B.C. Property Manager Wu Fined $101K for Unlicensed Rentals

British Columbia’s real estate regulator has ordered Wai Lit “Jefferson” Wu and his company, Chartell Properties Ltd., to pay over $100,000 in penalties and enforcement costs for providing rental property management services without provincial authorization.

Unlicensed Property Management

Between August 2019 and May 2023, Wu and Chartell managed 23 rental properties, including advertising listings, collecting rent, returning security deposits, and assisting with maintenance and renovations. They also negotiated contracts on behalf of property owners, supervised contractors, and handled tenant communications—all without a licence under the Real Estate Services Act, according to a consent agreement published earlier this month by the B.C. Financial Services Authority (BCFSA).

The regulator confirmed that Wu, the owner and sole director of Chartell, has never held a licence to provide real estate services in B.C., nor did he qualify for any exemptions from the legal requirement.

Financial Penalties and Enforcement Costs

Wu and Chartell agreed to pay disciplinary penalties of $96,074 and enforcement costs of $4,932, bringing the total financial sanction to $101,006. They have waived their right to appeal the findings and are barred from making public statements inconsistent with the settlement.

Previous Disciplinary Action

This is not Wu’s first brush with the regulator. In December 2023, he agreed to pay a $30,000 fine for acting as an unregistered mortgage broker by lending his own funds to more than a dozen borrowers. At the time, Wu stated he was unaware that lending his own money constituted unregistered mortgage activity, and he had no prior disciplinary record.

Regulatory Requirements

Chartell Properties Ltd., incorporated in B.C. in 1988 and headquartered on West Broadway in Vancouver, must comply with BCFSA licensing rules. All real estate professionals in the province are required to hold a licence and renew it every two years.