests fixed rates (71%) still dominate among individual survey respondents.
Insured vs. Uninsured: Uninsured residential mortgage balances reached $1.25 trillion at chartered banks, significantly outpacing the shrinking insured market ($376 billion). Across the Big 7, 79% of outstanding mortgage balances are now uninsured, up from 48% a decade ago.
Mortgage Default Insurers: Within the insured segment, CMHC commands 59% of the insurance-in-force market share, followed by Sagen (24.1%) and Canada Guaranty (16.9%). Mortgage default insurers remain highly profitable, with CMHC collecting $2.9 billion in premiums and fees in 2025 while paying out minimal claims.
Amortization & Renewals: A dominant 70% of Big 6 banks plus Desjardins' mortgages have amortizations of 25 years or less, and negative amortization has been nearly eliminated (0.01%). A wave of renewals is imminent, with 25.3% of outstanding residential mortgages scheduled to mature within one year.
LTV Ratios: The average Loan-to-Value (LTV) for uninsured RESL portfolios across the Big 6 stands at 57%.

3. The Non-Bank Sector: MFCs and MIEs

Mortgage Finance Companies (MFCs): These non-bank lenders fund mortgages via securitization and institutional investors rather than customer deposits. First National and MCAP together account for over $320B in mortgages under administration alone.
Mortgage Investment Entities (MIEs): MIEs are alternative lenders that pool investor capital for borrowers falling outside traditional bank criteria. MCAN leads with $8.27B in assets under management, followed by ACM Commercial Mortgage Fund at $4.8B.

Confidential – For Recipient's Use Only.

4. Regional Highlights

Ontario & BC: RBC maintains a commanding lead, holding $250.1 billion in Ontario (21.9% share) and $98.6 billion in BC (22.5% share). TD holds a strong second place in both markets.
Quebec: The Quebec market remains highly distinct; Desjardins (35.7% market share) and National Bank (15.2%) dominate the province, capturing a larger combined share than the Big Five banks combined.
Alberta & Prairies: RBC remains the volume leader in Alberta, Manitoba, and Saskatchewan. However, National Bank posted massive decade-long growth rates (157% in AB, 195% in MB/SK) largely due to the CWB acquisition.
Atlantic Canada: RBC leads with a 30.1% market share ($24.1 billion). Scotiabank, despite its historic roots in the region, is the only major lender to record a decade-long decline (-0.6%) in its Atlantic RESL portfolio.

5. Risk Factors and Credit Quality

Credit Losses (PCL & Net Write-offs): Provision for Credit Losses (PCLs) on residential mortgages rose to $199 million across the Big 6 in Q1 2026. Scotiabank continues to account for an outsized share, representing $27 million of the $38 million total Big 6 residential mortgage net write-offs. Total residential mortgage Allowance for Credit Losses (ACLs) represent just a small fraction of the Big 6's total ACL ($3.7 billion out of over $37.6 billion).
Delinquency Rates: The national mortgage delinquency rate remains historically low at 0.24% as of Q4 2025. In the insured segment, delinquency rates are incredibly well-contained, recorded at 0.32% for CMHC and 0.21% for Sagen in December 2025.

6. Macroeconomic Outlook and Rate Path

Growth Outlook: 2026 is expected to be a period of below-potential economic growth, limiting income growth and constraining household flexibility during the renewal cycle.
Policy Rates: The Bank of Canada policy rate is expected to stabilize near 2.25% through most of 2026.
Bond Yields: 5-year Government of Canada bond yields are projected to average 3.08% by March 2027, reaching ~3.18% by year-end. While below 2023 peaks, these yields will still cause significant "payment shock" for borrowers renewing from 2020/2021 record-low rates.
Labour Market: Unemployment should remain elevated near 6.5% through 2026. However, major banks forecast a gradual decline to 6.0% by the end of 2027, pointing to an eventual easing of credit stress.
Housing: Forecasts indicate continued home price weakness in 2026, followed by a gradual recovery in 2027. Downside risks are heavily concentrated in high-priced urban markets in Ontario and B.C., where the condo segment faces ongoing oversupply and investor liquidation pressures.

Terminology Note

Big 5: RBC, TD, Scotiabank, BMO, CIBC
Big 6: Big 5 + National Bank
Big 7: Big 6 + Desjardins

The grouping referenced varies by data availability. Credit risk metrics (PCL, ACL, net write-offs) use Big 6 data; market share analysis typically includes all Big 7 institutions.

Summary of Canadian Lenders: Global Loan Portfolios and Balance Sheet Metrics

Global Loan Portfolios of Canadian Lenders with Over $500M Assets

January 31, 2026 (Q1 2026)

Institution Name	Net Loans (in $ Billions)
1. RBC	$1,054.9
2. TD	$988.8
3. Scotiabank (Inc. Tangerine)	$763.5
4. BMO	$668.2
5. CIBC	$592.5
6. Desjardins¹	$314.7
7. National Bank	$304.1
8. First National Financial¹	$166.2
9. MCAP¹⁰	$155.5
10. Nesto/CMLS¹²	$73.0
11. ATB¹	$60.5
12. Equitable Bank (Inc. Concentra)	$44.8
13. Laurentian Bank (Inc. B2B)	$36.2
14. Manulife Bank	$30.0
15. Fairstone Bank	$29.1
16. Servus Credit Union	$26.4
17. Vancity^1,13	$26.1
18. Meridian Credit Union¹	$23.6
19. Coast Capital Savings¹³	$19.4
20. RFA Mortgage Corporation (Estimated)	$15.5
21. First West Credit Union^1,13	$13.0
22. Access Credit Union¹	$12.4
23. Beem Credit Union^1,13	$11.7
24. Steinbach Credit Union¹	$9.6
25. Assiniboine Credit Union^1,13	$8.6
26. MCAN Mortgage Corporation⁹	$8.3
27. Alterna Savings^1,13	$8.3
28. HomeEquity Bank	$8.2
29. Questbank	$6.8
30. Think Financial (True North)	$6.7
31. Affinity Credit Union¹	$6.7
32. Conexus Credit Union^1,13	$6.7
33. Canadian Tire Bank	$6.7
34. FirstOntario Credit Union¹	$6.4

Institution Name	Net Loans (in $ Billions)
35. DUCA Financial¹	$6.2
36. Libro Credit Union^1,13	$6.1
37. Prospera Credit Union^2,13	$5.9
38. VersaBank	$5.3
39. ACM Commercial Mortgage Fund¹¹	$4.9
40. Citibank Canada	$4.9
41. UNI Financial Cooperation	$4.3
42. Cambrian Credit Union¹	$4.1
43. PC Bank	$4.0
44. Haventree Bank	$3.9
45. Innovation Federal Credit Union¹³	$3.8
46. ICICI Bank Canada	$3.8
47. General Bank	$3.2
48. Coastal Community Credit Union^1,13	$3.0
49. Your Neighbourhood Credit Union^1,13	$2.9
50. Romspen Mortgage Investment Fund (RMIF)⁹	$2.5
51. RFA Bank	$2.4
52. Northern Credit Union^1,13	$2.3
53. Caisse Populaire Alliance²	$2.3
54. Kindred Credit Union¹	$2.1
55. Kawartha Credit Union^2,13	$2.1
56. Amex Bank of Canada	$2.1
57. Industrial and Commercial Bank of China (Canada)	$2.0
58. Vision Credit Union⁵	$1.9
59. KEB Hana Bank Canada	$1.9
60. Sunrise Credit Union¹	$1.8
61. Bridgewater Bank	$1.8
62. Synergy Credit Union^1,13	$1.8
63. Bank of China (Canada)	$1.7
64. Cornerstone Credit Union^1,13	$1.7
65. Prosperity Credit Union^1,13	$1.7
66. Kootenay Savings Credit Union^1,13	$1.6
67. KingSett High Yield Fund⁸	$1.6
68. KingSett Senior Mortgage Fund⁸	$1.6

Row 20 (RFA Mortgage Corporation) marked as Estimated.
Data dates vary by institution type — see footnote superscripts on original page.
Loan portfolio as of Dec 31, 2025 for most institutions.
For mortgage finance corporations, the presented balance is loans under management.

