Jason Alexander Leslie has been fined $200,000 after he bought an affordable housing unit for which he didn\u2019t qualify, then rented it out against the rules.<\/p>\n
A Victoria real estate agent has been fined $200,000 and had his licence suspended for six months after the B.C. Financial Services Authority ruled he committed professional misconduct and conduct unbecoming a licensee.<\/p>\n
According to the BCFSA, which regulates the province\u2019s financial services sector, including real estate, Jason Alexander Leslie admitted he made statements he knew were false to purchase a unit in the Vivid at Yates, an affordable housing complex on Johnson Street in Victoria\u2019s downtown.<\/p>\n
The BCFSA noted the purchase in the 20-storey tower at 845 Johnson St. was made through an affordable homeownership program, despite Leslie not meeting the eligibility requirements. The consent agreement Leslie agreed to with the BCFSA also noted that he breached an occupancy covenant.<\/p>\n
The affordable homeownership program was designed to give middle-income residents an opportunity to buy homes at below-market rates.<\/p>\n
The province provided a low-interest $52.9-million loan to Chard Developments to finance construction, which allowed the developer to pass the savings to buyers.<\/p>\n
Units were subsidized by B.C. Housing and sold to purchasers for an average of 12 per cent below market rates.<\/p>\n
The program required that buyers have an annual household income of less than $150,000, not own property anywhere in the world, and live in the unit as a primary residence for at least two years.<\/p>\n
\u201cThe $200,000 penalty and six-month licence suspension sends a clear message \u2014 exploiting an affordable homeownership program for personal gain is serious misconduct that erodes public confidence in real estate professionals and will result in significant consequences,\u201d said Jon Vandall, senior vice-president of financial professionals at BCFSA.<\/p>\n
\u201cReal estate agents are entrusted to act honestly. Deceptive dealing violates that trust, undermines confidence in the profession, and demands decisive regulatory action.\u201d<\/p>\n
The BCFSA investigated Leslie after there were complaints that he had purchased a unit in the Vivid at the Yates building.<\/p>\n
The BCFSA\u2019s investigation found Leslie agreed to terms that included making the strata lot he purchased his primary residence; however, he rented the unit to a third party less than a month after completing the purchase.<\/p>\n
The BCFSA also said Leslie engaged in deceptive dealing when he acted as an agent for himself to purchase the unit and received a commission on the transaction.<\/p>\n
According to the oversight authority, Leslie agreed to return the unit to B.C. Housing in 2022 following an audit of his purchase eligibility. He also returned the net commission he earned on the original purchase, as well as the net rental income earned from the unit.<\/p>\n
In addition to the fine and suspension, Leslie will have to pay $5,000 in enforcement expenses, require enhanced brokerage supervision by a managing broker for a year following the suspension and complete a real estate remedial education course.<\/p>\n
He is also prohibited from working as an unlicensed assistant while his licence is suspended.<\/p>\n
Leslie did not respond to requests for comment on Monday.<\/p>\n
The Victoria Real Estate Board sent an email to its members this week advising them of the BCFSA\u2019s action against Leslie.<\/p>\n
The board said Leslie\u2019s access to its multiple listings service would be limited during his suspension, which extends to Feb. 20, 2027, and members of the board were told not to contact Leslie to discuss trading services during that time.<\/p>\n
B.C. Housing filed a series of lawsuits in 2024 against several people who bought condos in Vivid on the Yates. The suits allege 13 of the building\u2019s 135 units went to people who already owned property, sometimes multiple homes, or who rented out their units instead of living in them.<\/p>\n
In the lawsuits, B.C. Housing called the conduct of buyers who applied for and bought a subsidized condo, never lived in it, and refused to return the unit to B.C. Housing for the price paid \u201cegregious and reprehensible.\u201d<\/p>\n