A real estate agent in Victoria has been penalized with a $200,000 fine and a six-month suspension of his license after acquiring an affordable housing unit and leasing it out, as stated in a consent order released by the B.C. Financial Services Authority (BCFSA).
Jason Leslie purchased a unit in the Vivid condominium in downtown Victoria in 2021, despite lacking the necessary qualifications, according to the agreement.
He proceeded to rent the unit for over eight months — even though Vivid was designated as a development intended for below-market home sales to residents, prohibiting rentals under its regulations.
In 2024, CBC News reported that more than a dozen individuals were accused by B.C. Housing of purchasing units at Vivid while owning other properties valued in the millions.
CBC’s Jason Proctor examines a series of lawsuits initiated by the housing agency, claiming that condominium units in Victoria meant for new homeowners were actually purchased by individuals who already owned multiple properties worth millions.
As per the BCFSA consent agreement, Leslie acquired a one-bedroom, 505-square-foot unit at Vivid in February 2018.
The 135-unit project was developed with a $53-million low-interest loan from the provincial government, aimed at subsidizing the sales of homes to those who could not afford market rates.
Part of an affordable homeownership covenant attached to the property stipulated that only individuals earning less than $150,000 annually and committing to using the unit as their primary residence were eligible to purchase a unit at Vivid.
Victoria’s Vivid condominium was a pilot initiative designed to assist middle-income families to access B.C.’s housing market. (Mike McArthur/CBC)
According to the BCFSA consent order, Leslie took possession of his unit in May 2021 and subsequently rented it out to a tenant in June.
It was not until March 2022 that B.C. Housing notified him after conducting an audit which revealed his ineligibility to purchase the unit.
The agreement states that Leslie acted as an agent in the sale of three units within the Vivid development, including his own.
In September 2022, he sold the unit back to B.C. Housing, along with the net rental income and the real estate commission he had earned.
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The BCFSA determined that he engaged in professional misconduct by representing himself in the transaction and purchasing the affordable housing unit with no intention of residing there.
His real estate license has been suspended for six months, and he will be subject to increased oversight by another broker for a year following the suspension.
CBC News contacted Leslie’s office for comment, but a staff member indicated they were unsure of his availability for an interview.
