An independent report estimates 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.
Last Updated Thursday, May 9, 2019 8:48PM EDT
"What this report makes clear is this is not an issue simply for B.C.," Finance Minister Carole James said at a news conference. "This is an issue for all of Canada. This is an issue for all jurisdictions." Eby and Federal Organized Crime Reduction Minister Bill Blair have met in recent months to discuss strategies to fight money laundering.
There are thousands of specific properties worth billions at high risk for potential money laundering, German's report says. Maloney's report makes 29 recommendations, including calling for B.C. to launch a financial investigations unit.
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