Friday, July 25, 2025

At a glance (1-minute read) 

  • BC has introduced new mortgage rules under the Mortgage Services Act, effective fall 2026. 
  • The act targets mortgage service providers—not REALTORS®—and responds to anti-money laundering recommendations. 
  • Four new licensing categories will increase oversight and transparency in the mortgage sector. 

The BC government approved the rules and regulations outlined by the new Mortgages Services Act on July 14, 2025, initiating the process of replacing the province’s current regulatory framework for mortgage professionals. 

Starting in fall 2026, the Mortgage Services Act will replace the Mortgage Brokers Act, which has been in place since 1972. The new act brings updated standards, better consumer safeguards, and stronger tools to investigate and regulate mortgage service providers. 

This change follows recommendations from the Cullen Commission, which highlighted gaps in how BC regulated the mortgage industry. The new rules are designed to close those gaps and reduce vulnerabilities to money laundering. 

What’s changing?

The Mortgage Services Act introduces: 

  • Four new licence categories for those involved in mortgage services: dealing, trading, administering, and lending. 
  • Higher standards for transparency and conduct across the mortgage industry. 
  • Stronger anti-money laundering rules and investigation powers for the BC Financial Services Authority (BCFSA). 

According to the province, these changes will make it easier to detect suspicious transactions and hold mortgage providers accountable.  

What does this mean for REALTORS®?

These rules only apply to mortgage service providers. As a REALTOR®, you aren’t impacted by these changes but may want to stay informed so you can continue to guide your clients toward trusted professionals. 

If clients ask about these changes, you can direct them to the BCFSA’s Mortgage Services Act page for more information.