A B.C. man who regulators determined to be managing 31 rental properties without a license has agreed to pay a $75,000 fine and come into compliance with the Real Estate Services Act.
Peter Ho Chiu Chu struck the settlement with the B.C. Financial Services Authority on April 28, according to a recently published consent order.
The regulator’s investigators found Chu had been offering property management services to 31 property owners across the Lower Mainland between 2012 and 2020.
Services included renting, leasing, operating and managing the properties, according to the order.
On Aug. 8, 2019, staff of the then-Office of the Superintendent of Real Estate (now under BCFSA control) received a complaint alleging that Chu and his unlicensed company Rock Solid Homes were providing unlicensed services at a West Vancouver property.
Chu told staff that prior to receipt of the notice of investigation he was not aware of the requirement to be licensed in order to provide rental property management services.
Chu was ordered to cease those services and eventually did so after initially continuing them without remuneration — what was determined to be a misunderstanding on the part of Chu, who was otherwise co-operative with investigators, according to the BCFSA.
Chu subsequently commenced steps towards applying for licensure with BCFSA, and in fall 2021 he completed the rental property management exam and applied for licensing with BCFSA.
The fine is a joint fine between Chu and his company.
Property management is licensed in B.C. in the public interest to ensure laws related to tenancies are followed.
In June 2016, the B.C. government ended industry self-regulation by the Real Estate Council of B.C., and in August 2021 the BCFSA became the single regulator of real estate matters, absorbing the B.C. Office of the Superintendent of Real Estate.
