Two new reports into money laundering shed light on how it distorts B.C.’s real estate sector, particularly in the Lower Mainland.
VICTORIA — Home prices were affected by as much as five per cent last year due to more than $5 billion in dirty money from organized crime laundered through British Columbia’s real estate sector, according to a new expert panel report.
And of that, $5.3 billion was in real estate, altering the market upwards by an estimated five per cent. Maloney’s report concedes it could be higher or lower depending on the type of property, and although it was not broken down by geographic region it could likely heavily impact the Lower Mainland and Whistler.
Finance Minister Carole James and Attorney General David Eby both said Thursday they are moving quickly to address concerns highlighted in the reports. A second report also released Thursday by former RCMP investigator Peter German said that the proceeds of crime, the desire for large amounts of capital to flee China and other countries, and a robust underground economy trying to evade taxes were “three rivers of money coalesce in Vancouver’s property market and in consumer goods.”
“What is even more troubling are attempts to enforce these illegal bargains in the civil courts, presumably on the assumption that justice is blind to what is occurring,” read the German report. He also highlighted in his report the lack of controls on land title databases that allowed people to list their own professions, including examples like “domestic diva,” “super dad” and even, oddly, “launderer.”
Maloney’s report was tasked with investigating “compliance and enforcement of existing laws, consumer protection, financial services regulations, regulation of real estate professionals and jurisdictional gaps between B.C. and the federal government.”The examination of real estate and money laundering comes after investigative reports in recent months on casinos, luxury automobiles, horse racing and the financial sector.
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