REGULATIONS AND GOVERNMENT RELATIONS

We work on you behalf communicating with policy and legislation staff at the Ministry of Finance and MLA’s to work on legislative reform, including self-regulation, personal mortgage broker corporations, fee issues, better and more simplified disclosure, mortgage investment and mortgage syndication issues, more even handed and less heavy handed enforcement processes, regulation of bank broker reps and a host of other issues.

Letter to The Honourable Bill Morneau from the Coalition for Small Business Tax Fairness

Coalition for Small Business Tax Fairness – Suggested approaches on how to protect past passive investments

 READ THE LETTER

Anti-Fraud Standards for Mortgage Brokers

Samantha Gale, CMBA, responds to comments made by S&P Global regarding their opinion of mortgage brokers having less incentive than lenders to prevent fraud.

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CMBA Joins Coalition for Small Business Tax Fairness

Coalition for Small Business Tax Fairness, representing hundreds of thousands of independent businesses, professionals and taxpayers, submitted a letter to the Honourable Bill Morneau regarding the proposed tax changes

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CMBA Submission to OSFI RE: Draft Guideline – Residential Mortgage Underwriting Practices and Procedures

The Canadian Mortgage Brokers Association (CMBA) submission to OSFI concerning the Draft Guideline – Residential Mortgage Underwriting Practices and Procedures.

READ THE SUBMISSION

CMBA Bulletin on Purchases and Sales Involving Non-resident (Capital Gains Tax)

A mortgage broker forewarned with knowledge about the capital gains tax, as it applies to sales of real estate by non-residents, is better forearmed to assist in avoiding later delays and collapsing of transactions.

READ THE BULLETIN

CMBA Bulletin on Mortgage Brokers Issuing Promissory Notes

Mortgage brokers in Canada who arrange loans from clients using promissory notes may, at least in some circumstances, be breaching securities legislation.

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Consumer Protection and Oversight in Relation to Schedule I Banks

Letter to the Standing Committee on Finance

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Application of GST to Mortgage Broker Fees/Commissions

The Issue

Do mortgage broker fees/commissions attract GST?

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CRA’s new NOAs Create Fraud Risk

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Letter to the REM Editor: Help your clients with mortgage shopping

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School Tax Hike on Residential Properties Assessed at Over 3 Million

CMBA – British Columbia has appealed to the BC government’s Finance Minister, the Hon. Carol James, outlining how this new tax policy actually decreases housing affordability – across their entire constituent base – and works in opposition to their own stated affordability goals.

LETTER TO BC FINANCE MINISTER

BC Government 2018 Budget Announcement

The BC Government recently announced their 2018 budget, including a 30-point plan addressing housing affordability.

Of note, the plan calls for the elimination of the BC Home Partnership Program (HPP), championed by the BC Liberals and launched in 2017.

The HPP offered down payment assistance for prospective home buyers in the form of a second loan, with interest and payments deferred for five years.

“We are concerned that there is nothing significant in the government’s new housing program for people entering the housing market,” says CMBA-BC Chief Operating Officer Samantha Gale. “The only program in place to help people needing assistance with down payments in Canada’s most expensive housing market will be dismantled, and there are no real measures which will increase the supply of market housing.”

READ CMBA-BC’S FULL STATEMENT HERE

Responding to Announced Money Laundering Crackdown

A recent Globe & Mail story calling attention to alleged drug money laundering via the real estate sector has prompted a response from the BC government.

Attorney General, David Eby, has promised a crackdown to close loopholes that the government believes enables lenders to launder money through mortgages.

“There are no loopholes to close,” says CMBA-BC Chief Operating Officer Samantha Gale. “We need to distinguish between private lenders who are licensed under the Mortgage Brokers Act and criminals who lend money as part of a money laundering scheme.”

READ THE PRESS RELEASE HERE

Housing Stakeholders Position Paper

The below listed construction and housing industry associations, primarily in market housing, have collaborated to identify several recommendations to improve housing supply. Some of the recommendations can be achieved by municipal governments, but the provincial government can also encourage or assist these processes.

Real Estate Board of Greater Vancouver
Fraser Valley Real Estate Board
BC Real Estate Association
Real Estate Institute of BC
Greater Vancouver Home Builders’ Association
Canadian Home Builders’ Association – Fraser Valley
Canadian Home Builders’ Association – BC
Urban Development Institute – Pacific Region
LandlordBC

READ THE PAPER HERE

Down Payment Assistance from BC Government for First Time Home Buyers
(BC Home Owner Mortgage and Equity Partnership Program)

Press release regarding the BC Government’s announcement made December 15, 2016

CMBA-BC Press Release Dec 15, 2016

The Application of Debt Repayment Agent Licensing to Mortgage Brokers in BC

Letter to the Honourable Suzanne Anton, Q.C.
Minister of Justice and Attorney General

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Changes to Definition of “Institutional Lender”

Letter to Jack Olsen, Ethics Advisor
The Law Society of British Columbia

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Additional submissions regarding the application of section 17.3 of the Mortgage Brokers Act (MBA)

Letter to Carolyn Rogers
Registrar of Mortgage Brokers

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The Registrar’s Proposal to Amend the Form 10

Letter to The Registrar of Mortgage Brokers dated October 9, 2015

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FSCO Priorities Feedback

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Offering Memorandum Investor Caps

Letter to the Nova Scotia Securities Commission dated July 6, 2015

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