Milobar was elected MLA for Kamloops-North Thompson in 2017 and re-elected in 2020. He currently serves as Shadow Minister for Finance.

He has served previously as the Opposition House Leader, Shadow Minister for Indigenous Relations and Reconciliation, Environment and Climate Change, and as a Member of the Select Standing Committees on Crown Corporations and Finance and Government Services. 

Before entering provincial politics, Milobar was Mayor of Kamloops for three terms after previously serving two terms as councillor. He served as chair of the Thompson Regional Hospital District for five terms and was a director for the Thompson-Nicola Regional District since 2005. 

Milobar has also worked on the BC Transit Board of Directors, at PRIMECorp, and on the Local Government Contract Management Committee. 

Peter and his wife Lianne are lifelong Kamloops residents and the proud owners and operators of a local small business. They have three grown children.