A real estate agent in Victoria has been fined $200,000 and had his license suspended for six months for purchasing an affordable housing unit at the Vivid condominium building and renting it out, as per a consent order released by the B.C. Financial Services Authority (BCFSA). The agent, Jason Leslie, acquired the unit in 2021 without meeting the qualifications, which included restrictions against renting out units in the development designated for below-market sales to primary residents only.
The development received a $53-million low-interest loan from the province to facilitate affordable home sales to individuals with gross annual incomes below $150,000 who intended to make the purchased unit their primary residence. Leslie purchased a 505-square-foot unit in February 2018 but proceeded to rent it out after taking possession in May 2021, contravening the ownership covenant terms.
Upon discovering Leslie’s ineligibility in March 2022, B.C. Housing repurchased the unit, along with the rental income and commission earned by Leslie from the transaction. The BCFSA determined that Leslie’s actions constituted professional misconduct by representing himself as an agent and purchasing the affordable housing unit with no intention of residing in it personally.
Consequently, his real estate license has been suspended for six months, followed by a 12-month period of enhanced supervision under another broker. Despite attempts to contact Leslie for a response, his office stated uncertainty about his availability for an interview with CBC News.