<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
	<periodOfReport>2003-08-14</periodOfReport>
	<notSubjectToSection16>1</notSubjectToSection16>
    <issuer>
        <issuerCik>0001125532</issuerCik>
        <issuerName>MFC DEVELOPMENT CORP</issuerName>
        <issuerTradingSymbol>MFCD</issuerTradingSymbol>
	</issuer>
	<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001260128</rptOwnerCik>
            <rptOwnerName>TANNER LESTER J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>100 PARK AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>25TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
			<isDirector>1</isDirector>
			<isOfficer>1</isOfficer>
			<isTenPercentOwner>1</isTenPercentOwner>
			<isOther>0</isOther>
			<officerTitle>President</officerTitle>
			<otherText/>
		</reportingOwnerRelationship>
	</reportingOwner>
	<nonDerivativeTable>
		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock $.001 Par Value</value>
			</securityTitle>
			<transactionDate>
				<value>2003-08-14</value>
			</transactionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>P</transactionCode>
				<equitySwapInvolved>false</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>4210</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>1.94</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>A</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>360000</value>
					<footnoteId id="F1"/>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
			</ownershipNature>
		</nonDerivativeTransaction>
	</nonDerivativeTable>
	<derivativeTable/>
	<footnotes>
		<footnote id="F1">Direct ownership includes shares owned by my wife, Anne-Renee Testa, my pension plan in which my wife is beneficiary, and Northwest Management Corp. of which I am the president with power to vote the stock.</footnote>
	</footnotes>
	<ownerSignature>
		<signatureName>Lester J. Tanner</signatureName>
		<signatureDate>2003-08-15</signatureDate>
	</ownerSignature>
</ownershipDocument>

