Canada's banking system is dominated by just six major institutions (the Big Five plus National Bank), which control over 80% of banking assets. While this concentration was designed for stability, it creates limited competition and flexibility compared to the U.S., which has thousands of banks with diverse underwriting philosophies.
Illusion of choice: Canadians feel like they have banking options, but are essentially rotating through six institutions that behave similarly in terms of rates, underwriting, and credit requirements.
Designed for stability, not competition: Canada's concentrated banking system was intentionally created post-Depression to prioritize safety over flexibility, which helped avoid failures during the 2008 crisis but limits competition.
Different bank personalities: Each of the Big Six has distinct lending approaches—RBC prefers "vanilla" borrowers, TD is systems-driven, Scotia is unpredictable, BMO is business-friendly, CIBC is mortgage-aggressive, and National Bank is regionally focused.

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Canada's banking system is dominated by just six major institutions (the Big Five plus National Bank), which control over 80% of banking assets. While this concentration was designed for stability, it creates limited competition and flexibility compared to the U.S., which has thousands of banks with diverse underwriting philosophies.
<ul>
<li>Illusion of choice: Canadians feel like they have banking options, but are essentially rotating through six institutions that behave similarly in terms of rates, underwriting, and credit requirements.</li>
<li>Designed for stability, not competition: Canada's concentrated banking system was intentionally created post-Depression to prioritize safety over flexibility, which helped avoid failures during the 2008 crisis but limits competition.</li>
<li>Different bank personalities: Each of the Big Six has distinct lending approaches&mdash;RBC prefers "vanilla" borrowers, TD is systems-driven, Scotia is unpredictable, BMO is business-friendly, CIBC is mortgage-aggressive, and National Bank is regionally focused.</li>
</ul>
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