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Suspension of Brokerage Licenses of Jovi Realty and Lighthouse Realty
BC Financial Services Authority (BCFSA) has taken urgent regulatory action under the Real Estate Services Act (RESA) to protect consumers and maintain the integrity of the real estate market. Effective immediately, BCFSA has suspended the real estate brokerage licenses of Jovi Realty and Lighthouse Realty Ltd. following serious allegations of misconduct related to trust account management. BCFSA has also imposed significant restrictions on the licenses of the three managing brokers overseeing those brokerages. These actions mean the brokerages are not authorized to provide real estate services.
The suspension orders follow earlier action taken on November 6, 2025, when BCFSA froze the trust accounts of these brokerages as part of an ongoing investigation into the activities of Balpreet Singh Bal. These measures were taken to prevent further risk to consumer funds while the investigation continued.
The order to suspend the brokerage licenses of Jovi Realty and Lighthouse Realty means:
- All brokerage trust accounts continue to be frozen. No withdrawals or disbursements can be made.
- Consumers whose funds are impacted by the freeze orders issued on November 6, 2025, may be eligible for support through the Special Compensation Fund, which provides financial protection to consumers who suffer losses due to licensee misconduct.
- BCFSA will be seeking a supreme court order to appoint a receiver to manage the reconciliation of accounts and oversee fund distribution in accordance with statutory requirements.
What consumers should do:
If you are buying or selling real estate through Jovi Realty or Lighthouse Realty Ltd.:
- You should continue to work with the real estate agent you’ve been working with, who can provide you with information regarding any funds you may have in trust at the brokerage as well as information on how the orders may impact the real estate services you are receiving.
- To provide services, your agent must transfer their licence to an active brokerage.
- This change may require you to sign new service agreements or contracts with the new brokerage.
Your real estate agent will contact you to explain next steps and provide updated documentation, if applicable. Please be assured that there have been no allegations or evidence of wrongdoing by your agent; this action relates solely to the brokerage’s compliance issues and the actions of its owner and managing broker(s).
Information for landlord clients:
If you use Jovi Realty or Lighthouse Realty Ltd. for rental property management services:
- These brokerages are no longer authorized to provide real estate services, including rental property management.
- Trust accounts holding rental payments are frozen. Funds cannot be disbursed. However, you may be eligible for support through the Special Compensation Fund. Speak to your property manager for more information about accessing the fund.
- You are encouraged to continue working with your property manager, but they must transfer their licence to an active brokerage to continue providing services.
- This change may require new service agreements with the new brokerage.
- Tenants should continue paying rent according to their tenancy agreements until a new or updated tenancy agreement has been finalized.
- Tenants cannot be evicted for non-payment if rent was paid into the frozen trust accounts.
Your property manager will contact you to explain next steps and provide updated documentation, if applicable. Please be assured that there have been no allegations or evidence of wrongdoing by your property manager; this action relates solely to the brokerage’s compliance issues and the actions of its owner and managing broker(s).
BCFSA understands the significant impact of this action and appreciates your patience as we work to protect consumer funds and maintain confidence in the real estate market.
Contact Information
- BCFSA encourages consumers to contact their real estate licensee with any questions they may have, and to visit BCFSA’s website regularly for updates. For further questions:
- Consumers of Jovi Realty can contact BCFSA at: clientsofjovi@bcfsa.ca
- Consumers of Lighthouse Realty Ltd. can contact BCFSA at: clientsoflighthouse@bcfsa.ca
Additional information:
- News release: BCFSA Suspends Brokerage Licenses of Jovi Realty and Lighthouse Realty Ltd. – November 20, 2025
- Order in Urgent Circumstances: Jovi Realty Inc., Ralph Frederick Oakes, Lighthouse Realty Ltd., Colin Ross McDonald, & James Robert Thiessen – November 20, 2025
- Consumer alert: Guidance for Consumers Using Services of Balpreet Singh Bal, Jovi Realty, Lighthouse Realty Ltd. – November 6, 2025
- News release: BCFSA Issues Urgent Orders, Freezes Trust Accounts Over Alleged Misconduct by Balpreet Singh Bal and Related Brokerages – November 6, 2025
- Reasons for Order to Freeze Property – Jovi Realty & Lighthouse Realty Ltd. – November 6, 2025
- Order in Urgent Circumstances to Order to Freeze Property – Bal Realty Services Incorporated, Amex-Fraserridge Realty, and Balpreet Singh Bal – October 30, 2025
Frequently Asked Questions
Consumers who have used the services of Jovi Realty or Lighthouse Realty Ltd. impacted by freeze orders and suspension orders may be wondering how this impacts them. Below are answers to some frequently asked questions.
