Financial Services Authority after admitting he made false statements to buy a subsidized unit in downtown Victoria, according to regulatory records. Leslie purchased the unit in the Vivid at the Yates building through an affordable homeownership program without meeting eligibility requirements, then immediately rented it out against occupancy covenants.
B.C. Financial Services Authority Penalizes Agent Over Subsidized Condo Purchase
According to the B.C. Financial Services Authority, which regulates the province’s financial services sector, including real estate, Jason Alexander Leslie admitted to signing a statutory declaration containing false statements to acquire a unit at the 20-storey tower located at 845 Johnson St. The purchase occurred on Feb. 13, 2018, according to the BCFSA. The regulatory body issued the penalty under a consent order finalized in August.
The affordable homeownership program was established to help middle-income residents purchase homes below market rates. The initiative was funded by a $52.9-million low-interest provincial loan granted to Chard Developments, allowing savings to pass directly to buyers through B.C. Housing subsidies averaging 12 per cent below market value, according to the BCFSA.
Did you know? Units in the Vivid at the Yates building were subsidized by B.C. Housing to give middle-income buyers a foothold in the downtown Victoria market, requiring household incomes under $150,000 and a two-year primary residency commitment.
Program Rules and Violations at Vivid at the Yates
Buyers under the affordable housing scheme faced strict criteria, including maintaining an annual household income under $150,000, owning no other property globally, and living in the unit as a primary residence for at least two years. Investigations by the BCFSA revealed that Leslie took possession of the unit on May 17, 2021, and rented it to a third party less than a month later. Leslie later admitted he never intended to live in the home.
Furthermore, records show Leslie acted as his own agent on the transaction, collecting a real estate commission. According to the oversight authority, investigators launched a probe after receiving complaints in March 2024 from a strata council member and a member of the public regarding the property covenants.
Sanctions, Enforcement Expenses, and Brokerage Supervision
Jon Vandall, senior vice-president of financial professionals at the BCFSA, stated that the penalty sends a clear message regarding program exploitation. “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,” Vandall said.
In addition to the $200,000 fine, Leslie must pay $5,000 in enforcement expenses, complete a remedial real estate education course at his own expense, and submit to enhanced brokerage supervision by a managing broker for one year following his suspension. The regulator also prohibited Leslie from working as an unlicensed assistant during his suspension, which extends to Feb. 20, 2027.
Housing in 2022 following an audit. He also returned his net commission from the original purchase, net rental income earned from the property, property transfer taxes owed by B.C. Housing, and associated legal fees, according to regulatory filings.
Broader Legal Actions Involving Vivid at the Yates Condos
Leslie is not the only individual facing scrutiny over purchases in the downtown Victoria tower. B.C. Housing filed civil lawsuits in 2024 against multiple owners who bought condos in the Vivid at the Yates development. According to court filings, the lawsuits allege that 13 of the building’s 135 units went to buyers who already owned multiple properties or rented out their units instead of fulfilling occupancy covenants.
Housing characterized the conduct of buyers who acquired subsidized units without living in them, and subsequently refused to return them for the original purchase price, as egregious and reprehensible. Meanwhile, the Victoria Real Estate Board notified its members of Leslie’s disciplinary action, restricting his access to the multiple listings service.
Frequently Asked Questions
What was the penalty issued against Jason Alexander Leslie?
The BCFSA fined Leslie $200,000, suspended his real estate licence for six months, ordered him to pay $5,000 in enforcement expenses, required a year of enhanced brokerage supervision, and mandated a remedial education course.
How did the affordable homeownership program work?
The program utilized a $52.9-million government loan to Chard Developments to sell units at an average of 12 per cent below market rates. Buyers were required to earn under $150,000 annually, own no other property, and reside in the unit for at least two years.
Are other buyers facing legal action?
Yes. B.C. Housing filed lawsuits in 2024 against 13 owners at the Vivid at the Yates building who allegedly violated program covenants by owning multiple properties or renting out their units.
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