BCFSA Suspends Brokerage Licenses of Jovi Realty and Lighthouse Realty Ltd.

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BC Financial Services Authority (BCFSA) has taken further regulatory action against Jovi Realty and Lighthouse Realty Ltd. as part of its ongoing investigation into the activities of Balpreet Singh Bal.

Effective immediately, BCFSA has suspended the brokerage licenses of Jovi Realty and Lighthouse Realty Ltd. for 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 no longer authorized to provide real estate services. The decision to seek further action and suspend the brokerages responded to escalating concerns related to alleged mishandling of trust funds and deficient brokerage oversight by managing brokers.

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 Bal related to several allegations of serious misconduct.

BCFSA has issued a consumer alert regarding this action and encourages clients of Jovi Realty or Lighthouse Realty Ltd. to review the information provided. BCFSA will contact known clients directly via email to provide further information on the evolving situation.

BCFSA and the Real Estate Compensation Fund Corporation have been advancing funds to ensure consumers can close their real estate transactions as scheduled. Other 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 take over the reconciliation of accounts and oversee fund distribution in accordance with statutory requirements.

BCFSA’s investigation is ongoing. Once complete, BCFSA will pursue penalties for any contraventions of RESA.

Under RESA, the maximum financial penalty is $250,000 for individuals and $500,000 for corporations; these penalties can be assessed per contravention.

Amendment to news release as of November 21, 2025

The urgent order issued by BCFSA on November 20, 2025, imposed significant restrictions on the licenses of the three managing brokers overseeing those brokerages, Ralph Frederick Oakes of Jovi Realty, and Colin Ross McDonald and James Robert Thiessen of Lighthouse Realty Ltd.

A subsequent order issued on November 21, 2025, suspended the licenses of those managing brokers on the basis of the activities being subject to BCFSA’s investigation. These individuals are eligible to apply for associate or representative broker licenses.

Colin Ross McDonald was the managing broker of Lighthouse International, as well as being a managing broker at Lighthouse Realty Ltd. As a result of the suspension of McDonald’s managing broker licence, Lighthouse International has been rendered inoperative. This also renders all licensees at that brokerage inoperative. BCFSA has been in communication with all licensees at Lighthouse International.