Canadian Real Estate News Headlines (May 13th 2019)
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I provide you with Canada’s news headlines for real estate news for today.
$5 billion laundered through B.C. real estate in 2018, drove up home prices
A report that estimates $5 billion was laundered through British Columbia’s real estate market last year also lifts the lid on the extent of illegal cash moving across Canada.
'Easy as pie': Why criminals look to Canadian real estate to launder their money
News that some $5 billion was laundered through British Columbia’s real estate market in 2018 comes as no surprise to experts, as Canada’s weak money-laundering laws make it an attractive spot to park ill-gotten cash.
Trudeau says B.C. money laundering report is ‘extremely alarming’
Prime Minister Justin Trudeau says a report out of British Columbia on the extent that criminals are laundering their dirty money in Canada is alarming and shows that everyday Canadians are being hurt in the process.
The report, done by a panel commissioned by the B.C. government, estimates $5 billion was laundered through the province’s real-estate market last year out of $47 billion in Canada as a whole. It estimates that illegal cash increased the cost of buying a home in B.C. by five per cent.
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