NewLeaf bolstered the hopes of many a jet-setting Torontonian when, earlier this month, it announced it would be offering ultra-low flight fares (between $99 and $149, including taxes and fees) to several destinations in Canada. But now it looks like we may have to kiss the idea of cheap flights goodbye - at least for a little while.

The company released a statement today announcing it would be postponing its sales and reimbursing all those who had reservations that were scheduled to begin on Feb. 12, 2016. What's the hold-up? The Canadian Transportation Agency is reviewing the aviation licensing regulations.

The company launched on January 6th and NewLeaf's CEO Jim Young states that at the time "it was confirmed that we were in full compliance of CTA licensing regulations".

Young is speculating that the review of regulations may be a response to the company fighting the status quo with its inexpensive rates.

While you won't be able to buy any cheap flights at the moment, the company is hoping to resume sales in the spring with the promise of the same low fares.