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ADVOCACY

Mortgage Services Act

Representing BC mortgage professionals through the transition to the MSA.

Mortgage Professionals Canada has been actively representing members’ concerns throughout the development and implementation of British Columbia’s Mortgage Services Act (MSA).

Through direct engagement with government, regulators, legal counsel and mortgage professionals, we continue to advocate for a practical transition that reflects the realities of the mortgage industry and supports the professionals who serve BC borrowers.

MPC’s Advocacy on the MSA

Our advocacy has focused on ensuring member concerns are heard throughout the development and rollout of the new regulatory framework.

  • Participating in Ministry of Finance consultations and working groups.
  • Meeting with Finance Minister Brenda Bailey and facilitating engagement with MPC’s BC Advisory Council.
  • Regularly engaging with Department of Finance officials, including Deputy Minister Douglas Scott.
  • Meeting regularly with BCFSA leadership to raise concerns about implementation and member inquiries.
  • Participating in the BCFSA Technical Working Group with legal counsel representation within the applicable NDA.
  • Providing regular member updates and seeking feedback from mortgage professionals throughout the transition.
Mortgage advocacy and housing policy in British Columbia
OUR WORK

What We’ve Done

MPC has worked across government, regulatory and industry channels to raise concerns, provide expertise and help members understand what the MSA means for their businesses.

Government and Regulatory Engagement

  • Participated in Ministry of Finance consultations and working groups.
  • Met twice with Finance Minister Brenda Bailey, along with a meeting between Minister Bailey and MPC’s BC Advisory Council.
  • Regularly engaged with Department of Finance officials, including a meeting with Deputy Minister Douglas Scott.
  • Met regularly with BCFSA leadership to raise concerns about the rollout and help ensure member inquiries were being addressed.
  • Participated in the BCFSA Technical Working Group and secured legal counsel representation within the applicable NDA.
  • Wrote directly to Minister Bailey to formally outline member concerns and request a follow-up meeting.
  • Supported BCFSA with its communications strategies and approach.

Member Education and Industry Dialogue

  • Provided regular member updates and continually sought member feedback.
  • Hosted a webinar and an in-person session with Ross McGowan, Partner at BLG.
  • Hosted Jon Vandall, BCFSA’s Senior Vice President, Financial Professionals, at our BC Symposium to discuss the MSA.
  • Hosted a fireside chat with BCFSA CEO Tolga Yalkin and MPC CEO and President Lauren van den Berg.
  • Continued to create opportunities for members to hear directly from regulators, legal experts and government representatives.
  • Used member questions and experiences to identify implementation issues requiring further advocacy.
ADDITIONAL ADVOCACY EFFORTS

Advocacy Beyond the MSA

Our work on the MSA is part of MPC’s broader policy advocacy in British Columbia. We continue to advance practical changes that support mortgage professionals, homebuyers and a stronger housing market.

Housing Affordability

Advocate for the elimination of GST on new housing and policies that help more Canadians access homeownership.

Mortgage Industry Policy

Expand group creditor insurance opportunities for mortgage brokers in British Columbia.

Property Transfer Tax

Increase the property transfer tax exemption on existing properties to $1.1 million for first-time homebuyers, matching the exemption available on newly built homes.

POLICY PRIORITIES

Our Recommendations Continue to Be Heard

Year after year, MPC recommendations continue to be highlighted in the Standing Committee on Finance Pre-Budget report.

  • Eliminating restrictions on the sale of group creditor insurance by mortgage brokers in BC.
  • Encouraging the federal government to implement income verification in mortgage applications.
  • Increasing the property transfer tax exemption for first-time homebuyers.
POLICY WIN

Property Transfer Tax Recommendation Implemented

MPC’s recommendation on the property transfer tax exemption was implemented in Budget 2024. The exemption on newly built homes increased to $1.1 million.

The exemption was also made available to first-time buyers purchasing existing homes with a fair market value of $835,000 or less, with the purchaser exempt from property transfer tax on the first $500,000 of the purchase price.

CONTINUED ENGAGEMENT

Keeping Mortgage Professionals at the Table

Throughout the past year, MPC’s BC advocacy efforts have included multiple meetings with the Minister of Finance, Minister of Housing, MLAs, senior civil servants and political staff in key offices.

At our Vancouver Symposiums, we have hosted key government and regulatory stakeholders including the Honourable Christine Boyle, Minister of Housing; Tolga Yalkin, CEO and President of BCFSA; and Mathieu Laberge, Chief Economist at CMHC.

Mortgage Professionals Canada engaging with government and industry stakeholders in British Columbia



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