Global Loan Portfolios of Canadian Lenders with Over $500M Assets (Continued)

January 31, 2026 (Q1 2026)

Institution Name	Net Loans (in $ Billions)
69. East Coast Credit Union¹	$1.5
70. Fusion Credit Union¹	$1.5
71. Radius Financial	$1.5
72. Provincial Credit Union¹	$1.4
73. Tandia Credit Union^2,13	$1.4
74. Trez Capital Yield Trust U.S.¹	$1.2
75. Timbercreek Financial¹	$1.2
76. Ukrainian Credit Union¹	$1.2
77. SBI Canada Bank	$1.2
78. Mainstreet Credit Union¹	$1.1
79. Amur Capital Income Fund⁹	$1.1
80. Nicola Canadian Mortgage Fund⁹	$1.1
81. Santander Consumer Bank	$1.1
82. Credit Union Atlantic Limited (CUA)¹	$1.0
83. Stride Credit Union¹	$1.0
84. Shinhan Bank Canada	$1.0
85. Rogers Bank	$1.0
86. Mortgage Company of Canada Inc. (MCOCI)⁸	$1.0
87. Brunswick Credit Union¹	$0.9
88. Buduchnist Credit Union (BCU)²	$0.9
89. Antrim Balanced Mortgage Fund⁶	$0.9
90. Atrium Mortgage Investment Corporation⁹	$0.9
91. Trez Capital Yield Trust (F Series)¹	$0.9
92. Salmon Arm Savings and Credit Union²	$0.9
93. Sunshine Coast Credit Union^2,13	$0.9
94. IC Savings & Credit Union⁶	$0.8
95. 1st Choice Savings & Credit Union Ltd⁴	$0.8
96. Timbercreek Real Estate Debt — U.S. Fund⁸	$0.8
97. Romspen U.S. Mortgage Investment Fund⁹	$0.8
98. First Nations Bank	$0.8
99. Khalsa Credit Union¹	$0.8
100. VWR Capital Corp.¹²	$0.8

Institution Name	Net Loans (in $ Billions)
101. PenFinancial Credit Union Limited¹	$0.7
102. Cascadia Credit Union^1,13	$0.7
103. Rosenort Credit Union Limited⁸	$0.7
104. PHL Capital MortEq Fund¹⁰	$0.7
105. Capital Direct I Income (Class C)⁹	$0.7
106. Community Savings Credit Union³	$0.7
107. Newfoundland and Labrador Credit Union Limited²	$0.7
108. Integris Credit Union^1,13	$0.7
109. StellerVista Credit Union¹	$0.7
110. Weyburn Credit Union Limited¹	$0.6
111. Firm Capital Mortgage Investment Corporation¹⁰	$0.6
112. TCU Financial Group¹	$0.6
113. Northern Savings Credit Union¹	$0.6
114. First Credit Union^2,13	$0.6
115. Motor City Community Credit Union Limited⁷	$0.6
116. Parama Credit Union Limited¹	$0.5
117. St. Stanislaus – St. Casimir's Polish Parishes Credit Union Limited¹	$0.5
118. Bow Valley Credit Union Ltd.⁴	$0.5
119. ACM Mortgage Fund Two¹¹	$0.5
120. Westboro Mortgage Investment Fund (Class F)⁹	$0.5
121. Niverville Credit Union Limited¹	$0.5
122. Sharons Credit Union¹	$0.5
123. Atlantic Edge Credit Union¹	$0.5
124. Sudbury Credit Union Limited¹	$0.5
125. Pathwise Credit Union¹	$0.5
126. UBS Bank (Canada)	$0.5
127. CTBC Bank Corp. (Canada)	$0.4
128. Lakeland Credit Union Ltd.⁴	$0.4
129. Bulkley Valley Credit Union¹	$0.4
130. Radius Credit Union Limited¹	$0.4
131. Citco Bank Canada	$0.0
Windsor Family Credit Union	N/A
Marathon Mortgage Corp	N/A
Strive Capital	N/A
8Twelve Mortgage Corporation	N/A

Footnotes 1–12 and the Credit Union Mergers note are on page 11.
* The presented balance for MFCs and MIEs is loans under management.
Note: Balances include loans held both inside and outside Canada, representing global loan portfolios.

Global Loan Portfolios of Canadian Lenders with Over $500M Assets (Continued)

January 31, 2026 (Q1 2026)

Notes:

¹Loan portfolio as of Dec 31, 2025

²Loan portfolio as of Dec 31, 2024

³Loan portfolio as of Sep 30, 2025

⁴Loan portfolio as of Oct 31, 2025

⁵Loan portfolio as of Oct 31, 2024

⁶Loan portfolio as of Jan 31, 2025

⁷Loan portfolio as of Mar 31, 2025

⁸Most recently available public figure.

⁹Loan portfolio as of Mar 31, 2026

¹⁰Loan portfolio as of Feb 28, 2026

¹¹Loan portfolio as of Apr 30, 2026

¹²Loan portfolio as of Aug 31, 2025

Credit Union Mergers

¹³Several credit unions shown in these tables have recently merged or rebranded. Historical balances may reflect predecessor institutions, while current names may reflect the post-merger organization. Recent effective dates include:

Jan. 1, 2025 for Beem/BlueShore, Assiniboine/Caisse/Westoba, Northern/Copperfin, and Prosperity (Diamond North/Cypress/Prairie Centre)
June 1, 2025 for Beem and Compensation Employees
July 1, 2025 for Cascadia (Osoyoos, Revelstoke, and Summerland Credit Unions)
Aug. 1, 2025 for Your Neighbourhood and Comtech Fire
Dec. 1, 2025 for Vancity and First Credit Union
Jan. 1, 2026 for Alterna/Tandia, Conexus/Cornerstone/Synergy, Kootenay Savings/Columbia Valley, Coastal Community/Integris and Kawartha/Libro
Apr. 1, 2026 for Innovation/ABCU, First West now operating as Tru Cooperative Bank
May 6, 2026 for Prospera/Coast Capital/Sunshine Coast

* The presented balance for MFCs and MIEs is loans under management.

Note: Balances include loans held both inside and outside Canada, representing global loan portfolios.

Global Balance Sheet Metrics For Banks & Credit Unions with Over $1B Assets

January 31, 2026 (Q1 2026)

Global Balance Sheet Metrics For Banks & Credit Unions with Over $1B Assets (Continued)

January 31, 2026 (Q1 2026)

Global Balance Sheet Metrics For Banks & Credit Unions with Over $1B Assets (Continued)

January 31, 2026 (Q1 2026)

¹ As of Dec 31, 2025.

² As of Dec 31, 2024.

³ As of Oct 31, 2024.

⁴ As of May 31, 2025.

⁵ Now operating as Tru Cooperative Bank.

* Total Banks & Credit Unions include only available data for banks and credit unions with Total Assets above $1 Billion.

Credit Union Mergers

⁶ Several credit unions shown in these tables have recently merged or rebranded. Historical balances may reflect predecessor institutions, while current names may reflect the post-merger organization. Recent effective dates include:

Jan. 1, 2025 for Beem/BlueShore, Assiniboine/Caisse/Westoba, Northern/Copperfin, and Prosperity (Diamond North/Cypress/Prairie Centre)

June 1, 2025 for Beem and Compensation Employees

July 1, 2025 for Cascadia (Osoyoos, Revelstoke, and Summerland Credit Unions)

Aug. 1, 2025 for Your Neighbourhood and Comtech Fire

Dec. 1, 2025 for Vancity and First Credit Union

Jan. 1, 2026 for Altema/Tandia, Conexus/Cornerstone/Synergy, Kootenay Savings/Columbia Valley, Coastal Community/Integris and Kawartha/Libro

Apr. 1, 2026 for Innovation/ABCU

May 6, 2026 for Prospera/Coast Capital/Sunshine Coast

Members Only: Digital Canadian Lenders Quarterly Report

Canadian Lenders Report

Letter to Readers

What We Cover

Our Data

Our Process

Acknowledgements

Executive Summary:

Canadian Lending Landscape

Table ofContents

Table ofContents

Table ofContents

Summary of Canadian Lenders: Global Loan Portfolios and Balance Sheet Metrics

Global Loan Portfolios of Canadian Lenders with Over $500M Assets

Global Loan Portfolios of Canadian Lenders with Over $500M Assets (Continued)

Global Loan Portfolios of Canadian Lenders with Over $500M Assets (Continued)

Notes:

Credit Union Mergers

Global Balance Sheet Metrics For Banks & Credit Unions with Over $1B Assets

Global Balance Sheet Metrics For Banks & Credit Unions with Over $1B Assets (Continued)

Global Balance Sheet Metrics For Banks & Credit Unions with Over $1B Assets (Continued)

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