When does the new Mortgage Brokerages and Brokers Act and regulation come into force?

The Mortgage Brokerages and Brokers Act and regulations come into force April 1, 2025.

I am currently registered as a Mortgage Broker. Will my registration remain valid until the renewal date?

The Mortgage Brokerages and Brokers Act (Section 36) specifies that a valid registration shall continue to be valid for three months after the Act comes into force or until a licence is issued under the new Act.

Valid registrations will therefore only be in effect through June 30, 2025. It is encouraged that Brokerages submit their licence application prior to that date.

How much does a licence cost?

The annual fee for a Broker is $200 and for a Brokerage $400.

I am a Principal Broker. Will I require both a Brokerage and Brokers licence?

Yes, as a Principal Broker you will be required to hold both licence types.

I have submitted an application. How long will I have to wait to receive my licence?

Licence applications submitted before April 1, 2025 cannot be completely processed until April 1, 2025. Licence applications submitted in that timeframe will be processed as quickly as possible.

Following implementation, applicants should anticipate a 10 business day turnaround (except, statutory holidays) subject to the application being fully complete.

During application processing applicants may be contacted for additional information. It is encouraged applicants repond to those requests as soon as possible to ensure the application can be processed as quickly as possible.