Real estate licensee fined $200,000 and suspended for improper affordable housing purchase

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A real estate licensee who purchased a home through an affordable homeownership program despite not meeting the eligibility requirements has been suspended and issued significant penalties by BC Financial Services Authority (BCFSA). Jason Leslie committed professional misconduct and conduct unbecoming a licensee in relation to the purchase. Leslie admitted he signed a statutory declaration containing statements he knew were false and immediately breached an occupancy covenant.

BCFSA investigated after receiving complaints about Leslie’s purchase of a residential unit in the Vivid at the Yates building in Victoria, B.C. The building was developed through BC Housing’s Affordable Homeownership Program, which limited eligibility based on income and required purchasers to live in their homes for at least two years. Leslie agreed to terms that included making the strata lot he purchased his primary residence; instead, he rented the unit to a third party less than a month after completing the purchase. Leslie also engaged in deceptive dealing when he acted as an agent for himself to purchase the unit, receiving commission on the transaction.

Leslie agreed to return the unit to BC Housing in 2022 following an audit into his purchase eligibility. As part of that transaction, he returned the net commission he earned on the original purchase as well as the net rental income earned from the unit.

BCFSA has taken the following regulatory action:

suspended Leslie’s licence for six months
ordered Leslie to pay BCFSA a $200,000 penalty and $5,000 in enforcement expenses
Leslie is required to have enhanced brokerage supervision by a managing broker for one year following his licence suspension period

Leslie is prohibited from working as an unlicensed assistant while his licence is suspended. He must also complete a real estate remedial education course at his own expense.

“The $200,000 penalty and six-month licence suspension sends a clear message: 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, senior vice president of financial professionals at BCFSA. “Real estate agents are entrusted to act honestly. Deceptive dealing violates that trust, undermines confidence in the profession, and demands decisive regulatory action.”