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ADVOCACY

Mortgage Services Act

Representing BC mortgage professionals through the transition to the MSA.

With Minister Osborne’s appointment as Minister of Finance, we will continue to proactively advance the industry’s priorities. This includes highlighting the practical impacts and unintended consequences of the Mortgage Services Act for brokers and consumers. We will continue to advocate for an appropriate balance between consumer protection, transparency, and a competitive mortgage market.

The mortgage broker industry has helped give British Columbians more choice, better access to homeownership, and valuable guidance when getting a mortgage. Our feedback to the government has consistently emphasized how the changes could increase costs, complexity, uncertainty, and administrative work. This could reduce competition and consumer choice, make mortgage services less accessible, and make it harder for independent mortgage professionals and smaller firms to remain sustainable.

MPC Advocacy

MPC has been actively representing members’ concerns throughout the development and implementation of the MSA. We have requested that the Ministry of Finance and BCFSA:

  • Review the branch office fees to make sure they allow mortgage services to remain affordable and accessible throughout the province.
  • Review the licensing requirements for PMCs and allow properly supervised, licensed assistants to work within the PMC structure.
  • Provide clear rules and guidance for mortgage teams.
  • Provide clear guidance for brokers who become PMCs about how they can plan for the future and transfer or continue their business if they want to pass it on to someone else.

 

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.

 

We want to hear from you about our advocacy efforts!

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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