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. The agent, Jason Leslie, acquired the unit in 2021 without meeting the qualifications for ownership and violated regulations by renting it out for more than eight months.
The Vivid development, funded by a $53-million low-interest loan from the province, aimed to provide below-market rate homes to individuals with a gross annual income below $150,000 who would make the unit their primary residence. Despite these requirements, Leslie took possession of his unit in May 2021 and rented it out shortly after, prompting B.C. Housing to conduct an audit in March 2022 and determine his ineligibility for ownership.
As part of a consent agreement with the B.C. Financial Services Authority, Leslie sold the unit back to B.C. Housing in September 2022, along with the rental income and commission earned. The regulatory body found Leslie guilty of professional misconduct for acting as an agent for himself and purchasing the affordable unit with no intention of residing there.
Consequently, Leslie’s real estate license has been suspended for six months, followed by 12 months of enhanced 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.