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CMHC data shows the Big 6 banks hold 75.1% of outstanding Canadian mortgages, but their share of new originations is far thinner — just 54.8% in Q3 2025, down 6.9 points from a year earlier.
of outstanding Canadian mortgages were held by the Big 6 banks in Q3 2025
— yet the Big 6 wrote just 54.8% of new mortgage originations that same quarter.
CMHC, Residential Mortgage Industry Report, Spring 2026
The Big 6 banks still dominate the mortgages already on the books — but that lead is much thinner in new business.
Share of outstanding Canadian residential mortgages by lender type, Q3 2025, rounded to one decimal place. Source: CMHC, Residential Mortgage Industry Report, Spring 2026 (Survey of Non-Bank Mortgage Lenders and NHA MBS reporting, CMHC calculations).
The Big 6 dominate the back book, not the new one: Big 6 banks held 75.1% of outstanding Canadian mortgages in Q3 2025, but wrote just 54.8% of new originations that quarter — a 20-point gap between the book they already have and the business they're currently winning.
Big 6 origination share fell sharply year-over-year: the Big 6's share of new originations dropped 6.9 percentage points, from 61.7% in Q3 2024 to 54.8% in Q3 2025, partly reflecting a strong Q3 2024 base year.
Other non-bank lenders are the biggest gainer in new business: 'other non-bank mortgage lenders' grew from 9.85% of originations in Q3 2024 to 17.39% in Q3 2025, nearly matching credit unions' share of new deals.
Mortgage investment entities punch above their weight in new deals: MIEs wrote about 4.5% of Q3 2025 originations but held just 1.3% of the outstanding book, because MIE-funded mortgages typically stay on the lender's books less than a year before being sold, refinanced or paid out.
| Lender type | Outstanding Q3 2025 | Originated Q3 2024 | Originated Q3 2025 |
|---|---|---|---|
| Big 6 Banks | 75.11% | 61.71% | 54.76% |
| Credit Unions | 13.46% | 15.78% | 16.68% |
| Other Chartered Banks | 4.41% | 4.13% | 4.39% |
| Other Non-Bank Mortgage Lenders | 4.14% | 9.85% | 17.39% |
| Non-Bank OSFI-Regulated Lenders | 1.58% | 3.52% | 2.25% |
| Mortgage Investment Entities | 1.30% | 5.00% | 4.53% |
Outstanding shares are of total outstanding residential mortgage balances; originated shares are of newly extended mortgage dollar volume in the quarter. Source: CMHC, Residential Mortgage Industry Report, Spring 2026 (Survey of Non-Bank Mortgage Lenders and NHA MBS reporting, CMHC calculations).
share of new mortgage originations written by 'other non-bank mortgage lenders' in Q3 2025, up from 9.9% a year earlier
CMHC
Canada's residential mortgage debt outstanding, December 2025 — a new high
CMHC
credit unions' share of new mortgage originations in Q3 2025
CMHC
mortgage investment entities' share of outstanding mortgages, versus roughly 4.5% of new originations
CMHC
The gap between outstanding share and origination share is where broker-channel lenders actually compete for new business. Big 6 banks still hold three-quarters of the mortgages already on the books, but credit unions and non-bank lenders are winning a much larger slice of what's being originated right now — 'other non-bank mortgage lenders' alone wrote 17.4% of Q3 2025 originations, up from 9.9% a year earlier. That's the lender mix brokers should be watching when they place new deals.
Last updated August 2, 2026. Each figure carries its source; projections are labelled. Page reviewed on every major source release. Information only — not advice.
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