DonLever Posted May 10, 2019 Share Posted May 10, 2019 (edited) https://www.ctvnews.ca/canada/5-billion-laundered-through-b-c-real-estate-in-2018-driving-up-home-prices-1.4415765 VICTORIA -- 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. Some $7.4 billion overall was laundered in B.C. in 2018, out of an estimated total of $47 billion in Canada, concluded the report by an expert panel led by former B.C. deputy attorney general Maureen Maloney. The report is one of two released Thursday and says B.C. ranks fourth for money laundering among a division of six regions in Canada, behind Alberta, Ontario and the Prairies -- collectively Saskatchewan and Manitoba. The report says the higher estimates of money laundering in Alberta and the Prairies may be "surprising," but crime rates are rising in those provinces and illegal cash finds homes in jurisdictions where real estate is more affordable than B.C. "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." B.C. tabled legislation last month aimed at preventing tax evasion and money laundering by shining a spotlight on anonymous real estate owners hiding behind shell and numbered companies. "The key here is we're not waiting," said James. "Yes, we need to work with the other provinces. Yes, we need to work with the federal government." Attorney General David Eby said money laundering is a national crisis and until recently the federal government was not paying proper attention. Eby and Federal Organized Crime Reduction Minister Bill Blair have met in recent months to discuss strategies to fight money laundering. "Wealthy criminals and those attempting to evade taxes have had the run of our province for too long, to the point that they are now distorting our economy, hurting families looking for housing, and impacting those who have lost loved ones due to the opioid overdose (crisis)," Eby said. "The party is over," he added. 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, following last June's report on dirty money in casinos by former deputy RCMP commissioner Peter German. German was then tasked to write a second report on real estate, and he says in the document that the infusion of illicit money into the B.C. economy led to a frenzy of buying in real estate. Maloney's report estimated that illegal cash in the market last year hiked the cost of buying a home in the province by five per cent. There are thousands of specific properties worth billions at high risk for potential money laundering, German's report says. "His findings are stark evidence of the consequences of an absence of oversight, the weakness of data collection, and the total indifference of governments until now to this malignant cancer on our economy and our society," Eby said of German's report. Eby took aim at the former B.C. Liberal government for allegedly turning a blind eye to the crisis. Michael Lee, Opposition Liberal critic for the attorney general, issued a statement Thursday saying the government now needs to turn its attention to action. "The BC Liberals are calling on John Horgan and the NDP to carefully consider the reports and move quickly to engage with the federal government and take action to ensure that those who break the law are prosecuted and ultimately convicted." Edited May 10, 2019 by DonLever Link to comment Share on other sites More sharing options...
kingofsurrey Posted May 10, 2019 Share Posted May 10, 2019 Surprised BC is not number 1 . ... 1 Link to comment Share on other sites More sharing options...
Hamhuis Hip Check Posted May 10, 2019 Share Posted May 10, 2019 2 minutes ago, kingofsurrey said: Surprised BC is not number 1 . ... Im surprised surrey alone isnt number 1 3 Link to comment Share on other sites More sharing options...
kingofsurrey Posted May 10, 2019 Share Posted May 10, 2019 (edited) 1 minute ago, Hamhuis Hip Check said: Im surprised surrey alone isnt number 1 No point laundering money in Port Alberni as you can't give your away.... Edited May 10, 2019 by kingofsurrey Link to comment Share on other sites More sharing options...
Hamhuis Hip Check Posted May 10, 2019 Share Posted May 10, 2019 1 minute ago, kingofsurrey said: Is marrying cousins legal in Port Alberni ? Only out beaver creek, kind of our own little version of surrey Link to comment Share on other sites More sharing options...
kingofsurrey Posted May 10, 2019 Share Posted May 10, 2019 (edited) 1 minute ago, Hamhuis Hip Check said: Only out beaver creek, kind of our own little version of surrey Living in Port Alberni.... I could never live off the grid... I just like having electricity and internet too much.... Edited May 10, 2019 by kingofsurrey Link to comment Share on other sites More sharing options...
