The British Columbia Financial Services Authority has ordered real estate developer Mark Chandler and his company 0981478 Ltd. to pay the maximum penalties available at the time under the Real Estate Development Marketing Act (REDMA) after finding Chandler deceived consumers by reselling presale condominium units that had already been sold to other buyers. Chandler received a CAD 25,000 penalty and 0981478 Ltd. a CAD 50,000 penalty, and they must jointly pay CAD 66,498.86 in investigative expenses. The misconduct related to Murrayville House, a 92-unit condominium development in Langley, British Columbia, where BCFSA found that between May 2014 and spring 2017 the developer entered multiple presale contracts for units already under contract to other purchasers and required buyer funds to flow directly to Chandler and 0981478 Ltd. instead of being held in trust as required, preventing assurance of title for various buyers. BCFSA’s investigation identified over CAD 10 million in deposits that were not placed into trust and were used for purposes outside the development. In related disciplinary decisions, BCFSA suspended the licences of real estate licensees Gurpreet Singh Chhina and Rashpal Singh Kambo for one year until October 2026 and imposed CAD 10,000 penalties on each for their role in reselling nine pre-sold units and handling deposits and referral fees outside required arrangements, and it noted earlier March 2025 sanctions against unlicensed participants Vasant Patel and Chattar Flora.
British Columbia Financial Services Authority 2026-02-11
British Columbia Financial Services Authority imposes maximum REDMA penalties on Mark Chandler and 0981478 Ltd for fraudulent condo presale resales
The British Columbia Financial Services Authority (BCFSA) has imposed maximum penalties on real estate developer Mark Chandler and his company 0981478 Ltd. for deceiving consumers by reselling presale condominium units already sold to other buyers. This resulted in a CAD 25,000 penalty for Chandler, a CAD 50,000 penalty for the company, and CAD 66,498.86 in investigative expenses. The misconduct involved over CAD 10 million in deposits not placed into trust, leading to additional penalties and suspensions for involved real estate licensees and unlicensed participants.