A real estate agent in Victoria has been penalized with a $200,000 fine and a six-month suspension of his license for purchasing a housing unit designated for affordable housing and subsequently leasing it out, as stated in a consent order released by the B.C. Financial Services Authority (BCFSA). Jason Leslie acquired a unit at the Vivid condominium complex in downtown Victoria in 2021 without meeting the qualifications to do so, according to the agreement. Despite regulations prohibiting rentals and the Vivid being designated for below-market rate sales to residents, Leslie rented out the unit for over eight months.
In 2018, Leslie bought a 505-square-foot one-bedroom residence at the Vivid, a development that received a $53-million low-interest loan from the province to facilitate affordable home sales to individuals with limited affordability. The property had an affordable home ownership covenant stipulating that only individuals with a gross annual income below $150,000, willing to make the unit their primary residence, could purchase a unit at the Vivid.
After taking possession of the unit in May 2021, Leslie rented it out to a tenant in the subsequent month. In March 2022, B.C. Housing informed him that an audit revealed his ineligibility to purchase the unit. The agreement also disclosed that Leslie acted as an agent for the sale of three units within the Vivid development, including his own. He eventually sold the unit back to B.C. Housing in September 2022, along with the rental income and commission earned.
The BCFSA determined that Leslie engaged in professional misconduct by representing himself as an agent and acquiring the affordable housing unit without the intention of residing there. Consequently, his real estate license has been suspended for six months, followed by a 12-month period under the oversight of another broker post-suspension. Despite attempts to contact Leslie for comment, CBC News was informed by his office that his availability for an interview was uncertain.
