$200,000 fine for BC realtor who falsified income to buy subsidized condo to rent out

A BC realtor who falsely claimed he was eligible to buy a condo in a government-subsidized affordable housing building has been fined $200,000 and suspended for six months after he rented the condo out.

According to an Aug. 14 BC Financial Services Authority decision, the condo had to be the owner’s primary residence, and they had to physically live there, but instead Victoria realtor Jason Alexander Leslie rented the unit out less than a month after purchasing it.

The regulator also found he filed a false statement saying he qualified for the government-subsidized condo when he didn’t.

“He had no intention to make the affordable housing strata lot his primary residence,” the Financial Services Authority said in the decision.

The regulator found he failed to act honestly and with reasonable care, and had committed professional misconduct with his “deceptive dealing.”

The decision said the BC government provided a developer with a $52.9-million low-interest loan to build condos for middle-income families and individuals in Victoria.

The developer constructed Yates on Yates and the Vivid Building, which was part of an affordable home ownership program, available at 12% below market value.

To purchase a condo, buyers had to have a gross combined income of no more than $150,000. The condo had to be the owner’s primary residence and they had to physically reside in the unit. When units came to be sold, they could only go to people who also fit the criteria.

However, although he didn’t qualify, Leslie bought a one-bed condo in the Vivid Building in 2018.

He took possession in 2021 – after making a commission on the sale for himself – but weeks later rented the unit out. He also acted as the realtor in the sale of five other units in the building.

In early 2022, BC Housing conducted an audit into his eligibility to purchase the condo and found he didn’t fit the criteria. BC Housing demanded he return the condo.

The decision said as part of the transaction, Leslie returned his commission, the rental income he made and all costs involved with the sale.

The regulator ordered Leslie to pay a $200,000 fine plus $5,000 worth of expenses and suspended his licence for six months.

Leslie, who became a realtor in 2003, has been in trouble with the regulator before.

In 2019, he was ordered to pay $9,000 for failing to avoid a conflict of interest in another real estate deal. He also didn’t disclose “all material facts,” and allowed an inspection to take place without all of the sellers’ consent.

Along with the fine, he was ordered to take an Ethics in Business Practice course.