The Mortgage Brokers Act in British Columbia has recently changed. These new laws are likely to affect those purchasing real estate in Comox and other cities across the province. Finance Minister Selina Robinson presented changes to the bill on Tuesday, October 4th, 2022 by. The claim of the bill is to provide consumers with more transparency and protection when dealing with the mortgage broking industry. In this article, I will be going over the proposed bill and how this will affect those looking to purchase real estate. Follow along below to learn more.
How Will Real Estate in Comox be Impacted by the New Mortgage Broker Rules?
New mortgage broker rules have been proposed with the assertion that they will provide more safety to homebuyers. Moreover, according to a recent article by CBC, “the new act will give the B.C. Financial Services Authority the ability to make rules for the industry, as non-traditional lenders emerge and more people turn to brokers and online technology to arrange residential mortgages”. This is said to help minimize/address issues surrounding B.C.’s money laundering investigation.
Fines for mortgage brokers who violate the rules (pending approval) have increased to a maximum penalty of $500,000. Further to this, those with more than one offence could garner fines of up to $2.5 million. According to the government’s statement, the soonest that these laws would be implemented is late 2023.
If you are interested in learning more about how your purchase of real estate in Comox will be impacted by new mortgage broker rules, contact me today. For more information about buying or selling a home in Comox Valley, feel free to reach out. Additionally, don’t hesitate to message me with any other questions that you have about real estate in the area. Continue to check back each