How mortgage brokers are regulated in Canada
Mortgage brokers in Canada are licensed by their province and, since October 2024, covered by federal anti-money-laundering law. Here's what that means for you.
Figures checked September 24, 2026Licensing
Each province licenses its own brokers: the FSRA in Ontario, the BCFSA in British Columbia (under the new Mortgage Services Act from October 13, 2026), the AMF in Quebec, RECA in Alberta, and similar regulators elsewhere. Ontario has two agent levels, brokers and principal brokers, with continuing education every two years.
What your broker must tell you
In Ontario, your broker must tell you in writing, before you sign, who they act for, how many lenders they dealt with last year, the fees you pay and anything they receive from lenders, any conflicts of interest, the material risks of the mortgage, and why it suits you. You should also receive a cost-of-borrowing statement showing the APR. British Columbia requires a conflict of interest disclosure (Form 10).
Anti-money-laundering
Since October 11, 2024, brokers, lenders and administrators fall under Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act. They must verify every borrower's identity, keep records for five years, and report suspicious transactions and large cash deals to FINTRAC.
Privacy and consent
Your broker needs your consent before pulling your credit, must protect your information under PIPEDA or provincial law (including Quebec's Law 25), and can only email you marketing with your consent under CASL. If you unsubscribe, they have ten business days to stop.
More guides
General information about Canadian mortgages, not financial, legal or tax advice. Lenders and insurers apply their own criteria, and rules change; confirm the details with a licensed mortgage professional before you act.