The consumer lending business has thrived under the prolonged low interest rate environment and Canada’s strong economic fundamentals. The continued strength of the housing market in most parts of the country has ensured record profits for financial institutions. Canada has one of the highest rates of home ownership in the world and around a third of Canadians have a mortgage product. In addition to mortgages, Canadians continue to borrow money through lines of credit, credit cards and specific product loans, such as auto or Registered Retirement Savings Plan (RRSP) loans. The lending market is dominated by the major banks but smaller banks, credit unions and specialized lending companies also continue to thrive.

This report covers consumer behaviour and attitudes related to consumer lending (credit cards, mortgages, loans and lines of credit). In this survey, we explore issues such as lending product ownership rates, which lenders are dominant in the Canadian lending market, the reasons for their dominance; satisfaction with the lending process among customers of different financial institutions and general attitudes related to lending/debt.

Mintel conducted online consumer research in January 2015 using a nationally representative sample of 2,000 internet users aged 18+. This was supplemented by online qualitative research as indicated throughout the report.