What a great article this week in the Globe and Mail. I love it as it shines a light on what is really going on in the Canadian mortgage market, who the big player on the scene is, who takes the most risks (us), and who gets all the big buck bonuses (not us).
I would have to say that most Canadians would be surprised to read that we are taking on the most risk as opposed to the banks – are we getting the proper return on our investment while huge bank bonuses are paid out?
Also, seeing that mortgages have always been the “cash cow” of the banks you would think they would work harder than they do to improve upon customer service and give you the best mortgage rate upfront without the client having to assume a sumo stance to prepare for battle. Alas, I do see consumers changing their attitudes and behaviours towards the “grand banks”. Looking with much more suspicion about whose interest the banks are most concerned about – the client, or just themselves and their shareholders.
Click here for the article.