B.C. Realtor fined $200K for renting out affordable home
A British Columbia real estate agent has been fined $200,000 and suspended for six months after violating affordable housing program rules. The agent purchased a subsidized unit as an investment rather than a primary residence, which was against the program's covenants.
Why it matters
This case highlights the enforcement of affordable housing regulations and the professional accountability of real estate licensees in a high-cost housing market.
A Victoria-area real estate agent has been suspended from the profession for six months and fined $200,000 after being found to have violated the rules of an affordable homeownership program.
The B.C. Financial Services Authority stated Aug. 24 that, under a consent order, Jason Alexander Leslie agreed he committed "professional misconduct and conduct unbecoming a licensee" in relation to his purchase of a one-bedroom apartment unit in a new apartment complex subsidized by the provincial government.
Leslie purchased the unit at the Vivid at the Yates building on Feb.13, 2018, which was specifically built as part of an "Affordable Home Ownership Program" delivered by BC Housing. The residential units were sold at an average of 12 per cent below the current market rates thanks to a $53 million government loan to the developer.
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