A Victoria real estate agent has been fined $200,000 and had his licence suspended for six months after he bought an affordable housing unit and rented it out, according to a consent order posted by the B.C. Financial Services Authority (BCFSA).
Jason Leslie bought a unit at the Vivid condominium building in the provincial capital’s downtown in 2021 despite not being qualified to do so, according to the agreement.
He then rented it out for more than eight months — despite the Vivid being earmarked as a development where units would be sold at below-market rates to those who would live there, and rentals not being allowed under regulations.
In 2024, CBC News reported on the fact that over a dozen people were accused by B.C. Housing of buying properties at the Vivid despite owning property elsewhere worth millions.
Why is B.C. Housing suing the owners of affordable housing units?
According to the BCFSA consent agreement, Leslie bought a 505-square-foot one-bedroom home at the Vivid in February 2018.
The 135-unit development was constructed with a $53-million low-interest loan from the province, meant to underwrite the below-market sales of homes to those who otherwise couldn’t afford it.
As part of an affordable home ownership covenant on the property, only those who had a gross annual income of less than $150,000 and agreed to make their unit their primary residence would be qualified to buy a unit at the Vivid.
Leslie took possession of his unit in May 2021, according to the BCFSA consent agreement, and he rented it out to a tenant the following month.
It wasn’t until March 2022 that B.C. Housing informed him that they had conducted an audit and determined he wasn’t eligible to buy the unit.
According to the agreement, Leslie acted as an agent for the sale of three units within the Vivid development including his own.
He sold the unit back to B.C. Housing in September 2022, along with the net rental income and real estate commission that he earned.
Outrage follows revelations over affordable housing program abuse
B.C. Housing warned about project issues but kept quiet: FOI docs
The BCFSA found that he had committed professional misconduct by acting as an agent for himself, and buying the affordable housing unit despite having no intention to live there himself.
His real estate licence has been suspended for six months, and he will be under the enhanced supervision of another broker for 12 months after that period ends.
CBC News reached out to Leslie’s office for this story, but was told by a staff member that they did not know when he would be back or available for an interview.
