People use agent and broker as if they mean the same thing. In Ontario they are separate licences with different powers, and Alberta and BC use their own titles. Here is what each one can do.
Written by A.I.M.I. Collective Mortgage Group, Brokerage editorial team
Published October 2026 · Last reviewed 6 October 2026
Official sources: FSRA: how to become a mortgage broker, FSRA: mortgage brokering, Real Estate Council of Alberta (RECA), BC Financial Services Authority (BCFSA)
In Ontario, a Level 1 mortgage agent can arrange mortgages only with financial institutions and CMHC approved lenders. A Level 2 agent can also arrange private mortgages. A mortgage broker has at least 24 months as a Level 2 agent in the last 36 months and has passed the broker course. In Alberta the entry licence is mortgage associate, and broker status takes two years of experience and a further program.
The entry licence. Arranges mortgages with banks, credit unions and CMHC approved lenders. No private mortgages.
Adds private mortgages and private investors. Needs 12 months as a Level 1 agent in the last 24 months plus the Private Mortgages course.
Needs 24 months as a Level 2 agent in the last 36 months and the broker course. Can supervise and can become a principal broker.
The broker designated as responsible for the brokerage's compliance and the conduct of its agents and brokers.
In Alberta, RECA licenses a mortgage associate as the entry level. A mortgage broker has at least two years of licensed experience within the last five and has passed the Mortgage Brokers Program, and can run a brokerage. Our guide on becoming a mortgage associate in Alberta covers the steps.
In British Columbia, individuals are licensed through a brokerage, and the Mortgage Services Act replaces the old registration system on 13 October 2026 with new licence categories and principal brokers. See what the Mortgage Services Act changes.
Day to day, most clients call everyone a broker, and agents and brokers arrange the same prime and B lender mortgages. The difference shows up on private mortgages, supervision and who can run a brokerage.
Answer four quick questions and we will email you the three guides that fit where you are today.
A.I.M.I. Collective works with agents and brokers at every level in BC, Alberta and Ontario. Agents at every level can bring a file they cannot place to the Deal Desk.
The step by step Level 1 to Level 2 process, course providers and timing are in how to become a Level 2 mortgage agent in Ontario.
Upgrade from Level 1 to Level 2 in Ontario: 12 months licensed, the Private Mortgages Course, no FSRA fee, and what Level 2 lets you do.
Step by step: the course, exam and sponsoring brokerage you need to become a mortgage broker in Ontario, BC or Alberta, plus the cost and timeline.
What mortgage agent and broker jobs in Canada actually are: commission not salary, licensed through a brokerage, and what to compare before you join one.
REMIC, Mortgage Professionals Canada, CMBA Ontario, Humber, UBC Sauder, AMBA and Alberta Real Estate School compared on price, format and exam rules.
The course, the exam and the steps to your first licence in Ontario.