News Analysis
Canada’s big banks dominate the mortgage market and aren’t helping homebuyers and housing affordability with lower mortgage rates for the time being. Analysts point to the banking oligopoly in Canada as a major factor in the lack of competitive options for consumers as compared with the United States. 
Like other industries, the big banks are facing their share of challenges as recession fears grow, but the current high rates in the Canadian mortgage market are unwarranted, says Rob McLister, mortgage expert and editor of MortgageLogic.news.
“In Canada, we’ve seen over a 100-basis-point [1 percentage point] drop from the peak in June, and not one big-six bank has budged on 5-year fixed [mortgage] rates. It’s just shocking,” he told The Epoch Times, referring to the 5-year government bond yield that has plunged from about 3.6 percent in mid-June to just over 2.6 percent at the end of July….