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 banking system was intentionally created post-Depression to prioritize safety over flexibility, which helped avoid failures during the 2008 crisis but limits competition.
• Different bank personalities: Each of the Big Six has distinct lending approaches—RBC prefers "vanilla" borrowers, TD is systems-driven, Scotia is unpredictable, BMO is business-friendly, CIBC is mortgage-aggressive, and National Bank is regionally focused.

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Nick & Dan discuss co-ownership structures for real estate, focusing on joint tenancy vs. tenants in common, and land lease properties. Joint tenancy means equal shares with automatic transfer to surviving owners upon death, while tenants in common allows unequal shares that pass to heirs. Land lease properties let you own the building but lease the land, offering lower purchase prices but with ongoing ground rent and lease expiration concerns.

• Joint tenancy requires equal ownership and unanimous consent for major decisions, with automatic survivorship rights.
• Tenants in common allows flexible ownership percentages and independent sale of shares, but no automatic transfer on death.
• Land lease properties have lower purchase prices since you only own the structure, but require ongoing ground rent and the lease eventually expires.

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Canada's housing market remains stalled despite lower interest rates. The problem has shifted from mortgage costs to fundamental affordability — buyers don't believe prices have reset enough, sellers are discounting to move properties, and the market lacks conviction on both sides. Then in the second half of the show we are joined by our amazing event hosts for some national updates.

• Market weakness is broad-based: National sales down 10.7% year-over-year, prices down 3.8%, with Toronto and Vancouver leading the decline.
• Rates aren't the issue anymore: The Bank of Canada cut rates four times in 2025 to 2.25%, but affordability concerns and economic unease still prevent buyers from acting.
• 2026 outlook is mixed: Spring 2026 is the earliest realistic turning point, with strong growth expected in Quebec City, Montreal, and Regina, while Toronto and Vancouver prices continue falling.

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