Dear Members,
The Canadian Mortgage Brokers Association – British Columbia (CMBA-BC) has been actively addressing the concerns recently raised by its members. Your feedback has been instrumental, and we are committed to ensuring that these concerns are effectively communicated and acted upon.
In response to the recent amendments to the Residential Tenancy Act (RTA). as outlined in Bill 14, CMBA-BC President Rebecca Casey advocated on behalf of our members by writing a letter to the Honourable Ravi Kahlon, Minister of Housing for British Columbia, emphasizing how the recent amendments will exacerbate the housing shortage in our province by discouraging investment and hindering entry into the market for first-time homebuyers. The letter can be viewed here.
CMBA-BC also requested a meeting with the BC Ministry of Housing to discuss alternative solutions to the province’s housing challenges. Both President Rebecca Casey and I met with senior representatives at the BC Ministry of Housing, including the Executive Director of the Ministry’s Residential Tenancy Branch, to share our members’ concerns, discuss the implications of the recent amendments to the RTA, and foster an ongoing dialogue with the Ministry on this issue.
To further bolster our advocacy efforts, CMBA-BC and the BC Real Estate Association (BCREA) released a joint press release calling upon the BC Government to amend and refine the recent changes to the Residential Tenancy Act (RTA), outlining concerns around unintended consequences and the high potential the changes will negatively impact homebuyers, rental-property owners, and tenants in the province. This collaboration has successfully drawn the attention of both national and provincial media. The press release can be read here.
The impact of these changes has been highlighted in various media outlets:
- Financial Post: “BC Real Estate Association and Canadian Mortgage Brokers Association – BC Identify Significant Issues with Changes to Residential Tenancy Act”
- The Globe and Mail: “BC Real Estate Association and Canadian Mortgage Brokers Association – BC Identify Significant Issues with Changes to Residential Tenancy Act”
- Canadian Mortgage Professional: “New BC Eviction Rules Might Worsen Housing Affordability Crisis, Say Industry Groups”
- Real Estate Magazine: “BCREA and CMBA-BC Urge Revisions to Residential Tenancy Act Amendments to Avoid Adverse Impacts”
- Storeys: “How BC’s New Four-Month Eviction Notice Rule May Affect First-Time Buyers”
- Business Examiner: “Organizations Call on Government to Amend Residential Tenancy Act”
CMBA-BC remains dedicated to advocating for policies that support both its members and the broader mortgage industry. The association appreciates the continued engagement and support from its members as it works to address these important issues.
Sincerely,
Carla Giles
CEO, CMBA-BC
______________