The British Columbia Financial Services Authority (BCFSA) has suspended, with immediate effect, the brokerage licences of Jovi Realty and Lighthouse Realty Ltd. as part of its ongoing investigation into Balpreet Singh Bal, citing serious allegations of misconduct related to trust account management. The orders also impose significant restrictions on the licences of the managing brokers for the two firms, meaning the brokerages are no longer authorized to provide real estate services. The action follows BCFSA’s 6 November 2025 decision to freeze the brokerages’ trust accounts amid escalating concerns about alleged mishandling of trust funds and deficient managing broker oversight. A consumer alert has been issued and BCFSA will contact known clients directly. BCFSA and the Real Estate Compensation Fund Corporation have advanced funds to help consumers close scheduled transactions, while other impacted consumers may be eligible for support through the Special Compensation Fund. BCFSA will seek a supreme court order appointing a receiver to reconcile accounts and oversee fund distribution in line with statutory requirements. The investigation remains ongoing and, once complete, BCFSA plans to pursue penalties for any contraventions of the Real Estate Services Act, which provides for maximum financial penalties of CAD 250,000 for individuals and CAD 500,000 for corporations per contravention.

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