5 billion laundered through BC real estate last year — boosting cost

first_img$5 billion laundered through B.C. real estate last year — boosting cost of buying a home by 5% Report found thousands of high-risk properties British Columbia commissioned two reports last September to shed light on money laundering by organized crime in the province’s expensive real estate market.File Photo Sponsored By: What you need to know about passing the family cottage to the next generation Recommended For YouAre you on speaking terms with your old pensions? Ignoring them could cost youThe storm is coming and investors need a financial ark to see them throughTrans Mountain construction work can go ahead as National Energy Board re-validates permitsDavid Rosenberg: Deflation is still the No. 1 threat to global economic stability — and central banks know itBank of Canada drops mortgage stress test rate for first time since 2016 Email advertisement Share this story$5 billion laundered through B.C. real estate last year — boosting cost of buying a home by 5% Tumblr Pinterest Google+ LinkedIn Join the conversation → VICTORIA — An independent report has found that $5 billion was laundered through British Columbia’s real estate market last year and increased the cost of buying a home by five per cent.The report by former B.C. deputy attorney general Maureen Maloney estimated that $7.4 billion overall was laundered in B.C. last year, a figure she says is conservative and added the total amount across Canada was about $47 billion.The provincial government commissioned two reports last September to shed light on money laundering by organized crime in the province’s expensive real estate market. Vancouver money laundering not just found in casinos. It’s fuelling a booming luxury car business, too B.C.’s dirty money crackdown puts a damper on Vancouver’s once-rollicking casinos Vancouver’s housing market is dismal — but you still need six-figure income to get your foot in the door Former deputy RCMP commissioner Peter German says in his report that the infusion of illicit money into the B.C. economy led to a frenzy of buying that raised the assessed values of homes throughout much of Metro Vancouver.German’s report says the aggregated declared value of cash buys in real estate transactions over the past 20 years is $84 billion to $212 billion.He says his report found thousands of specific properties worth billions at high risk for potential money laundering. The Canadian Press center_img 9 Comments Comment More May 9, 20193:34 PM EDT Filed under News FP Street Featured Stories Facebook Reddit Twitter ← Previous Next →last_img read more