Hamhuis Hip Check Posted May 10, 2019 Share Posted May 10, 2019 1 minute ago, kingofsurrey said: Living in Port Alberni.... I could never live off the grid... I just like having electricity and internet too much.... Better than dodging bullets all day 1 Link to comment Share on other sites More sharing options...
kingofsurrey Posted May 10, 2019 Share Posted May 10, 2019 (edited) 17 minutes ago, Hamhuis Hip Check said: Better than dodging bullets all day I love living in a city... No desire to live in a small rural town.. Pretty much every city in the lower mainland is a great place to live. I would love to move out to Abbotsford.. such an emerging cool downtown scene in old Abbotsford happening..... Edited May 10, 2019 by kingofsurrey Link to comment Share on other sites More sharing options...
Popular Post Ryan Strome Posted May 10, 2019 Popular Post Share Posted May 10, 2019 36 minutes ago, kingofsurrey said: Living in Port Alberni.... I could never live off the grid... I just like having electricity and internet too much.... I thought you said you want to stop all oil production. 1 1 2 2 Link to comment Share on other sites More sharing options...
drummer4now Posted May 10, 2019 Share Posted May 10, 2019 Bring Cash should be the new nickname for BC. Link to comment Share on other sites More sharing options...
Popular Post -DLC- Posted May 10, 2019 Popular Post Share Posted May 10, 2019 This is no secret...been obvious for awhile. Richmond's been the hub and our council is the worst. Thank God some new blood got in and is shaking things up. Developer-council members who scratch the backs of their backers and have allowed the decimation of this city. We have birthing houses, every other car that drives by my home is worth more than it, people buy passports and driver's licenses, farms are turning into grand estates, illegal casinos and villas that are used as hotels to host parties and foreign "guests", we have booze cans and Chinese only transport services. Even the Richmond Center mall is starting to reflect the playground of the criminally rich as it's all high end shops moving in. It's disgusting. Started some time ago but it really exploded in the past few years. Blame those running things...they not only turned blind eyes, they participated. From Joe Pescheilialdiejielreoigmdeo to Chrusty to whoever else smiled and posed with criminals then pretended they didn't know. Right. Tip of the iceburg and far too little too late. The reason Alberta is the new "target" is because BC's finally providing some lip service and "trying" to address things with the speculation tax, etc. But there are still presales that find loopholes and condos as the new deal. Numbered companies and homeowners who are "students" and housewives with no income. Terra Nova in Richmond is one of our richest neighbourhoods...with income reporting that match the DTES. An all out ban on foreign ownership for non residents is needed (like New Zealand ). So much corruption. No more nameless numbers of ownership...paper trails are needed. Where's Revenue Canada in all this? Start doing your homework. A slap in the face to those struggling to raise our families here as we've been exploited, used and abused. 3 2 Link to comment Share on other sites More sharing options...
Rob_Zepp Posted May 10, 2019 Share Posted May 10, 2019 9 minutes ago, debluvscanucks said: This is no secret...been obvious for awhile. Richmond's been the hub and our council is the worst. Thank God some new blood got in and is shaking things up. Developer-council members who scratch the backs of their backers and have allowed the decimation of this city. We have birthing houses, every other car that drives by my home is worth more than it, people buy passports and driver's licenses, farms are turning into grand estates, illegal casinos and villas that are used as hotels to host parties and foreign "guests", we have booze cans and Chinese only transport services. Even the Richmond Center mall is starting to reflect the playground of the criminally rich as it's all high end shops moving in. It's disgusting. Started some time ago but it really exploded in the past few years. Blame those running things...they not only turned blind eyes, they participated. From Joe Pescheilialdiejielreoigmeo to Chrusty to whoever else smiled and posed with criminals then pretended they didn't know. Right. Tip of the iceburg and far too little too late. The reason Alberta is the new "target" is because BC's finally providing some lip service and "trying" to address things with the speculation tax, etc. But there are still presales that find loopholes and condos are the new deal. An all out ban on foreign ownership for non residents is needed (like New Zealand ). So much corruption. A slap in the face to those struggling to raise our families here as we've been exploited, used and abused. Sounds like you want to build a wall. Link to comment Share on other sites More sharing options...
-DLC- Posted May 10, 2019 Share Posted May 10, 2019 3 minutes ago, Rob_Zepp said: Sounds like you want to build a wall. Not one bit....just want the exploitation and corruption to stop. And it seems things are finally being exposed and it'll be harder to take advantage of the lax rules and loopholes. Link to comment Share on other sites More sharing options...
