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Bad Actors & Bill 60
Plus: Bill 60 shakes up tenant rights, billionaires keep buying Canada, and ski towns are suddenly the hottest markets in the country.
Today, we’re covering
😒 Four More Real Estate Brokerages Suspended
⚖️ Ontario Passes Bill 60
💸 Zara’s Billionaire Is Buying Up Canada
⛷️Canadians Shift Spending to Ski Areas
🏠 The Age of the Permanent Renter
❓ Ford Gov’t Stalling Mandatory Greenbelt Review
😲 WTF of The Week
Read Time: 5 minutes
😒 Four More Real Estate Brokerages Suspended
Source: CTV News
The 411: The B.C. Financial Services Authority (BCFSA) has suspended the licenses of Lighthouse Realty Ltd. and Jovi Realty, affecting dozens of agents, in connection with an ongoing investigation into Balpreet Singh Bal.
BC’s real estate regulator (BCFSA) has frozen the accounts of four brokerages linked to suspended licensee Balpreet Singh Bal.
Bal’s own Brokerages, Bal Realty Services Inc., and Amex-Fraseridge Realty, which were frozen Nov. 3.
Additional freeze orders were issued against Jovi Realty and Lighthouse Realty three days later.
B.C. regulators allege he improperly withheld a $2.75M deposit, used a $600K home-sale deposit for personal use, created a misleading document showing $14M overseas, and may have used trust accounts to avoid CRA garnishment.
Before the initial freeze, the bank reported these trust accounts were drained to almost zero between Sept. 29–Oct. 27.