A real estate agent in Victoria, British Columbia, had his license suspended for six months and was fined $200,000 for violating rules related to a provincial affordable homeownership program.
Castanet.com reports the British Columbia Financial Services Authority (BCFSA) ruled that Jason Alexander Leslie engaged in “professional misconduct and conduct unbecoming a licensee” in his purchase and subsequent renting of a one-bedroom apartment unit in a new complex subsidized by the provincial government.
The units at the complex were sold at an average of 12% below the current market rates and buyers were not allowed to have an annual gross income more than $150,000. Buyers were also required to reside in the unit as its primary residence for the first two years.
Leslie took possession of the unit in May 2021, representing himself as the buyer’s agent in the purchase. He received a 3% commission on the first $100,000 of the purchase price and 1.5% on the balance. He immediately rented out the unit, later admitting he had no intention to live at the complex.
At the time, Leslie was affiliated with Camosun Properties Ltd./RE/MAX Camosun. He is no longer listed online with that brokerage.
Following an investigation, Leslie agreed to return the unit to BC Housing and also returned the net real estate commission he earned on the original purchase. In addition to his fine, he was also ordered to pay $5,000 in enforcement expenses and undergo enhanced brokerage supervision by a managing broker for one year after his license suspension ends.
“The $200,000 penalty and six-month license suspension sends a clear message: exploiting an affordable home ownership 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.”
Photo courtesy Camosun Properties Ltd./RE/MAX Camosun
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