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The Illusion of Choice: How Canadian Banking Actually Works
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…
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