British Columbia’s new Mortgage Services Act (MSA) represents a significant regulatory change for mortgage professionals in the province. Throughout its development and implementation, Mortgage Professionals Canada (MPC) has been actively representing members, raising industry concerns and working with government and the BC Financial Services Authority (BCFSA) to support a practical transition.
As the new regulatory framework moves forward, MPC’s priority remains clear: ensuring the experiences and perspectives of mortgage professionals are represented in the decisions that affect their businesses, their clients and the broader mortgage industry.
MPC has maintained an active dialogue with government, regulators and industry stakeholders throughout the development and implementation of the MSA.
Our advocacy has included:
MPC’s engagement on the MSA builds on years of advocacy surrounding mortgage regulation in British Columbia. Our previous work has included submissions to the provincial government and participation in BCFSA working groups focused on the legislation and its impact on the mortgage industry.
The transition to the MSA affects how mortgage professionals operate, comply with regulatory requirements and serve their clients. MPC continues to bring member feedback into discussions with decision-makers so that practical industry considerations remain part of the implementation process.
That work has also included creating opportunities for mortgage professionals to hear directly from those involved in the regulatory transition. MPC has hosted discussions with legal and regulatory leaders on the MSA, including programming at our Vancouver Mortgage Symposium focused specifically on what BC mortgage brokers need to know about the new legislation.
Our advocacy does not end with the implementation of the Act. MPC will continue engaging with government and BCFSA, raising issues identified by members and advocating for a regulatory environment that supports a strong, professional and competitive mortgage industry in British Columbia.
Our work on the Mortgage Services Act is part of MPC’s broader advocacy agenda in British Columbia.
MPC continues to advance priorities related to housing affordability measures such as GST relief on all new housing under $1.5 million, ensuring consumer access to group creditor insurance sold by mortgage brokers, and property transfer relief for first-time homebuyers.
These efforts have already contributed to meaningful policy outcomes. Following sustained advocacy, changes announced in the 2024 BC Budget increased the property transfer tax exemption threshold for first-time homebuyers and increased the exemption threshold for qualifying newly built homes to $1.1 million.
We continue to work with elected officials, regulators, senior public servants and industry stakeholders to ensure mortgage professionals have a voice in the policies affecting housing and the mortgage industry.
For a closer look at MPC’s work on the Mortgage Services Act, our engagement with government and BCFSA, key policy priorities and how members can provide feedback, visit our dedicated BC Mortgage Services Act Advocacy page.