BCFSA Issues $75,000 Penalty for Unlicensed Activity and $50,000 Penalty for Professional Misconduct

• News Release

24 June 2025

Unlicensed activity in real estate services creates risk for consumer harm. BC Financial Services Authority (“BCFSA”) enforces the Real Estate Services Act (“RESA”) to ensure only licensed real estate professionals provide real estate services.

$75,000 Penalty to Peter Chu

BCFSA has issued a $75,000 penalty to Peter Ho Chiu Chu and 168 Rock Solid Homes Ltd. (of which Chu was the sole director) for providing unlicensed rental property management services for eight years between 2012 and 2020. Chu and 168 Rock Solid Homes Ltd. must also pay $5,000 in investigative costs to BCFSA and must cease offering or providing unlicensed rental property management services.

$50,000 Penalty to Rena Liang

On May 25, 2025, BCFSA issued a $50,000 penalty to Chu’s spouse, Rui (Rena) Liang and Rena Liang Personal Real Estate Corporation (“PREC”) for professional misconduct. A BCFSA investigation found:

• Liang committed conduct unbecoming under section 35(2) of RESA in 2019 when she assisted and/or supported the unlicensed rental property management activities of Chu and 168 Rock Solid Homes Ltd. Though she knew Chu and his company were not licensed to provide real estate services, Liang directed a tenant of a West Vancouver property to provide rental payment to Chu.

• Liang and RL PREC committed professional misconduct under section 35(1)(a) of RESA by using Liang’s personal real estate corporation to conduct business other than real estate services contrary to section 10.6(1)(e) of the Real Estate Services Regulations. In 2019, Liang directed RL PREC to advance a $500,000 loan to Chu and registered a mortgage on a Vancouver property registered in Chu’s name. This home later became Chu’s and Liang’s primary residence.

Background

On August 8, 2019, BCFSA (formerly the Office of the Superintendent of Real Estate, “OSRE”), received a complaint that Chu was providing unlicensed property management services. OSRE’s investigation found that Chu signed property management agreements to provide rental property management services for at least 31 properties in Vancouver, West Vancouver, Burnaby, Richmond, Delta, and Tsawwassen, while being unlicensed in B.C. Chu offered rental property management services such as advertising properties for rent, creating tenancy agreements, and collecting rents for owners.

In March 2021, the Superintendent of Real Estate issued an Order in Urgent Circumstances to Chu and 168 Rock Solid Homes Ltd. ordering them to cease providing real estate services unless and until they become licensed, including providing services without a fee but in expectation of future remuneration.

On October 5, 2021, Chu completed the rental property management exam and, shortly thereafter, applied for licensing with BCFSA. That application was put on hold pending the outcome of an investigation.

Results of the Investigation

During the investigation, Chu (who has no prior discipline history with BCFSA or OSRE), claimed he was not aware of the requirement to be licensed to provide rental property management services. Chu cooperated with BCFSA’s investigation and will pay a $75,000 penalty and $5,000 investigative costs. Liang (who also has no prior discipline history with BCFSA) will pay a $50,000 penalty and $5,000 for enforcement expenses and must also complete the Real Estate Trading Services Remedial Education Course.

“These actions show a disregard for consumers who deserve to be represented by licensed real estate professionals,” said Jon Vandall, Senior Vice President of Compliance and Enforcement at BCFSA. “When someone offers unlicensed services, they are implying or claiming they are something they are not, and this leads to consumer risk. Ignorance of RESA is no excuse. BCFSA is here to inform and protect consumers and ensure only licensed operators provide real estate services in B.C.”

Additional Information

• Consent Order — Peter Chu and 168 Rock Solid Homes
• Consent Order – Rena Liang
• Real Estate Services Act
• Recent BCFSA Real Estate Decisions
• Report a concern with BCFSA
• Find a registered Real Estate professional

About BCFSA

B.C. Financial Services Authority (“BCFSA”) is the province’s regulator for the financial services sector that helps to protect British Columbians during some of the most important financial decisions of their lives. As a Crown agency of the Government of British Columbia, BCFSA oversees credit unions, trust companies, insurance companies, pension plans, mortgage services, real estate services, real estate development marketing, and money services. BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”). BCFSA’s mission is to instill confidence in the financial services sector by focusing on the safety and soundness of regulated entities and consumer protection.

Media Contact:

Kate Bilney
Communications Manager, media@bcfsa.ca
Visit: www.bcfsa.ca