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 leasing it, as per a consent order released by the B.C. Financial Services Authority (BCFSA).
Jason Leslie acquired a unit at the Vivid building in downtown Victoria in 2021 without meeting the qualifications, as stated in the agreement. Despite the property being designated for below-market rate sales to residents and not allowing rentals, Leslie rented out the unit for over eight months.
In a recent development, B.C. Housing accused several individuals, including Leslie, of acquiring units at the Vivid despite owning other high-value properties. Leslie purchased a 505-square-foot one-bedroom unit in February 2018 at Vivid, a project supported by a $53-million provincial loan to facilitate affordable housing sales to eligible buyers.
Under the affordable home ownership covenant, only individuals with an annual income below $150,000 and a commitment to occupy the unit as their primary residence were eligible to purchase at Vivid. Leslie took possession of his unit in May 2021 and rented it out the following month, only to be notified by B.C. Housing in March 2022 that he did not meet the eligibility criteria.
As per the consent agreement, Leslie facilitated the sale of three units within the Vivid development, including his own, and eventually sold his 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, purchasing the affordable unit, and not intending to reside there. Consequently, his real estate license has been suspended for six months, and he will be subject to enhanced supervision by another broker for a year post the suspension period.
Despite attempts to contact Leslie for comments, CBC News was informed by a staff member at his office that his availability for an interview was uncertain.