BC real estate agent fined $200k for exploiting affordable housing program
A British Columbia submortgage broker who continued arranging mortgages for nearly a year after losing her registration has been hit with $55,000 in penalties — the maximum fine available under the province’s Mortgage Brokers Act (MBA).https://t.co/V9tWVF4qPR
— Canadian Mortgage Professional Magazine (@CMPmagazine) July 15, 2026
Rented out within weeks
Leslie took possession of Unit 102 on May 7, 2021. By June 10, 2021, or less than five weeks later, he had entered a residential tenancy agreement with a third-party tenant. That’s a direct violation of the Section 219 Covenant, which prohibited rental to anyone other than qualified persons who were registered owners.
In a written submission to BCFSA, Leslie acknowledged he never intended to make the unit his primary residence.
He also confirmed to investigators that he had acted as buyer’s agent for five other clients purchasing units in the same development — three of them in the affordable housing portion — and had explained the program’s eligibility requirements to those buyers.
BC Housing conducted an audit in March 2022 and notified Leslie he was ineligible to have purchased the unit.
He returned it to BC Housing in September 2022, repaying the net commission earned on the original purchase, the net rental income collected, the property transfer tax BC Housing incurred, and the legal fees associated with the transaction.
