A Victoria real estate agent has been fined $200,000 and had his license suspended for six months after purchasing an affordable housing unit and leasing it out, as revealed in a consent order released by the B.C. Financial Services Authority (BCFSA).
Jason Leslie acquired a unit at the Vivid condominium building in Victoria in 2021 without meeting the necessary qualifications, according to the agreement. Subsequently, he rented out the unit for over eight months, despite regulations prohibiting rentals in the development, which was designated for below-market rate sales to owner-occupiers.
In 2024, CBC News reported that B.C. Housing accused more than a dozen individuals of purchasing properties at Vivid while owning other high-value properties elsewhere.
As per the BCFSA consent agreement, Leslie purchased a 505-square-foot one-bedroom home at Vivid in February 2018. The development, consisting of 135 units, received a $53-million low-interest loan from the province to facilitate below-market sales to financially challenged buyers.
Under an affordable home ownership covenant, only individuals earning less than $150,000 annually and agreeing to use the unit as their primary residence were eligible to purchase a unit at Vivid.
Leslie took possession of his unit in May 2021 and leased it to a tenant the following month. B.C. Housing notified him in March 2022 that an audit revealed his ineligibility to own the unit.
The agreement highlighted that Leslie acted as an agent in the sale of three units at Vivid, including his own. In September 2022, he sold his unit back to B.C. Housing, along with the net rental income and real estate commission earned.
The BCFSA determined that Leslie engaged in professional misconduct by representing himself as an agent and purchasing the affordable housing unit without intending to reside there. Consequently, his real estate license has been suspended for six months, followed by 12 months of enhanced supervision under another broker.
CBC News attempted to contact Leslie’s office for comment but was informed by a staff member that his availability for an interview was uncertain.