A real estate agent in Victoria has been penalized with a $200,000 fine and a six-month license suspension for purchasing an affordable housing unit at the Vivid condominium building and subsequently renting it out, as revealed in a consent order issued by the B.C. Financial Services Authority (BCFSA). The agent, Jason Leslie, acquired the unit in 2021 without meeting the necessary qualifications and disregarded the stipulation that the Vivid units were designated for below-market-rate sale to eligible residents who would occupy them, with rentals not permitted under the regulations.
In 2018, Leslie bought a 505-square-foot one-bedroom residence at the Vivid, which was part of a development funded by a $53-million low-interest loan from the province to facilitate affordable housing sales to individuals with limited financial means. The property was subject to an affordable home ownership covenant, restricting purchases to individuals earning less than $150,000 annually who intended to make the unit their primary residence.
Leslie took possession of the unit in May 2021 and proceeded to rent it out the following month. B.C. Housing later conducted an audit in March 2022, informing Leslie that he was ineligible to own the property. Subsequently, Leslie sold the unit back to B.C. Housing in September 2022, along with the rental income and commission he had earned from the transaction.
The BCFSA determined that Leslie engaged in professional misconduct by representing himself as an agent, purchasing the affordable unit without the intention of residing there. As a consequence, his real estate license has been suspended for six months, followed by 12 months of heightened supervision under another broker upon reinstatement. Despite attempts to contact Leslie’s office for comment, CBC News was informed that his availability for an interview was uncertain.