Hi Robin
It took me a long time to decide whether I should respond to your post or not.
If the big banks were so forth coming with their prepayment privileges, penalty calculations, mortgage insurance, terms and conditions especially with their low rates and promotions, then maybe the mortgage brokering community would be freely placing business with them. It's the many banks outside of the big banks that offer a much more transparent process often with much lower penalties, flexibility and better prepayment privileges.
The 2015 CMHC Mortgage Consumer Survey highlights the trends...
"Mortgage broker market share is trending upwards for most market segments. This is particularly evident among repeat buyers where market share has increased from 32% in 2012 to 42% in 2015. Over this time period broker share has also increased among First-time buyers (48% to 55%) and refinancers (27% to 33%)."
Source:
https://www.cmhc-schl.gc.ca/en/hoficlin ... re/mocosu/As industry professionals, as I am sure you would agree, our focus at all times can only be the most suitable, cost effective, flexible product sourced from multiple banks for the people we have the privilege of working with to get them mortgage free as quick as possible.
Yours sincerely