Mortgage rates from Canada's big banks were consistently more expensive than those offered by smaller lenders last year, according to the latest findings from LowestRates.ca. Justin Thouin, CEO of LowestRates.ca, said the big banks never offer the lowest posted rates on the market, and Canadians are not spending enough time researching rates before signing their mortgages, which could be costing them thousands a year. But, if customers in the same scenario got the best available five-year fixed rate mortgage from a smaller lender at 3.23 per cent, the monthly payment would be $2,426, according to LowestRates.ca. Banks account for nearly 60 per cent of all current home mortgages, according to a report from Mortgage Professionals Canada last month. CBC News contacted all of the big six banks for comment on LowestRates.ca's findings.

Source: CBC News February 12, 2019 20:15 UTC