Meta’s Antitrust Trial: A Wake-up Call to avoid Canada's Mortgage Monopoly

By Camilo Rodriquez | WBN News | April 14, 2025

In April 2025, the Meta Antitrust Trial began in the United States. The Federal Trade Commission is accusing Meta of monopolistic practices, claiming the company has unfairly cornered the social media market. Why does this matter to Canadians looking for a mortgage?  Let me express my point of view.

Monopolies don’t just exist in tech—they exist in finance too and as consumers we need to protect the Canadian financial system.

When competition disappears, innovation slows, service declines, and consumers lose. That’s exactly why, in Canada, mortgage brokers play such an important role in keeping our financial system healthy. We give clients real choice. When someone walks into a bank, they’re presented with just one option: that bank’s mortgage product.

The banker can’t recommend a better rate or better terms from a competitor. That’s not advice—it’s a sales pitch.  Consumers do not understand bank employees have a conflict:  Can you really recommend what is best for the client if you only  have 1 option?  The employer you work for?

When someone walks into a bank, they’re presented with just one option: that bank’s mortgage product. That’s not advice—it’s a sales pitch.

Mortgage brokers, on the other hand, work for the client—not the lender. We compare dozens of mortgage products across a wide range of lenders, from big banks to credit unions to alternative options. The result? Clients often get a better rate or a mortgage structure that’s better suited to their needs.  Of course, nothing is perfect and like in any industry there are amazing brokers and perhaps brokers that need help but you get the point.

Here’s the best part: using a mortgage broker doesn’t cost more. The rate is the same—or better—than what you’d get from a bank directly. So when a client chooses to work with a broker, they’re making a powerful statement to powerful banks: I want real options. That message pushes banks to stay competitive, keeps rates low, and ensures better service industry-wide.

When customers use a broker, they send a powerful message. We do not want banks in Canada to become monopolies.

It’s important to say this too: Canada’s banks are world-class. Their conservative approach has kept our financial system strong and resilient compared even to Europe and the US. But that doesn’t mean consumers should give up their power. By going through a trusted mortgage broker—even if you end up with a mortgage from a bank—you help send a message that clients value transparency and competition.

Imagine a world where everyone skipped the broker and walked straight into the bank. The consequences would be serious: thousands of independent brokers and their teams out of work, fewer options for borrowers, and we would have news like Meta’s about Canadian Banks becoming monopolistic and perhaps the government would have to intervene like it is happening in the US in the tech world.

We’ve seen what happens when monopolies go unchecked. The Meta trial is just the latest example. Do not allow that to happen. Choose a mortgage broker.

So if you’re renewing your mortgage, buying a home, or just planning for the future, consider speaking to a broker. Not only will you likely find a better solution—you’ll help keep Canada’s mortgage industry healthy and competitive for everyone.

Camilo Rodriguez is the founder of MortgagesLab and a senior mortgage broker with over 22 years of experience. He leads a team of trusted professionals across Canada and is the past President of the Canadian Mortgage Brokers Association – BC.

Contact 604.308-1721 - camilo.rodriguez@mortgageslab.ca

TAGS: #Camilo Rodriquez #Langley Local Edition #Mortgage News #Meta Antitrust Trial #Federal Trade Commission