An estimated $5.3 billion worth of real estate transactions in B.C. last year were the result of money laundering, helping to fuel the province’s skyrocketing housing prices, according to a new report.
An expert panel on dirty money in the overall real-estate market estimates that five per cent of the value of 2018 purchases were for laundering purposes, contributing to about a five per cent rise in housing prices.
The effect could be more significant in certain markets, including Metro Vancouver, according to the panel, which was commissioned by the provincial government.
There’s a reason it has been allowed to flourish in Canada. Justin wouldn’t dare upsetting his Chinese donors in an election year.