Rob_Zepp Posted May 10, 2019 Share Posted May 10, 2019 8 minutes ago, debluvscanucks said: Not one bit....just want the exploitation and corruption to stop. And it seems things are finally being exposed and it'll be harder to take advantage of the lax rules and loopholes. No one can own property until they are a Canadian sounds like a pretty strong immigration policy. Agreed about the New Zealand analogy. A legislated wall is still a wall. Link to comment Share on other sites More sharing options...
xereau Posted May 10, 2019 Share Posted May 10, 2019 18 minutes ago, Rob_Zepp said: No one can own property until they are a Canadian sounds like a pretty strong immigration policy. Agreed about the New Zealand analogy. A legislated wall is still a wall. I have 4 walls in my room. They work. 1 1 Link to comment Share on other sites More sharing options...
canuckistani Posted May 10, 2019 Share Posted May 10, 2019 23 minutes ago, Rob_Zepp said: No one can own property until they are a Canadian sounds like a pretty strong immigration policy. Agreed about the New Zealand analogy. A legislated wall is still a wall. Nice twist to her words but no dice. NZ law, as she quoted, is no foreign non-resident ownership. Wanna own a property in Canada ? Cool. Immigrate. Don't have to be a citizen, but have to be a PR. Lapse your PR term = lose property. 2 2 Link to comment Share on other sites More sharing options...
Rob_Zepp Posted May 10, 2019 Share Posted May 10, 2019 16 minutes ago, canuckistani said: Nice twist to her words but no dice. NZ law, as she quoted, is no foreign non-resident ownership. Wanna own a property in Canada ? Cool. Immigrate. Don't have to be a citizen, but have to be a PR. Lapse your PR term = lose property. Same difference. So you are saying Canadians cannot own vacation property in Hawaii? Mexico? Instead of unintended consequences of such, why not just have transparency laws where you cannot buy a property unless you have real names on public display (no numbered companies), pay with proceeds through a certified financial institution (who is then going to be liable for the proceeds if ill-gotten), and most certainly have a taxation on non-full use as is the case in many parts of the world. However, to have to be a resident seems harsh as people all over the world have real estate not in the country they are living (count me as one of those - though I don't own in BC....you guys live in a bubble that will burst IMHO). Link to comment Share on other sites More sharing options...
Twilight Sparkle Posted May 10, 2019 Share Posted May 10, 2019 didn't take long for the pro pipeline folk on cdc to make it all about them XD thanks @kingofsurrey 1 Link to comment Share on other sites More sharing options...
canuckistani Posted May 10, 2019 Share Posted May 10, 2019 4 hours ago, Rob_Zepp said: Same difference. So you are saying Canadians cannot own vacation property in Hawaii? Mexico? yep. 4 hours ago, Rob_Zepp said: Instead of unintended consequences of such, why not just have transparency laws where you cannot buy a property unless you have real names on public display (no numbered companies), pay with proceeds through a certified financial institution (who is then going to be liable for the proceeds if ill-gotten), and most certainly have a taxation on non-full use as is the case in many parts of the world. Because it doesn't matter if you have real name, fake name or stuff. What matters, is not causing an internationally driven housing crisis in a given country/city. Allowing foreigners to buy property will always blow up the property values in 'highly desired' locations like Vancouver or Sydney. 4 hours ago, Rob_Zepp said: However, to have to be a resident seems harsh as people all over the world have real estate not in the country they are living (count me as one of those - though I don't own in BC....you guys live in a bubble that will burst IMHO). there is nothing harsh about saying non-resident foreigners have zero property rights in a given country. A country is not obligated to give foreigners and non-residents ANY rights whatsoever, save for the basic human rights. They can make it harder/easier for foreigners to work, to visit, to live in the said country- whatever they wish for. Buying property wherever you want is not a right, its a luxury and luxuries can be revoked at any time. 1 1 Link to comment Share on other sites More sharing options...
Ghostsof1915 Posted May 10, 2019 Share Posted May 10, 2019 Other option is change the immigration rules that it's people with skills, trades, and education, not how much money you are bringing in. Immigration should be about folks helping to build a life here for themselves and their families. Maybe develop transition systems that Doctors can get certified here, while working in a hospital so they can practice medicine here. People to come here to help create jobs, and contribute to our communities. Link to comment Share on other sites More sharing options...
Recommended Posts
Please sign in to comment
You will be able to leave a comment after signing in
Sign In Now