For buyers or sellers:
If you currently have funds held in trust with Jovi Realty or Lighthouse Realty Ltd. your funds are impacted by the freeze order.
Speak to the licensee you’ve been working with to understand the impact of the freeze and potential mitigations. Licensees that are working with clients who have pending transactions have been given instructions on how to contact BCFSA for support.
The Special Compensation Fund is a financial protection program administered by the Real Estate Compensation Fund Corporation (RECFC). BCFSA administers claims to the fund on behalf of RECFC. The fund reimburses consumers who have lost money entrusted to a real estate licensee or an unlicensed individual at a brokerage due to:
- Misappropriation or wrongful conversion of funds
- Failure to account for funds
- Fraudulent activity
If you have funds held in trust at one of the named brokerages you may be eligible to make a claim. We encourage you to speak to the licensee you’ve been working with to discuss your situation. Licensees that are working with clients who have pending transactions have been given instructions on how to contact BCFSA for support in these situations.
To mitigate impacts on consumers whose funds are impacted by the freeze order, BCFSA will expedite the application process for eligible claimants to access the Fund. Speak to your real estate licensee to discuss your situation.
The suspension orders render Jovi Realty and Lighthouse Realty Ltd. inoperable. However, licensees can transfer their licence to another active brokerage. Once they have done so, they can continue to provide real estate services, including services to their existing clients.
BCFSA is encouraging consumers to continue working with their existing licensee once they have transferred their licence. BCFSA is expediting the license transfer process as part of its response.
For most consumers there should be limited impact to services, but consumers should be aware that the change in brokerage may require new service agreements or contracts with the new brokerage.
For tenants:
Residential tenancy agreements are not impacted by these orders. You should continue to pay rent according to the instructions of your landlord and the terms of your agreement. However, your rental property manager may contact you to update your agreement or provide an update regarding arrangement for payments given the freeze on the brokerage’s accounts.
The Residential Tenancy Branch advises that tenants should continue to pay rent according to the terms of their tenancy agreement, until such time as their licensed property manager or landlord contacts them to provide updated information regarding their agreement.
Landlords are not permitted to evict a tenant for non-payment of rent or non-payment of deposit if it was paid to Jovi Realty or Lighthouse Realty Ltd. as per the residential tenancy agreement.The accounts that collect and disperse rental payments have been frozen, and no payments from named brokerages can be made until BCFSA varies the freeze order or appoints a receiver. Money in the frozen accounts will be preserved for the appropriate beneficiaries.
Contact your rental property manager or the real estate licensee you’ve been working with for more information.
Tenants with concerns about their obligations under their tenancy agreements, including rent payment, returning security deposits, and dispute resolution, can find information on the Residential Tenancy Branch website.
The Residential Tenancy Branch is responsible for dispute resolution between tenants and landlords and may be contacted to answer questions you have about continuing rent payment, and other obligations under your tenancy agreement. BCFSA does not regulate the actions of tenants.
For landlords:
The accounts that collect and disperse rental payments have been frozen, and no payments from Jovi Realty or Lighthouse Realty Ltd. can be made.
However, you may be eligible for support through the Special Compensation Fund. Speak to your property manager for more information about accessing the fund.
Licensed property managers have been encouraged to transfer their licence to an active brokerage in order to continue providing real estate services. BCFSA encourages landlords to continue working with their property manager once their licence has been transferred to a new brokerage.Contact your rental property manager if you wish to make alternate payment arrangements with your tenants for future payments or update the tenancy agreements for your property.
No, landlords are not permitted to evict a tenant for non-payment of rent or non-payment of a deposit if it was paid to Jovi Realty or Lighthouse Realty Ltd. as per the tenancy agreement.
We understand this is a difficult situation, and landlord clients with concerns about their obligations under their tenancy agreements, including forms of rent payment, returning security deposits, and adjudicating disputes, can find information on the Residential Tenancy Branch website.
Landlords should engage with their licensed rental property manager for more information about the impacts to them and to explore alternate payment arrangements.Speak to your rental property manager to discuss your options.
Yes. Landlords can take on activities related to the management of their rental property themselves, if they wish.
Landlords who take on activities related to the management of their rental property should ensure they can prove to the tenant that they are the landlord/property owner.
Landlords and licensed rental property managers must act in accordance with the Residential Tenancy Act and are not permitted to evict a tenant for non-payment of rent or non-payment of deposit if rental payments were paid to Jovi Realty or Lighthouse Realty Ltd. as per the tenancy agreement.We understand this is a difficult situation, and landlord clients with concerns about their obligations under their tenancy agreements, including rent payment, returning security deposits, and dispute resolution, can find information on the Residential Tenancy Branch website.
