Printed . This content is updated regularly, please refer back to https://bcfsa.ca to ensure that you are relying on the most up-to-date resources.
BCFSA issued an Order in Urgent Circumstances on February 10, 2022, for Kathy Alaina Bakker, instructing her to immediately stop providing rental property management services without a licence, as defined under the Real Estate Services Act.
Tenants at the named property in Kamloops may be wondering how this impacts them and what to do in order to make sure they are protected. BCFSA has the following information for them or anyone who suspects or knows that a property manager is providing services without a licence.
A rental property manager is any individual who is licensed to provide rental property management services. A licence is required whenever someone is paid to provide services on behalf of a rental property owner, including:
- Helping owners find tenants for their properties;
- Advising on the appropriate rent for a rental property;
- Advertising and showing rental properties;
- Assisting with tenant applications;
- Negotiating the rental rate on behalf of the owners;
- Collecting rent or security deposits; and
- Managing the rental real estate on behalf of the owners.
If an individual is managing a property they own, they do not need a licence for rental property management. Other limited exemptions to the licensing requirements also exist.
BCFSA holds rental property managers to high professional and regulatory standards. The activities of unlicensed and non-exempt individuals put the public at risk and undermine the integrity of the financial services and real estate sectors.
Rental property managers are required to stay up to date on current standards and requirements through mandatory education that focuses on current legal and ethical obligations of the profession, as well as best practices.
The requirement for rental property managers to hold deposits in trust highlights the importance of licensing and regulatory oversight. Unlicensed individuals who accept and hold money on behalf of tenants without holding it in trust may put property owners and tenants at risk.
As the regulator, BCFSA’s role includes ensuring that the proper controls are in place to protect deposits held in trust for consumers. We do this by conducting inspections and working with brokerages and licensees to ensure compliance.
If you are unsure whether an individual performing property management services is licensed, search the database on our website, making sure to select “property management” under Services Offered.
The Residential Tenancy Branch is responsible for adjudicating disputes between tenants and landlords. The Branch may be contacted for answers to questions you have about continuing payment, and other obligations under your tenancy agreement. In accordance with the Real Estate Services Act, BCFSA does not regulate the actions of tenants.
In practicing due diligence, tenants may wish to keep detailed records and receipts of rental payments, consider making cash payments for rent, and if possible, attempt to deal with the property owner directly in respect of your obligations under the tenancy agreement.
If you believe an individual you are dealing with is providing unlicensed rental property management services, please inform BCFSA by emailing [email protected] or by calling us at (866) 206-3030.
For questions about the Residential Tenancy Act contact the Residential Tenancy Branch.
View the Order:
- Kathy Alaina Bakker (Reasons for Order in Urgent Circumstances)
- Kathy Alaina Bakker (Cease and Desist Order)
Kathy Alaina Bakker may require a hearing before the Superintendent or appeal these orders to the Financial Services Tribunal.
To report a rental property management complaint, visit: File a Real Estate Complaint | BCFSA
BC Financial Services Authority (“BCFSA”) is a Crown regulatory agency of the Government of British Columbia. BCFSA oversees the financial services sector which includes pension plans, mortgage brokers, real estate services, real estate development marketing, and financial institutions (credit unions and insurance and trust companies). BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”).