Effective April 1, 2023, new licence classes, experience and education requirements are taking affect for individuals seeking a mortgage agent or broker licence in Ontario.

The new requirements will help ensure consumers and investors receive appropriate mortgage advice and product recommendations when dealing with private mortgages.

What you need to do

Mortgage agents who are eligible and wish to obtain a level 2 licence for the new licence period effective April 1, 2023 may choose to submit their renewal application as a level 2 agent.

All level 2 agents and brokers must complete the Challenge Exam or Private Mortgages Course before they renew their licence in March 2024 to maintain their licences.

The Challenge Exam is only available to mortgage agents and brokers who have five years or more continuous licensing experience as of April 1, 2023. The Challenge Exam must be completed by October 31, 2023, and may only be attempted once. Individuals who do not pass the Challenge Exam must complete the Private Mortgages Course.

The type of business activity you may conduct with each licence is outlined in the following chart:

Licence Class Authorizes to deal and trade in mortgage with: Experience Requirements Education Requirements
Mortgage agent level 1 licence
  • financial institutions, as defined in section 1 of the MBLAA; or
  • approved by Canada Mortgage and Housing Corporation (“CMHC”) under the National Housing Act (“NHA”)
 No experience required Mortgage Agent Level 1 Course
Mortgage agent level 2 licence
  • financial institutions, as defined in section 1 of the MBLAA
  • lenders approved by CMHC under the NHA; or
  • all other mortgage lenders, such as mortgage investment companies, syndicates, private individuals, agents, brokers, and brokerages
 at least 12 months experience over the last 24 months as a mortgage agent level 1
  • Mortgage Agent Level 1 Course plus
  • Private Mortgages Course
Mortgage broker licence
  • financial institutions, as defined in section 1 of the MBLAA
  • lenders approved by CMHC under the NHA; or
  • all other mortgage lenders, such as mortgage investment companies, syndicates, private individuals, and brokerages
 at least 24 months experience over the last 36 months as a mortgage agent level 2
  • Mortgage Agent Level 1 Course plus
  • Private Mortgages Course plus
  • Broker Course

Please visit the New Licensing Requirements Transition - Information and Resources page for more details. This page will be refreshed as new information becomes available.

Key dates

Available now: Private Mortgages Course and Challenge Exam providers
February 1 to March 31, 2023: Agents and brokers renew their licence
April 1, 2023: New licensing classes come into force
October 31, 2023: Deadline to complete the Challenge Exam
February 1 to March 31, 2024: Level 1 & level 2 agents and brokers renew their licence
March 31, 2024: Deadline to complete the Private Mortgages Course

Transition period

The transition period for the new licensing requirements starts April 1, 2023 and ends March 31, 2024.

Transition Period Requirements – April 1, 2023 – March 31, 2024
Licensing History as of
April 1, 2023		 Agents Brokers
To transition to mortgage agent level 2, individuals must: To maintain their mortgage broker licence, individuals must:
five or more years of continuous licensing
  • complete the Private Mortgages Course by March 31, 2024 or
  • pass the Challenge Exam by October 31, 2023
  • complete the Private Mortgages Course by March 31, 2024 or
  • pass the Challenge Exam by October 31, 2023
less than five but one or more years of continuous licensing complete the Private Mortgages Course by March 31, 2024
  • complete the Private Mortgages Course by March 31, 2024
Brokers who do not meet the new education requirements will transition to the mortgage agent level 1 licence upon licence renewal on April 1, 2024 and cannot carry out activities as a principal broker
with less than one year of continuous licensing
  • attain one year of experience; and
  • complete the Private Mortgages Course
  • complete the Private Mortgages Course by March 31, 2024
Brokers who do not meet the new education requirements will transition to the mortgage agent level 1 licence upon licence renewal on April 1, 2024 and cannot carry out activities as a principal broker

Existing Brokers are exempt from attaining two years' experience as an agent level 2 prior to transitioning to the new broker licence.

Approved private mortgage course and challenge exam providers

The FSRA-approved Private Mortgages Course and Challenge Exam are available through: