A Victoria real estate agent has been fined $200,000 and was suspended for six months after purchasing a home through an affordable housing program despite knowing he did not meet the requirements.
He then rented the unit out shortly after taking possession.
The BC Financial Services Authority (BCFSA) announced the disciplinary action against Jason Alexander Leslie and his personal real estate corporation on Monday, August 24th.
According to a consent order, Leslie purchased the 505-square-foot, one-bedroom unit at Vivid at the Yates in February 2018.
The downtown Victoria building was developed through BC Housing’s Affordable Homeownership Program, with units sold at an average of 12% below market value.
Buyers were required to meet certain eligibility conditions, including a household income limit of $150,000 and a commitment to make the property their primary residence.
The units also could not be rented to a third party during the first two years of ownership.
BCFSA said Leslie signed a statutory declaration confirming he was a qualified buyer and agreed to follow the affordable housing covenant. However, he later acknowledged that he never intended to live in the unit as his primary residence.
Leslie took possession on May 7th, 2021, and signed a tenancy agreement with a renter just over a month later.
The consent order states Leslie had attended an education session about the affordable housing program, read the disclosure documents and understood the program’s requirements.
He had also acted as a buyer’s agent for other purchasers in the development and explained the housing covenant to those clients.
Leslie represented himself as the buyer’s agent when purchasing the unit and received a real estate commission from the sale.
BC Housing contacted Leslie in March 2022 following an audit of his eligibility and demanded that the unit be returned. The transfer was completed in September of that year.
As part of the transaction, Leslie returned the net commission and rental income he received. He also covered BC Housing’s property transfer tax and legal expenses associated with the purchase.
BCFSA launched its investigation after receiving two complaints in March 2024, including one from a member of the building’s strata council.
The regulator found Leslie committed professional misconduct, deceptive dealing and conduct unbecoming a licensee.
In addition to the six-month suspension and $200,000 penalty, he has been ordered to pay $5,000 in enforcement expenses.
“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,” said Jon Vandall, BCFSA’s senior vice-president of financial professionals.
Leslie is prohibited from working as an unlicensed assistant during the suspension and must complete a remedial real estate course at his own expense.
Once his suspension ends, he will be subject to enhanced supervision by a managing broker for at least one year. That supervision will include weekly status reports, regular meetings and reviews of documents prepared for clients.
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